Executive brief
Bitcoin has reclaimed the $62,000 level following a significant slowdown in US labor market momentum. The US added only 57,000 jobs in June, falling well short of expectations and shifting market sentiment toward a potential Federal Reserve rate easing later this year. This macro backdrop has provided the first real bounce of the recent selloff, with long-term holders returning to accumulation mode according to Glassnode data. While institutional appetite for spot ETFs remains under pressure, on-chain conviction is building as supply migrates toward patient capital. A key driver for the sector continues to be the rapid expansion of tokenised infrastructure. Securitize tokenised $295m of its own stock across Solana and Avalanche, while Robinhood launched its public mainnet to support its global DeFi ambitions.
Despite the price recovery, the market faces structural risks. JPMorgan analysts warned that MicroStrategy’s Bitcoin sales policy introduces avoidable “two-way risk,” suggesting the firm should use equity issuance rather than token sales to build cash reserves. Enforcement remains a high priority for regulators, as seen in the US Treasury sanctioning 131 Tron-based USDT wallets linked to ISIS-K. An emerging opportunity lies in the institutionalisation of Ethereum, with new organisations like Ethereum Institutional launching to target sovereign wealth and Tier 1 banks. However, the pivot toward AI remains a competitive threat for capital, exemplified by K Wave Media selling its $64.2m Bitcoin treasury to fund GPU infrastructure and avoid Nasdaq delisting.
1) Top 20 news headlines
- US payroll growth slows sharply in June; employers added only 57,000 jobs, missing the 114,000 expectation;.
- OpenAI discusses 5% stake for US government; the proposal aims to clear political hurdles with a stake valued at roughly $42.5b;.
- Metaplanet expands treasury to 43,000 BTC; the Japanese firm purchased an additional $170m worth of bitcoin;.
- K Wave Media liquidates $64.2m bitcoin treasury; the company exited its entire position to pivot toward AI infrastructure and meet debt obligations;.
- Securitize tokenises $295m of stock on Solana and Avalanche; the move marks the largest issuer-sponsored tokenised stock launch to date;.
- US sanctions 134 ISIS-K crypto addresses; the group allegedly moved over $1.4m via Tron, Monero, and Bitcoin;.
- Solana launches on-chain governance; validators now require a minimum of 100,000 SOL staked to open proposals;.
- Robinhood launches public blockchain; the Ethereum Layer 2 network is built on Arbitrum to support tokenised assets;.
- Taiko restores bridge after $1.7m hack; the recovery triggered a token price surge of up to 136% in recent trading;.
- Ethereum Institutional launches corporate sales wing; the group claims 500 relationships with firms representing $250t in assets under management;.
- JPMorgan warns of MicroStrategy sales risk; analysts state the firm’s policy adds avoidable market uncertainty to the crypto sector;.
- eToro invests in on-chain derivatives platform Extended; the broker plans to integrate perpetual futures into the Zengo wallet;.
- Bitwise signals crypto cycle bottom; the firm views recent volatility as a late-cycle leverage unwind;.
- SBI Crypto shuts mining pool; the pool currently controls roughly 2% of Bitcoin’s total hashrate;.
- Europe begins MiCA 2.0 consultation; the review of the crypto framework is open for comment until September;.
- XRP network activity hits 3-month high; wallet creation spiked as the asset held the key $1.00 support level;.
- Chainlink nears 900,000 holder addresses; on-chain data shows significant LINK outflows from centralised exchanges;.
- Edel protocol hit by $403,000 exploit; the attack manipulated the exchange rate of tokenised Google stock collateral;.
- Sui partners with Paga for African tokenisation; the deal aims to bring blockchain-based financial tools to the region’s mobile users;.
- Mystery owner challenges $200b Satoshi claim; a pseudonymous respondent filed to protect property rights in a New York court;.
2) BTC and ETH ETF flows
| Metric | BTC | ETH |
|---|---|---|
| Net inflow | -$294.6m | $14.9m |
| Value traded | $2.4b | $500.3m |
| Net assets | $72.5b | $8.6b |
| Cumulative net inflow | $50.9b | $10.9b |
3) X trending news
- US jobs miss; the economy added only 57,000 jobs in June, significantly below the 114,000 expected;.
- Crypto card milestone; total deposits on crypto cards have crossed $10b for the first time in history;.
- SEC modernization; Chairman Paul Atkins stated the SEC is modernising rules to bring financial markets on-chain;.
- Binance stock trading; the platform’s stock trading arm surpassed $1b in assets under management within 30 days of launch;.
- Oil reserve drop; the Strategic Petroleum Reserve fell by 5.5 million barrels to its lowest level since 1983;.
- Trump Micron trade; disclosures show Donald Trump purchased up to $530,000 in Micron stock during March 2026;.
- July seasonal strength; the S&P 500 has gained an average of 2.5% in July over the last 11 years;.
- Tesla deliveries beat; Tesla delivered 480,126 vehicles in Q2, exceeding analyst expectations of 406,024;.