Crypto Breaking

Bitcoin pushed higher at the Wall Street open on Wednesday, briefly trading up to the $60,000 area as broader risk sentiment improved and the US dollar eased.
TradingView data showed BTC/USD reaching $60,475 on Bitstamp, translating into nearly a 3% gain on the day. The move came after the pair’s June selloff had started July with a bounce from recent multiyear lows, while liquidations across crypto derivatives reportedly totaled more than $200 million over the prior 24 hours, according to CoinGlass.
Key takeaways
BTC climbed toward $60,500 at the start of the first US session of July, adding nearly 3% intraday.
Some of the tailwind appears linked to a cooling in US dollar strength, with DXY reversing off local highs.
CoinGlass data points to large 24-hour liquidation totals, highlighting how sensitive leverage remains.
Traders are framing July as a potential “relief” period, while still watching for a continuation of the broader downtrend later.
Market participants note crowded positioning in the US dollar, which could affect cross-asset flows if it unwinds.
Bitcoin’s early July bounce targets a key $60,000 level
The rally gained momentum during the early New York session, with BTC/USD spiking to $60,475 on Bitstamp, per TradingView. At the time of the move, daily gains were running close to 3%, suggesting dip-buying interest rather than a sustained breakout at that moment.
Derivatives flows reinforced that volatility was still in play. CoinGlass data cited in the coverage put 24-hour crypto long liquidations above $200 million at the time of writing—an indicator that leveraged longs had been forced out during the prior decline, clearing some room for upside rebounds.
Trader Lennaert Snyder described the move as a “lovely pump” and suggested that exhaustion on lower time frames could precede another push toward roughly $60,700, based on his intraday charting. Snyder’s comments, posted on X, pointed to a near-term sequence: a brief cooling after the initial surge, followed by an attempt higher.
Range traders watch whether $58,000–$61,000 holds
While the price action looked constructive, several traders focused on range behavior rather than immediately calling for a trend reversal.
Daan Crypto Trades highlighted the possibility that BTC could turn the $58,000 to $61,000 area into a temporary range. In an X post earlier in the session, he argued that if price revisited either end of that range, it could produce a “decisive break” and a larger directional move.
“I think there’s a good chance that the next attempt at the range high or low will cause a decisive break and bigger move.”
US dollar weakness and “crowded” positioning add context
Alongside crypto-specific signals, the broader macro backdrop appeared to matter. The US dollar index (DXY) reportedly reversed from local highs of 101.6 at the open, giving Bitcoin room to rise as dollar strength cooled.
Commentary from The Kobeissi Letter emphasized that the larger dollar trend could shift “soon.” In a post cited in the coverage, it warned that the “long US Dollar trade is crowded,” claiming speculative long positioning surged to +$34.3 billion as of June 23—its highest level in 18 months.
That matters for crypto because BTC often trades as a high-beta asset sensitive to dollar liquidity conditions. If crowded positioning unwinds or if expectations for dollar strength fade, it can influence risk assets quickly—sometimes amplifying moves once markets already have momentum.
Why traders are calling July a potential “relief rally”
Beyond the immediate bounce, market participants continued to discuss the possibility of a relief rally through July, even as they acknowledged that the path beyond mid-summer remains uncertain.
Trader Titan, referenced in the report, pointed to a base-case scenario tied to the monthly structure—specifically that a relief move in July could occur before the downtrend resumes. In his view, Bitcoin’s monthly performance would need to navigate the broader trend pressures rather than simply break away from them.
“My base case: a relief rally in July before the downtrend resumes.”
Rekt Capital also reiterated a historical pattern he associates with Bitcoin’s calendar behavior: “Red June. Green July. Red August.” In a post cited in the coverage, he suggested that while downside “wicking” could happen early in July—potentially dipping below the new Monthly Open—history implies the price may expand upward as the month progresses.
Still, this framing is not a blanket bullish call. The same analysis points to a likely two-step process: near-term volatility and potential testing of levels early in the month, followed by an upside stretch—followed by a watchful stance for bearish moves in August.
In other words, the rally appears to be treated by many traders as a tactical reprieve within a larger uncertainty band, rather than evidence that the broader trend has definitively reversed.
What to watch next
Bitcoin’s move above $60,000 is attracting attention because it interacts with both leverage dynamics and macro inputs like the dollar. Traders will likely focus on whether BTC can hold gains through key intraday levels and whether DXY continues to lose momentum; at the same time, many market participants are watching the early-July monthly structure for signs that the “relief rally” thesis is developing or failing.
This article was originally published as Bitcoin Reclaims $60K as Stronger US Dollar Undercuts Weekly Peak on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

A Democratic candidate in Colorado’s 8th congressional district, Manny Rutinel, has won his party’s primary and will face the general election in November after receiving support from crypto-aligned political groups. Rutinel reported early Wednesday that he captured the nomination with 61.7% of the vote against Shannon Bird’s 33.6%.
Before the primary, the You Can Push Back Super PAC—backed by $3.5 million from Ripple Labs co-founder Chris Larsen—reportedly spent $1 million on media to help Rutinel’s campaign, according to The Guardian. Rutinel also holds a “strongly supports crypto” rating from the Coinbase-affiliated Stand With Crypto organization, which said its score is based on his answers regarding stablecoins, market structure and regulatory clarity. Coinbase is meanwhile listed as a major contributor to Fairshake PAC, another crypto-backed political committee supporting candidates described as “pro-crypto” in the 2026 cycle.
Key takeaways
Manny Rutinel won the Colorado 8th district Democratic primary with 61.7% of the vote, setting up a November general election.
Crypto-aligned political spending is part of the campaign backdrop, including reported Super PAC media buys linked to Chris Larsen.
Rutinel has received a high rating from Stand With Crypto, an advocacy group tied to Coinbase.
Consumer advocacy group Public Citizen reported the crypto industry has spent about $189 million so far to influence the 2026 elections, mostly through PACs.
A new poll indicates many Americans across party lines worry crypto donors have too much influence over lawmakers and crypto rules.
Crypto-aligned backing meets campaign momentum in Colorado
Rutinel’s primary win consolidates a political lane that increasingly intersects with cryptocurrency policy. In the materials surrounding his candidacy, Stand With Crypto—affiliated with Coinbase—has emphasized Rutinel’s stated positions on topics central to current crypto regulation debates, including stablecoins and the clarity of market and regulatory frameworks.
Stand With Crypto’s rating, along with the broader Fairshake ecosystem, signals how major industry players and aligned PACs are attempting to translate policy positions into electoral outcomes. Rutinel’s campaign is therefore occurring not in isolation, but within a larger pattern of crypto-focused political advocacy aiming to shape how lawmakers approach enforcement, market rules and regulatory standards.
Cointelegraph reached out to a spokesperson for You Can Push Back for comment but did not receive an immediate response.
Spending race around the 2026 elections draws scrutiny
The Colorado race is unfolding amid continued political spending tied to crypto. On Tuesday, Public Citizen said the cryptocurrency industry had spent about $189 million so far to influence the 2026 US elections, largely through PACs, according to an earlier Cointelegraph report.
Public Citizen’s framing suggests the industry is repeating a strategy used in the 2024 cycle: deploy political spending through aligned committees to support candidates seen as favorable to crypto policy goals. For investors and builders in the sector, this matters because electoral outcomes can affect how aggressively regulators pursue enforcement, how quickly legislation moves, and whether policy proposals emphasize consumer protection, market structure, or both.
Voters question the industry’s access to lawmakers
While crypto-aligned groups are backing candidates, public concern about influence in Washington is also rising. A new poll commissioned by Americans for Financial Reform, released on Wednesday, found that a majority of Americans are concerned about the influence the crypto industry has on US lawmakers, according to the group’s press release.
The poll’s release followed disclosures tied to President Donald Trump’s cryptocurrency investments. Cointelegraph previously reported that filings showed Trump profited by more than $1.4 billion from crypto investments, according to Cointelegraph coverage.
Americans for Financial Reform associate director of crypto and fintech Mark Hays said voters have “serious crypto corruption” concerns, pointing to reported profits for high-ranking officials alongside losses and scams experienced by everyday people. Hays argued that voters want crypto companies to follow the same kinds of rules as other financial businesses rather than receiving special privileges.
When asked about potential conflicts of interest, White House Deputy Press Secretary Anna Kelly said on Tuesday that neither Trump nor his family “has ever engaged — or will ever engage — in conflicts of interest.”
What to watch as crypto politics heads toward November
Rutinel’s nomination win highlights how crypto policy advocacy is increasingly tied to electoral results—both through candidate endorsements and through political committee activity. With Public Citizen describing large, PAC-driven spending and a fresh poll showing broad voter unease about industry influence, the key uncertainty going into November is whether lawmakers respond to pressure through tougher regulation, clearer market rules, or a reassessment of how the political process interacts with financial oversight.
This article was originally published as Ripple Co-founder’s PAC helps elect Democrat in Colorado primary on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Robinhood has moved its blockchain testing effort into the public spotlight, announcing that its Robinhood Chain layer 2 network has launched its public mainnet. The rollout follows an earlier testnet launch in February, meaning the company ran roughly four months of testing before going live.
In its announcement on Wednesday, Robinhood said the chain—built on Arbitrum—positions itself as “AI-native” and designed to support tokenized real-world assets. The move comes as the brokerage and crypto platform broadens its on-chain ambitions alongside new and existing offerings for crypto, tokenized stocks, and decentralized finance within its wallet ecosystem.
Key takeaways
Robinhood Chain’s public mainnet launched after testnet activity began in February, following about four months of preparation.
The layer 2 network is built on Arbitrum and is marketed as “AI-native” and intended for real-world asset tokenization.
Robinhood says tokenized stock products are already live in its wallet app across more than 120 countries, and it plans to add crypto trading in the UK soon.
New decentralized lending functionality, Robinhood Earn, lets users lend USDG stablecoins from a self-custody wallet at an estimated ~7% annual yield.
Competition among Ethereum layer 2 networks remains intense, with major ecosystems such as Base drawing attention for recent reliability incidents.
From testnet to public mainnet for Robinhood Chain
Robinhood’s blockchain strategy is now taking a concrete form with the mainnet launch of Robinhood Chain. According to the company, the network went live on testnet in February and has now been promoted to a public mainnet stage.
The chain is an Arbitrum-based L2, an architectural choice that links Robinhood’s development to a well-established ecosystem for scaling and on-chain throughput. Robinhood’s messaging around the network centers on its intended use for tokenized real-world assets, a theme that continues to anchor much of the platform’s tokenization efforts.
Notably, the mainnet launch is happening as Robinhood pushes further into both tokenized securities and DeFi products—two areas that require careful execution because they touch user protections, custody models, and compliance requirements.
Tokenized stocks, wallet access, and a UK crypto push
Alongside the mainnet news, Robinhood reiterated that its tokenized stock products are already operational. The company said these products are available through its wallet app to users in more than 120 countries.
Robinhood also disclosed plans to launch crypto trading in the United Kingdom “soon.” While the announcement does not provide an additional timeline beyond that phrasing, it signals that Robinhood’s on-chain expansion is not only about infrastructure, but also about expanding the accessibility of crypto services geographically.
Earlier this year, Robinhood CEO Vlad Tenev argued that tokenized stocks are “inevitable,” and he tied the rationale to potential market-structure benefits—specifically, the idea that tokenization could help reduce the risk of trading freezes that can occur on traditional exchanges. That perspective sets a clear policy narrative for the company’s product direction, even as regulators and market operators continue to shape the rules around tokenized assets.
Robinhood Earn: lending USDG from self-custody
Robinhood also introduced a decentralized product called Robinhood Earn. The feature is designed to let users lend USDG, a dollar-backed stablecoin, via a self-custody wallet experience.
Robinhood’s announcement places an estimated annual percentage yield of around 7% on the lending activity. For users, the practical change is the shift from keeping assets entirely within custodial frameworks toward a model that emphasizes self-custody while still providing access to yield through on-chain lending mechanics.
For builders and traders watching Robinhood’s L2 ambitions, the key point is that the mainnet launch is paired with a DeFi component rather than being purely infrastructural. This could influence how quickly liquidity and user activity form around the chain, especially if tokenized stock rails and stablecoin lending become tightly integrated.
A crowded L2 landscape—and a reminder on reliability
Robinhood Chain is entering an increasingly competitive layer 2 market. One of the most prominent incumbents in the segment is Base, the Coinbase-backed blockchain, which has expanded rapidly in recent periods.
Reliability has become a major differentiator across L2 networks. In June, Cointelegraph reported that Base suffered two outages within hours of each other. The engineering team later said a sequencer bug caused the incidents. Cointelegraph also noted that Base is the second-largest layer 2 network by total value secured, at about $11 billion, underscoring how large networks can still face operational issues.
Against that backdrop, Robinhood’s decision to launch a public mainnet after a testnet period may be interpreted as an attempt to ensure readiness before broadening usage. Still, the real test for any L2 network is post-mainnet stability—especially if Robinhood’s tokenized stocks and DeFi products rely on uninterrupted chain performance.
Robinhood shares rose about 8% on Wednesday following the announcement. For crypto participants and investors, the next watch item is straightforward: whether Robinhood Chain can sustain stable operation under real user load, and how quickly usage grows as tokenized stock rails, USDG lending via Robinhood Earn, and broader regional availability (including the planned UK crypto trading) come online.
This article was originally published as Robinhood Launches Public Blockchain and Prepares UK Crypto Trading on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin’s recovery hit a familiar wall as macro tailwinds weakened. The largest cryptocurrency rose on Wednesday after US Federal Reserve Chair Kevin Warsh signaled concern about stubborn inflation, a backdrop that can briefly lift risk assets. But traders are increasingly cautious that the same environment will also keep pressure on non-yielding assets like crypto.
The immediate setup remains complicated by two linked forces: persistent outflows from spot Bitcoin ETFs and a market shift toward higher returns in fixed income, amplified by a strengthening US dollar. In practice, that combination tends to make investors less inclined to park money in assets that don’t generate yield.
Key takeaways
Spot Bitcoin ETF outflows, combined with rising Treasury yields, lower the odds of a quick rebound toward $65,000.
Higher fixed-income returns and a stronger US dollar typically disadvantage non-yielding assets such as Bitcoin and gold.
US government bond futures implied a significantly greater likelihood of rate hikes by September, up sharply from a month earlier.
AI-led equity momentum has supported broader risk appetite, but sector-specific semiconductor weakness could still change the tone.
Treasury yields rise as “real” competition for capital returns
While Bitcoin reacted positively to Warsh’s remarks, the broader trading backdrop turned less forgiving. The US 5-year Treasury yield jumped to 4.22%, signaling that investors demanded higher compensation to hold government debt. That matters for Bitcoin because the yield cycle is a direct competitor for fresh capital: when risk-free yields move higher, the opportunity cost of holding assets without a cash yield typically increases.
At the same time, WTI crude oil fell to a four-month low, and market expectations still anticipate changes to monetary policy as inflation eventually cools. However, traders are also paying close attention to the mechanics of US Treasury issuance, which helps shape how debt markets price interest rates—regardless of how the Federal Reserve balances policy tools over time.
According to CME’s FedWatch tool, US government bond futures implied roughly 64% odds of interest rate hikes by September. That compares with about 23% one month prior, suggesting the market has already repriced the near-term rate path toward tightening.
Meanwhile, the US dollar strengthened against other major fiat currencies. The effect can be particularly uncomfortable for global hedges priced in dollars—an issue that has also weighed on gold in recent months. TradingView charts highlighted the contrast between gold/USD weakness and rising DXY strength, with gold down about 12% over two months.
Why ETF flows still matter more than the “one-day” bounce
Bitcoin’s Wednesday gains didn’t fix the bigger positioning problem. Ongoing outflows from US-listed spot Bitcoin ETFs continue to undercut the bullish case, according to earlier coverage from Cointelegraph that cited ETF flow deterioration.
In Wednesday’s broader narrative, the sales appear persistent rather than isolated. SoSoValue data referenced in the source shows daily net flows remaining pressured, and the article’s framing emphasized how negative headlines tend to amplify selling while positive developments struggle to attract fresh buying. For traders, this creates a classic asymmetry: rallies can fade quickly if incremental buyers are not replacing sellers in size.
Bitcoin is also trading materially below its all-time high—about 53% down, per the source—leaving traders cautious about the reliability of nearby support levels around the $60,000 region. Without a clear shift in ETF demand or macro conditions, the market can struggle to sustain the momentum needed for higher price targets.
AI enthusiasm is helping equities—yet semiconductors signal risk
One reason investors remain active is that parts of the equity market have been strong. The source pointed to about 25% gains in the Nasdaq 100 index, attributing some resilience to AI sector earnings momentum. That’s important because Bitcoin often benefits when investors seek higher-beta exposure during periods of improved growth confidence.
However, the story isn’t uniformly bullish. The source highlighted that Micron (MU) and SanDisk (SNDK) shares fell sharply intraday after competitors SK Hynix and Samsung announced plans to expand capacity. While that single move is not presented as a full reversal, it does underscore how quickly expectations can change for AI-adjacent hardware—especially when capacity expansion raises concerns about supply and pricing dynamics.
Even so, the article noted that the iShares SOX Semiconductor Index ETF (SOXX) was still up strongly over the last three months, suggesting that any weakness may be more sector-specific than a broad collapse in chip sentiment.
For Bitcoin, the implication is nuanced: AI-driven equity momentum may continue to provide a floor for risk appetite, but sector-level disappointments can still become catalysts that shift traders back toward “safer” positioning—particularly when rates expectations are rising.
Can Bitcoin reach $65,000 without changing the rate narrative?
The question for the market is not whether Bitcoin can bounce at all, but whether it can do so sustainably. The source argues that the temporary lift tied to Warsh’s inflation concerns may not be enough if expectations for higher interest rates remain elevated and fixed-income competition continues to intensify.
That view aligns with how the market has repriced the odds of policy changes. With FedWatch indicating a much higher probability of rate hikes by September than a month earlier, investors may be less willing to chase a rally in assets like Bitcoin that do not provide yield.
In this environment, the $65,000 area becomes a tougher target: it likely requires either a meaningful shift in ETF flow dynamics or a clearer easing in the rate-and-dollar backdrop. Until then, the source suggests that any rebound may take longer than bulls would prefer, even if periodic positive news sparks short-lived optimism.
Going forward, traders should watch two signals closely: whether spot Bitcoin ETF flows improve enough to counterbalance broader macro pressure, and whether Treasury yields and the US dollar begin to cool. If both stay firm, rallies may remain vulnerable; if either breaks, Bitcoin’s odds of sustaining higher levels improve.
This article was originally published as Bitcoin Breaks $60K as Fed Inflation Signals Spark Fresh Bids on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Diplomatic discussions between the United States and Iran gained fresh momentum after new comments from President Donald Trump. The latest developments supported gains across several financial markets while crude oil prices moved lower. Meanwhile, traders assessed the possibility of a longer negotiation period as discussions continued in Qatar.
US-Iran Negotiations Advance as Diplomatic Efforts Continue
The United States and Iran continued negotiations in Qatar with support from regional mediators. The latest round followed earlier diplomatic contacts aimed at reducing tensions between both countries. As a result, market participants responded quickly to signs of continued engagement.
President Donald Trump described recent diplomatic progress as positive during remarks on Wednesday. He also indicated that efforts surrounding Iran’s nuclear program continued moving in the intended direction. However, he stopped short of confirming that both sides had reached a final agreement.
US representatives Jared Kushner and Steve Witkoff remained involved in the talks held in Doha. Qatar and Pakistan continued supporting communication between both governments throughout the negotiations. Their involvement reflected ongoing regional efforts to maintain dialogue and reduce geopolitical risks.
Oil Declines While Gold and Crypto See Stronger Demand
Financial markets reacted soon after reports highlighted progress in the diplomatic discussions. West Texas Intermediate crude oil dropped more than two percent during the trading session. Consequently, the benchmark price slipped below the important $70 level.
Lower oil prices reflected expectations that supply disruptions could become less likely. Earlier tensions had increased concerns about energy exports across the Middle East region. Therefore, easing diplomatic risks encouraged selling pressure across crude oil markets.
Gold also attracted fresh demand during the same trading period. Market data indicated that the precious metal added more than $74 billion in value within one day. At the same time, digital assets recorded gains, with several major altcoins outperforming Bitcoin.
Earlier reports had linked geopolitical uncertainty with increased volatility across digital asset markets. Market analysts had already warned that diplomatic developments could influence short-term price movements. The latest positive headlines supported stronger buying activity across several cryptocurrency sectors.
Ceasefire Extension Expectations Increase as Talks Continue
Prediction platform Polymarket showed rising expectations for an extension of the current negotiation period. The platform estimated a 62% probability that discussions would continue beyond the existing 60-day framework. That reading reflected improving confidence that both sides would maintain diplomatic engagement.
Despite stronger expectations, negotiations still face several important stages before reaching a formal agreement. Diplomatic discussions often require additional meetings before both governments finalize key commitments. Therefore, current progress does not guarantee a lasting resolution.
The latest developments followed previous diplomatic activity involving Iran and Oman. Both countries had established a joint committee to discuss the Strait of Hormuz and broader ceasefire matters. Those earlier efforts created additional channels for communication before the current Doha meetings.
The Strait of Hormuz remains one of the world’s most important energy shipping routes. Any improvement in regional stability can influence global oil prices and broader financial markets. Consequently, diplomatic developments continue affecting commodity and digital asset trading activity.
Current negotiations have strengthened expectations that dialogue may continue beyond the initial timeline. However, any setback during future meetings could quickly change market sentiment across several asset classes. The coming diplomatic sessions may determine whether recent gains receive additional support or reverse in the near term.
This article was originally published as Trump Signals Progress in Us-Iran Talks as Oil Falls and Crypto Markets Advance on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Tradeweb has carried out an onchain trade that pairs tokenized US Treasuries with tokenized cash, using Franklin Templeton as the seller of a tokenized Treasury security and Virtu Financial as the buyer. The execution reportedly took place over the Canton Network, with the companies saying settlement was completed in real time.
The deal is positioned as an industry milestone because it settles a tokenized Treasury against USDCx, a USDC-backed stablecoin issued on Canton. While the parties did not disclose the trade size, the firms framed the transaction as a practical step toward broader tokenized Treasury market infrastructure—particularly as major back-office plumbing, including DTCC’s planned tokenization services, moves closer to launch later this year.
Key takeaways
Tradeweb executed a real-time onchain purchase-and-sale of a tokenized US Treasury settled against USDCx on the Canton Network.
Franklin Templeton transferred the tokenized Treasury to Virtu Financial in exchange for tokenized cash, with Canton Network handling settlement synchronization.
The trade is described as the first real-time purchase and sale of a tokenized US Treasury against USDCx, according to a Tradeweb spokesperson.
The timing matters ahead of DTCC’s planned Tokenization Services rollout later this year.
The transaction underscores how tokenized government bonds are moving from pilots toward production-style workflows.
A tokenized Treasury trade, settled in real time
According to the companies involved, Tradeweb served as the execution venue and source of price discovery for the transaction. Canton Network, meanwhile, coordinated settlement between the tokenized Treasury security and the tokenized cash leg of the trade.
Tradeweb and its counterparties said the trade settled in real time, though the exact notional amount was not released. Execution and settlement roles are often separated in traditional market structure; this type of workflow highlights how tokenization can compress those steps—at least within a controlled network environment—by linking asset and payment rails directly to the same settlement layer.
In a statement provided to Cointelegraph, a Tradeweb spokesperson said the transaction marked what they described as the industry’s first real-time purchase and sale of a tokenized US Treasury settled against USDCx, a USDC-backed stablecoin issued on Canton. Participants included Blockdaemon, Digital Asset, Societe Generale, Franklin Templeton, Tradeweb, and Virtu Financial.
Why the USDCx pairing is meaningful
The stablecoin used for settlement is not a minor detail. In tokenized Treasury markets, the “cash leg” is where many of the operational and compliance questions tend to concentrate: liquidity management, settlement finality, and how the payment instrument fits existing controls.
By explicitly citing settlement against USDCx on Canton, the firms are signaling that tokenized Treasuries can be paired with a stablecoin payment instrument on-chain—without requiring the buyer and seller to rely solely on separate off-chain cash processing. That matters for investors and trading desks because it can reduce settlement friction and shorten the path between trade execution and cash/asset finality, which are often decisive factors in institutional adoption.
At the same time, it remains important to watch how broadly these rails can scale beyond a limited set of participants. Real-time settlement claims are most meaningful when replicated across more counterparties, varied liquidity conditions, and larger volumes. The transaction size was not disclosed, leaving market participants to interpret the operational significance rather than the economic scale.
DTCC tokenization services as the next infrastructure milestone
The onchain trade also arrives ahead of a separate but related development: DTCC’s planned Tokenization Services later this year. DTCC has said the offering will enable participants to tokenize select stocks, exchange-traded funds (ETFs), and US Treasury securities while maintaining “the same investor protections and ownership rights as traditional assets,” according to DTCC’s published materials.
In practice, DTCC’s role is often associated with standardizing and simplifying settlement and custody workflows across the industry. If DTCC’s services deliver interoperable tokenization capabilities, they could help bridge the gap between isolated tokenization efforts and wider market participation. That makes Tradeweb and Canton’s transaction more than a standalone experiment—it can be read as preparation for a future where more participants can connect through shared tokenization infrastructure.
What remains uncertain is how DTCC’s approach will interact with existing tokenized Treasury ecosystems, including the specific stablecoin-based cash rails used for settlement. The Tradeweb/Canton transaction shows one functional pathway; the industry will likely be watching whether DTCC supports similar settlement models and whether cash and asset tokenization can be standardized across networks and venues.
Franklin Templeton’s wider tokenization push
This latest transaction fits into Franklin Templeton’s ongoing expansion of tokenized financial assets. Earlier this year, the asset manager partnered with Binance to let institutions use tokenized money market fund shares as trading collateral while keeping the underlying assets in regulated custody. Franklin Templeton has also partnered with Ondo Finance to bring tokenized ETFs onto blockchain networks, pointing to a broader strategy of onboarding institutional use cases through established market counterparties and custody frameworks.
The Treasury segment has been gaining attention alongside money markets and tokenized funds, in part because sovereign debt is often viewed as a foundational asset class for stable, yield-bearing tokenization strategies. While this does not automatically mean tokenized Treasuries will displace traditional Treasuries in size, each successful onchain settlement test reduces uncertainty about whether tokenized ownership can be operationally viable.
Governments and market data: tokenized sovereign debt keeps growing
Tokenized government bond efforts are not limited to the private sector. Several jurisdictions have launched blockchain-based initiatives to test issuance, settlement, and market infrastructure for sovereign debt.
Hong Kong was among the early movers, launching an inaugural digital green bond in 2023 and completing its third digital green bond issuance in November 2025, according to Hong Kong Monetary Authority announcements. Separately, the HKMA has said it will build a digital asset platform to support issuance and settlement of tokenized bonds, with plans to expand the infrastructure to other digital assets and connect with tokenization platforms across the region.
In the UK, the government appointed HSBC Orion to support its Digital Gilt Instrument pilot, designed to test blockchain-based issuance, settlement, and secondary trading of government bonds.
Meanwhile, on-chain Treasuries have reached significant scale in tokenized form. Data from RWA.xyz cited in the announcement places the tokenized US Treasury market at $14.6 billion, spanning 84 on-chain products and representing the largest segment within the tokenized real-world assets market.
Taken together, the picture that emerges is one of gradual maturation: policy pilots are exploring the mechanics of tokenized sovereign debt, while institutional market players are running increasingly production-like trades that validate execution and settlement workflows. The Tradeweb–Franklin Templeton–Virtu Financial transaction adds a concrete “cash + asset” settlement example—one that is particularly relevant for traders and custodians who need clarity on how stablecoin-based settlement can function alongside tokenized Treasuries.
Next, investors and market participants should watch for how DTCC’s forthcoming Tokenization Services change the connectivity and standardization of tokenized Treasuries settlement, and whether real-time USDCx-based settlement models prove replicable across more counterparties and larger volumes.
This article was originally published as Tradeweb Completes Real-Time Tokenized US Treasury Trade on Canton on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin rebounded on Wednesday after tagging a 21-month low, with BTC rising as high as $60,200 and gaining roughly 2.7% over the past 24 hours from earlier losses. The bounce lifted major alternatives as well: Ether (ETH) rose about 3%, while Solana (SOL) climbed roughly 4.85%.
Still, the recovery is happening against a backdrop of persistent caution. According to the Crypto Fear & Greed Index maintained by Alternative.me, sentiment is around 11 out of 100—an “Extreme Fear” reading—suggesting many market participants remain nervous about what comes next. Even with today’s uptick, Bitcoin is still down about a third since the start of the year.
Key takeaways
Bitcoin’s intraday bounce followed a fresh 21-month low near $57,737, but broader confidence remains weak with the Fear & Greed Index in “Extreme Fear.”
US spot Bitcoin ETF flows have been net negative recently, including a reported $4.5 billion outflow in June—the largest since the funds launched—indicating cautious institutional positioning.
On-chain data points to strength from long-term holders, with an estimated addition of roughly 270,000 BTC over the past two weeks.
Funding rates have stayed positive for three straight days, implying leverage is still leaning toward long exposure even as price remains under pressure.
Liquidation risk appears heaviest in the $57,000 to $60,500 band, meaning sustained moves beyond roughly $61,000 or below $56,000 could accelerate volatility.
Fear remains elevated even after the rebound
Market pricing today reflects a tug-of-war between dip-buyers and the fear of further downside. The latest sentiment readings underline that many traders are still operating defensively, despite Bitcoin’s recovery attempt from the yearly low area.
This matters because fear can shape how quickly the market absorbs negative news. When sentiment is extremely negative, rebounds often face selling pressure not just from those who missed the decline, but from participants who are using rallies to reduce risk. The result is a market that can rally sharply—then struggle to build follow-through.
ETF outflows versus long-term accumulation
One of the clearest contrasts in the data is between institutional product flows and on-chain holder behavior.
US spot Bitcoin exchange-traded funds (ETFs) have seen more money leaving than entering in recent weeks, including a reported total outflow of $4.5 billion in June, described as the largest since the funds began launching. That pattern typically suggests that, at least for now, some traditional investors are not convinced enough to add exposure during a drawdown.
At the same time, on-chain indicators show long-term holders accumulating. According to the on-chain data referenced in the analysis, long-term wallets added about 270,000 BTC over the past two weeks. In crypto market interpretation, that kind of accumulation is often read as evidence that bigger investors view the recent decline as an opportunity rather than a prompt to sell.
The tension between these two signals—net outflows from ETFs versus accumulation by long-term holders—helps explain why the market can bounce without fully transitioning into a sustained uptrend. Flows may stay cautious while deeper capital continues to build positions more quietly.
Funding rates stay positive as leverage crowds in
Another point to watch is leverage. The analysis highlights that Bitcoin’s funding rate has remained positive for three consecutive days. In practical terms, that means the prevailing derivatives positioning has continued to lean toward bets that prices will rise.
Positive funding while spot prices are weak can be a volatility risk. When one side of the market becomes overcrowded with leveraged longs, a further downside move can force liquidations that amplify the drop—especially if price breaks key support levels. Conversely, if the market stabilizes or turns upward while longs remain funded, the same mechanism can also support rallies through short-covering and stop-trigger effects.
As of now, the key point is that leverage appears active, but price confirmation has not yet clearly followed through in a way that would suggest the market has fully flipped from fear to conviction.
Liquidations cluster around current trading levels
Where liquidation risk sits is often central to understanding how quickly price can move during stressful periods. Using a three-exchange, three-day liquidation heatmap (as cited in the analysis, sourced from Hyblock), the highest concentration of leveraged positioning appears roughly between $57,000 and $60,500. That zone closely overlaps with the trading range Bitcoin has held since late June.
Above that area, the density of liquidation risk thins out noticeably between approximately $61,000 to $62,000. Below, a similar reduction appears around $55,000 to $56,000. This distribution suggests that a move breaking out of the present range could encounter less immediate “magnet” pressure from nearby liquidations—while a move that stays within or slightly beyond the clustered zone could lead to sharper, more abrupt price reactions.
In the near term, the analysis argues that most forced unwind potential sits close to current prices rather than far away. That is why decisive movement beyond roughly $61,000 to the upside—or below about $56,000 on the downside—could create room for accelerated liquidation-driven volatility.
Looking ahead to the next 24 hours, the outlook described here is neutral. A meaningful change would likely require stronger evidence that leveraged positioning is both rising and aligning with a rising spot price—an interaction the analysis notes has not clearly emerged yet.
Traders and investors should monitor whether ETF flow weakness persists alongside continued long-term accumulation, and whether derivatives conditions evolve—particularly funding rate direction and liquidation clustering—as these factors together will determine whether this bounce becomes a trend or fades back into range-bound action.
This article was originally published as Bitcoin Rebounds From 21-Month Low as Leverage Data Warns of Risk on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin rebounded during Tuesday’s trading session after Federal Reserve Chair Kevin Warsh avoided signaling the direction of the July interest rate decision. The cryptocurrency recovered from an intraday decline below $58,000 and approached the $60,000 level. Meanwhile, traders continued assessing monetary policy expectations and broader macroeconomic developments that could influence digital asset prices.
Bitcoin Rebounds After Warsh Avoids July Rate Signals
Bitcoin recovered after Kevin Warsh declined to provide guidance on the Federal Reserve’s next policy decision. Instead, he maintained that policymakers would rely on incoming economic data before making any interest rate adjustments. As a result, markets reacted to the absence of new policy signals rather than expectations of immediate action.
The cryptocurrency climbed nearly 2% from its intraday low and traded around $59,700 during the session. Earlier, Bitcoin had slipped below the key $58,000 psychological level before regaining momentum. Consequently, buyers returned as uncertainty around immediate monetary policy eased.
Warsh also continued his preference against providing advance policy guidance. He indicated that future Federal Reserve decisions would remain dependent on economic conditions instead of preset commitments. Therefore, market participants received no indication about whether July would bring another rate adjustment.
Rate Expectations Continue to Shape Bitcoin Outlook
Despite Bitcoin’s recovery, markets still expect the Federal Reserve to leave interest rates unchanged during the July Federal Open Market Committee meeting. CME FedWatch data currently assigns a 72.7% probability to unchanged policy rates. However, expectations beyond July remain divided because inflation risks have not completely disappeared.
Recent geopolitical tensions involving the United States and Iran have contributed to inflation concerns across financial markets. Even so, Warsh indicated that inflation expectations eased during the opening weeks of the recent conflict period. He also reaffirmed the Federal Reserve’s commitment to returning inflation toward its long-term 2% target.
Prediction markets still suggest that another rate increase remains possible before year-end. Polymarket data currently assigns a 54% probability to at least one additional Federal Reserve rate hike. Accordingly, those expectations continue influencing sentiment across cryptocurrencies and other risk-sensitive assets.
Broader Market Factors Continue Influencing Bitcoin
Expectations of tighter monetary policy remain one of several pressures affecting Bitcoin’s broader price outlook. Higher interest rates generally reduce demand for risk assets because borrowing costs increase across financial markets. Therefore, traders continue weighing economic data alongside central bank policy expectations.
Another source of pressure involves the possibility that Strategy could sell up to $1.25 billion worth of Bitcoin. Such a transaction could temporarily increase available market supply and influence short-term price action. However, no confirmed sale has occurred, and the possibility remains one among several market considerations.
Meanwhile, Morgan Stanley recently projected that the Federal Reserve could maintain current interest rates throughout the remainder of the year. The bank also noted that persistent inflation or a stronger labor market could eventually revive discussions about additional tightening. As a result, Bitcoin continues responding to changing macroeconomic expectations while broader financial conditions remain uncertain.
Bitcoin has frequently reacted to changes in United States monetary policy over recent years. Lower interest rates often support demand for higher-risk assets, while higher borrowing costs usually reduce liquidity across markets. Consequently, Federal Reserve decisions have become an important driver of cryptocurrency performance alongside industry-specific developments.
The Federal Reserve continues balancing inflation control with broader economic growth objectives. Economic reports on employment, consumer prices, and spending remain central to future policy decisions. Therefore, upcoming data releases could influence both interest rate expectations and Bitcoin’s short-term direction during the coming months.
This article was originally published as Bitcoin Recovers as Warsh Avoids Rate Guidance While Markets Continue Pricing Tight Monetary Policy on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin is flashing an important technical “trend change” setup on the monthly chart, with analysts pointing to a newly completed TD9 downtrend pattern as the clearest bearish-to-neutral inflection cue in years. The timing matters because many traders are watching for signs that the 2026 macro downcycle may be moving toward its final phase rather than extending indefinitely.
Separately, momentum measures are increasingly focused on relative strength index (RSI) divergences across multiple time frames—an approach commonly used to gauge whether downside pressure is losing control. While neither development guarantees a bottom, the combination is giving market participants a more structured reason to watch for bullish rotation if key closes hold.
Key takeaways
Analyst Tony Severino says Bitcoin has “perfected” a TD9 buy setup on the monthly chart, with the last similar downtrend TD9 signal dated to July 2022.
TD9 patterns are derived from the Tom DeMark Sequential framework and are used to flag potential trend changes when specific candle-count conditions are met.
A completed TD9 setup is not, by itself, a guaranteed bottom—analysts stress it must be confirmed by where the month closes.
Traders are also citing bullish RSI divergences across multiple time frames as evidence that trend change may be approaching.
TD9 “perfected” on the monthly chart: what it means
In a Tuesday post on X, analyst Tony Severino flagged a “perfected” buy signal on the TD9 indicator for Bitcoin on the monthly timeframe. He cited TradingView chart data and described the setup as the first of its kind on monthly charts in several years.
TD9 is a derivative of the Tom DeMark Sequential market timing indicator. In simplified terms, it looks for a sequence of nine candles meeting a specific relationship to a reference point from four candles earlier: in an uptrend, nine candles close higher than the close from four candles prior; in a downtrend, they close lower than that same reference. When the conditions are fully satisfied—rather than merely forming partway through—the setup is referred to as “perfected.”
Severino’s observation is that this monthly TD9 downtrend setup has now “perfected,” which would typically be interpreted as an early warning that bearish momentum may be reaching a transition point. Importantly, the analyst also frames the signal as a shift in timing rather than an immediate buy directive.
As he notes, the most recent monthly TD9 downtrend signal occurred in July 2022. In that earlier stretch, BTC/USD required additional months to work through the bear-market bottom—suggesting that even a completed TD9 does not necessarily mean selling pressure ends immediately.
Why “perfected” matters more than the label
One of the key practical details in the discussion is the difference between a setup forming versus a setup being confirmed. A TD9 completion is typically judged by how candles close on the timeframe in question. In the current case, participants are watching the monthly close because a non-confirming close can invalidate the “perfected” status.
That perspective aligns with comments from Proof of Pain podcast host Tony Carrera, who cautioned that a TD9 completion is “not a buy signal by itself,” but still something traders should pay attention to if the setup holds into the close. Carrera’s point effectively reframes TD9 from a single-action trigger into a higher-timeframe checklist item: evidence of exhaustion and transition risk rather than a standalone entry plan.
For investors and traders, this distinction is crucial. Monthly indicators tend to move slowly, and misreading them as imminent reversal calls can lead to premature positioning. But when monthly conditions change, even if the final bottom is months away, it can improve the probability math behind risk-managed strategies—especially those focused on capital preservation during bear phases.
RSI divergences build: traders look for trend-change confirmation
Beyond TD9, attention has also intensified around RSI divergences, a widely used technical concept where price makes a lower low while RSI forms a higher low (or shows other forms of divergence). This is often interpreted as bearish momentum weakening even if price has not yet rebounded meaningfully.
Earlier coverage from Cointelegraph highlighted that market participants still expect additional macro lows before the bear market truly reverses, with different forecasts circulating for where those lows could occur. The same broader reporting also pointed to RSI-related “signals” and how much of the current bear-market cycle may have already played out, including the idea that the downturn could be nearing its later stages.
In the current wave of commentary, Scott Melker—trader, analyst, and podcast host—told followers on X that he hasn’t seen the same level of confirmed and potential bullish divergence with oversold RSI across multiple time frames “ever,” describing the setup as offering “good odds.”
While “good odds” is not the same as certainty, the emphasis on multiple time frames matters. When divergences appear simultaneously on daily, four-hour, weekly, or other layered charts, it typically suggests that sellers are not just pausing—they may be losing incremental momentum across horizons. That can be the kind of condition traders look for right before a range breakout or a more sustained recovery attempt.
What to watch next: confirmation beats prediction
For now, the central question is whether Bitcoin can hold the monthly TD9 completion into the close and whether RSI divergence keeps strengthening rather than reversing. If both trends persist, the technical picture would support the idea that the macro downtrend is shifting toward a transition—but traders should still expect volatility and avoid treating “perfected” patterns as instant proof of a bottom.
This article was originally published as Bitcoin Bear Market “Dead” After First TD9 Reversal Signal Since 2022 on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin has made its way back into market conversations following some interesting developments in South Korea’s equity markets, which could indicate that investors are gradually increasing their appetites for risky assets. In particular, while the benchmark KOSPI has seen wide-ranging losses from various companies listed, the tech-heavy KOSDAQ saw an impressive rally.
This contrast may lead market participants to speculate whether the improvement in risk appetite could possibly move into other asset classes, including digital currencies like Bitcoin. There is no indication of any capital inflow into cryptos at the moment, but previous developments have been similar in nature.
Rotation of Capital Pushes Up KOSDAQ Index
According to market information provided by CryptoSavingExpert, about $65 billion worth of market capitalization was lost by firms listed on the KOSPI during the latest market trading session. On the other hand, KOSDAQ gained over $100 billion worth of market capitalization while appreciating by roughly 7.5%.
The trend did not indicate a general pullback from the South Korean stock market. Instead, it pointed to investors shifting their capital from big companies to small companies with high growth prospects. It indicated growing confidence among speculators and their preference for companies with higher risks but potentially bigger gains.
Pressure on Large-Cap Stocks From All Sides
Market heat maps highlighted weaknesses of major stocks in the Korean market, showing mostly red across major industry groups.
Samsung Electronics, the biggest listed firm in South Korea based on its market capitalization, saw a decline of 0.93%, which was one of the causes of weakness for the KOSPI index. The list of weak firms includes many others.
Among the biggest losers:
Samsung Electronics – 0.93%
SK Hynix – 0.97%
Kumho Tire – 1.30%
Hyosung – 0.90%
The companies belong to various industries, such as technology, manufacturing, automotive, and industrial. This indicates that institutions were selling off large-cap stocks rather than anything specific going on within a certain company.
Bitcoin Under Investor Watch Again
The equity rotation cycle has put the spotlight back on Bitcoin, as the question remains whether improved risk sentiment will extend into crypto assets.
It has been observed in the past that during periods of high interest in risky assets, crypto assets—especially Bitcoin—have occasionally seen positive performance, as they are considered high-risk assets. When investors start being more risk-tolerant, their attention tends to move towards alternate asset classes outside traditional stocks. Nevertheless, there is no certainty involved.
Prices of cryptocurrency will still be determined by a host of other factors, such as liquidity conditions in the global economy, monetary policies, macroeconomic trends, institutional involvement, and investor positioning in general. Equity rotation alone will not suffice in driving flows into Bitcoin.
Market Sentiment Might Give Early Indications
Even though Bitcoin has not enjoyed any particular upside because of changes in South Korea’s market dynamics, there is another way changing investor sentiment can be tracked through equity rotation.
The performance of the KOSDAQ and selling pressure in the KOSPI are indicators that investors have become more comfortable taking risks following a period when they preferred safe havens.
Market players will keep track of how far this changing sentiment spreads into other financial markets around the world before it starts affecting cryptocurrencies. If speculative demand strengthens, Bitcoin might be one of the coins set to gain as investor sentiment shifts toward risky assets.
This article was originally published as Bitcoin Looks at a Risk Reversal as KOSDAQ Rally in South Korea Points to Speculation on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Anchorage Digital says it has integrated its off-exchange settlement system with Binance, enabling select institutional clients to trade on Binance without depositing their crypto or cash directly onto the exchange. Instead, clients’ assets and funds can remain in qualified custody at Anchorage—a federally chartered US crypto bank—until settlement.
The arrangement is built around margin and collateral mechanics: institutions can use crypto assets or US dollar deposits held with Anchorage to satisfy Binance’s margin requirements, without moving those holdings to Binance first. Anchorage and Binance framed the workflow as a separation of custody from trade execution, aiming to reduce the operational friction—and counterparty exposure—that can come with pre-funding trades on exchanges.
Key takeaways
Anchorage integrated its off-exchange settlement platform with Binance to support institutional trading while keeping custody at Anchorage.
Clients can use Anchorage-held crypto or US dollar deposits as collateral for Binance margin without transferring assets to the exchange.
The model is positioned as a response to exchange counterparty risk and aims to improve capital efficiency by avoiding pre-funding.
Anchorage’s Atlas platform is cited as the infrastructure behind this first off-exchange settlement implementation.
Financial terms of the partnership were not disclosed.
How the Anchorage–Binance model changes custody and collateral
In traditional exchange-based workflows, institutions typically pre-fund trading accounts—transferring assets to the venue where trades are executed. Anchorage’s stated objective with this integration is to shift that balance. Under the collaboration, institutional clients can maintain crypto and cash in qualified custody with Anchorage while accessing trade execution through Binance.
Practically, the integration focuses on margin: Binance’s margin requirements are met using collateral held with Anchorage. The companies say this keeps assets in an independent custodian until settlement, rather than routing custody into the exchange account itself. By design, it also reduces the need for institutions to move holdings between custody providers and the trading venue ahead of every trade.
Anchorage said the rollout is available initially to select institutional clients, marking the first off-exchange settlement deployment for its Atlas platform—an infrastructure Anchorage describes as supporting institutional trading, settlement, lending, and collateral management using custody-based building blocks.
Why “off-exchange settlement” is drawing institutional attention
Exchange counterparty risk has long been one of the main frictions for institutions considering larger allocations to crypto trading. When assets must be deposited to an exchange to enable trading, risk is concentrated at the execution venue. Off-exchange settlement attempts to address that by keeping custody separate from the trading leg, with settlement handled via a different mechanism.
Anchorage and Binance framed their setup as moving closer to the custody-and-execution structure common in traditional financial markets, where institutions can separate where assets are held from where trades are executed and settled. The proposed benefit is twofold: it reduces exposure tied to pre-funding and may also improve capital efficiency by relying on custody-based collateral rather than tying funds to exchange balances.
While the companies did not disclose financial terms, they emphasized the core operational change: trades can be executed on Binance while crypto and cash remain with Anchorage through settlement—an approach intended to make institutional participation smoother without requiring full custody migration to the exchange.
Off-exchange settlement expands across major venues
This Anchorage–Binance integration sits within a broader industry pattern. Off-exchange settlement has been gaining traction among institutional crypto trading platforms throughout 2026, with multiple firms announcing similar custody-and-trade separation approaches.
According to earlier coverage from Cointelegraph, in April BitMEX partnered with Zodia Custody to allow institutional clients to trade derivatives while keeping collateral in segregated custody rather than depositing it onto the exchange. Under that structure, traders could access perpetual swaps and futures while collateral remained with Zodia and was mirrored for trading. BitMEX said the design eliminated the need to prefund exchange accounts and improved capital efficiency, while also reducing operational risks tied to moving assets between custody and trading venues.
In June, Bitget adopted a comparable model by integrating Fireblocks Off Exchange. Bitget said that its integration enables clients to execute trades from MPC-based wallets while keeping assets in trader-controlled collateral vaults rather than transferring them to the exchange. The company also claimed the platform can verify trading accounts are fully collateralized in real time without taking custody of client assets.
Separately, KuCoin Institutional expanded its custody offering earlier in the year by integrating Ceffu’s MirrorX platform in January. That system, according to the linked Ceffu and KuCoin Institutional material, is designed for institutional trading while digital assets remain in third-party custody, with funds mirrored for trading and settled off-chain every four hours.
Taken together, these deployments show a recurring theme: institutions increasingly want the flexibility of exchange liquidity and execution alongside custody structures that better match their risk controls. Off-exchange settlement is becoming a practical pathway to combine those priorities—at least for use cases offered through specific integrations between exchanges, custodians, and settlement platforms.
What investors should monitor next
For institutions, the most important questions now are likely operational and risk-related: which collateral types are supported end-to-end for margin, how settlement timing works in practice for different product categories, and how widely Anchorage’s off-exchange service will be rolled out beyond the initial select client group. Readers should also watch whether more major venues add similar custody-separated settlement layers, as that trend would further define how institutional crypto trading infrastructure evolves.
This article was originally published as Anchorage Digital Adds Off-Exchange Settlement for Binance on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Crypto ATM availability is shrinking in the United States as new state laws designed to curb fraud and tighten consumer protections move into force. Tennessee and Georgia are the latest states to impose restrictions effective this week, following earlier actions in Indiana and upcoming enforcement in Minnesota.
The changes reflect a broader pattern: regulators and lawmakers across the US are targeting kiosks after scammers used them—often to trick vulnerable residents—into sending funds. For operators, the result is a more complex compliance landscape and, in some cases, an unsustainable business model.
Key takeaways
Tennessee has implemented a statewide ban that prohibits the use and installation of crypto ATMs and kiosks.
Georgia allows crypto ATMs to operate but introduces transaction caps, customer warnings, and reporting requirements, with provisions that can include refunds in certain fraud cases.
Earlier state bans include Indiana (effective in March), while Minnesota is set to enforce a ban on Aug. 1.
Regulatory pressure is already showing up financially, with Bitcoin Depot filing for Chapter 11 bankruptcy after signaling “substantial doubts” about its future.
Tennessee and Georgia tighten rules on crypto kiosks
Georgia and Tennessee each passed crypto ATM legislation that takes effect on Wednesday, but the approaches differ sharply. Tennessee’s law—signed by Governor Bill Lee in April—implements a complete prohibition on both installing and using cryptocurrency ATMs and kiosks.
Georgia’s law is more permissive while still aiming to reduce consumer harm. It requires operators to limit the amount of money sent by users, issue warnings to customers, and in some scenarios refund people who may have been defrauded.
Before Tennessee’s statewide ban took effect on July 1, CoinATMRadar data cited by CoinATMRadar’s Tennessee listing indicates there were 185 crypto ATMs and kiosks operating in the state.
Why lawmakers are moving from “local bans” to statewide action
The Tennessee and Georgia measures follow a wave of earlier regulatory efforts aimed at crypto ATM operators. Cointelegraph previously reported that multiple jurisdictions and municipalities have begun cracking down on kiosks, largely in response to scams in which victims—particularly older adults—were persuaded to send cryptocurrency through ATM-style machines.
Delaware and New Jersey, for example, have considered proposals that would impose complete bans, according to earlier coverage referenced in the original reporting. The direction of travel is consistent: lawmakers increasingly view crypto ATMs as high-risk access points for fraud rather than neutral on-ramps.
As these restrictions expand, operators face more than just reduced machine counts. Compliance obligations—such as monitoring transactions, handling fraud-related disputes, and meeting consumer protection requirements—can increase costs while limiting revenue options.
Regulation’s downstream effects: bankruptcy risk for operators
For the industry, the regulatory tightening is not only theoretical. The restrictions may have already contributed to at least one major operator’s distress.
In May, Bitcoin Depot filed for Chapter 11 bankruptcy. In the days leading up to the filing, the company disclosed that it had “substantial doubts” about its future amid a challenging regulatory environment and ongoing litigation.
Roshan Dharia, CEO of Echo Base and a restructuring adviser, told Cointelegraph after the Chapter 11 filing that Bitcoin Depot’s bankruptcy likely foreshadows broader pressure on the crypto ATM sector. Dharia argued that the traditional operator model relied on relatively high transaction spreads and fewer regulatory constraints, which helped offset the high costs of compliance, cash logistics, fraud remediation, and retail revenue-sharing arrangements.
That equation, Dharia said, is breaking down as states increasingly impose consumer-protection standards. Those standards can compress fees while increasing operator liability for scam-related activity and raising expectations for transaction monitoring and reimbursement—factors that can strain business viability, especially for operators with thinner margins.
Canada signals a wider policy debate
While the latest developments are focused on US states, Canada’s regulatory conversation is also moving toward harsher restrictions. Earlier, federal policymakers in Canada proposed a total ban on crypto ATMs across the country.
The proposal would still allow Canadians to buy digital assets from brick-and-mortar money services businesses, but it would remove the kiosk pathway. Officials described crypto ATMs as the “primary method” used by scammers to defraud victims and as a channel for criminals to put cash proceeds of crime into the digital asset ecosystem.
What to watch next
With Tennessee now operating under a full ban and Georgia enforcing limits and reporting, attention will likely shift to how quickly other states follow suit—particularly Minnesota ahead of its Aug. 1 deadline—and whether operators adjust by exiting certain markets or restructuring their compliance and fraud-handling processes.
This article was originally published as Tennessee and Georgia Activate Crypto ATM Bans and Restrictions on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Europe’s stablecoin market entered a stricter phase as MiCA reached its full enforcement deadline across member states and licensed platforms. The July 1, 2026, cutoff removed USDT from regulated exchange access across the bloc’s licensed venues. The shift redirects licensed liquidity toward USDC, EURC, and new euro-backed tokens under tighter EU supervision and clearer reserve controls.
USDT Loses Its Regulated EU Route
Europe has removed USDT from regulated crypto trading as MiCA now reaches full force across licensed markets and service providers. The deadline blocks non-compliant stablecoins from licensed EU exchanges, brokers, and trading venues under the new regime for stablecoin issuers. That decision ends Tether’s direct regulated access to the bloc’s main crypto platforms and order books.
The change followed months of phased exchange action rather than one sudden cutoff. Coinbase Europe removed USDT in December 2024, and Crypto.com followed in January 2025 under the same compliance pressure. Binance later restricted EU USDT pairs, while Kraken moved from sell-only trading to paused support for regional clients.
Tether did not seek approval as a MiCA e-money token before the final deadline, despite the market size. The company opposed the reserve rule requiring large deposits inside European banking institutions and supervised accounts under EU oversight. Therefore, USDT lost its regulated pathway despite its leading role in global stablecoin trading liquidity and offshore demand.
USDC Takes The Main Dollar Route
Circle used the same rulebook to strengthen its position inside the European crypto market under MiCA and local oversight. The company secured a French Electronic Money Institution license before the hard deadline took effect across the bloc. As a result, USDC can operate across all 27 EU member states through passporting rights and local supervision.
USDC now stands as the leading compliant dollar stablecoin on licensed European exchanges and broker platforms. Platforms can list it without the legal pressure now attached to USDT in Europe after the cutoff. Consequently, trading desks and market makers must rebuild liquidity around new compliant pairs and settlement routes for clients.
The transition may tighten short-term liquidity because USDT still drives large global volumes. Yet regulated EU exchanges now need tokens that fit MiCA’s stablecoin rules and reserve standards for issuers. That requirement gives USDC a stronger role in euro-area crypto trading and settlement flows.
EURC And Euro Tokens Push Local Control
Circle’s EURC also gains from the same regulatory approval and passporting rights across Europe. The euro-pegged token gives exchanges a compliant local currency stablecoin option under MiCA and local oversight. In turn, platforms can reduce reliance on dollar pairs for selected regional trading activity inside Europe.
Tether still has indirect exposure to Europe through other regulated token projects and partners. StablR and Oobit launched MiCA-compliant tokens using Tether’s Hadron tokenization platform for compliant issuance. Their EURR and USDR products show how Tether can support compliant issuers without listing USDT on regulated venues.
Banks are also preparing a larger euro stablecoin push under the new framework. A group of 37 European banks, including BNP Paribas and ING, is developing Qivalis. MiCA now sets the rulebook, and July 1 resets regulated European stablecoin trading.
This article was originally published as Usdt Mica Ban Reshapes Stablecoin Trading Across Eu Markets Today on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Crédit Agricole has rolled out a new euro-pegged stablecoin, the EURO eXchange Token (EURXT), through its asset servicing arm CACEIS. The launch is part of a broader effort by traditional banks to bring tokenized settlement into mainstream financial workflows, with initial access aimed at institutional investors and corporate clients.
According to a Wednesday announcement from CACEIS, the first subscription into EURXT was made into a tokenized Amundi Money Market Fund. EURXT is issued as an electronic money token (EMT) on the Ethereum blockchain and is designed to be pegged 1:1 to the euro.
Key takeaways
Crédit Agricole’s CACEIS has launched EURXT, a euro-pegged stablecoin issued on Ethereum as an EMT.
The token is initially targeted at institutional investors and corporate clients, with early integration into an Amundi tokenized money market fund.
EURXT is structured without a hard cap on issuance, with supply expected to scale based on demand via its smart contract system.
CACEIS says the launch is compliant with the EU’s MiCA framework, citing authorization from France’s ACPR even as ESMA’s public register lags.
How EURXT is designed to work
EURXT is issued through CACEIS Bank, with the project describing it as a euro-denominated electronic money token. In an accompanying white paper, the project states that there is no hard limit on issuance. Instead, the amount of EURXT in circulation is expected to expand or contract in line with market demand.
The supply/reserve setup at launch is documented on the project’s website. At the time of issuance, 20.02 million EURXT tokens were reportedly in circulation, backed by roughly 20.02 million euros held in reserves by CACEIS Bank, reflecting the intended 1:1 peg.
For investors and token users, this “mint to demand” model is a meaningful operational detail: it suggests the token supply is not intended to be capped at launch, which could affect liquidity, redemption expectations, and how quickly new allocations can be supported as participation grows.
MiCA compliance and the regulatory timing gap
CACEIS positions EURXT as compliant with the EU’s Markets in Crypto-Assets (MiCA) regime, which governs crypto-asset service providers and issuers across the bloc. The launch follows a prior step by CACEIS: Cointelegraph reported that the firm secured a MiCA crypto-asset service provider (CASP) authorization from French regulators in June 2025.
However, Cointelegraph noted that an EMT approval entry could not be found in the European Securities and Markets Authority (ESMA) public register at the time of writing, with the register shown as last updated on June 26. In response, a CACEIS spokesperson told Cointelegraph that the French banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), has authorized CACEIS Bank to issue EURXT. The spokesperson added that ESMA’s register had not yet been updated to reflect the latest authorization.
That discrepancy matters for market participants who rely on public registries to verify issuer status in real time. Even when a regulator grants permission, delayed updates can create uncertainty for counterparties, compliance teams, and integration partners—especially those operating under strict due diligence processes.
Tokenized money markets meet bank-issued euro settlement
The EURXT rollout is not just a standalone token launch; CACEIS says the first subscription used EURXT into a tokenized Amundi Money Market Fund. This combination underscores a key theme in the European tokenization race: stable, regulated euro instruments are being positioned as building blocks for tokenized funds and institutional cash management.
By targeting institutional investors and corporate clients, Crédit Agricole and CACEIS appear to be emphasizing bank-grade issuance and reserve backing—two elements that may reduce friction for entities accustomed to traditional custody, settlement, and compliance checks. For users already exploring tokenized money market exposure, EURXT’s integration is also a concrete signal that euro stablecoin issuance is moving toward active allocation, not just pilots.
More broadly, the new launch adds to a steady stream of regulated stablecoin initiatives across both Europe and the US. In Europe, Cointelegraph noted developments including AllUnity expanding its MiCA-compliant stablecoin offerings and Quantoz Payments continuing to roll out euro-denominated stablecoins. In the US, Cointelegraph highlighted that more than 140 companies—including large payments and crypto firms such as Visa, Mastercard, Coinbase, and Ripple—have joined the Open USD (OUSD) stablecoin project, which allows participants to mint the dollar-pegged token without cost while keeping earnings from reserves.
A competitive push toward tokenized finance
Crédit Agricole’s entry comes as European banks intensify efforts to bring blockchain-based settlement closer to mainstream markets. The bank’s move also aligns with broader industry activity: Cointelegraph noted that HSBC and BNP Paribas joined the Canton Foundation last September to accelerate tokenization of institutional real-world assets.
What is changing now is not whether institutions will explore tokenization, but how quickly they are moving from infrastructure experiments to regulated, asset-backed issuance. EURXT’s launch as an EMT with an explicitly described peg and reserve structure reflects this shift.
Even so, several practical details will likely determine adoption beyond the initial subscription. Market participants will be watching how quickly additional funds, wallets, and counterparties integrate EURXT; whether redemption and settlement flows operate smoothly at scale; and how quickly ESMA’s public register updates following ACPR’s authorization. Those steps can influence whether institutional teams treat EURXT as a fully “operational” instrument or a token that remains pending internal approvals.
Next, investors and integrators should monitor EURXT’s onboarding pace—particularly which tokenized funds and platforms add EURXT support—and keep an eye on ESMA register updates to confirm that public documentation matches ACPR’s authorization status.
This article was originally published as Crédit Agricole Launches EURXT Stablecoin on Ethereum on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Tokenization of government bonds is moving from concept to a practical roadmap, with officials arguing it could reduce operational friction in issuance and settlement. Hyun Song Shin, governor of the Bank of Korea, highlighted at the European Central Bank (ECB) Forum on Central Banking in Sintra, Portugal, that tokenized bonds can make collateral verification easier and help streamline transaction reversals.
Shin framed government debt tokenization as a “big prize,” emphasizing that having the underlying asset and settlement flow tokenized could also reduce the likelihood of mistakes. His remarks also pointed to a broader effort to link multiple tokenized financial assets—central bank money and bank deposits included—on a single ledger as part of the Bank of Korea’s initiative around blockchain-based wholesale CBDC infrastructure.
Key takeaways
Bank of Korea’s Hyun Song Shin said tokenized government bonds could simplify collateral checks, account crediting, and timed transaction reversals.
US Treasury debt remains a major tokenized RWA segment, with RWA.xyz data placing it at $14.6 billion (about 46% of a reported $31.7 billion RWA market).
The BIS argues tokenization can improve market efficiency by enabling conditional execution and potentially reducing settlement risk.
BIS review of 39 tokenized bonds found “suggestive evidence” of tighter bid-ask spreads without clear evidence of higher issuance costs or worse yields.
Why tokenizing government bonds is seen as a “simplification” play
Shin’s comments focused on the mechanics of how tokenization changes day-to-day operations in bond markets. In a panel discussion at the ECB Forum on Central Banking, he suggested that a tokenized structure can make verification and settlement processes more reliable by keeping more of the workflow within a digital representation of the asset and its transfer.
According to Shin, tokenized bonds could allow institutions to verify collateral more easily, credit the asset provider’s account when conditions are met, and reverse transactions at the appropriate time. He added that the overall system can be “much less prone to mistakes” when “everything” in the process is tokenized—an argument that goes beyond faster settlement narratives and instead targets operational error reduction.
The governor’s remarks also place government bonds at the center of the tokenization agenda. “The big prize is tokenizing government bonds,” Shin said, indicating that sovereign issuance and custody are likely viewed as the clearest proving ground for broader adoption.
Tokenized Treasuries underscore the scale of real-world tokenization
While Shin’s remarks were forward-looking, the tokenized government bond category already appears substantial in current market estimates. Data cited from RWA.xyz indicates that US Treasury debt is the largest tokenized real-world asset segment, totaling $14.6 billion—about 46% of an overall $31.7 billion RWA market estimate provided in that dataset.
This matters because liquidity and settlement reliability are particularly important for sovereign debt, which is widely used by banks, funds, and other counterparties as collateral and a benchmark exposure. By pointing to Treasuries as a large share of today’s tokenized RWA landscape, the discussion implicitly suggests that technical and operational lessons learned in sovereign markets could be transferable to other instruments.
At the same time, Shin’s emphasis on reducing mistakes and improving control suggests that the next phase of tokenization may be driven as much by risk management and process governance as by purely market-structure improvements.
Bank of Korea’s “Project Hangang” aims to unify tokenized settlement layers
Shin also described plans to connect tokenized government bonds, wholesale central bank digital currencies, and tokenized commercial bank deposits on a unified ledger. He linked this to an extension of “Project Hangang,” a Bank of Korea-led pilot project testing a blockchain-based wholesale CBDC system.
The proposed unified ledger approach matters because it addresses a common architectural question in tokenization: how different tokenized components—assets, central bank money, and bank deposit claims—should interact. Investors and market participants care not only about faster settlement but about whether tokenized asset transfers can be executed atomically with the corresponding payment rail, reducing gaps between custody, payment, and settlement finality.
What remains less clear is the pace and scope of deployment beyond pilot environments. Shin’s remarks framed this as a direction for the extension of the existing program, but the specific timeline for moving from tests to production-scale infrastructure was not provided in the account.
BIS report highlights potential efficiency gains, with evidence from real tokenized bonds
The tokenization argument Shin made aligns with broader research from the Bank for International Settlements (BIS). In a July 2025 report, the BIS evaluated whether tokenization of government securities could improve market efficiency and support financial innovation—assuming regulatory and infrastructure hurdles are handled.
The BIS stressed that government securities are fundamental to the financial system, serving as savings instruments for households and firms and acting as collateral across transactions. It argued that tokenization may help because it enables “contingent execution of actions,” which the report said could enhance market efficiency, reduce settlement risk, broaden access for investors, and encourage new financial services.
The BIS report examined 39 tokenized bonds—24 corporate issuances and 15 government issuances. Based on the comparison against traditional, non-tokenized bonds, the BIS found “suggestive evidence” of lower bid-ask spreads. It also reported comparable issuance costs and yields, indicating that tokenization has not clearly forced issuers into materially higher financing costs (at least within the scope of the reviewed sample).
For market participants, the bid-ask spread observation is notable because it connects tokenization to liquidity conditions rather than only technology convenience. However, the language “suggestive evidence” also signals caution: the results are not presented as definitive proof that tokenization will always improve liquidity across markets, maturities, or jurisdictional setups.
What to watch next as tokenization shifts toward settlement design
Both Shin’s remarks and the BIS analysis point in the same direction: tokenization’s near-term value may be realized less through marketing and more through settlement design—conditional execution, improved collateral verification, and tighter integration between asset and payment rails. The next developments to monitor are whether pilots like Project Hangang move toward broader ledger interoperability and how regulators assess the infrastructure and governance needed for sovereign issuance at scale.
This article was originally published as Bank of Korea Governor Details Tokenized Bonds and Unified Ledger Plan on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Crédit Agricole has entered Europe’s regulated stablecoin race with the launch of EURO eXchange Token (EURXT), a euro-backed token issued via its asset servicing arm, Crédit Agricole Caisse d’Epargne Investor Services (CACEIS). The bank says the rollout is intended to accelerate its broader move into tokenized finance, with the stablecoin initially aimed at institutional investors and corporate clients.
According to CACEIS’s announcement, the first subscription has already been used to purchase shares in a tokenized Amundi Money Market Fund. EURXT is issued as an electronic money token (EMT) on the Ethereum blockchain, designed to maintain a 1:1 peg to the euro.
Key takeaways
Crédit Agricole’s CACEIS has launched EURXT, a euro-pegged electronic money token issued on Ethereum and targeted first at institutions and corporates.
The stablecoin is structured with no stated hard cap on supply; issuance is expected to scale with demand through its smart contract system.
EURXT is backed by euro reserves held by CACEIS Bank, with initial figures showing roughly 20.02 million EURXT in circulation matched by about the same amount in reserves.
The launch is positioned as MiCA-compliant, following CACEIS’s June 2025 MiCA crypto-asset service provider (CASP) authorization in France.
The move reflects intensifying competition between traditional financial institutions and crypto-native firms to deliver regulated stablecoin rails for tokenized assets.
EURO eXchange Token goes live via CACEIS
CACEIS said it launched EURXT on Wednesday, alongside its first reported subscription into a tokenized product: shares in a tokenized Amundi Money Market Fund. The integration is notable because money market funds are commonly used by investors seeking short-duration yield—suggesting EURXT is being introduced as a settlement and value-holding tool for tokenized investment workflows rather than a standalone retail payment token.
EURXT is issued on Ethereum as an EMT and pegged 1:1 to the euro. In the project’s material, the token is explicitly designed to track the euro value, with the expectation that redemption and issuance mechanics are governed by the issuer’s reserve structure and smart contract logic.
No hard cap on supply, demand-driven issuance
The EURXT white paper indicates there is no hard cap on issuance. Instead, the token supply can expand as demand grows through the token’s smart contract system.
As the white paper states: “As of the date of the white paper, there is no limit on the issuance of EURXT. The number of EURXT in circulation will depend on market demand.”
This approach matters for investors and integrators because it implies that liquidity and availability should track real-world demand for EURXT rather than being limited by an upfront fixed supply. For tokenization platforms and asset managers, that can reduce operational friction when onboarding flows require euro-backed stable settlement at scale.
At launch, the project website shows 20.02 million EURXT tokens in circulation. That circulation figure is matched by approximately 20.02 million euros in reserves held by CACEIS Bank, according to the same public dashboard.
MiCA compliance and regulator authorization in France
CACEIS frames EURXT as compliant with the EU’s Markets in Crypto-Assets (MiCA) framework, which covers crypto-asset issuers and related services across the bloc. The launch follows CACEIS’s earlier licensing milestone: CACEIS Bank secured a MiCA crypto-asset service provider (CASP) authorization from French regulators in June 2025.
While the token’s launch is presented as authorized under the French regulatory process, Cointelegraph reported it could not find the EMT approval entry on the European Securities and Markets Authority (ESMA) register at the time of writing, noting the register appeared last updated on June 26. A CACEIS spokesperson told Cointelegraph that the French banking regulator—Autorité de Contrôle Prudentiel et de Résolution (ACPR)—has authorized CACEIS Bank to issue EURXT, and that ESMA’s public register had not yet been updated to reflect the approval.
For market participants, this distinction underscores a practical point: even when an EMT is authorized to operate, the public registry status may lag behind. Builders and compliance teams typically rely on both regulator confirmations and authoritative registries, so watching for the ESMA update can be important for audit readiness and onboarding checks.
Tokenized finance momentum: banks move closer to stablecoin rails
EURXT’s launch adds to a growing wave of stablecoin and tokenization initiatives from traditional finance players in Europe. The story also fits into a wider trend: major banks and asset-service firms are increasingly exploring blockchain-based settlement for institutional use cases, with stablecoins positioned as a core primitive for moving value and interacting with tokenized funds.
Cointelegraph previously noted that HSBC and BNP Paribas—Europe’s two largest banks by assets—joined the Canton Foundation last September to accelerate tokenization of institutional real-world assets. EURXT extends that direction by putting a regulated euro-backed token into an ecosystem intended for real trading and investment flows, rather than limiting experimentation to internal pilots.
At the same time, the competitive landscape remains active across both Europe and the US. In Europe, Cointelegraph coverage referenced other MiCA-compliant stablecoin developments from firms such as AllUnity and Quantoz Payments, which continues rolling out euro-denominated stablecoins. In the US, Cointelegraph reported that Open USD (OUSD) has attracted more than 140 participant companies, including Visa, Mastercard, Coinbase, and Ripple, building a dollar-pegged token model where participants can mint at no cost and keep earnings from reserves.
These parallel tracks highlight a key tension in the market: regulated, issuer-backed euro stablecoins like EURXT are expanding through traditional banking rails, while crypto-linked ecosystems continue to scale alternative stablecoin issuance and distribution models. The difference matters for investors evaluating custody, compliance workflows, settlement speed, and how easily tokenized products can integrate with stablecoin liquidity.
Next, market watchers should focus on two practical questions: whether EURXT’s supply growth remains smooth as demand increases (given the no hard cap design), and how quickly ESMA updates its register to reflect CACEIS’s EMT authorization. Those details can influence onboarding timelines for institutional platforms and compliance teams looking to integrate euro-backed token settlement into tokenized financial products.
This article was originally published as Crédit Agricole Unveils EURXT Euro Stablecoin for Payments on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Circle CEO Jeremy Allaire has pushed back on the economic model behind Open USD (OUSD), arguing that stablecoins are “platform businesses” whose competitive edge is built over years through integrations, liquidity, regulatory approvals, and reserve management. In an X post published Wednesday, Allaire said attempts to differentiate new stablecoins by offering permanently free and unlimited minting and redemption, or by sharing most reserve income with partners, may prove difficult to sustain at scale.
The remarks come as the industry watches a potential shift in stablecoin competition. Open Standard—backed by more than 140 payments, banking, technology and crypto companies—announced Open USD on Tuesday, with the token expected to launch later in 2026. The project, which includes well-known participants such as Visa, Mastercard, Stripe, Coinbase, BlackRock and Google, is widely seen as a direct challenge to the market dominance of Circle’s USDC and Tether’s USDT.
Key takeaways
Jeremy Allaire argues that stablecoin success depends on long-term investment in integrations, liquidity, regulatory approvals, banking relationships and reserve management.
He questioned whether unlimited, permanently free minting and redemption can be sustainable, and warned that returning nearly all reserve income to partners could “starve an infrastructure.”
Open Standard’s Open USD aims to launch later in 2026 with support from 140+ companies across payments, banking, technology and crypto.
Bernstein analysts suggested OUSD could be the first new entrant strong enough to challenge the USDC–USDT duopoly, while also noting governance and operating structure uncertainties.
ARK Invest’s Lorenzo Valente said OUSD may face a “cold-start” problem because USDC and USDT already have entrenched liquidity.
Allaire frames stablecoins as network-driven infrastructure
Allaire’s central argument is that stablecoins operate like platform networks rather than standalone products. In his Wednesday post, he described stablecoin ecosystems as benefiting from compounding network effects: once integrations and liquidity deepen, new participants gain access to reliable rails for payments, custody and trading, which in turn attracts more integrations.
According to Allaire, this process is difficult to replicate quickly because it requires persistent spending—not just on technology, but on compliance and the relationships that allow reserves to be managed and moved through traditional financial channels. He also pointed to the practical need for regulatory approvals and ongoing reserve management capabilities, which tend to evolve alongside market growth and supervisory expectations.
Economic design at the center of the debate over Open USD
Allaire also challenged specific elements of Open USD’s business approach. He questioned the long-term sustainability of a model that permanently offers free, unlimited minting and redemption. In his view, if costs are not covered by fees or other revenue streams, infrastructure build-out could be underfunded as volumes rise.
He further argued that returning nearly all reserve income to partners could create a mismatch between short-term incentives and long-term durability. “Starving an infrastructure,” as he put it, would be a risk if the system relies on distributed rewards without preserving enough capital to maintain and expand the operational backbone.
These points matter for investors and ecosystem participants because stablecoin economics influence who bears the burden of compliance, liquidity provisioning, system resilience and customer support. If the business model shifts too quickly toward partner payouts, the long-term ability to maintain service quality—especially during stressed market conditions—could be affected.
Bernstein sees a plausible new challenger, but key mechanics remain unclear
Analysts at Bernstein released a research note saying OUSD could become the “strongest and first new entrant to challenge the duopoly of Circle and Tether.” The argument rests on the project’s breadth across payments, banking, technology and commerce, which could accelerate adoption compared with smaller entrants.
Still, Bernstein flagged material open questions. In particular, the analysts said governance, operational architecture and the revenue-sharing formula are not yet fully resolved. Coordinating more than 140 partners, Bernstein suggested, would require significant work—both technically and administratively—to align incentives and maintain consistent oversight across issuers, reserve managers and distribution channels.
Bernstein also cited Circle’s scale of spending, saying Circle spends close to $500 million on marketing, infrastructure, technology and compliance. The implication for readers is straightforward: building a stablecoin network at the level demanded by payments and banking workflows often requires sustained investment, not just brand and partnerships.
ARK Invest warns that liquidity advantage may be hard to dislodge
Not all responses to OUSD are bullish. Lorenzo Valente, director of research at ARK Invest, offered a more skeptical assessment on X, arguing that OUSD still faces the “cold-start” problem created by the liquidity depth of USDC and USDT.
Valente characterized the announcement as a “giant” letter of intent, adding that many participants already support competing stablecoins or maintain their own infrastructure. He argued that the partner map includes firms that are tied to USDC directly or that have parallel business stacks, which could dilute the willingness to steer new users toward a single alternative.
While Valente’s criticism does not deny that Open USD has strong backing, it highlights an asymmetry: liquidity is not only a feature—it’s a distribution advantage. Unless OUSD can attract meaningful liquidity early and keep it growing, payments and on-chain integrations may hesitate to prioritize it over the incumbent tokens that already serve as default settlement assets.
What to watch as OUSD moves from announcement toward execution
Open USD’s timeline—expected to go live later in 2026—means much of the most consequential work remains ahead: governance details, operational structure, and a clearer revenue-and-incentive framework will likely determine whether the project can sustain adoption without compromising infrastructure. Investors and builders should watch for concrete commitments around how OUSD manages liquidity, compliance and partner incentives as the launch approaches, since those choices may decide whether the duopoly faces genuine pressure or merely symbolic competition.
This article was originally published as Circle CEO Highlights USDC’s Network Strength as OUSD Launches on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Europe’s Markets in Crypto-Assets Regulation (MiCA) reached a key milestone this week as the 18-month transitional period ended on Wednesday, triggering a last wave of authorisations for crypto asset service providers across the EU and European Economic Area.
Regulators in multiple jurisdictions used the final window to approve new MiCA licenses and CASP registrations. Italy reported four additional authorisations, bringing the country’s total to eight. France added three new firms to its MiCA whitelist, lifting its licensed CASP count to 31, while Malta saw additional progress as firms expanded regulated offerings.
Key takeaways
MiCA’s transitional period ended Wednesday, pushing remaining unauthorised crypto providers toward a wind-down of EU activities.
Italy approved four new crypto asset service providers, increasing its total CASPs to eight.
France added three firms to its authorised list, bringing total licensed CASPs to 31, according to the AMF.
ESMA’s interim register showed 244 authorised CASPs across the EU and EEA by Friday.
Binance remains unlicensed under MiCA, leaving some of the largest exchanges regulated only in certain jurisdictions.
Late-stage MiCA licensing spreads across Europe
As MiCA moved from transition to full implementation, European regulators continued to publish updates on approved CASPs. In Italy, the Bank of Italy said Consob—Italy’s financial markets regulator—approved new licences in coordination with the central bank, according to a joint announcement released Tuesday.
The authorisations covered four firms: Hodlie (asset management platform), Young Platform (crypto exchange), CryptoSmart (trading platform), and Hercle (crypto service provider). With these approvals, Italy’s total number of authorised crypto asset service providers rose to eight.
France’s regulator also reported progress. In a Tuesday update, the Autorité des marchés financiers (AMF) added three companies to its whitelist: Mereau Finance (crypto investment platform), Iceblock (blockchain infrastructure provider), and Aplo (crypto service provider). The AMF said the additions brought France’s total licensed CASPs to 31, as reflected in its public warnings and whitelist materials.
In Malta, FalconX announced on Monday that it had received a MiCA license, citing MiCA authorisation for regulated institutional digital-asset services across the EU. Separately, Venga said on Wednesday that it had received CASP authorisation from Spain, highlighting how firms may pursue approvals through different member-state channels even as the regulatory landscape rapidly converges.
ESMA register reaches 244 authorised CASPs after the deadline
While national regulators publicised new approvals, ESMA tracked the broader EU-wide pipeline. By Friday, an ESMA interim register showed 244 authorised CASPs across the EU and European Economic Area, according to interim data cited in ESMA-linked coverage.
The figure is significant because the end of the transitional period marks a shift from “preparatory” compliance into a more binary situation: firms that are not authorised face mounting operational constraints. ESMA’s public statement on the transitional period’s conclusion said crypto service providers that remain unauthorized by the deadline must take “immediate” steps to wind down their EU activities.
For market participants, that matters beyond headlines. Authorisation status affects which venues and services can continue operating legally in the EU, how counterparties assess regulatory risk, and what compliance steps firms must execute quickly to maintain access to European customers and institutional partners.
Binance still outside MiCA—what that means for liquidity and competition
Despite the surge in licenses near the deadline, not all major exchanges have secured MiCA authorisation. Binance, described as the world’s largest exchange by trading volume, remains unlicensed under MiCA.
Earlier reporting noted that Binance applied for MiCA authorisation in Greece but later withdrew its application, stating it would seek approval in another member state. Greece, meanwhile, is one of the EU countries that has not yet issued a MiCA licence.
The absence of MiCA approval for Binance is more than symbolic for European market structure. According to DefiLlama data referenced in the original reporting, the largest MiCA-authorised exchanges by spot order book liquidity include OKX, Coinbase, Bybit, Crypto.com, Gate, and Bitstamp.
That distribution suggests that while regulation is tightening across the EU, liquidity and service availability may still fragment across compliant platforms rather than consolidating automatically onto a single “MiCA-compliant” powerhouse. Traders and institutions may therefore continue to weigh execution quality, custody and compliance processes, and cross-venue routing based on which services are actually authorised.
Why the transition ending changes the compliance clock
The end of MiCA’s transitional period is a regulatory deadline with operational consequences. ESMA’s guidance that unauthorized providers must “immediately” wind down EU activities effectively reduces the time available for late-stage legal and compliance work, including licensing applications, governance adjustments, and the redesign of product offerings where needed.
At the same time, the late influx of approvals across Italy and France underscores that regulators were actively processing applications through the final stretch. For firms that just secured authorisation, the next phase is likely to focus on maintaining continuity—ensuring internal systems match what regulators approved and that consumer-facing services remain consistent with their licensed scope.
For investors and users, the practical question is what changes next: which providers can keep serving EU customers, which services may shrink or migrate, and whether unauthorised platforms reduce accessibility as they wind down. ESMA’s interim register, alongside national whitelist updates from regulators like the AMF and the Bank of Italy, will be key checkpoints for confirming who is authorised and what remains available.
As MiCA moves into its full enforcement posture, readers should watch the next ESMA register updates for changes in authorised CASPs, alongside country-specific whitelists, to see how quickly remaining providers complete transitions—or exit EU activity.
This article was originally published as Last-Minute MiCA Approvals Close EU Crypto Transition Window on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Cryptocurrency markets headed into the third quarter of 2026 with a notable reset in leverage, but also with noticeably thinner liquidity. A wave of liquidations in Q2 cleared out a large portion of leveraged positioning, even as key demand drivers weakened into the same period, according to Talos data cited in a market update.
That combination—less leverage clearing the system but less depth to cushion future selling—sets up a market that may be less prone to immediate forced cascades, while still capable of sharp price swings when large orders hit thin order books.
Key takeaways
Q2 liquidation totals were substantial: Talos reports $8.35 billion in combined Bitcoin and Ether long liquidations.
Derivatives leverage fell: Bitcoin open interest dropped to $33.5 billion (down 32% from its Q2 peak) and Ether open interest fell to $16.2 billion (down 40%).
Liquidity thinned: Bitcoin order-book depth slipped to roughly $35–$40 million by late June from around $70 million in early May.
Demand pressures aligned with deleveraging: Talos links the liquidation wave to spot Bitcoin ETF outflows, reduced buying by Strategy, and contraction in stablecoin supply.
Deleveraging cleared leverage, but market depth fell
Talos’ update points to Q2 as a period where speculative positions were largely unwound. Long liquidations for Bitcoin and Ether totaled $8.35 billion, a move that Talos describes as contributing to a more stable environment entering Q3.
However, stability after a liquidation event does not automatically translate into resilience. Talos warns that reduced order-book depth—meaning there is less buy and sell liquidity near current prices—can leave the market less able to absorb renewed selling pressure. In practical terms, fewer resting orders can raise the odds of abrupt moves when market participants try to exit at once.
By midweek, Bitcoin was trading at $58,656, after hitting an intraday low of $57,742. That level was its lowest since Sept. 17, 2024, underscoring how the post-liquidation reset did not eliminate downside pressure.
Open interest drops: a gauge of how much leverage remains
One of the clearest signals that leverage was reduced in Q2 is open interest, which tracks the notional value of outstanding derivatives positions. Talos reports that Bitcoin open interest fell to $33.5 billion, down 32% from the Q2 peak. For Ether, open interest declined to $16.2 billion, a 40% drop.
Lower open interest generally means fewer leveraged bets remain outstanding. That can reduce the likelihood of rapid liquidation spirals if prices move sharply. Still, the other side of Talos’ caution is liquidity: if trading activity remains weak and depth stays shallow, markets can still experience large price swings even without the same level of leveraged positioning.
Stablecoins, order books, and spot volumes: the liquidity picture
Alongside the deleveraging, Talos highlights a market that is trading with less capacity to absorb shocks. Bitcoin’s 2% order-book depth—the aggregate value of orders within 2% of the market price—fell to about $35–$40 million by late June from approximately $70 million in early May.
Spot activity also weakened. Talos reports spot exchange volume declined 28% quarter-over-quarter to $2.32 trillion. When both order-book depth and spot volumes contract, traders often face a market that clears faster but with less friction—meaning fewer participants are absorbing size, and price can move more quickly on incremental flow.
Demand softening: ETF outflows and Strategy’s slower buying
Talos ties the deleveraging period to weakening spot demand during Q2. The report points to spot Bitcoin ETF outflows and reduced Bitcoin purchases by Strategy, alongside a contraction in stablecoin supply.
ETF flows illustrate that demand did not hold steady. Cointelegraph previously reported that US spot Bitcoin ETFs logged $696.3 million in net outflows on June 25. Earlier coverage also noted that June saw roughly $4.5 billion in outflows, which pushed year-to-date outflows to $5.5 billion (as reported by Cointelegraph in links cited above).
Strategy’s buying pace also slowed materially over the same quarter window. Company disclosures cited in the original coverage indicate Strategy purchased about 3,600 BTC in June—down from roughly 25,000 BTC in May and more than 50,000 BTC in April. The same set of disclosures indicated a net sale of 32 BTC earlier in June and a June ending treasury of 847,363 BTC, bought at an average price of $64,103 per coin (details referenced in the cited Cointelegraph links).
The significance for investors and traders is straightforward: when spot demand is weaker, the market has less “natural” buyer absorption during selloffs. That doesn’t guarantee a downtrend, but it can change how quickly prices react to negative catalysts—especially when liquidity is already thinning.
What to watch next: depth, flows, and leverage metrics
The key question heading deeper into Q3 is whether liquidity and demand stabilize at current levels. Talos’ data suggests the market may be less leveraged but also less buffered, so traders should monitor order-book depth, spot volumes, ETF net flows, and open interest for signs of either renewed fragility—or a return of steadier participation.
This article was originally published as Crypto Enters Q3 With Lower Liquidity and Leverage After Q2 Reset: Talos on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

US-listed spot Bitcoin exchange-traded funds (ETFs) saw another sharp drawdown in June, recording $4.5 billion in net outflows—an amount that vastly exceeds the $1.25 billion Strategy is authorized to raise under its recently announced Bitcoin monetization program.
SoSoValue data updated Wednesday shows the record withdrawals pushed US spot Bitcoin ETFs to about $5.5 billion in year-to-date net outflows for 2026. Even with a still-positive overall position since launch, cumulative net inflows have fallen to roughly $51.2 billion, underscoring cooling investor demand for the product.
Key takeaways
June’s $4.5 billion net outflows represent the largest monthly outflow figure cited for US spot Bitcoin ETFs in this period.
That drawdown widened year-to-date net outflows for 2026 to roughly $5.5 billion, according to SoSoValue.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for about 79% of June’s withdrawals, with $3.55 billion in net outflows (Farside Investors).
Despite net inflows rising 4.6% year-over-year, CryptoQuant says ETF holdings remain below year-ago levels and total holdings are now under 1.25 million BTC.
The scale of ETF outflows highlights a broader mismatch between renewed corporate Bitcoin monetization plans and fund-level investor behavior.
June outflows hit a record, led by IBIT
SoSoValue’s tracking shows June produced $4.5 billion in net outflows from US spot Bitcoin ETFs. The same period saw a heavy concentration in IBIT, which posted $3.55 billion in net outflows—about 79% of the total, according to Farside Investors.
For traders and long-term allocators, this concentration matters. When the majority of withdrawals are coming from a single flagship vehicle, it can signal that institutional allocation decisions are shifting in a coordinated way rather than being spread across the ETF complex. It also means changes in sentiment around the most liquid fund can ripple through broader ETF flow patterns.
Year-to-date flows remain negative even as lifetime inflows persist
The June outflows have pushed US spot Bitcoin ETFs toward a deeper negative 2026 trajectory. SoSoValue data indicates year-to-date net outflows are approximately $5.5 billion, while cumulative net inflows since the funds launched stand at about $51.2 billion.
In other words, the ETFs are not losing their overall historical inflow advantage—but the direction of travel is becoming more challenging. Record monthly withdrawals make it harder for new inflows to offset earlier net selling pressure, particularly if outflows remain elevated beyond a single month.
Holdings trail the year-ago baseline, signaling weaker underlying demand
SoSoValue reports cumulative net inflows into US spot Bitcoin ETFs have increased 4.6% compared with roughly $49 billion a year earlier. However, CryptoQuant’s data suggests that this net inflow picture does not translate into higher Bitcoin holdings at the same point in time.
CryptoQuant head of research Julio Moreno wrote on X on Tuesday that “US-based Bitcoin ETF holdings are now lower than at this same day last year.” He also said that overall demand for Bitcoin is weakening, pointing to total holdings across US spot Bitcoin ETFs falling below 1.25 million BTC.
This distinction—between net inflows and actual ETF holdings—can be crucial for interpretation. Net flow measures can move differently from holdings when redemption and creation activity, custody changes, or other accounting effects alter the timing relationship between “fund flows” and the amount of Bitcoin sitting inside the ETFs. For investors, the practical takeaway is that the balance sheet reality inside the funds is not matching the improved net inflow comparison.
Moreno’s commentary is consistent with the larger message investors may be trying to reconcile: ETFs can attract capital in aggregate while still losing BTC exposure year-over-year, which is often a sign that demand is not as resilient as headline inflow numbers imply.
Strategy’s $1.25 billion authorization runs into ETF outflows of a larger magnitude
Against this backdrop, Strategy announced a Bitcoin monetization program earlier this week. The company said it would seek authorization to raise up to $1.25 billion, framed as part of a broader capital framework intended to support dividend obligations tied to its preferred securities. The move was widely interpreted as responding to funding pressure within Strategy’s capital structure.
Community reactions were mixed. Some investors viewed the plan as financial flexibility, while others questioned the long-term sustainability of the new structure and argued it could lead to selling more Bitcoin than the initial authorization amount suggests.
In market reaction, Strategy’s Class A common stock (MSTR) initially rose as much as 12% above $90 after Monday’s announcement, according to Yahoo Finance, before reversing course and closing at $86.93 on Tuesday, down 6.2% on the day. Strategy’s preferred stock (STRC) traded higher at $84.86 on Tuesday, as reported by Yahoo Finance.
What stands out for readers is the scale mismatch between the corporate financing target and the ETF market’s behavior. June’s $4.5 billion in US spot ETF net outflows is more than three times the $1.25 billion Strategy is authorized to raise. While the two are not directly comparable in mechanism—corporate monetization versus retail/institutional ETF allocations—the comparison helps frame an important tension: renewed corporate efforts to manage capital around Bitcoin exposure are occurring as ETF-level demand is showing clear signs of cooling.
Going forward, investors will likely watch whether the ETF flow weakness is a temporary dip or a continuing trend—especially given CryptoQuant’s warning that ETF holdings remain below year-ago levels. If outflows persist, Strategy’s monetization plan may become part of a wider debate about where incremental Bitcoin demand will ultimately come from.
This article was originally published as Bitcoin Spot ETFs See Record $4.5B June Outflows, Eclipsing $1.25B Raise on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.