Bitcoin (BTC) — Onchain News & Whale Tracking

Bitcoin’s Historical August Returns: Since 2013, the cryptocurrency has recorded 9 monthly declines and 4 monthly gains, with a median return of -7.49%.

Bitcoin traded largely stable in July, though it fell over 3% on the final day due to the FOMC effect, still notching a 7.51% monthly gain. Looking ahead to August, Bitcoin’s historical August performance since 2013 shows 9 down months and 4 up months across 13 instances. While the average monthly return stands at 1.12%, the median return is only -7.49%. The largest monthly gain occurred in August 2017, when Bitcoin rose 65.32%, while the steepest drop took place in August 2015, with an 18.67% monthly decline.

Bitcoin ETF inflows +$212.73M today, Ethereum ETFs see $71.08M weekly outflows

July 31 Update: #Bitcoin ETFs: 1D NetFlow: +3,397 $BTC(+$212.73M)?? 7D NetFlow: -800 $BTC(-$50.09M)?? #Ethereum ETFs: 1D NetFlow: -1,757 $ETH(-$3.27M)?? 7D NetFlow: -38,195 $ETH(-$71.08M)??

Bitcoin fell below $63,000

According to HTX market data, Bitcoin has fallen below $63,000, with a 2.9% decline in the past 24 hours.

A prominent trader has stated that Bitcoin has entered an accumulation range, and is not expected to retest the $36,000 to $48,000 zone.

Well-known trader Killa stated in a post that Bitcoin is unlikely to see the deep capitulation wick widely anticipated by the market, nor will it fall further to the $36,000–$48,000 range. He noted that in past bear cycles, Bitcoin typically forms three key lows, with the last two being the most critical. Bitcoin previously swept the $59,000 level, showing a minor bullish divergence, but failed to break lower with significant momentum afterward. If the market were indeed preparing to drop further toward $40,000, that decline would have already occurred, he argued. Killa believes Bitcoin is now clearly in an accumulation zone, with $57,000 acting as a key benchmark for the overall bottom. Prices could still dip briefly below this level, but a sustained plunge to the extreme lows the market expects is not anticipated. Historical trends support this view: Bitcoin has swept key lows as it did in every prior cycle, and the significance of this signal may be underestimated by the market.

Coinbase increased its Bitcoin holdings by 819 BTC in Q2, bringing its total BTC position to 17,311.

Coinbase increased its Bitcoin holdings by 819 coins in the second quarter of 2026, bringing its total Bitcoin position to 17,311, making it the ninth-largest corporate entity holding Bitcoin.

Coldcard Wallet Alleged Vulnerability Leads to Theft of Over $38 Million Worth of Bitcoin

According to monitoring by Lookonchain, a vulnerability in the Coldcard wallet has led to the transfer of funds from approximately 500 wallets to the address bc1qnk, involving a total of 594.48 Bitcoin worth roughly $38.2 million.

Yesterday, Bitcoin spot ETFs posted a net inflow of $233 million, while Ethereum spot ETFs recorded a net inflow of $12.8 million.

Yesterday, U.S. spot Bitcoin ETFs posted a combined net inflow of $233.1 million. Among them, BlackRock’s IBIT saw a net inflow of $183.4 million, Fidelity’s FBTC recorded $15.5 million, Bitwise’s BITB brought in $20.7 million, and ARKB had a net inflow of $1.5 million. For spot Ethereum ETFs, the total net inflow reached $12.8 million yesterday. Breaking down the Ethereum data: BlackRock’s ETHA posted a net inflow of $16.2 million, FETH saw a net outflow of $2.9 million, ETHW had a net inflow of $1.4 million, and ETHE recorded a net outflow of $1.6 million.

Hong Hao: Bitcoin’s long-term value stems from its scarcity and decentralized credit system, with its cycle window likely to open in the third and fourth quarters of this year.

At a Binance offline private sharing event, renowned economist Hong Hao shared his latest views on Bitcoin’s long-term value and market cycles. Hong Hao stated that Bitcoin’s long-term logic is very clear: its fixed supply cap of 21 million coins determines its scarcity, forming a value foundation distinct from the traditional fiat currency system. When discussing the relationship between Bitcoin and gold, Hong Hao noted that both possess scarcity and long-term value storage attributes, though their sources of credit differ. Gold has thousands of years of human credit accumulation, while Bitcoin, backed by a decentralized network and fixed supply mechanism, is forging a new credit system. In the long term, gold’s target is $10,000, while Bitcoin’s target is $1 million. Regarding Bitcoin cycles, a key focus of the market, Hong Hao pointed out that limited supply makes this type of asset inherently cyclical. He believes that, per calculations from his team’s cycle model, an important time window for a new cycle may arrive during the transition between the third and fourth quarters of this year. However, he also reminded investors that, despite the approaching time window, they should remain patient and wait for further resolution of market uncertainties.

Bhutan has entrusted digital asset management firm 3iQ with managing a portion of its Bitcoin reserves.

Bhutan’s Gelephu Mindfulness City has appointed digital asset management firm 3iQ to manage a portion of its Bitcoin reserves. The two parties did not disclose the actual amount of assets under management, custody arrangements, or whether the mandate allows for lending, derivatives trading, and other yield-generating strategies. Earlier reports noted that Bhutan would allocate 10,000 Bitcoin (worth approximately $875 million) from its Bitcoin reserves for the construction of the Gelephu Mindfulness City.

Strategy’s Q2 Financial Report: $8.2 Billion Loss, Primarily Attributable to Bitcoin Holdings

Bitcoin treasury firm Strategy released its second-quarter financial results, posting an $8.2 billion loss, compared to a $10 billion profit in the year-ago period. The loss stemmed primarily from unrealized paper losses on its Bitcoin holdings. As of press time, Strategy’s stock edged up 0.01% in after-hours trading. The company said its Bitcoin holdings rose 11% in Q2, hitting a peak of 846,000 BTC before it began selling off some of the assets. As of the latest filing, Strategy holds 843,775 BTC. Year-to-date, the firm has sold roughly $218 million worth of Bitcoin to cover preferred stock dividend payments. It had paused Bitcoin purchases for five consecutive weeks, prioritizing instead to expand its U.S. dollar cash reserves. At the end of June, Strategy rolled out its Digital Credit Capital Framework, which plans to build a minimum U.S. dollar reserve covering 12 months of preferred stock dividends and interest expenses, and authorized a maximum $1.25 billion Bitcoin monetization program to replenish reserves or fund dividend payments. CEO Phong Le noted that the company cut its convertible bond size by 18% to $6.7 billion in Q2, while lifting its U.S. dollar reserves by 12% to $2.4 billion. CFO Andrew Kang added that the firm’s current U.S. dollar reserves total around $3.75 billion, enough to cover related expenses for roughly two years, and it has made on-time dividend payments for 18 consecutive months.

Bitcoin ETFs +585 $BTC 1D, -7,704 $BTC 7D; Ethereum -6,440 $ETH 1D, -23,916 $ETH 7D

July 30 Update: #Bitcoin ETFs: 1D NetFlow: +585 $BTC(+$37.81M)?? 7D NetFlow: -7,704 $BTC(-$498.09M)?? #Ethereum ETFs: 1D NetFlow: -6,440 $ETH(-$12.34M)?? 7D NetFlow: -23,916 $ETH(-$45.95M)??

Bitcoin breaks through $65,000, with a 0.94% gain in the last 24 hours.

According to HTX market data, Bitcoin has broken through the $65,000 threshold, posting a 0.94% gain in the past 24 hours.

A newly created address withdrew 1,250 Bitcoin from Binance, worth approximately $80.94 million.

According to Lookonchain's monitoring, a newly created address (bc1qwz) has just withdrawn 1,250 Bitcoin from Binance, valued at approximately $80.94 million.

Hyperscale Data sold 100 Bitcoin to fund its artificial intelligence data center construction.

AI data center firm Hyperscale Data, Inc. (NASDAQ: GPUS) announced it has sold 100 Bitcoin to fund the construction of its artificial intelligence data center in Michigan. CEO William Horne stated the move is "a conversion of one balance sheet asset to another", emphasizing the company’s stance on Bitcoin remains unchanged.

Crypto options with a notional value of $10.3 billion are scheduled to expire and settle tomorrow, with Bitcoin’s (BTC) max pain point standing at $64,000.

According to Deribit data, crypto options with a notional value of $10.3 billion will expire and settle tomorrow, with details as follows: · BTC options have a notional value of $9.5 billion, a put/call ratio of 0.28, and a max pain point of $64,000; · ETH options carry a notional value of $819 million, a put/call ratio of 0.59, and a max pain point of $1,800.

China Business Journal has issued a statement warning enterprises not to pay fraudsters who are sending Bitcoin ransom emails under its name.

China Business Journal issued a statement noting: "Recently, our organization has discovered that criminals are impersonating the 'China Business Journal' to send emails to some enterprises via non-official company email accounts, falsely claiming to have obtained major negative information about the enterprises through so-called 'undercover probes', and threatening that if payment (in Bitcoin) is not made, the relevant 'undercover investigation articles' will be published." The China Business Journal emphasized that all its news reports strictly abide by national laws and regulations, and all interviews and communications are conducted through official channels. Such acts are suspected of fraud. The paper has closely monitored the situation and collected evidence, reserving all rights to pursue legal liability. The statement reminds relevant enterprises to stay vigilant: if they receive such impersonation emails, do not make any payments, immediately save all evidence and report the incident to the local public security organ.

Yesterday, U.S. spot Bitcoin ETFs posted a net inflow of $32.1 million, while U.S. spot Ethereum ETFs recorded a net outflow of $32.9 million.

According to data from FarsideUK, U.S. Bitcoin spot ETFs saw a total net inflow of $32.1 million yesterday. Among them, BlackRock’s IBIT recorded a net inflow of $89.8 million, Fidelity’s FBTC posted a net outflow of $43.1 million, ARK 21Shares’ ARKB had a net outflow of $14.6 million, while the remaining ETFs saw roughly flat capital flows. U.S. Ethereum spot ETFs, meanwhile, posted a total net outflow of $32.9 million. Breakdown: BlackRock’s ETHA saw a net inflow of $5.2 million, Fidelity’s FETH had a net outflow of $16.1 million, Grayscale’s ETHE recorded a net outflow of $9.7 million, Grayscale’s ETH posted a net outflow of $8.1 million, Bitwise’s ETHW saw a net outflow of $1.4 million, and TETH had a net outflow of $2.8 million; the rest of the ETFs had largely flat capital flows.

US Treasury sanctions Iran’s Hormuz Strait Insurance Network for using Bitcoin to evade sanctions.

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Persian Gulf Marine Insurance and HormuzSafe Maritime Services Administration. The two entities provide insurance policies approved by Iran’s Islamic Revolutionary Guard Corps (IRGC) for commercial vessels transiting the Strait of Hormuz, and accept digital assets such as Bitcoin to evade sanctions. OFAC also sanctioned eight shadow fleet vessels transporting Iranian crude oil and petroleum products, along with their affiliated companies. Since the start of this year, OFAC has sanctioned more than 100 vessels linked to Iran’s shadow fleet.

Bitfinex: Bitcoin long-term holders continue to accumulate, with the market closer to stabilization than a recovery.

Bitfinex stated in a report that despite Bitcoin’s price falling from $82,000 to below $58,000, long-term holders have maintained net accumulation of BTC. However, alongside a concurrent weakening of selling pressure, their accumulation pace has slowed notably: net additions hit roughly 40,000 BTC in late May, dropping to around 14,000 BTC by late July. Bitfinex views the current market as being in a stabilization phase rather than having entered a substantive recovery.

A prominent trader has proposed the Bitcoin golden cross technical indicator, advising traders to go long once the price breaks out.

Prominent trader Killa posted that every time Bitcoin forms a golden cross (where the 50-day moving average crosses above the 200-day moving average) near the market bottom in its history, it signals the start of a major bull market trend, and traders may consider going long once the price holds above both moving averages. Killa, a quant trader focused on Bitcoin (BTC), previously predicted the peak of the current bull market in May 2025 and boasts over 200,000 followers on X. In mid-April, he shorted Bitcoin at $74,688, then switched to a long position during the broad market sell-off on June 5.

K33: Bitcoin trading volume in July hits its lowest level since 2023

K33 Research stated in a report that Bitcoin has stayed in a narrow consolidation range of $60,000 to $66,000 over the past week. In July, the average daily spot trading volume was only around $2.2 billion, CME’s open interest is near multi-year lows, and open interest in perpetual contracts has stalled at roughly 300,000 Bitcoin. Bitcoin’s trading volume in July hit its lowest level since November 2023.

MicroStrategy (MSTR) says it has generated a 42% annualized return since adopting Bitcoin reserves, though its holdings still carry an unrealized loss of roughly $11.4 billion.

Strategy Inc. (NASDAQ: MSTR) Executive Chairman Michael Saylor stated that since the company designated Bitcoin as its primary reserve asset in August 2020, MSTR has delivered an annualized return of 42%, outperforming Bitcoin itself, the "Magnificent Seven" tech stocks, and the S&P 500 index. As of July 29, Strategy holds 843,775 BTC, with a cumulative purchase cost of roughly $63.69 billion, an average acquisition price of approximately $75,476 per BTC, and currently faces an unrealized loss of around 17.9% (equivalent to about $11.4 billion) relative to its cost.

MARA CEO: AI power use delivers far higher returns than Bitcoin mining, with crypto miners’ future core competitiveness shifting to power resources.

Fred Thiel, CEO of MARA Holdings, stated that revenue generated from using electricity for AI infrastructure is far higher than that from Bitcoin mining, making power resources the most critical strategic asset for mining firms. He said: “For every unit of electricity used, the returns from AI are significantly higher than those from Bitcoin mining.” Thiel pointed out that as Bitcoin halvings continue to compress mining revenues, and electricity remains the largest operating cost for mining companies, firms must secure power resources or form close partnerships with utilities to stay competitive. MARA has partnered with Starwood to build a roughly 1GW computing power platform, with plans to expand further to 2.5GW; this month, the company also announced the acquisition of a Texas campus with approximately 2GW of power access capacity for developing digital infrastructure. However, Thiel emphasized that AI will not completely replace Bitcoin mining. In regions with low-cost, idle, or surplus power, Bitcoin mining remains an important method to boost power utilization rates. He believes that in the future, for mining firms with grid access and developable land, Bitcoin mining will become one of the uses for power resources, rather than the sole purpose.

Analysis: Bitcoin exchange inflows are near multi-year lows, and the current downtrend has not been confirmed by selling pressure.

CryptoQuant analyst Axel Adler stated in a post that Bitcoin is currently trading around $64,000, with prices continuing to weaken. However, on-chain data shows capital flows to and from crypto trading platforms remain neutral, with no clear sell pressure signals emerging yet. Over the past 30 days, Bitcoin inflows to these platforms have hit roughly 60,000 BTC, about 24% lower than the 12-month average and near historical lows, indicating potential sell-side supply entering trading platforms has not increased. Meanwhile, Bitcoin’s net flow on trading platforms stands at approximately -1,300 BTC, close to the zero line, meaning inflows and outflows are largely balanced—there is no obvious coin accumulation on platforms, nor large-scale withdrawals leading to liquidity contraction. Adler added that if trading platform inflows keep rising and net flow turns consistently positive, that would signal increased selling pressure. Conversely, if net flow stays negative and Bitcoin balances on platforms drop significantly, it could trigger liquidity contraction, which would support prices. Neither scenario has materialized so far: trading platform capital flow data has neither confirmed stronger selling pressure nor formed supply tightness enough to push prices higher.

The 24-hour trading volume of Hyperliquid-related contracts has surpassed Bitcoin, making it the platform's most active asset.

On the Hyperliquid platform, the combined 24-hour trading volume of SKHX and SKHY—contracts tied to SK Hynix—has reached $1.765 billion, surpassing BTC to become the platform’s top active asset by trading volume. SKHX posted a 24-hour trading volume of $1.327 billion with an open interest (OI) of $492 million, while SKHY notched $439 million in 24-hour trading volume and $71 million in open interest.

Michael Saylor: The biggest challenge facing Bitcoin in the future is not external competition, but the erosion of its consensus rules from within.

Michael Saylor, founder of Strategy, said Bitcoin has already gained market recognition, but its biggest future challenge is not external competition, but the erosion of its consensus rules from within. He views Bitcoin’s consensus rules as a "constitution" governing property rights, scarcity, settlement mechanisms and power boundaries, and any act of modifying the rules for the benefit of specific groups is a violation of all participants’ economic rights and interests. Saylor warned that Bitcoin is poised to grow 100-fold and become the infrastructure of global capital markets, while a wrong rule modification could harm future markets, technologies and economic freedoms yet to emerge. He singled out proposals including BIP-110, arguing they essentially undermine Bitcoin’s protocol neutrality by restricting valid paid transactions, introducing contractual mechanisms or expanding block size. These proposals, despite varying forms, will all weaken block space scarcity, increase network bandwidth and verification costs, expand protocol complexity, and bring new security risks. Meanwhile, weakening the fee market will affect miners’ revenue sources after successive block reward halvings, further undermining the long-term security of the Bitcoin network. Additionally, once an interest group can modify Bitcoin’s rules through certain means, other groups will follow suit, leading to prolonged conflicts in protocol governance, capital outflows, slowed innovation and deteriorated network security. Saylor called for keeping Bitcoin’s base layer simple, neutral, scarce and secure, leaving innovation to the second layer and application layer, and driving development through voluntary adoption rather than frequent modifications to the underlying protocol. He stressed that protocol upgrades should be extremely cautious, advanced only when truly necessary, to safeguard the foundation for Bitcoin’s long-term development.

Bitcoin mining firm Ionic Digital's share price rose 4% on its first day of listing.

According to market data from BIT (bit.com), Bitcoin mining firm Ionic Digital’s share price rose 4% on its Nasdaq debut, lifting its market capitalization to approximately $2.332 billion.

Bitcoin ETFs $200.23M outflow (7D); Ethereum ETFs $71.17M inflow (7D)

July 28 Update: #Bitcoin ETFs: 1D NetFlow: +20 $BTC(+$1.23M)?? 7D NetFlow: -3,170 $BTC(-$200.23M)?? #Ethereum ETFs: 1D NetFlow: +11,285 $ETH(+$21.16M)?? 7D NetFlow: +37,959 $ETH(+$71.17M)??

Core Scientific increases its Bitcoin holdings by 301, bringing its total BTC holdings to 848.

AI data center service provider Core Scientific disclosed that it has recently added 301 Bitcoin to its holdings, bringing its total Bitcoin holdings to 848.

Bitcoin briefly dipped below $63,000.

According to HTX market data, Bitcoin briefly fell below $63,000, now trading at $63,010, with a 3.93% drop over the past 24 hours.

Analyst: The proportion of Bitcoin long-term holders transferring their holdings to trading platforms is approaching its historical peak.

CryptoQuant analyst Darkfost noted in a recent post that the volume of Bitcoin (BTC) holdings transferred by long-term holders to trading platforms has recently hit a high. Currently, long-term holders make up 5.1% of total Bitcoin inflows to these platforms — a figure near an all-time high, with only 2020 recording a higher rate, around 5.5%. This shift came after Bitcoin’s sharp price drop. As the metric relies on 90-day moving average data, it carries a degree of lag, meaning changes won’t immediately reflect the latest market developments. While the trend is likely to gradually stabilize going forward, current data shows long-term holders have clearly stepped up their trading activity recently.

Can MicroStrategy (STRC) resume Bitcoin purchases? STRC falls again in US pre-market trading

According to BIT (bit.com) market data, U.S. pre-market trading for Strategy’s perpetual preferred stock (ticker: STRC) stands at $88.1, down 0.26%, after closing 1.65% higher yesterday. Separately, Strategy has not added to its Bitcoin holdings for the fifth consecutive week. Yesterday, Strategy founder Michael Saylor emphasized that the company will not issue new STRC shares when its price is below $100. The firm has repurchased 288,930 shares of STRC preferred stock for a total of roughly $25 million, at an average repurchase price of $86.52 per share. Strategy plans to continue acting as a "regular and disciplined buyer": it will maintain repurchases of STRC when the price is below $100, increase buying volume when the price is far from $100, and scale back repurchases when the price approaches $100. Currently, Strategy still has approximately $975 million available for preferred stock repurchases. Funds for STRC repurchases will not be drawn from U.S. dollar reserves; instead, they will be raised via methods including selling MSTR stock and Bitcoin, depending on market conditions, with the goal of stabilizing STRC’s price around $100.

Bitcoin spot trading volume hits its lowest level since the end of the 2023 bear market, plunging more than 75% from its end-of-2024 peak.

CryptoQuant analyst Darkfost released data showing that Bitcoin spot trading volume continued its long-term contraction trend in July this year. Spot trading volumes on major exchanges have overall dropped by more than 75% from their end-of-2024 peak. Binance alone recorded over $35 billion in monthly volume, but this is still a sharp decline compared to the $246 billion in November 2024. Trading volumes across all platforms contracted simultaneously during the same period. The last time such low trading volume levels were seen dates back to the end of the 2023 bear market. The analyst attributes the weak demand for risk assets to multiple macroeconomic pressures: the ongoing escalation of the U.S.-Iran conflict has suppressed risk appetite, while high inflation has left persistent concerns about elevated interest rates—an environment extremely unfavorable for speculative assets. Meanwhile, the stock market has continued to absorb most available liquidity, with the tech sector’s strong performance driving this liquidity siphon effect, though this narrative began to be questioned in July. For Bitcoin to return to an uptrend, a shift in the macro environment is needed, and more importantly, a recovery in demand, which is the only true driver of a rebound in trading volume.

Yesterday, Bitcoin spot ETFs posted a net outflow of $11.6 million, while Ethereum spot ETFs saw a net inflow of $11.7 million.

According to data from Farside Investors, U.S. spot Bitcoin ETFs saw a total net outflow of $11.6 million yesterday. BlackRock’s IBIT recorded a net outflow of $8.8 million, while Fidelity’s FBTC posted a $2.8 million net outflow; all other Bitcoin ETFs had zero net flows for the day. U.S. spot Ethereum ETFs, meanwhile, saw a total net inflow of $11.7 million yesterday. BlackRock’s ETHA accounted for the full $11.7 million daily net inflow, with all other Ethereum ETFs registering zero net flows for the day.

Bitcoin pullback hits crypto treasury firms: TD Cowen slashes Nakamoto’s target price by 58% while retaining a Buy rating.

Wall Street investment bank TD Cowen has cut the price target for Bitcoin treasury company Nakamoto Inc. (NASDAQ: NAKA), slashing the post-stock-split adjusted target from $40 to $17—a 58% reduction—while retaining its "Buy" rating. TD Cowen analysts said the adjustment is mainly driven by pressure from Bitcoin price declines on Nakamoto’s highly leveraged capital structure. While the new target still implies around 275% upside from the current share price of $4.65, the stock is highly sensitive to Bitcoin price swings. TD Cowen forecasts Bitcoin will rebound to $100,000 by the end of 2026, roughly 25% below its all-time high of $126,000 set last October. The firm also expects Nakamoto to pause further Bitcoin purchases before 2027. Analysts noted that Nakamoto’s core value still stems from its Bitcoin holdings: the company currently holds 4,467 BTC worth approximately $290 million, ranking 22nd among public companies globally in Bitcoin holdings. However, its debt and preferred stock financing structure has eroded the asset value available to common shareholders. Recently, Nakamoto has completed several financial adjustments, including repaying roughly $45 million in debt, extending the maturity of $105 million in principal to June 2027, reducing financing costs, and approving a $25 million share repurchase program. Additionally, the company has shut down its previously operated medical clinic business and will focus on Bitcoin media, asset management, and advisory services going forward. Data shows NAKA’s share price has fallen more than 71% year-to-date, while Bitcoin has dropped around 26% over the same period. Market attention is shifting from "continuous BTC purchases" to the balance sheet structure and financing capabilities of Bitcoin treasury companies.

ETH/BTC exchange rate hits a 3-month high, with Ethereum rebounding in performance relative to Bitcoin.

ETH/BTC trading pair has recently risen to a nearly three-month high, signaling Ethereum’s improving performance relative to Bitcoin. The ETH/BTC exchange rate gauges Ethereum’s strength against Bitcoin, not its U.S. dollar-denominated performance. Data shows ETH/BTC fell by roughly 80% cumulatively between 2021 and 2025, staying in a long-term weak position. As ETH/BTC rebounds recently, the market is starting to focus on whether Ethereum is entering a recovery trend relative to Bitcoin. Analysts point out that the rise in ETH/BTC usually reflects higher investor risk appetite and improved market outlooks for Ethereum’s ecosystem, application demand, and future growth prospects.

Bitcoin and Ethereum ETFs see $329.91M daily outflows, turn positive weekly

July 27 Update: #Bitcoin ETFs: 1D NetFlow: -3,824 $BTC(-$246.68M)?? 7D NetFlow: +253 $BTC(+$16.65M)?? #Ethereum ETFs: 1D NetFlow: -43,284 $ETH(-$83.23M)?? 7D NetFlow: +46,190 $ETH(+$88.82M)??

Yi Lihua: Bitcoin's resistance level is around $67,500, and he insists on gradually accumulating positions in July and August.

Liquid Capital (formerly LD Capital) founder Yilihua stated, "Bitcoin’s resistance level remains around $67,500; only a strong breakout will kick off a sustained rally. I maintain my earlier view that investors should gradually accumulate positions in July and August to wait for the next bull market cycle. It is not meaningful to analyze market trends during range-bound periods or calculate entry prices in bottom ranges. For AI U.S. stocks, our research report covers computing power firm AGPU, which announced a new $1.5 billion contract overnight, bringing its total contracts to over $3 billion. The firm is on track to hit $10 billion in total contracts this year. Notably, AGPU’s financing method is not at-the-money (ATM) equity, which safeguards investors’ interests. These contracts will soon be reflected in its upcoming financial reports."

Strategy’s unrealized loss on its Bitcoin holdings narrowed to $8.85 billion, and its U.S. dollar reserves are sufficient to cover 25 months of interest expenses.

According to EmberCN’s monitoring, Bitcoin treasury firm Strategy now holds a total of 843,775 BTC, valued at $54.63 billion, with an average cost of $75,476 per BTC, resulting in an unrealized loss of $8.85 billion (-13.9%). Strategy did not add to its Bitcoin holdings last week, and its U.S. dollar reserves rose to $3.75 billion, enough to cover 25 months of interest expenses. Ethereum treasury firm Bitmine purchased 9,946 ETH at an average price of approximately $1,897 last week, totaling $18.87 million. It now holds a total of 5,787,414 ETH, worth $11.274 billion, with an average cost of $3,373 per ETH, leading to an unrealized loss of $8.247 billion (-42.2%).

MicroStrategy has not increased its Bitcoin holdings for three consecutive weeks, and its US dollar reserves have risen by $1.2 billion.

Following MicroStrategy's official sale of 3,588 BTC on July 6 to pay dividends on its digital credit securities, the firm has not added to its Bitcoin holdings for three consecutive weeks. However, over the same period, its U.S. dollar reserves have increased by $1.2 billion via activities including the sale of MSTR stock, bringing the company's current U.S. dollar reserves to $3.75 billion.

MicroStrategy did not add to its Bitcoin holdings last week, and its U.S. dollar reserves rose to $3.75 billion.

Strategy did not increase its Bitcoin holdings last week, with its U.S. dollar reserves rising to $3.75 billion, an increase of $525 million.

Bitcoin ETFs have recorded net inflows for the third consecutive week, with institutional demand recovering but remaining cautious.

U.S. spot Bitcoin ETFs recorded net inflows for the third consecutive week, marking the first three-week streak of gains since early May. However, the inflow pace slowed significantly due to outflows ahead of the weekend. In the week ending July 24, U.S.-listed spot Bitcoin ETFs saw a combined net inflow of $33.79 million. The prior two weeks posted inflows of $197 million and $75.67 million respectively. Data shows that on July 23 and 24, Bitcoin ETFs recorded net outflows of roughly $225.2 million and $240.1 million respectively, ending a seven-day consecutive inflow streak. BlackRock’s IBIT accounted for the bulk of these outflows, with roughly $415 million exiting the product. Market analysts note that institutional funds are returning to Bitcoin ETFs, though demand remains weaker than during bull market periods. Crypto data firm BRN stated that after massive outflows in May and June, the market entered a recovery phase in July, but institutional investors remain cautious. On the price front, Bitcoin briefly rose above the July high of $66,500 on Tuesday, then pulled back as investors took profits and U.S. tech stocks weakened, falling below $64,000 by the weekend. The Nasdaq 100, weighed down by falling chip stocks, further pressured risk asset performance.

U.S. national debt approaches $40 trillion, with investors turning to Bitcoin and gold as safe-haven assets, betting on the U.S. dollar’s depreciation.

As U.S. government debt continues to surge, investors are refocusing on scarce assets like Bitcoin and gold as hedges against the declining purchasing power of the U.S. dollar. Data from the U.S. Treasury’s “Debt to the Penny” shows that as of last Friday, U.S. federal debt has hit a record $39.7 trillion. Market observers point out that U.S. government debt is currently increasing by around $70 billion daily, an incremental volume that exceeds most crypto assets when calculated by market capitalization. The founder of LondonCryptoClub stated that the pace of U.S. debt growth is driving so-called “currency devaluation trades,” in which investors buy assets with limited supplies—such as gold and Bitcoin—to hedge against long-term fiat currency depreciation risks. The firm argues that in an environment of “fiscal dominance,” Federal Reserve policy may be influenced by the government’s financing needs, requiring interest rates to stay low and continuous liquidity provision to support debt refinancing. Apollo chief economist Torsten Slok previously warned that U.S. debt as a share of GDP has exceeded 120%, leaving limited fiscal stimulus room in the event of a future economic recession. Additionally, the Federal Reserve will struggle to cut interest rates sharply as it did in the past, as such moves could exacerbate inflation and push down Treasury yields, hampering government financing. Currently, Bitcoin’s price holds above $65,000, supported by easing U.S.-Iran tensions and falling oil prices, which have lifted market risk appetite. Meanwhile, Ethereum has outperformed Bitcoin recently, with the ETH/BTC exchange rate breaking above its 100-day and 200-day moving averages, leading market participants to believe that altcoin momentum may be building. However, analysts note that since its launch in 2010, Bitcoin’s price movements have resembled those of tech stocks more than traditional safe-haven assets, leaving its safe-haven status a subject of debate.

Analysis: Bitcoin’s MVRV Z-Score falls to a multi-year low, with the market entering an undervalued territory but not yet completing bottoming out.

Crypto Quant analyst Axel Adler Jr noted in a post that Bitcoin’s valuation metric, the MVRV Z-Score, has dropped to a multi-year low but remains above negative territory, signaling the market is undervalued rather than in the full capitulation phase typical of a cycle bottom. Data shows BTC’s MVRV Z-Score is currently around 0.42, far below its historical average of 1.7, and has hovered near zero for 30 consecutive days. Since the end of 2025, the metric has trended downward, hitting a phase low of roughly 0.185 on June 30, but has not entered negative territory which would indicate widespread selling. Meanwhile, BTC’s 7-day realized profit/loss metric has turned positive, standing at approximately +$239 million. For most of the prior month, this metric was negative: losses hit $8.5 billion in June, and a weekly loss of around $3 billion was recorded in mid-July. The rebound in realized profit/loss shows selling pressure is easing, but the MVRV Z-Score has yet to break below zero to trigger capitulation selling, meaning the market is currently closer to an “undervalued + stabilizing” phase rather than a confirmed cycle bottom. If the MVRV Z-Score later rebounds toward its historical average of 1.7 and realized profit/loss stays positive, this could signal a market upturn; conversely, a drop below the June low of 0.185 and entry into negative territory would likely indicate a new round of pressure release.

A Bitcoin-focused whale opened a $3.53 million short position in CXMT, marking its first cross-asset position move.

According to Hyperinsight monitoring, whale address 0x004e—who had traded only Bitcoin (BTC) for over three months—has for the first time stepped outside the crypto space to target Changxin Technology (CXMT). The whale began building CXMT short positions in batches at noon; as of press time, it holds 500,000 CXMT short contracts with 2x isolated margin, with a position value of roughly $3.533 million and an average entry price of $7.47. As CXMT has fallen to $7.0669, the short position has generated an unrealized profit of about $204,900, a return of ~10.96%; its liquidation price stands at $13.58, and the address has allocated ~$3.599 million in margin to the isolated position, with no outstanding pending orders currently. Data shows CXMT is trading at $7.06 on Hyperliquid, with a 24-hour gain of 15.7%; converted at a USD/CNY exchange rate of 6.7939, this equals approximately 48.01 yuan. Historical trading records show the whale traded only BTC over the past three months, marking its first recent entry into stock futures. It still holds a 40x leveraged BTC short position worth $6.6 million.

Tensions between the US and Iran ease, TACO’s prediction holds true once again, oil prices fall while equities rise, Bitcoin accelerates its rebound, and markets await Changxin’s listing.

Overnight to this morning, tensions between the US and Iran have continued to ease. Iran's Ministry of Foreign Affairs confirmed that information exchanges between Iran and the US remain ongoing, and mediators are continuing their related efforts. All of this is based on Trump's suspension of strikes against Iran. It can be said that against the backdrop of rising US Treasury yields and oil prices, TACO has come true again. Affected by this, international oil prices opened lower. As of press time, according to Bitget's market data, WTI crude oil is trading at $83.608, down 6.26% in 24 hours. Nasdaq futures opened 1.4% higher on Monday, while S&P 500 futures rose 0.76%. The 10-year US Treasury yield also fell, now at 4.632%, down 1% in a single day. Separately, according to HTX's market data, Bitcoin started an accelerated rebound this morning, now trading at $65,416.76, up 1% in 24 hours. In addition, Changxin Technology listed on China's STAR Market today. As of press time, the stock's contract on tradexyz is trading at $6.5424.

Michael Saylor once again released Bitcoin Tracker information, possibly indicating he has not increased his Bitcoin holdings.

Bitcoin treasury company Strategy’s founder and executive chairman Michael Saylor has once again released updates related to its Bitcoin Tracker, captioned “We need another color.” Per its established pattern, Strategy typically discloses changes to its Bitcoin holdings the day after such announcements are made.

Prominent Trader: Bitcoin’s supply held by long-term holders in loss has exceeded levels recorded during the FTX collapse

Renowned trader Killa posted that roughly 80% of cycle top indicators never triggered during the last Bitcoin bull run, and a similar situation could occur with bottom indicators in the future, meaning market bottoms cannot be judged by mechanically relying on historical signals. He noted that the supply of long-term holders currently in a loss state has exceeded levels seen during the FTX collapse and is approaching those of the 2018 bear market. Bitcoin’s realized price is currently around $50,000; in every past cycle, the price has tested the realized price of long-term holders, so a return to this region remains possible. However, Killa said it should not be assumed that Bitcoin will definitely drop back to this level. Many top indicators failed to trigger in the last cycle, and some bottom indicators may also become invalid in the future. Regardless, the current level of market loss is already comparable to that during the FTX incident and the 2018 bear market.

PlanB speaks out against Bitcoin BIP-110: Fork supporters fail to grasp the essence of decentralization.

Renowned analyst PlanB has voiced opposition to Bitcoin’s BIP-110 proposal: “I oppose the BIP-110 fork. In my view, supporters of the fork fail to grasp three key points: Bitcoin is a decentralized bearer asset; Bitcoin enthusiasts hate spam more than they do; and why the previous BCH fork failed.” BIP-110 is a temporary soft fork proposal that would add seven consensus limits over its roughly one-year validity period, including restrictions on new script public key lengths, the size of certain push data and witness items, and disabling some Taproot extension paths. The proposal aims to drastically reduce arbitrary non-payment data (such as inscriptions and runes) embedded in transactions, thereby lowering node burdens, curbing spam, and refocusing Bitcoin on its monetary use case. Currently, BIP-110 only has around 1% miner support, far below the 55% threshold required for adoption. Its prospects are dim, making it nearly impossible to become an official rule on Bitcoin’s main chain. The final outcome will be revealed after the mandatory signaling window opens around August 7-8.

A whale holding a 40x leveraged long Bitcoin position worth nearly $40 million was stopped out after just 18 hours.

According to on-chain analyst Ai Yi (@ai_9684xtpa), a whale that opened a 40x leveraged long BTC position worth $38.67 million starting last night cut its losses after holding the position for just 18 hours, suffering a single loss of $368,000. The whale’s entry price was $64,469, with a stop-loss set at $63,859, triggering an immediate stop-loss after BTC dropped by just 1%.