Bitcoin (BTC) — Onchain News & Whale Tracking

Prominent trader: Bitcoin remains range-bound and is approaching the bear market low.

Well-known crypto trader Killa stated in a post that when Bitcoin (BTC) enters a new monthly cycle, the market has built up a strong bearish narrative, making a bullish reaction at the start of this month highly probable. He pointed out that based on past price action, BTC typically sees a counter-move when entering a new phase amid pronounced bearish sentiment. This pattern only tends to fail ahead of a major trend shift, such as last November and February and June this year. Killa argues BTC is currently still in range-bound trading, near bear market lows, leaving two possible outcomes: either the price makes one final break below $57,000, or it starts a rally this month and continues trading within the range. Even if BTC declines later, a 2% to 4% rise at the start of this month would better align with the current market structure.

Michael Saylor responds to the report that "Strategy intends to sell up to $5 billion worth of Bitcoin under authorization": This is old news, and no new authorization has been announced.

Michael Saylor has responded to reports that Strategy plans to authorize the sale of up to $5 billion worth of Bitcoin, calling the news a repackaging of an old announcement. Strategy originally unveiled the relevant authorization on June 29 as part of its capital management framework, Saylor said. The authorization allows the company to sell Bitcoin for pre-defined uses but does not mandate any actual sales, he explained. Strategy has not announced a new sales authorization recently, Saylor added, noting that the firm expects to remain a net buyer of Bitcoin over the long term.

Michael Saylor: MicroStrategy Has Never Adopted a "Never Sell" Policy, Will Continue Net Purchases of Bitcoin Over the Long Term

Strategy founder Michael Saylor stated in a post that the company announced its BTC monetization plan on June 29, 31 days ahead of releasing its second-quarter results, not after reporting a loss. Saylor added that Strategy has never adhered to a "never sell" policy. The plan does not mandate the company to sell any Bitcoin, and the firm expects to remain a net Bitcoin buyer over the long term.

Bitcoin surges past $63,000

Per HTX market data, Bitcoin has broken through $63,000, with a 0.11% gain in the last 24 hours.

Trump Media allegedly sold another 2,628 Bitcoin, valued at approximately $165 million.

According to on-chain analyst Yu Jin Monitoring, Trump Media (DJT), the publicly listed firm owned by former US President Donald Trump, appears to be preparing to reduce its Bitcoin (BTC) holdings again after a two-month hiatus. Approximately six hours ago, the company transferred 2,628 BTC to Crypto.com, valued at around $165 million. Moving tokens to a trading platform typically signals potential selling plans, though the transaction has not yet been confirmed as completed. Trump Media raised funds through stock and convertible bond offerings between July and August last year, then purchased 11,542 BTC at an average price of $118,529, with a total investment of roughly $1.368 billion. So far this year, the company has sold 7,281 BTC, cashing out about $545 million at an average price of $74,860, resulting in a realized loss of approximately $318 million. It currently holds 4,261 BTC worth around $268 million, with an unrealized loss of roughly $237 million. Based on the above figures, its cumulative loss on BTC investments stands at about $555 million.

Michael Saylor: BIP-110 cannot meet the 55% voluntary support threshold in the current Bitcoin mining difficulty cycle.

Strategy founder Michael Saylor posted that in the current Bitcoin difficulty adjustment cycle (946 blocks had been mined as of block 960,561), only 24 blocks set the BIP-110 support flag in their block header’s version field. All miner signals originated from DATUM miners that share rewards via OCEAN; signals from non-OCEAN sources were zero. The voluntary 55% threshold for this cycle is mathematically unachievable, and this does not reflect miner consensus. OCEAN has set BIP-110 signaling as default for its existing endpoints. The BIP-110 guidelines direct node operators to use Bitcoin Knots and miners to use DATUM. Regardless of intent, BIP-110 has effectively become a vertically integrated marketing campaign for Knots and OCEAN/DATUM. BIP-110 remains voluntary until block 961,632; from blocks 961,632 to 963,647, the software will reject all blocks that do not signal support. Any "100% signaling" observed during this window is merely the result of rule enforcement, not voluntary miner backing or Bitcoin consensus.

PlanB: Bitcoin has started bottoming out, a process that typically takes 1 to 3 months.

Renowned crypto analyst PlanB posted that Bitcoin closed at $62,818 in July, with its 200-week moving average standing at $63,000. It appears Bitcoin has entered a bottoming process, which typically takes 1 to 3 months, during which BTC could dip to lower levels.

Analyst: The "fuel" for Bitcoin's forced selling has been exhausted, and investors should watch for signals of capital inflows into Bitcoin ETFs.

，Bitfinex 分析师发布报告表示，此前在 6 月底的比特币抛售中，衍生品交易者已基本被清洗出局。比特币在 7 月 1 日跌破 58,000 美元，此后日均清算金额一直远低于今年典型的 4 亿至 5 亿美元区间，表明尽管出现宏观冲击，但强制抛售压力很小，「加密市场跌幅小于杠杆股票主题，是因为强制抛售的『燃料』已经耗尽。」Bitfinex 分析师预计，投资者在下周美国就业报告（美联储会议后的下一个主要宏观催化剂）前将保持防御性。他们认为，与其担心新一轮强制清算，更关键的问题是现货比特币 ETF 资金流入能否在市场对美联储路径有更清晰判断后重新回归。分析师写道：「我们认为，在美联储加息风险仍存的情况下，仓位将保持防御性。机构买家是否积极或对价格不敏感，才是交易者尚未出现的信号。」

Analysis: Bitcoin’s current holding concentration mirrors that on the eve of the FTX collapse, signaling a potential final dip in the bear market.

According to crypto analyst Murphy, Bitcoin’s URPD (UTXO Realized Price Distribution) data reveals that Bitcoin has a high concentration of 890,000 coins at the $63,000 level, and 710,000 coins at the $62,000 level. Together, these holdings account for roughly 8% of the circulating supply, far exceeding the average. Murphy points out that this concentration level mirrors that seen on the eve of the 2022 FTX incident, noting that high concentration boosts Bitcoin’s price sensitivity, making it vulnerable to sharp fluctuations and eventually triggering violent capital redistribution, which could mark a key directional shift in the late bear market. In response, Jiang Zhuoer commented that if the CLARITY Act fails to pass before the congressional recess, Bitcoin may see its final drop to the bear market bottom.

Bitcoin ETFs recorded a net inflow of 172.8 million US dollars in July.

According to monitoring by Farside Investors, Bitcoin ETFs posted a cumulative net inflow of $172.8 million in July. July’s inflows were driven primarily by IBIT (+$227.6 million) and Grayscale BTC (+$294.6 million), while Grayscale GBTC (-$360.4 million) and Fidelity FBTC (-$209.5 million) saw notable outflows. Separately, Bitcoin ETFs recorded a net outflow of $61.5 million last week.

Coinbase’s Bitcoin negative premium has persisted for 75 days, marking a new all-time record for the longest such period.

According to CoinGlass data, Coinbase’s Bitcoin Premium Index has remained in negative premium territory for 75 consecutive days from May 19 to August 1, setting a new record for the longest consecutive negative premium period since the index’s launch. The previous longest record was 40 consecutive days from January 16 to February 24 this year, which also exceeded the roughly 30-day consecutive negative premium period during last year’s "1011 crash". The Coinbase Bitcoin Premium Index measures the Bitcoin price spread between Coinbase Pro and Binance. A sustained negative index typically indicates Coinbase’s quoted price is relatively lower, reflecting weak buying demand or heavy selling pressure in the U.S. market, but the metric alone should not be used to directly conclude that institutional funds are flowing out.

Prominent trader: If Bitcoin drops below $61,000, it will likely test the $54,000 level.

Prominent trader Killa said in an early morning post that Bitcoin has pulled back again after the FOMC meeting. A key low-leverage long position cluster sits below the current price. He advised traders to monitor the $61,000 to $61,500 range; if this level breaks, Bitcoin will test the $54,000 to $56,000 zone. Killa, a BTC-focused quantitative trader, predicted the peak of the current bull run in May 2025 and has over 200,000 followers on X. In mid-April, he shorted Bitcoin at $74,688, then shifted to a long position during the broad market sell-off on June 5.

Bitcoin mining firm Bitdeer produced 271.3 BTC this week, selling all of it to maintain a zero BTC position.

Bitcoin mining firm Bitdeer has released its weekly data. As of July 31, the company produced 271.3 BTC this week, sold an equivalent amount, resulting in zero net addition, with its pure BTC holdings remaining at zero (excluding customer deposits). Since February 20, Bitdeer has maintained zero Bitcoin holdings for 23 consecutive weeks.

Yesterday, Bitcoin ETFs posted a net outflow of $265.4 million, while Ethereum ETFs recorded a net inflow of $9 million.

According to Farside Investors' monitoring, U.S. spot Bitcoin ETFs saw a net outflow of $265.4 million yesterday. IBIT recorded a net outflow of $122.7 million, while FBTC posted a net outflow of $54.8 million. Meanwhile, Ethereum ETFs reported a net inflow of $9 million, with ETHB alone seeing a net inflow of $15.4 million.

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.