Tesla said its Bitcoin holdings produced a $112 million after tax fair value loss in Q2 as BTC prices fell during the quarter. The company reported no Bitcoin buys or sales and ended June 30 with 11,509 BTC, consistent with wallets tracked by Arkham Intelligence. Under updated FASB rules, Tesla records crypto at market value each reporting date through earnings.

Grayscale research head Zach Pandl said Bitcoin may have already bottomed if the Federal Reserve stops raising rates and growth stays stable, citing BTC's increasing sensitivity to real rates and central bank policy. Grayscale also flagged US market structure legislation progress and MicroStrategy's balance sheet stability as key factors that could reduce downside risk.

BitMEX said it will permanently shut down its cryptocurrency exchange on September 23, 2026, bringing more than 11 years of operations to an end. The company said the decision follows a strategic review of its business and the broader crypto market. All exchange services will stop at 04:00 UTC on September 23, 2026. BitMEX has already halted new account registrations and is urging existing customers to close positions and withdraw funds ahead of the deadline. In an official statement, BitMEX said its parent company, HDR Global Trading Limited, made the decision after completing the review. The firm said the move was difficult and "has not been taken lightly." Founded in 2014 by Arthur Hayes, BitMEX became an early leader in crypto derivatives. At its peak from 2018 to 2020, it processed roughly $3 billion to $5 billion in daily trading volume, and annual volume often exceeded $1 trillion during strong bull markets. The company did not point to financial distress or a specific regulatory trigger as the reason for closing, describing the outcome as the result of a broader strategic assessment. The exchange has steadily lost market share as larger competitors expanded. BitMEX has also faced U.S. scrutiny: the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) accused it of operating an illegal, unregistered derivatives platform, a backdrop that has made it harder to reclaim its prior standing. On customer safety, BitMEX said client funds remain fully protected, noting its assets exceed liabilities and stating it has never lost customer funds to hacks. "We want to reassure you that your assets remain fully safe and under your control during this transition period," the exchange said. The company added that multiple attempts to sell the business were unsuccessful before the board opted to wind down. BitMEX outlined the following user timeline: - July 23: New account registrations have already stopped. - August 26: Users will no longer be able to open new positions; only position reductions will be permitted. - September 23 at 04:00 UTC: The exchange will shut down permanently, and any remaining open positions will be automatically closed. The company also said all previously staked BMEX tokens have already been unstaked and credited back to user accounts. BitMEX warned that customers who complete KYC but leave assets on the platform after the closure date will be charged an ongoing custody fee. The monthly charge will be the higher of $50 (or equivalent) or 1% per year on the remaining balance, assessed monthly. The exchange said the fee could rise in the future if funds remain on the platform. BitMEX also cautioned that withdrawals may slow as shutdown approaches due to higher request volumes and additional security checks. It added that blockchain confirmation times—particularly on Bitcoin—could contribute to delays, while reiterating that customer assets remain fully backed via its proof of reserves and liabilities.

CoinDesk reports that three notable crypto exploits have led to combined losses of $35.55 million, with attacks focused on bridge and crosschain infrastructure. The Verus Ethereum bridge was among the hardest hit, losing $7.54 million after attackers exploited weaknesses in the bridge's import path to trigger unauthorized payouts. The B² Network staking contract was also affected. The incidents highlight persistent security challenges across crosschain bridge design and smart-contract operations. Markets appear to be taking the news cautiously, with attention centered on potential spillovers to Bitcoin sentiment. Prediction-market pricing still implies strong confidence that Bitcoin will remain above $54,000 through the end of July 23, though recent volatility could pressure conviction. Key takeaways - Recent exploits totaling $35.55 million point to elevated risk in crosschain infrastructure. - Pricing signals a cautious tone, with possible implications for broader Bitcoin sentiment. - Despite the headlines, markets still indicate high confidence in Bitcoin staying above $54,000 today. What to watch Further security updates could sway sentiment quickly. Actions by major Bitcoin market participants, including ETF managers and institutional investors, may help stabilize or shift near-term trends. Statements from leading crypto security firms or regulators could also reshape perceptions of crosschain security. As the session develops, traders will focus on whether Bitcoin can hold current levels amid the fallout. Get live prediction market analysis, powered by Vera. Sign up for Vera.

EU member state envoys have agreed on a 21st sanctions package against Russia, Reuters reported. The measures impose full sanctions on 94 Russian financial institutions and the Moscow Exchange, broaden transaction bans to additional crypto platforms, and for the first time target vessels linked to Russia's "shadow fleet". The package also locks in the Russian oil price cap at $44.10 per barrel for the next 12 months.

UPDATE: The exploiter tied to Drift Protocol's $285 million hack has begun moving funds again after about three months. Arkham data shows ETH being sent to Tornado Cash in rapid batches of 100 ETH.

Bitcoin is trading around $65,978, still below the $69,000 level that Glassnode flags as the average cost basis for short-term holders. Markets are looking to the Federal Reserve’s July 28–29 meeting to see whether policy guidance can help close that gap. Recent U.S. data have pulled in opposite directions. June payroll growth came in at 57,000, the unemployment rate held at 4.2%, and revisions reduced April and May job gains by a combined 74,000. Core CPI was flat month over month and eased to 2.6% year over year, reinforcing expectations for a less restrictive Fed. Headline CPI, which is more sensitive to energy, printed 3.5% year over year. Energy and rates have reintroduced pressure. Brent crude futures settled near $94 this week after touching an intraday high of $95.47. The 10-year Treasury yield rose to about 4.67%, while the 30-year yield has remained above 5% for 11 straight sessions, the longest run since May. Rate-hike pricing for July moved into roughly the 25%–33% range; one CME-based measure put the odds at 33.7%, up from 25.7% the prior day. Glassnode argues Bitcoin is facing conflicting Fed signals: weaker labor and softer core inflation versus higher oil prices, rising Treasury yields, and higher hike odds. The firm’s on-chain data suggest Bitcoin has already leaned into the optimistic interpretation, even as an oil shock and the Fed decision converge. Positioning and flows point to improved near-term sentiment. Glassnode notes short positions have been closed, downside hedging has dropped sharply, exchange inflows have fallen to multi-week lows, and Bitcoin has outperformed equities through the recent oil move. Spot Bitcoin ETFs recorded six consecutive days of inflows from July 14 through July 21, adding about $930.2 million and reversing a $424.7 million outflow seen on July 13. Cohort data show the rebound is being driven primarily by large holders. Wallets holding 1,000–10,000 BTC—often associated with funds and large trading desks—account for most of the recent accumulation. Mid-sized holders have returned to distributing, and Glassnode’s composite market gauge remains in "risk-off" mode, indicating broader participation has not yet returned. That leaves the rally dependent on a Fed pivot that has not been delivered. If the Fed disappoints, Glassnode suggests the first group likely to absorb the reversal would be the same buyers currently supporting price—ETF inflows and the 1,000–10,000 BTC cohort—because smaller-holder participation remains limited. Key signals highlighted by Glassnode include: - BTC spot price: ~$65,978, still below the short-term holder cost basis - Short-term holder cost basis: ~$69,000, the key level for confirming a breakout - Demand shelf: ~$63,000, where about 10% of supply sits - ETF flows: +$930.2M over six positive sessions; July 13 saw a -$424.7M outflow that was later reversed - Primary accumulating cohort: 1,000–10,000 BTC wallets; mid-sized holders are distributing - Glassnode market compass: still "risk-off" Rates may cap upside beneath the $69,000 area. With the 10-year yield near 4.67% and the 10-year TIPS yield around 2.36%, discount rates remain elevated for risk assets. In oil markets, Brent’s three-month timespread widened to about $9.26, the steepest backwardation since May 22, a structure typically associated with tight near-term supply and firmer headline inflation expectations—one factor that helped lift July hike odds. Glassnode also frames Bitcoin increasingly as a dollar-liquidity asset, citing a deepening inverse relationship with the dollar. In a prior report, the firm identified a 10-year yield ceiling near 4.45% and a dollar index ceiling near 99 as thresholds supportive for risk assets. Currently, the 10-year yield is about 4.67% and the dollar index is near 101.14. Into July 29, Glassnode outlines two paths: Bull case: The Fed holds rates and emphasizes labor weakness as the dominant risk. Brent cools toward the EIA’s July forecast of $74 for Q3, and the 10-year yield drops below the 4.45% level Glassnode views as decisive. ETF inflows continue, exchange inflows stay low, and accumulation expands beyond whale wallets. In that setup, Bitcoin could clear $69,000 and move into the $84,000 zone Glassnode identifies as the next open range. Bear case: The Fed holds rates but keeps the door open to a later hike if oil stays elevated. Brent remains near $94, the 30-year yield stays above 5%, and real yields keep the opportunity cost of holding a non-yielding asset high. ETF inflows fade or reverse, exchange inflows rise, and $69,000 acts as resistance. Bitcoin would likely retest the $63,000 demand shelf, where about 10% of supply is concentrated. A key failure point in this framework is the bond market rejecting a dovish interpretation. A break below $63,000—or heavy supply absorption at that level—would represent the first major stress test for the renewed institutional bid. Macro forecasts underline the gap between current pricing and expectations. The EIA’s July outlook sees Brent averaging $74 a barrel in the third quarter and $65 in 2027, roughly $20 to $30 below current levels. The IMF’s July update projected 3.0% global growth for 2026 and assumed the Strait of Hormuz reopens by mid-July and normalizes by March 2027, with oil averaging about $89 across the year—an assumption spot Brent has already exceeded. Glassnode’s conclusion is that the Fed’s July 29 decision will determine whether the ETF buyers and large wallets behind the recent rebound reflect a durable return of institutional demand or a short-lived wager on dovish policy. A reclaim of $69,000 backed by broader participation would support the former. A rejection at $69,000 followed by a move back toward the $63,000 shelf—after shorts, hedges, and sellers have already been cleared—would suggest the bond market is still pricing inflation risk and that crypto-native demand remains subdued, turning $63,000 into the market’s audit of whether the new bid is real or tactical.

BitMEX will shut down on September 23, 2026 at 04:00 UTC. The exchange will allow normal trading until August 26, after which users will no longer be able to open new positions and may only reduce existing exposure. Any positions still open at the shutdown time will be closed automatically, and certain illiquid contracts may be settled earlier under existing exchange procedures. HDR Global Trading Limited said it approved the wind-down after reviewing the business and broader digital asset market. New account registrations have already been halted, while existing customers can continue to manage positions during the transition. BitMEX plans to begin a staged closure of outstanding contracts ahead of the final deadline to reduce disruption. After operations end, users will still be able to access accounts to review balances, view transaction history, and make withdrawals. The exchange also said it has unstaked all BMEX tokens, making them available to holders. Verified users who keep assets on the platform after closure will be subject to custody fees of at least $50 or 1% per year, assessed monthly. Founded in 2014, BitMEX was an early leader in crypto derivatives and helped popularize perpetual swaps, offering leverage of up to 100x. The company said no user funds were lost to hacks over more than 11 years of operation. The shutdown comes as competition in derivatives has intensified and market dynamics have shifted. CoinGecko reported centralized perpetual futures volume declined 10% to $12.7 trillion in the second quarter, while decentralized venues have taken a larger share, led by platforms such as Hyperliquid. BitMEX reminded users that they remain responsible for closing positions and withdrawing assets before September 23. It also warned that enhanced withdrawal checks and blockchain confirmation delays could slow processing, and urged customers to be alert to phishing attempts related to the closure. Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.

BitMEX has closed its doors, marking the end of the crypto derivatives venue that pioneered the perpetual swap. The product it popularized has since become a market mainstay, now dominated by larger rivals.