Executive brief

Bitcoin has faced a volatile session, slipping below $77,000 after geopolitical tensions between the US and Iran escalated. President Donald Trump issued a warning that the “clock is ticking” for the nation, sending oil prices above $107 per barrel and triggering broad risk-off sentiment. Despite this, Strategy provided a major liquidity cushion by purchasing 24,869 BTC for approximately $2.01b. This institutional support arrives as Japanese investors sold nearly $29.6b in US Treasuries, putting upward pressure on yields and making risk-free assets more attractive. The market is currently driven by this macro tightening and the anticipation of Federal Reserve leadership changes as Jerome Powell departs.

Regulatory progress remains a primary catalyst, with estimates suggesting a 75% chance that the CLARITY Act will be signed into law by early August. This legislation would provide a federal framework for digital assets, potentially moving them from speculative instruments to normalised financial tools. Simultaneously, Minnesota has legalised crypto custody for local banks, and Galaxy secured a New York BitLicense, indicating a domestic push for regulated institutional access. Investors are also watching the Solana ecosystem, which is seeing billions in inflows from big banks for tokenised funds.

Opportunities are emerging in the AI and infrastructure sectors. HIVE Digital acquired a $58m plot for AI facilities, while investors like Leopold Aschenbrenner are betting on Bitcoin miners to power the next phase of the AI boom. However, risks remain evident in physical infrastructure and security; Bitcoin Depot filed for Chapter 11 bankruptcy, taking 9,000 ATMs offline, and the Verus-Ethereum bridge suffered an $11.58m exploit. Furthermore, Citi warned that accelerating quantum computing breakthroughs pose an outsized threat to Bitcoin infrastructure.

1) Top 20 news headlines

• Strategy purchases nearly 25,000 more Bitcoin worth more than $2 billion; Michael Saylor added 24,869 BTC last week, bringing total holdings to 843,738 coins.
• Bitcoin Depot, North America’s largest bitcoin ATM operator, files for bankruptcy; the Nasdaq-listed firm has taken its entire network of more than 9,000 kiosks offline.
• Iran launches Hormuz Safe Bitcoin insurance platform for ships; the mechanism for vessels transiting the Strait of Hormuz could reportedly generate more than $10b in revenue.
• CLARITY Act could be signed into law by early August; Galaxy Research raised the bill’s chances of becoming law to 75% after a 15-9 Senate committee vote.
• Big banks move billions into Solana ecosystem for tokenisation; the network is shedding its memecoin reputation as Wall Street giants use it for tokenised funds and global payments.
• Revolut launches physical Dogecoin payment card; the fintech giant will allow users to spend the meme coin at any Visa or Mastercard merchant with 0 exchange fees.
• HYPE ETFs set 2026 altcoin debut record with $6.11 million volume; the Bitwise and 21Shares products nearly matched the volume of the previous eight altcoin ETF launches combined.
• Leopold Aschenbrenner bets on crypto miners for $13.6 billion AI play; the former OpenAI staffer is favouring miners that own data centres needed for the AI boom.
• HIVE buys $58 million Toronto plot for AI facility; the bitcoin miner is expanding its footprint into AI data centres following a $115m capital raise.
• Galaxy receives New York BitLicense for institutional push; the firm is the second to secure the license this year as it expands crypto services for institutions.
• Citi warns Bitcoin faces outsized threat from quantum computing; accelerating breakthroughs in the field are compressing the timeline for risks to Bitcoin’s infrastructure.
• Hacker drains $11.58 million from Verus-Ethereum bridge; the cross-chain bridge was exploited for 1,625 ETH and 103.57 tBTC in a single transaction.
• Aave restores ether borrowing limits after exploit recovery; the protocol reversed restrictions following the $292m exploit in April as contagion fears ease.
• Minnesota legalises crypto custody for banks and credit unions; local institutions will be authorised to provide digital asset custody services starting 1 August.
• Standard Chartered to acquire full control of Zodia Custody; the bank is moving to own its core crypto custody business in-house.
• Stripe-backed Tempo taps $7.5 billion DeFi lender Morpho; the partnership aims to bring onchain yield and lending to the payments-focused platform.
• Ethereum Foundation faces wave of high-profile departures; the internal shakeup follows a new mandate aimed at redefining the foundation’s role.
• XRP ETFs see $60 million weekly inflows amid accumulation; despite strong institutional demand and Binance withdrawals, the token price remains below $1.40.
• SpaceX perpetual futures imply $2.5 trillion valuation; the Trade.xyz contract saw more than $40m in volume within 12 hours of launch.
• Goldman Sachs exits XRP and Solana ETF exposure; the investment bank reshaped its crypto portfolio in Q1 2026 by exiting several altcoin funds.

2) BTC and ETH ETF flows

3) X trending news

• Situation Room convened; President Trump to discuss military options in Iran on Tuesday after peace proposals were deemed insufficient.
• Bond market yield surge; the US 10-year Note Yield hit 4.63%, the highest level since February 2025.
• CPI inflation update; US inflation is on track to exceed 5.0% this year, with recent readings as high as 0.9% month-on-month.
• Leveraged ETF appetite; the ratio of levered long to short ETF volume reached 3.3, a historic pace of risk appetite.
• Saylor buys more BTC; Strategy acquired 24,869 Bitcoin worth $2 billion at current market prices.
• New Fed Chair; Kevin Warsh is set to be sworn in as Federal Reserve Chair this Friday, replacing Jerome Powell.
• Meta employee layoffs; the social media giant is set to lay off approximately 8,000 staff, or 10% of its workforce.
• BlackRock SpaceX interest; the world’s largest asset manager is considering a $5b to $10b investment in the SpaceX IPO.
• Semiconductor dominance; chip stocks now account for 18% of the S&P 500 market cap, contributing over half of the index’s 8% year-to-date gain.
• US-China trade deals; new agreements include China purchasing 200 Boeing aircraft and $17b per year in US agricultural products.