Blockonomi

Key Takeaways
First-half 2026 vehicle deliveries reached approximately 1.16 million units, marking a 4.2% year-over-year decline
The Chinese market experienced a 20% sales drop in H1, deteriorating to a severe 30.2% decline in Q2
American and European markets delivered positive results, climbing 11.9% and 5.4% respectively
Second quarter worldwide deliveries decreased 4.9% to 590,962 units
German rivals Mercedes-Benz and Porsche similarly reported Q2 decreases of 8% and 16%
The Chinese market continues to present mounting challenges for BMW.
The Bavarian automotive manufacturer disclosed a 4.2% decline in overall first-half vehicle deliveries this Friday, with approximately 1.16 million units reaching customers during the January through June 2026 timeframe.
China bears primary responsibility for pulling down the overall figures, with that market experiencing a 20% contraction throughout the six-month period.
BMW deliveries
BMW Q2 deliveries fall 4.9%
BMW Group delivered 590,962 vehicles in Q2 2026, down 4.9% year over year.
The decline follows a 3.5% drop in Q1, when weakness in China and the United States outweighed stronger European demand. BMW has already lowered its 2026… pic.twitter.com/qdp7iKW3ZJ
— Emmanuel – Big Tech & AI Investor (@EmmanuelInvest) July 10, 2026
The second quarter painted an even grimmer picture, with Chinese deliveries collapsing 30.2% compared to the previous year — representing a substantial deterioration from an already weak opening quarter.
BMW executive board member Jochen Goller recognized the challenging environment while highlighting more encouraging developments. “Despite challenges worldwide, we achieved positive sales results in the U.S. and Europe,” he stated.
The data supports his optimism. American market deliveries surged 11.9% during Q2, while Europe — representing BMW’s most significant market — expanded 7.6% when excluding Germany during the identical timeframe. Across the entire first half, European deliveries advanced 5.4% and the Americas region increased 3%.
Electric Vehicle Sales Show Promise
BMW highlighted encouraging developments within its electric vehicle segment. Battery-electric vehicle deliveries accelerated during Q2, receiving a boost from the launch of the redesigned electric iX3 model.
This represents a significant indicator as BMW intensifies its push into electrification across markets where traditional combustion engines face mounting regulatory constraints.
However, the electric vehicle momentum remains insufficient to counterbalance the substantial China-related headwinds at the aggregate volume level — at least for now.
German Competitors Face Similar Chinese Headwinds
BMW isn’t experiencing these Chinese market challenges in isolation.
Mercedes-Benz disclosed an 8% contraction in Q2 vehicle deliveries. Porsche AG encountered an even more pronounced 16% reduction during the identical timeframe. Both manufacturers identified escalating domestic competition as a critical challenge.
Domestic Chinese automotive brands have expanded aggressively, capturing market share previously held securely by premium European manufacturers.
BMW’s second quarter worldwide deliveries totaled 590,962 vehicles, representing a 4.9% decrease compared to the corresponding quarter in the prior year.
Throughout the first half, China’s substantial decline proved powerful enough to drag the company’s aggregate figures below last year’s levels despite robust performance in Europe and North America.
BMW stock (BMWG) advanced 0.79% during early Friday trading following the data release.
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Key Highlights
Netflix shares declined 1.68% during after-hours trading Thursday, reaching $74.20
Recent Wall Street Journal reporting indicates declining viewer engagement — users are spending less time watching and completing fewer series
The streaming company is considering live channel offerings and potentially bundling external services such as Peacock within its platform
Second-quarter earnings release scheduled for July 16; Wall Street projects EPS of $0.79 with revenue reaching $12.58 billion
Analysts maintain a Strong Buy rating with a mean price target of $113.68
Shares of Netflix experienced a 1.68% decline in after-hours trading Thursday, settling at $74.20, following a Wall Street Journal article that highlighted mounting concerns regarding user engagement on the platform.
According to the report, internal discussions among Netflix leadership have centered on a significant challenge: subscribers are dedicating less time to the service and abandoning shows before completion. This trend is particularly concerning because viewer engagement directly correlates with subscriber retention — reduced viewing activity often precedes cancellations.
The engagement decline was reportedly a central discussion point during the company’s annual strategic business review held earlier this year.
In response to these challenges, Netflix is considering the introduction of continuous live channels that would broadcast select programming 24/7. Additionally, the company is exploring bundle options that would enable subscribers to access third-party platforms like Peacock directly through the Netflix interface.
This represents a significant strategic pivot for a streaming service that has historically emphasized a streamlined, straightforward user experience.
Live Programming and Sports Strategy
Netflix is simultaneously pursuing live sports content as a potential engagement catalyst. According to reports, the company has expressed interest in securing broadcasting rights for prominent sporting events, including the 2030 and 2034 FIFA World Cup tournaments.
Incorporating live programming could simultaneously strengthen its advertising segment, which generated approximately $1.5 billion in revenue last year and is projected to grow to roughly $3 billion by 2026.
Meanwhile, Netflix has been testing alternative content formats with lower production costs — including video podcast programming, brief clips sourced from media publishers, and a news content partnership with France’s TF1 network that could potentially expand to European and Latin American markets.
These strategic moves unfold against a backdrop of significant industry consolidation. Fox’s approximately $25 billion acquisition of Roku, Comcast’s media division restructuring, and Paramount’s progress toward finalizing its $81 billion merger with Warner Bros. Discovery are reshaping the competitive landscape.
Second Quarter Results Expected July 16
Netflix is scheduled to release its second-quarter financial results on July 16. Financial analysts project earnings per share of $0.79, representing a 10% increase compared to the prior year period. Revenue is anticipated to climb 13.1% to $12.58 billion.
Market watchers will be particularly attentive to any commentary regarding whether recent subscription price increases are successfully offsetting decelerating growth momentum, or if they’re contributing to higher cancellation rates.
Despite recent concerns, Wall Street sentiment remains optimistic. Netflix maintains a Strong Buy consensus rating based on 24 Buy recommendations and 8 Hold ratings, with analysts’ average price target of $113.68 — suggesting approximately 50% potential upside from Thursday’s after-hours trading level.
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Key Takeaways
Delta unveils Q2 financial results Friday before market opening bell
Wall Street consensus calls for $1.51 earnings per share with revenue reaching $17.53 billion, reflecting 13% annual growth
Shares of DAL have surged nearly 30% in the last three-month period
Morgan Stanley analyst Ravi Shanker upgraded his target price to $115 while maintaining an Overweight stance
Industry watchers question whether carriers can sustain recent ticket price hikes and maintain capacity constraints
Delta Air Lines prepares to release its second-quarter financial performance Friday morning, with results expected to establish the trajectory for airline stocks through the remainder of 2026.
Wall Street forecasts adjusted earnings of $1.51 per share alongside revenue totaling $17.53 billion, marking a 13% increase from the prior-year period. These projections align with the upper boundary of Delta’s own forecast range of $1.00 to $1.50 per share, accompanied by pretax earnings approaching $1 billion — a notable achievement considering fuel expenditures surged by over $2 billion during the period.
DAL shares currently hover near $89, representing approximately 30% growth across the last quarter. The JETS exchange-traded fund has climbed 22% during the identical timeframe, while United Airlines has matched the 30% rise and American Airlines has soared 45%.
The Iran conflict pushed fuel expenses higher throughout much of the quarter, yet carriers counterbalanced this headwind through ticket price increases, reduced flight capacity, and remarkably resilient travel demand. Morgan Stanley’s Ravi Shanker characterized it as “a quarter that threatened to be significantly disruptive” while noting it appears to have concluded with “a happy ending with strong revenue trends, jet fuel back down below $3 and solid operating/cost performance.”
Shanker elevated his Delta price objective to $115 from $105 this week and maintains his Overweight recommendation.
TD Cowen analyst Tom Fitzgerald echoed the optimistic sentiment. “We remain broadly constructive, assuming the industry hangs on to this year’s price increases,” he noted Thursday. His rating stands at Buy with a $106 target.
Potential Stock Catalysts
A recent uptick in oil prices this week — following President Trump’s declaration that the Iran ceasefire had ended — created some immediate headwinds for airline stocks. Paradoxically, this recent decline could position shares for stronger gains should Friday’s results exceed expectations.
Beyond the primary metrics, market participants will scrutinize Delta’s commentary regarding demand patterns and fare sustainability entering the third quarter. Current Wall Street estimates project Q3 adjusted earnings of $2.03 per share with revenue of $17.3 billion.
Energy Expenses and Annual Outlook Under Scrutiny
Delta withheld full-year 2026 guidance during its first-quarter presentation. The carrier had earlier projected annual adjusted earnings between $6.50 and $7.50 per share, representing roughly 20% year-over-year expansion at the midpoint, coupled with free cash flow spanning $3 billion to $4 billion.
Chief Executive Ed Bastian stated during the previous quarter he wasn’t abandoning those projections, though he opted against revising them. His remarks then encapsulated the period’s primary challenge: “The question of not just the day, of the month, is going to be how we navigate this higher fuel environment brought on by the Iranian conflict.”
First-quarter fuel costs totaled $2.591 billion, climbing 8% year over year, though this figure incorporated roughly $300 million in refinery-related benefits.
Premium seating revenue expansion has served as a reliable cushion for Delta, and market observers will seek confirmation this pattern continued throughout Q2.
Delta’s earnings announcement is scheduled for Friday morning, July 11, prior to the opening bell.
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TLDR
SK Hynix completed a historic $26.5 billion capital raise through US markets, setting a record for foreign company listings
The offering saw oversubscription exceeding seven times available shares, signaling robust investor interest
Trading commenced on Nasdaq today under ticker symbol “SKHY”
Despite recent 25% decline over two weeks, SK Hynix stock has surged 680% year-over-year
Capital will finance manufacturing expansion and equipment purchases to address AI semiconductor demand
On Thursday, South Korean memory chip manufacturer SK Hynix set its American Depositary Receipts at $149 apiece, successfully completing a landmark $26.5 billion fundraising that represents the biggest US listing ever achieved by an international corporation. The semiconductor producer issued 177.9 million ADRs, with individual units representing one-tenth of a common share traded in Seoul.
SK hynix Inc. (000660.KS)
Trading activity for the new listing launched today on Nasdaq, where shares trade under the ticker symbol “SKHY.”
Investor enthusiasm for the offering proved substantial. According to a source with direct knowledge of the transaction, demand from institutional and retail buyers exceeded available shares by more than sevenfold, although SK Hynix refrained from providing official commentary regarding pricing dynamics or subscription levels.
The ADRs were established at a 2.7% premium relative to SK Hynix’s three-day average trading price preceding the offering.
SK Hynix stock advanced 5% during Thursday’s Seoul trading session, even as shares have retreated approximately 25% across the most recent two-week period. Notwithstanding this recent correction, the stock maintains remarkable gains of 680% over the trailing twelve months.
The company’s forward price-to-earnings multiple for the next twelve months currently stands at 5.5 times — representing a decline from 7.9 times recorded at October’s conclusion — while American competitor Micron trades at 6.66 times forward earnings.
This Nasdaq listing strategy aims partially to narrow the existing valuation disparity. Micron has traditionally enjoyed advantages from immediate access to American capital markets, despite commanding smaller market share across essential memory product categories.
“SK Hynix leads on share and Nvidia proximity, Micron competes on power efficiency, US positioning, and momentum from third place,” said Daniel Newman, CEO of Futurum Group.
Funds generated through this capital raise will support construction of additional manufacturing facilities and procurement of advanced equipment necessary to accommodate accelerating artificial intelligence chip requirements.
Why Investors Are Paying Attention
SK Hynix commands the leading position globally in high-bandwidth memory chip production — essential components integrated into cutting-edge processors that drive AI data centers worldwide.
Nvidia CEO Jensen Huang confirmed last month that SK Hynix would continue as Nvidia’s primary supplier, adding that prevailing chip supply constraints are anticipated to persist for multiple years ahead.
“As long as there is demand for graphic processors and AI data centers, SK Hynix is indispensable,” said Yoo Hoi-jun, an electrical engineering professor at KAIST.
According to Rolf Bulk, head of semiconductors at Futurum Equities, the HBM market is forecast to expand from approximately $65 billion during the current year to $120 billion by 2027, ultimately reaching roughly $290 billion by decade’s end in 2030.
Listing Comes at a Crossroads for Chip Stocks
The semiconductor sector overall has experienced some momentum loss during recent weeks, as market participants express concerns about the trajectory of AI infrastructure spending expansion affecting the industry.
SK Hynix’s market debut is drawing scrutiny as an indicator of whether strong demand for memory chip manufacturers persists. Market observers and industry analysts view this listing as a gauge for the broader artificial intelligence investment landscape.
“SK Hynix holds the edge in production scale and maturity. Since demand is far outweighing supply, they have had tremendous pricing power,” said Ken Mahoney, CEO of Mahoney Asset Management.
SK Hynix’s market capitalization surpassed $1 trillion in its domestic Korean market during May. Both SK Hynix and Samsung have now joined the exclusive circle of companies valued above $1 trillion, a group that includes Nvidia, Apple, Microsoft, and Alphabet.
South Korea’s government announced initiatives in June targeting over $880 billion in collaborative investment with SK Hynix and Samsung to advance the nation’s semiconductor and artificial intelligence infrastructure.
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TLDR
Musk acknowledged on X that he was “clearly wrong about Anthropic” and recognized it as the present AI industry leader
SpaceX and Anthropic entered a compute agreement in May valued at $1.25 billion monthly extending to 2029
The Tesla CEO had previously labeled Anthropic as “woke,” “hypocritical,” and claimed victory was impossible for the company
In June, Anthropic submitted a confidential IPO filing in the United States following a valuation approaching $1 trillion
The company’s coding capabilities through Claude and its Cowork offering fueled significant expansion in recent months
Elon Musk has made a stunning about-face regarding Anthropic, now declaring the artificial intelligence company the industry’s current leader. In a Thursday post on X, Musk admitted he had been “clearly wrong about Anthropic.”
“They are obviously currently the leader in AI,” Musk stated. “No company has released a model as good as Mythos/Fable and they will undoubtedly have Mythos 2 ready soon.”
I was clearly wrong about Anthropic. They are obviously currently the leader in AI. No company has released a model as good as Mythos/Fable and they will undoubtedly have Mythos 2 ready soon.
And I would never cut them off in a way that hurt them badly, even as a competitor.…
— Elon Musk (@elonmusk) July 9, 2026
A Complete 180 Following Sustained Criticism
This endorsement represents a stark departure from Musk’s previous rhetoric. Back in January, he mockingly suggested that Anthropic’s “fate is to be misanthropic.” By February, he had accused the organization of data theft “at massive scale.” During the same period, he claimed that “Anthropic hates Western Civilization.”
Come March, Musk labeled Claude as “woke” and charged Anthropic with incorporating left-leaning ideology into its artificial intelligence systems. The previous September, he had declared that “winning was never in the set of possible outcomes for Anthropic.”
The transformation in Musk’s stance emerged after a substantial commercial arrangement between SpaceX and Anthropic. The May announcement revealed a compute partnership granting Anthropic access to over 300 megawatts of computing power from SpaceX’s Colossus 1 facility. This translates to more than 220,000 Nvidia GPUs.
According to SpaceX’s S-1 documentation, Anthropic committed to monthly payments of $1.25 billion running through May 2029. Both organizations maintain the option to terminate with 90 days’ advance notice.
Musk Denies Intent to Sabotage Rival
Musk’s Thursday statement emerged while addressing an X user who proposed that SpaceX possessed the power to “kill Anthropic” by terminating compute availability. Musk rejected this suggestion outright.
“I would never cut them off in a way that hurt them badly, even as a competitor,” he explained. “That’s not my style.”
When the collaboration was unveiled on May 6, Musk revealed he had met with key Anthropic personnel and found the experience positive. “Everyone I met was highly competent and cared a great deal about doing the right thing,” he shared.
Despite his newfound respect, Musk continues to regard Anthropic as competition. On May 26, he emphasized that his AI company is merely three years old—half Anthropic’s age—and expressed interest in comparing progress after another three-year period.
Anthropić originated in 2021 through former OpenAI leadership, including CEO Dario Amodei. The company’s Claude Code functionality attracted significant developer interest, while its Cowork platform broadened appeal to users without technical backgrounds.
The organization filed confidentially for a United States IPO in June, shortly after securing funding that placed its valuation near $965 billion. Neither Anthropic nor SpaceX representatives provided comments when contacted.
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Key Takeaways
Tencent is negotiating to acquire the majority stake in AI startup Manus following Beijing’s directive forcing Meta to abandon its $2 billion purchase.
In April 2026, Chinese authorities intervened, expressing national security concerns about foreign control of AI companies with Chinese origins.
A Tencent-led consortium including original backers ZhenFund and HSG is arranging to repurchase Manus from Meta at a minimum $2 billion valuation.
Meta initially acquired Manus in December 2025 to enhance its AI agent capabilities but has since implemented operational separation and terminated data transfers.
Chinese state media previously celebrated Manus as a potential “next DeepSeek” following its development of what was marketed as the world’s first general-purpose AI agent.
In December 2025, Meta completed an acquisition of AI startup Manus for more than $2 billion. Half a year later, Chinese authorities demanded the deal be reversed.
According to Reuters sources familiar with the negotiations, Tencent (0700.HK) is currently in discussions to assume the position of primary shareholder in Manus. On Friday, Tencent’s shares declined 2%.
The proposed buyback arrangement would assign Manus a valuation of at least $2 billion — matching Meta’s original purchase price. Tencent is spearheading a group of investors that includes Manus’ initial financial backers, ZhenFund and HSG.
Meta, Tencent, Manus, and the investment firms did not immediately respond to requests for comment.
Manus specializes in creating AI agents capable of executing tasks independently with limited human oversight. Meta purchased the Singapore-registered company to advance its own artificial intelligence agent initiatives.
The transaction collapsed rapidly. Chinese regulatory authorities initiated a formal review in April 2026 to determine whether the deal breached investment regulations, invoking national security considerations.
Beijing’s intervention focused on Manus’ origins — the company was established by Chinese founders and financed with Chinese investment capital, despite its Singapore incorporation. The offshore corporate structure, previously considered a potential regulatory workaround, proved insufficient.
Following the April directive, Meta implemented an operational division from Manus and terminated all data exchange between the organizations, according to Bloomberg News reporting last month.
Tencent’s Strategic Position
Tencent had previously invested in Manus prior to Meta’s acquisition, together with HongShan. The Tencent-coordinated repurchase effectively restores the company to its previous investors at the initial valuation, now with regulatory approval from Beijing.
From Tencent’s perspective, this represents a favorable arrangement. The company regains control of a startup it previously understood and supported, without paying any premium above the original valuation.
Manus represented a significant asset. Earlier last year, Chinese government-affiliated media praised the company as potentially becoming the nation’s next DeepSeek after launching what it described as the world’s first general-purpose AI agent — technology designed not merely to answer queries but to independently execute complex tasks.
Meta’s Setback
Meta will likely recoup its initial investment through the buyback arrangement, preventing direct financial losses. However, the benefits end there.
Meta pursued cutting-edge AI agent technology and the engineering talent to continue developing it. The company is now departing without either asset.
The compulsory reversal also underscores the regulatory challenges inherent in international AI transactions involving Chinese-founded enterprises, irrespective of their official country of incorporation.
Media reports suggest the unwinding process may involve limitations on Manus’ founding team, potentially including travel restrictions during the ongoing regulatory examination.
The Financial Times initially disclosed Tencent’s participation earlier Friday.
Manus relocated its operations from China to Singapore last year. That geographical shift ultimately failed to protect the company — or Meta’s investment — from Beijing’s regulatory authority.
The post Tencent (TCTZF) Takes Control of Manus AI After China Blocks Meta’s $2B Acquisition appeared first on Blockonomi.

Key Takeaways
U.S. spot Bitcoin ETFs experienced approximately $5 billion in capital outflows throughout Q2 2026
June alone accounted for $4 billion of total Bitcoin ETF withdrawals
Private credit sector confronted $15.6 billion in withdrawal demands during the same period
Ten out of sixteen business development companies exceeded their standard 5% quarterly redemption thresholds
Despite a recent pause in Bitcoin ETF selling pressure, institutional appetite remains subdued
Current Bitcoin market dynamics show futures demand marginally positive while spot demand stays in negative territory
The period from April through June 2026 proved extraordinarily challenging for cryptocurrency exchange-traded funds and alternative credit vehicles alike. American-listed spot Bitcoin ETFs witnessed investor withdrawals approaching $5 billion across the quarter, with the month of June representing $4 billion of that total. BlackRock’s cryptocurrency fund experienced particularly notable redemptions.
Investor capital gravitated toward artificial intelligence equities and high-profile market events such as SpaceX’s anticipated public offering. Bitcoin’s price declined approximately 14% during the quarter, dipping beneath the $60,000 threshold and marking its third consecutive quarterly decline.
Bitcoin (BTC) Price
However, turbulence within private credit markets proved even more severe. The $2 trillion private credit industry faced withdrawal requests totaling $15.6 billion throughout Q2. The vast majority of funds proved unable to satisfy these redemption demands in full.
Business development companies typically enforce quarterly redemption limitations of 5%. According to Fitch’s analysis, requests surpassed this threshold at ten among sixteen tracked entities. Mean redemption requests climbed to 10.3% of outstanding shares, representing an increase from the prior quarter’s 9.7%. One particular fund confronted requests reaching 38.1%.
Capital inflows to these investment vehicles contracted by roughly 56% on average. The majority concluded the quarter with net capital outflows approximating 3% relative to their previous quarter’s net asset valuations.
Fitch’s outlook suggests elevated withdrawal activity will persist. Unfulfilled Q2 redemption requests will cascade into subsequent quarters, maintaining sustained pressure on fund liquidity.
Bitcoin ETF Redemptions Pause, Though Underlying Strength Questionable
Regarding Bitcoin ETF activity, conditions have shown tentative signs of stabilization. A continuous ten-trading-day period of net withdrawals aggregating $2.7 billion concluded recently. Following this, ETFs registered cumulative net deposits exceeding $500 million over three consecutive sessions, although Wednesday delivered renewed net outflows of $84.9 million.
Swissblock, a cryptocurrency investment advisory, characterized the recent period as representing “the most overwhelming ETF distribution wave of this bear market has ended.” Nevertheless, the organization emphasized that institutional commitment remains incomplete.
CryptoQuant’s analytical data indicates that aggregate Bitcoin demand, despite showing improvement, continues exhibiting divergence between physical and derivative markets. Futures market demand has rotated marginally positive. Physical spot demand persists in negative territory.
Market observers emphasize that durable price advances historically require synchronized increases in both spot and derivatives demand. This convergence has yet to materialize.
Additional Risk Indicators Compound Market Concerns
QCP Capital, operating from Singapore, highlighted several supplementary warning signals. America’s Strategic Petroleum Reserve has contracted to levels not witnessed since 1983. Strategy executed its inaugural Bitcoin liquidation to finance shareholder distributions. Private credit redemption constraints have been triggered across numerous investment vehicles.
QCP characterized the situation concisely: “The buffers are wearing thin.”
Collectively, evidence emerging from cryptocurrency ETF flows, alternative credit redemption patterns, and strategic energy reserve depletion suggests a cautious outlook for risk-sensitive assets as 2026’s second half commences.
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Key Highlights
AVAX is currently priced between $6 and $7 with a market capitalization hovering around $2.9 billion
Moderate scenario projects AVAX reaching $80 to $150 driven by enterprise adoption and DeFi expansion
Optimistic scenario envisions AVAX climbing to $300–$500 if institutional tokenization gains significant momentum
Conservative scenario places AVAX between $15 and $30 should Ethereum and Solana dominate the market
Weighted average price projection for 2031 stands at roughly $145
Avalanche positioned itself as a formidable challenger to Ethereum during the previous market cycle. The platform’s high-speed transactions, minimal transaction costs, and flexible subnet architecture attracted both developers and institutional players throughout the last bull run. While AVAX has retreated significantly from its historical peak, development activity on the network continues without interruption.
Avalanche (AVAX) Price
Currently, AVAX fluctuates in the $6 to $7 range, translating to a market valuation near $2.9 billion. This represents a substantial decline from its 2021 heights. Nevertheless, Avalanche has maintained its strategic focus on enterprise blockchain solutions, tokenization of real-world assets, and institutional financial services.
A significant advantage for Avalanche lies in its expanding roster of institutional collaborators. The past twelve months have witnessed the introduction of AVAX-dedicated ETFs, CME futures contracts, and treasury management solutions. Major financial institutions including BlackRock and Apollo have investigated tokenization initiatives on Avalanche’s infrastructure, lending considerable legitimacy to the network within traditional finance circles.
Moderate Projection: $80 To $150 Range
The most probable trajectory positions Avalanche as a preferred blockchain infrastructure for enterprise applications. The platform’s adaptable Layer 1 architecture enables corporations, governmental entities, and financial institutions to construct dedicated blockchain environments leveraging Avalanche’s underlying technology.
Should the tokenized asset sector continue its expansion trajectory, Avalanche stands strategically positioned to capture meaningful market share. A valuation between $80 and $150 would correspond to a market capitalization spanning $37 billion to $70 billion. This pathway depends on consistent progress across DeFi protocols, gaming platforms, and institutional deployment.
Conservative Outlook And Competitive Pressures
The primary challenge confronting AVAX stems from intense marketplace competition. Ethereum maintains its leadership position in institutional asset tokenization. Solana has demonstrated remarkable growth in retail adoption, stablecoin usage, and decentralized application development.
Avalanche must also demonstrate more robust on-chain engagement metrics. Network fee generation and revenue remain relatively modest when benchmarked against certain competitors. Should institutional players favor alternative platforms, AVAX could remain range-bound between $15 and $30 through the end of 2031.
The optimistic scenario projects AVAX reaching $300 to $500. Achieving this outcome demands that Avalanche emerge as a leading platform for tokenized financial products, with banking institutions and asset management firms deploying solutions at institutional scale. This would necessitate a market capitalization between $140 billion and $235 billion.
Based on probability-weighted analysis across all three scenarios, the five-year price target approximates $145 by 2031.
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Key Points
Paul Grewal, Coinbase’s Chief Legal Officer, will depart the company on July 31 to join an undisclosed startup
Molly Abraham assumes the role of general counsel while Ryan Van Grack becomes vice chairman
Grewal guided Coinbase’s legal strategy during the SEC’s 2023 enforcement action, which was ultimately dismissed
The exchange is actively lobbying for passage of the CLARITY Act, which would transfer crypto regulation from the SEC to the CFTC
Grewal will maintain an advisory relationship with Coinbase and continue involvement with the company’s trust charter application at the OCC
After serving six years as Coinbase’s Chief Legal Officer, Paul Grewal announced his departure from the cryptocurrency exchange, effective July 31. Grewal revealed he’s joining a startup venture, though he hasn’t disclosed the company’s identity.
After 6 years I’m leaving @Coinbase. I’ll be transitioning to an advisory role at the end of the month and continue my service on the Board of Coinbase National Trust Company. I will be a Coinbase ally for life and am grateful to @brian_armstrong, @emilemc and the Coinbase board…
— Paul Grewal (@iampaulgrewal) July 9, 2026
While leaving his full-time position, Grewal won’t completely sever ties with the exchange. He’ll maintain an advisory capacity and continue his involvement with Coinbase National Trust Company’s Board while working on the trust charter application with the Office of the Comptroller of the Currency.
New Leadership Structure Emerges
Following Grewal’s departure, two current executives will transition into expanded roles. Molly Abraham, who joined the company in March 2021, will assume the position of general counsel. Ryan Van Grack, who previously held the general counsel position at Citadel Securities, will take on the role of vice chairman.
Abraham has served as Coinbase‘s vice president of legal. Prior to joining the exchange, she held the general counsel position at a startup developing electric vertical takeoff and landing aircraft.
Van Grack has been instrumental in managing Coinbase’s courtroom strategy during his tenure. His newly created vice chairman role is anticipated to involve broader responsibilities with increased public engagement.
Reflecting on his tenure, Grewal described his work at Coinbase as “the single greatest achievement” of his six years with the company. He emphasized that the legal victories helped establish a foundation for cryptocurrency’s future in America.
SEC Enforcement Action Marked Critical Chapter
The most significant legal challenge during Grewal’s leadership was the Securities and Exchange Commission’s 2023 enforcement action against Coinbase. The regulatory agency claimed the platform was functioning as an unregistered broker, clearinghouse, and securities exchange.
The lawsuit was initiated during former SEC Chair Gary Gensler’s tenure. The agency pursued similar enforcement actions against multiple cryptocurrency platforms during this period.
The SEC withdrew its case following President Donald Trump’s return to the White House. The dismissal represented a significant victory for Coinbase and the wider digital asset sector.
Under Grewal’s direction, Coinbase also pursued legal action to obtain internal SEC communications regarding the agency’s cryptocurrency regulatory framework. The exchange additionally submitted formal petitions requesting the SEC establish clear regulatory guidelines for digital assets.
Legislative Push for CLARITY Act Intensifies
Coinbase leadership, led by CEO Brian Armstrong, has mounted an aggressive campaign urging Congress to approve the Digital Asset Market Clarity Act, commonly referred to as the CLARITY Act. The proposed legislation would predominantly transfer digital asset regulatory authority from the SEC to the Commodity Futures Trading Commission.
Armstrong has engaged in direct discussions with President Trump and personally advocated for cryptocurrency legislation on Capitol Hill. Coinbase ranks among the leading financial supporters of the Fairshake PAC, which backs political candidates favorable to cryptocurrency interests.
The United States Senate reconvenes on Monday following its state work period. The CLARITY Act could come up for a vote when lawmakers return to session.
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TLDR
An updated version of the Digital Asset Market Clarity Act may arrive next week
Democratic backing remains absent, primarily due to disagreements over ethics standards for officials involved in crypto
Three contentious matters persist: safeguards for developers, exemptions from money laundering laws, and stablecoin incentive programs
CFTC leadership cautions that regulatory agencies might draft crypto policies independently if lawmakers don’t act
Congress faces a compressed timeline — just several weeks between mid-July and early August — to approve the legislation
Legislators could unveil a revised edition of the Digital Asset Market Clarity Act within days, sources close to the discussions revealed. This proposed legislation seeks to establish a complete regulatory structure governing digital currencies across the nation.
LATEST: A new CLARITY Act draft could drop as soon as next week, but Democrats have not signed on as the Senate races to act before its August recess, CoinDesk reports. https://t.co/0Z5ILMAq82 pic.twitter.com/JZhRr7PfZF
— CoinMarketCap (@CoinMarketCap) July 10, 2026
The consolidated document brings together efforts from both the Senate Banking and Agriculture panels. Reports indicate the draft contains over 70 pages of additional content, placing enhanced emphasis on safeguarding consumers.
Yet the proposal continues to face a critical obstacle: insufficient Democratic backing for passage. Senate rules demand 60 affirmative votes to move legislation forward, requiring significant cross-party cooperation.
The primary obstacle centers on conflict-of-interest regulations. Democratic lawmakers insist on barring high-ranking government figures — including the nation’s chief executive — from maintaining financial connections to cryptocurrency businesses. Negotiators have yet to find middle ground.
Various proposals have emerged, including granting state attorneys general authority to pursue legal action regarding ethics breaches. Nevertheless, advancement on this matter has remained stagnant.
Three Key Issues Still Unresolved
Apart from the ethics question, three additional conflicts are preventing the bill’s advancement.
The initial concern relates to the Blockchain Regulatory Certainty Act, a provision designed to shield non-custodial software creators from designation as money transmitters. Senator Ron Wyden advocates retaining this language, though certain law enforcement organizations seek modifications.
The second matter involves Section 604, which would grant exemptions to specific software developers and infrastructure operators from money transmitter regulations. Opponents argue this provision could undermine anti-money laundering enforcement mechanisms.
The third controversy surrounds stablecoin incentive programs. Policymakers are deliberating whether exchanges like Coinbase should receive authorization to provide customers with returns on stablecoin deposits, something the separate GENIUS Act presently forbids.
The administration also responded this week to Democratic assertions that it was obstructing appointments to the Securities and Exchange Commission and Commodity Futures Trading Commission. Officials stated they requested Democratic suggestions but received none.
Lawmakers across the aisle concur that regulatory bodies should operate with complete leadership teams before implementing substantial cryptocurrency regulations.
Senator Cynthia Lummis characterized this as “likely our last chance to get real legislation for digital assets on the books before 2030.” CFTC Chair Michael Selig cautioned that without congressional action, regulatory agencies might unilaterally establish comprehensive crypto rules.
The Senate reconvenes following its break on July 14. Legislative floor consideration could occur as soon as the week beginning July 20. Following Senate approval, the measure would require House passage and presidential authorization.
The broader cryptocurrency marketplace increased 1% on Thursday, achieving approximately $2.2 trillion in total valuation.
The post Digital Asset Market Clarity Act Faces Uphill Battle Despite New Draft Coming Next Week appeared first on Blockonomi.

Key Highlights
The ARB token climbed 19% within a 24-hour period, leading all top 100 digital assets
Robinhood’s new blockchain, powered by Arbitrum technology, recorded $568 million in trading activity
A revenue-sharing model returns 10% of Robinhood Chain’s net protocol earnings to Arbitrum
Memecoin speculation accounted for significant volume, while stablecoin deposits exceeded $260 million
Crypto strategist Michaël van de Poppe identified bullish technical signals across ARB trading pairs
Arbitrum’s native ARB token experienced a remarkable 19% surge over 24 hours on July 9, claiming the position as the strongest performer within the top 100 cryptocurrency rankings. This upward momentum was fueled by impressive early metrics from Robinhood Chain, which completed its first week of public operation.
Arbitrum (ARB) Price
Robinhood Chain operates on Arbitrum’s Layer-2 technology stack. Data from Entropy Advisors revealed that the platform facilitated $568 million in trading volume on Wednesday alone. By Thursday, cumulative volume had surpassed $350 million for the day.
Memecoin speculation dominated transaction activity on the network. Simultaneously, stablecoin deposits grew rapidly, surpassing $260 million within the chain’s inaugural week.
This trading activity is producing tangible financial benefits for the Arbitrum network. According to the partnership terms, Robinhood Chain allocates 10% of its net protocol earnings to Arbitrum, distributed between the DAO treasury and the Developer Guild.
The Robinhood Chain
> Ethereum secures it
> Arbitrum powers it
> Robinhood brings millions onchain
The next chapter of finance is programmable
— Arbitrum (@arbitrum) July 8, 2026
Brendan Ma, who oversees investment strategies at the Arbitrum Foundation, shared on X that Wednesday’s performance alone suggests Robinhood is “run-rating at more than $12.5 million in annualized revenue already.” Ma emphasized that tokenized real-world asset transactions have barely begun on the platform.
Cryptocurrency market analyst Michaël van de Poppe commented on X about being “very pleased to see the strength in $ARB currently.” He highlighted tailwinds from Robinhood Chain’s performance and broader Ethereum ecosystem momentum, noting a “massive bullish divergence” across ARB’s USD and BTC trading pairs. Van de Poppe projected “a lot more momentum coming into the price action” over upcoming weeks.
I'm very pleased to see the strength in $ARB currently.
It's taking some momentum due to the strength on the Robinhood chain and the activity on Ethereum in general.
There's a massive bullish divergence on the USD and $BTC pairs on this one, so I would expect to see a lot more… https://t.co/fyym17tqn0 pic.twitter.com/xKetwE0XNK
— Michaël van de Poppe (@CryptoMichNL) July 9, 2026
Performance Exceeds Initial Projections
A FalconX analysis published in April estimated Robinhood Chain would produce approximately $1.1 million in transaction fees during its initial six-month period. The platform has dramatically exceeded that trajectory within its first several days.
FalconX’s research also forecasted potential annual revenue reaching $60 million by 2030 as adoption expands beyond tokenized equities into decentralized finance and additional onchain use cases.
Robinhood revealed the blockchain at a London presentation last week. Concurrent with the launch, the financial services company announced intentions to extend tokenized U.S. stock trading access to clients across more than 120 nations and introduced a DeFi yield product utilizing the Morpho lending protocol.
Critical Price Targets
ARB is now approaching a descending trendline that has restricted upward moves since January. Breaking decisively above this resistance could trigger a rally toward the $0.10–$0.11 zone, with $0.14 representing the next major obstacle.
Should the rally lose steam, market participants are monitoring the $0.08 level as a crucial support area where accumulation might resume.
Brendan Ma observed that the majority of tokenized real-world asset transactions associated with Robinhood Chain remain to be deployed on the network.
The post Arbitrum (ARB) Token Soars 19% on Robinhood Chain’s Record-Breaking Trading Volume appeared first on Blockonomi.

Key Highlights
The Ironwood network upgrade for Zcash will activate on July 28, 2026
The upgrade retires the Orchard pool after discovery of a critical counterfeiting vulnerability
ZEC price has rebounded to approximately $492 following a sharp 50% decline to $299 after bug revelation
Open Interest in ZEC futures climbed 18% within 24 hours to reach $914.91 million
Zcash has now issued more than 80% of its total 21 million token cap
The Zcash ecosystem has officially scheduled its Ironwood mainnet upgrade for July 28, 2026. According to core developer Sean Bowe, the activation will occur at block height 3428143, with full backing from every major organization participating in the network.
Zcash (ZEC) Price
This upgrade directly addresses a critical vulnerability discovered in May within Zcash’s Orchard pool—the primary privacy-focused transaction layer. The flaw theoretically enabled the undetectable creation of counterfeit ZEC tokens.
Ironwood will permanently deactivate the Orchard pool while blocking any further transactions within it. A newly designed shielded pool will take its place, incorporating formal verification protocols, independent security assessments, and quantum-resistant note structures.
LATEST: Zcash developers say they're nearing a mathematical proof that the upcoming Ironwood shielded pool has no hidden counterfeiting bugs. pic.twitter.com/5AmpKYSOEz
— CoinMarketCap (@CoinMarketCap) July 8, 2026
As users migrate their holdings from the deprecated Orchard pool to the new Ironwood infrastructure, all transfers must clear an accounting verification point. This mechanism could potentially expose whether any fraudulent tokens were actually minted during the vulnerability window.
Shielded Labs initially advocated for postponing the launch, citing insufficient preparation time for cryptocurrency exchanges, wallet providers, and mining operations. The confirmed July 28 date represents a one-week extension from the initially proposed July 21 activation.
Token Value Rebounds Following Sharp Correction
The ZEC token experienced significant selling pressure immediately after the Orchard vulnerability became public on June 3. Prices tumbled 50% from $602.68 down to a bottom of $299.25. The token has since recovered substantially, currently trading near $492.61.
Source: TradingView
FXStreet analyst Vishal Dixit observed that ZEC maintains positions above both its 50-day exponential moving average at $457 and its 200-day EMA at $388. He pinpointed the 78.6% Fibonacci retracement level at $520 as the subsequent resistance target to monitor.
Sean Bowe’s announcement regarding the activation block height on X platform sparked renewed market engagement. The confirmation from all participating organizations strengthened confidence in the upcoming transition.
Futures Markets Reflect Growing Trader Confidence
Data from CoinGlass indicates that ZEC futures Open Interest expanded by 18% over a 24-hour window, reaching $914.91 million. Simultaneously, trading volume increased approximately 10% to $1.66 billion during the identical timeframe.
The funding rate registered at 0.0105% positive, demonstrating that traders are accepting premium costs to maintain long exposure.
In a separate development, Zcash achieved a significant supply threshold this week. According to a Monday announcement from ruZCASH, the network has now distributed over 80% of its maximum 21 million ZEC supply cap, with 16,806,723 tokens currently in active circulation.
The post Zcash (ZEC) Climbs Toward $500 Following Ironwood Upgrade Launch Confirmation appeared first on Blockonomi.

TLDR:
ETH latest news shows Robinhood Chain attracted over $70 million in bridged ETH within its first week, adding fresh demand signals for Ethereum.
Robinhood Chain reached around 194,000 daily active users and more than $80 million in TVL as early liquidity moved into the new network.
DEX volume briefly topped $560 million after CASHCAT trading accelerated, showing how memecoin activity pushed the RWA-focused chain into focus.
Arbitrum also gains from the launch, as 10% of Robinhood Chain protocol net revenue flows back to the wider ecosystem under AEP.
Robinhood Chain is turning into a fresh Ethereum growth story just one week after launch. In this latest ETH news update, the network has attracted over $70 million in bridged ETH. Token Terminal reported the figure after the chain’s debut week.
The Arbitrum-based Ethereum Layer 2 uses ETH as its native gas token and supports tokenized real-world assets.
The chain has also reached around 194,000 daily active users, while total value locked climbed above $80 million. ETH traded near $1,770 at press time, rising more than 3% over the past week.
ETH Latest News: Robinhood Chain Turns Liquidity Into Demand
Robinhood Chain launched on July 1 and quickly pulled liquidity from Ethereum mainnet. Token Terminal data shows ETH bridged to the network jumped 70x in one week. That move matters as every transaction on the chain uses ETH for gas.
Since launch, Robinhood Chain has grown to over $80M in TVL, over $200M in stablecoins, and $800M in cumulative DEX volume. pic.twitter.com/6ctvI2WuZy
— DefiLlama.com (@DefiLlama) July 9, 2026
The platform is built with Arbitrum Orbit and targets tokenized stocks, real-world assets, and AI applications. Robinhood also expanded tokenized stock access to users in more than 120 countries. That gives the network a broad retail base from launch week.
In this ETH latest news cycle, analysts are watching whether activity becomes durable. Token Terminal reported about $39,000 in daily revenue, equal to a $14 million annualized run rate. DefiLlama data also showed TVL near 47,000 ETH, worth more than $80 million.
Uniswap founder Hayden Adams said most activity on Robinhood Chain is ETH-denominated. ETH serves as the main trading pair, the highest-volume asset, and the gas token. It also pays Ethereum mainnet data storage fees, which links activity back to L1 demand.
HashKey researcher Tim Sun called the launch a structural positive for ETH. He said wallet growth, bridged assets, and transaction demand all create recurring usage for the asset.
Memecoin Volume Tests Robinhood Chain’s RWA Ambitions
Robinhood Chain was designed for tokenized finance, but memecoin trading drove its first major volume spike. DefiLlama data showed daily DEX volume above $560 million at one point. That briefly placed the chain ahead of Hyperliquid in 24-hour decentralized exchange activity.
CASHCAT became the main speculative driver. The token, linked to Robinhood’s early mascot, surged more than 1,000% over three days. It also pushed heavy trading through Uniswap, the network’s main decentralized exchange.
CEO Vlad Tenev added to the buzz after saying Robinhood Chain works well for memes too. He also promoted the broader “Robinhood Summer” theme. The company is covering gas fees for eligible Robinhood Wallet users until September 29.
The latest ETH news focus now sits between two forces. On one side, Robinhood Chain may bring tokenized stocks and RWAs to a larger global audience. On the other side, its first burst of activity came from speculative tokens.
The Arbitrum ecosystem also benefits from the launch. Under the Arbitrum Expansion Program, 10% of Robinhood Chain protocol net revenue flows back to the ecosystem. The split sends 8% to the Arbitrum DAO treasury and 2% to the Developer Guild.
ARB rose nearly 10% after the revenue-sharing details gained attention. Trading volume also more than doubled above $104 million. For Ethereum, the bigger test is whether RWA demand can replace early memecoin flows.
The post Robinhood Chain Fuels Ethereum Demand With Early Growth appeared first on Blockonomi.

Key Takeaways
JPMorgan identifies Strategy’s bitcoin selling as a minor concern compared to structural threats
Private blockchain infrastructure adoption by financial institutions represents the primary challenge
Financial institutions favor permissioned blockchains offering identity verification, confidentiality, and regulatory alignment
Digital bank deposits on private chains could diminish demand for public blockchain stablecoins
The tokenized real-world asset sector valued at $50 billion may increasingly migrate to private systems
While Strategy’s bitcoin selling activity has created concern among market participants, JPMorgan’s research team suggests cryptocurrency investors should focus their attention elsewhere.
LATEST: JPMORGAN SAYS BITCOIN'S BIGGEST RISK ISN'T STRATEGY, IT'S PRIVATE BLOCKCHAINS
JPMorgan says the biggest risk to Bitcoin is not Strategy's massive holdings but private permissioned blockchains like its own Kinexys platform, which has already processed $4 TRILLION… pic.twitter.com/Ii6aifsVxp
— Coin Bureau (@coinbureau) July 9, 2026
According to a client briefing authored by managing director Nikolaos Panigirtzoglou and his team, the more substantial challenge originates from legacy financial institutions constructing blockchain infrastructure that circumvents public networks such as Bitcoin and Ethereum.
Should critical financial functions including tokenization, payment processing, and transaction settlement migrate toward private, controlled infrastructure, public blockchain networks may experience diminished transaction activity, reduced market liquidity, and constrained capital inflows.
“Strategy does not represent the primary structural challenge facing bitcoin,” the research team stated. Their analysis emphasizes that institutional blockchain implementation is completely sidestepping public cryptocurrency networks.
Strategy currently maintains custody of approximately 4% of bitcoin’s total circulating supply. The company’s structured Bitcoin Monetization Program has established bidirectional market flow. While JPMorgan recognizes this arrangement may generate intermittent downward price pressure, analysts characterized it as a subordinate consideration.
Financial Institutions Favor Permissioned Networks
Traditional financial entities are migrating toward permissioned blockchain architectures because these systems deliver privacy management, customer identification compliance, legal recourse mechanisms, and regulatory clarity — capabilities that public blockchains struggle to replicate.
JPMorgan referenced its proprietary Kinexys platform as a case study. This permissioned network has facilitated more than $4 trillion in aggregate transaction volume for institutional participants.
The Bank for International Settlements has similarly cautioned against deploying public blockchains for critical financial infrastructure components. Instead, the BIS advocates for permissioned unified ledger frameworks.
Financial institutions are engineering tokenized deposit instruments — digitized representations of conventional bank deposits operating within established banking regulations and deposit protection schemes. Widespread implementation of these instruments could substantially decrease institutional reliance on stablecoins for payment functions.
SWIFT’s blockchain exploration and sovereign digital currency initiatives including the digital euro and digital yuan may additionally reinforce these regulated alternative systems.
Tokenized Asset Market Faces Strategic Inflection
The market for tokenized real-world assets presently stands at approximately $50 billion in value. A considerable portion currently resides on Ethereum, though JPMorgan analysts attribute this distribution primarily to initial experimentation phases.
As institutional participation expands, asset issuance, custody arrangements, and settlement operations may progressively transition toward private infrastructure frameworks that more effectively address identity management, confidentiality standards, and governance protocols.
Public blockchain networks may retain relevance for asset distribution and constrained secondary market activity, but could experience declining centrality in the ecosystem.
The research team additionally highlighted the DTCC’s development of tokenization processes on permissioned infrastructure, while noting Securitize has deployed tokenized assets across Solana and Avalanche through regulated channels.
Even assuming the CLARITY Act achieves legislative passage this year, JPMorgan maintains it may prove insufficient to address these fundamental structural challenges. The analysts suggested the legislation could potentially accelerate banks’ tokenized deposit issuance capabilities, thereby reinforcing their competitive positioning.
The team indicated their assessment could shift if public and private blockchain ecosystems evolve in parallel, stablecoins expand under enhanced regulatory frameworks, or bitcoin sustains its trajectory primarily as a value preservation asset.
The post JPMorgan Warns: Private Bank Blockchains Threaten Bitcoin (BTC) More Than Strategy Sales appeared first on Blockonomi.

Key Highlights
Bitcoin surged 3.5% to approach $64,000, closing the week with a 4.2% gain
Major altcoins including Ether, XRP, Dogecoin, and Solana saw positive Friday sessions
The Nasdaq outperformed with a 1.3% increase, while the S&P 500 advanced 0.8%
Memory chip manufacturers like Micron and Sandisk dominated S&P 500 gains
Dollar depreciation combined with robust AI semiconductor demand fuels coordinated crypto and stock market advances
The leading cryptocurrency bounced back toward the $64,000 threshold on Friday, shaking off mid-week declines triggered by escalating geopolitical concerns. This resurgence coincided with substantial rallies across Asian trading floors and continued weakness in the U.S. dollar.
Bitcoin (BTC) Price
Digital gold experienced a 3.5% upward movement after temporarily sliding to approximately $61,850 in response to President Trump’s statements regarding potential expanded military operations against Iran. Trading volume reached $28 billion over a 24-hour period. Bitcoin concluded the trading week with a cumulative 4.2% increase.
BREAKING: President Trump says “it will get much worse” if Iran attacks ships in the Strait of Hormuz again. pic.twitter.com/kn8xRu6mA7
— The Kobeissi Letter (@KobeissiLetter) July 8, 2026
Ether advanced 2.6% to reach $1,760, recording a weekly gain of 4%. XRP climbed 2.2% while TRON emerged as the week’s strongest performer among major cryptocurrencies with a 4.7% seven-day increase. Dogecoin posted a 2.6% daily gain but remained marginally negative for the week. Solana stood as the lone major token unable to secure weekly profits, rising 2.6% on Friday while maintaining a 2.1% weekly deficit.
Market observers highlighted leveraged trading as a critical element behind the rapid price recovery. Traders liquidated positions following geopolitical headlines, then quickly re-entered the market within hours.
“When liquidation cascades begin influencing price movements, markets can accelerate beyond what fundamental demand would support,” explained Shawn Young, chief analyst at MEXC Research.
Semiconductor Sector Powers Wider Market Momentum
The cryptocurrency rebound occurred in tandem with robust equity market performance. Across Asia, South Korea’s Kospi index soared 4%, partially fueled by memory chip producer SK Hynix, which successfully priced $26.5 billion in American depositary shares, marking one of this year’s most significant equity offerings.
MSCI’s Asia Pacific stock index advanced 1.4%, narrowing its weekly decline to below 1%. The Japanese yen appreciated 0.6% while Japanese government bond yields contracted following statements from Japan’s Finance Minister advocating for increased domestic asset allocations by pension funds.
American Markets Mirror Technology Sector Strength
U.S. equity indexes concluded Thursday’s session in positive territory with technology stocks spearheading the advance. The Nasdaq climbed 1.3%, the S&P 500 rose 0.8%, and the Dow Jones Industrial Average added 129 points, representing a 0.3% gain.
E-Mini S&P 500 Sep 26 (ES=F)
Approximately two-thirds of S&P 500 constituents finished higher. Memory chip producers Micron and Sandisk ranked among the session’s top gainers, accompanied by optical technology firms Lumentum and Corning.
The greenback declined for its second consecutive week. Bitcoin market watchers emphasize this development’s significance. Cryptocurrency appreciation this week occurred as dollar valuations decreased, indicating the movement represents partially a foreign exchange dynamic rather than exclusively a crypto phenomenon.
No cryptocurrency-specific catalysts propelled Bitcoin’s weekly performance. Major ETF flows remained absent, no protocol developments emerged, and exchange platforms operated without disruption. Bitcoin weathered oil price volatility, bond market turbulence, and two separate rounds of American military action against Iran, yet still secured weekly gains.
Should dollar weakness persist and artificial intelligence chip demand maintain current levels, market analysts anticipate cryptocurrency markets will continue correlating with semiconductor industry cycles.
The post Bitcoin Surges Past $64K as Tech Stocks and Crypto Markets Rally Together appeared first on Blockonomi.

Key Highlights
On July 9, ARK Invest acquired 217,896 shares of Circle Internet Group valued at approximately $13.7M
The firm simultaneously offloaded 85,319 Robinhood Markets shares valued at roughly $9.8M
Total Circle investments by ARK have exceeded $37M within approximately two months of 2026
Circle stock has plummeted 68% year-over-year while Robinhood has climbed more than 21%
Analyst consensus places Circle’s price target at $131.76, suggesting potential 109% gains
Cathie Wood’s investment firm ARK Invest acquired 217,896 shares in Circle Internet Group during trading on July 9, allocating approximately $13.7 million to the purchase. During the same session, the investment manager divested 85,319 Robinhood Markets shares, generating around $9.8 million in proceeds.
Shares of Circle concluded the trading day at $63.01, representing a 1.65% decline. ARK’s decision to accumulate shares during weakness aligns with the firm’s established strategy of adding positions in companies it maintains long-term conviction in.
Robinhood finished the session at $115.11, posting a 1.39% gain. By divesting during an upswing, ARK captured profits and freed up capital for alternative investments.
Sustained Accumulation Strategy in Circle
This transaction represents part of a broader pattern. Earlier in July, specifically on July 1, ARK allocated approximately $18 million to Circle shares. Previously in May, an additional $5.5 million acquisition followed the company’s quarterly earnings disclosure.
When aggregated with the most recent transaction, ARK has channeled more than $37 million into Circle within roughly eight weeks. This represents an unusually concentrated buying campaign, even considering ARK’s characteristically bold positioning.
Circle operates as the entity behind USDC, a prominent stablecoin with substantial adoption throughout cryptocurrency markets. The company completed its public listing in 2025, with shares initially soaring nearly 300% above their initial offering price before experiencing a significant correction.
Trading at $63.01, Circle remains considerably below its post-listing peaks. Such declines often create attractive entry opportunities for growth-oriented investment vehicles like those managed by ARK.
Circle’s income generation is substantially dependent on interest yields from USDC reserve holdings. Declining interest rate environments would compress this revenue source. Additionally, the company confronts competitive pressure from Tether, whose USDT commands a dominant position in the worldwide stablecoin marketplace.
Analyst Sentiment and Legislative Context
Wood has maintained support for Circle since its market debut, and her enthusiasm for cryptocurrency-related equities corresponds with her advocacy for the CLARITY Act. This proposed legislation aims to establish clearer boundaries determining when digital assets qualify as commodities versus securities, while extending the Commodity Futures Trading Commission’s regulatory authority.
The bill failed to advance through the Senate by its July 4 deadline and currently faces an ambiguous legislative trajectory.
Nevertheless, Wall Street maintains predominantly optimistic views on Circle. Among the 25 analysts tracking the stock, 13 have assigned buy-equivalent or stronger ratings. The consensus 12-month price projection of $131.76 indicates potential appreciation exceeding 109% from present valuations.
Robinhood’s forecast appears comparatively restrained. The mean analyst target of $112.32 suggests approximately 2.4% downside from current trading levels, indicating many analysts believe the stock has fully absorbed its recent momentum.
Robinhood has appreciated more than 21% during the trailing twelve months. Circle has depreciated 68% across the identical timeframe.
Corporate insiders at both Circle and Robinhood have executed share sales in recent months, contrasting with ARK’s ongoing Circle accumulation campaign.
The post ARK Invest Pours $13.7M Into Circle (CRCL) Stock, Dumps Robinhood (HOOD) Shares appeared first on Blockonomi.

TLDR
On July 3, Polymarket submitted regulatory applications to the National Futures Association seeking authorization for U.S. margin trading capabilities.
PM Derivatives LLC filed for FCM registration, NFA membership, and Swap Firm designation on behalf of the platform.
Additional approval from the CFTC remains necessary before Polymarket can launch leveraged trading services.
Competitor Kalshi secured NFA authorization through Kinetic Markets LLC back in March 2026, giving it a significant advantage.
June 2026 saw both platforms achieve unprecedented trading activity — Kalshi reached $33 billion while Polymarket totaled approximately $14 billion across entities.
The prediction market platform Polymarket has submitted formal applications to the National Futures Association seeking permission to provide margin trading services to American customers. This capability would enable platform users to take positions on real-world outcomes while committing smaller initial capital amounts.
Polymarket Seeks License to Offer Margin Trading Legally in US
According to Bloomberg, Polymarket, the world’s largest prediction market platform, is seeking US regulatory approval to offer margin trading, allowing users to open positions without posting the full amount of… pic.twitter.com/Ah6CL2ZVWj
— Wu Blockchain (@WuBlockchain) July 10, 2026
The regulatory submissions were lodged on July 3 via the entity PM Derivatives LLC. These applications encompass registration as a futures commission merchant, membership in the NFA, and designation as a Swap Firm. A related entity named Coming Home GBA LLC appears in the documentation as well.
Securing NFA authorization represents merely the initial phase. Polymarket must also obtain authorization from the Commodity Futures Trading Commission before American users can access leveraged trading functionality on the platform.
The company has not issued any official statement regarding these regulatory filings. The Block contacted Polymarket representatives for commentary but has not received a response.
Kalshi Maintains Regulatory Advantage
Polymarket’s primary rival, Kalshi, has already advanced considerably further in the approval process. Back in March 2026, Kinetic Markets LLC, an affiliate of Kalshi, obtained NFA authorization as both a registered futures commission merchant and Swap Firm.
This regulatory clearance means Kalshi can currently provide margin trading options to its customer base. Polymarket is now attempting to close this competitive gap.
Both prediction market platforms are experiencing rapid expansion. June brought record-breaking monthly transaction volumes for each service.
Kalshi processed $33 billion in trades during June alone. Polymarket, including its U.S.-focused entity, generated approximately $14 billion in combined volume during the identical timeframe.
What Margin Trading Would Mean for Users
Margin trading enables market participants to control larger positions while committing less upfront capital. Within prediction markets specifically, this functionality would let users place wagers on various events — ranging from political elections to economic data releases — without depositing the complete position value.
This trading structure particularly attracts seasoned traders seeking to manage substantial positions while maintaining capital flexibility.
Polymarket has been actively expanding its presence within the American market. The pursuit of regulated margin trading capabilities represents a significant component of this strategic expansion.
According to Bloomberg’s reporting, the platform aims to draw a more advanced and sophisticated trader demographic.
Polymarket’s regulatory initiatives arrive as prediction markets capture increasing mainstream interest. The record June volumes posted by both Kalshi and Polymarket demonstrate robust user engagement and demand.
These NFA submissions represent a tangible advancement toward providing a service that a direct competitor already offers its users.
The timing and outcome of potential CFTC approval will ultimately dictate whether and when American users gain access to margin trading functionality on Polymarket’s platform.
The post Polymarket Pursues NFA Registration to Launch US Margin Trading Services appeared first on Blockonomi.

Key Highlights
XRP surged past $1.10 resistance during late trading hours, gaining 1.8% to reach $1.1065
Futures Open Interest remains stable at 2.14 billion XRP, increasing from Tuesday’s 2.09 billion
The token continues trading beneath its 50, 100, and 200-day exponential moving averages, maintaining short-term bearish pressure
Institutional investors show hesitation as XRP spot ETFs recorded approximately $7 billion in withdrawals on Wednesday
Critical price zones: $1.10 acting as support, while $1.1065 and $1.13 present resistance barriers
XRP posted a 1.8% gain on Thursday, escaping a narrow consolidation zone and pushing through the $1.10 threshold on elevated trading activity. The digital asset ranged from an intraday bottom of $1.0827 to a peak of $1.1065, subsequently settling within the $1.1020 to $1.1040 corridor.
[[IMG_2]]XRP Price
The decisive upward movement occurred near 01:00 UTC, when trading volume spiked to 43.51 million XRP—approximately 88% higher than the 24-hour average. An additional surge during the following hour saw 14.17 million XRP change hands, propelling the price from $1.0958 to $1.1052 before sellers emerged to cap gains.
Market analyst Celal Kucuker offered perspective on XRP’s trajectory via X, stating: “Two years ago, XRP rallied over 500% in just one month. Now people say $7 by year-end is impossible… yet there are still 6 months left.” This commentary captures the renewed optimism circulating among retail market participants regarding XRP’s historical performance patterns.
Two years ago, $XRP rallied over 500% in just one month.
Now people say $7 by year-end is impossible…
yet there are still 6 months left.
Never underestimate what Ripple can do. pic.twitter.com/pB9a0BymSf
— Celal Kucuker (@CelalKucuker) July 9, 2026
Retail Participation Shows Gradual Increase
Current perpetual futures Open Interest stands at 2.14 billion XRP, marking an uptick from Tuesday’s level of 2.09 billion, based on CoinGlass tracking. This incremental growth indicates retail traders are slowly re-entering the market.
Meanwhile, institutional appetite remains subdued. Spot XRP exchange-traded funds witnessed substantial withdrawals totaling roughly $7 billion on Wednesday, continuing a trend of modest flow activity throughout the week.
[[IMG_3]]Source: SoSoValue
Broader market sentiment faced headwinds from escalating geopolitical tensions. US forces conducted strikes against 90 targets situated along Iran’s coastline on Wednesday. Iran’s Revolutionary Guard retaliated with counterattacks on American bases located in Kuwait and Bahrain. Qatar’s Prime Minister called for diplomatic resolution between the parties.
Technical Levels Under Scrutiny
XRP continues positioning below critical exponential moving averages: the 50-day EMA at $1.17, the 100-day EMA at $1.28, and the 200-day EMA at $1.49. This cluster of moving averages represents significant overhead resistance.
[[IMG_4]]Source: TradingView
Technical analysts remain divided on future direction. Several point to Elliott Wave projections placing targets between $1.19 and $1.23. Others warn that dropping below $1.09 could trigger tests of deeper support areas.
The Relative Strength Index hovers around 45, positioned beneath neutral territory. The MACD histogram displays a slight bullish divergence, hinting at a possible near-term recovery phase.
Throughout Thursday’s trading session, XRP maintained a pattern of ascending lows, with demand materializing around $1.0880 during retracements. The sustained price action above $1.10 following the breakout is viewed favorably by market observers.
Immediate resistance zones include $1.1065, followed by $1.11, and $1.13 should bullish momentum persist.
The post XRP (XRP) Surges Past $1.10 as Retail Traders Return Despite $7B ETF Withdrawals appeared first on Blockonomi.

TLDR:
Bitcoin price recovered toward $64,000 after U.S. spot Bitcoin ETFs recorded $221 million in net inflows, ending a 10-day period of outflows.
Bitcoin and Ethereum gained as market pressure eased, but traders continue monitoring resistance levels and broader macroeconomic conditions.
Bitcoin price analysis shows $63,600 as a key support area, while a move above $65,000 could improve short-term market momentum.
Stablecoin supply contraction and upcoming U.S. CPI data remain important factors that could influence crypto market direction.
Bitcoin price moved back toward $64,000 after U.S. spot Bitcoin ETFs recorded fresh inflows, reducing pressure from a prolonged selling period. The recovery followed a 10-day stretch of ETF outflows that weighed on institutional demand.
U.S. spot Bitcoin ETFs registered $221 million in combined net inflows on July 9, marking a shift from recent withdrawals. The previous outflow period removed about $2.73 billion from the market, adding pressure on Bitcoin during its decline.
Bitcoin also benefited from improved sentiment across risk assets. The broader crypto market gained more than 2%, while lower liquidation levels reduced pressure from leveraged positions.
The rebound has not confirmed a new trend yet. Traders continue to watch whether ETF demand can remain consistent and whether Bitcoin can break key resistance levels.
Bitcoin Price Faces $65K Resistance as Traders Watch Data
The Bitcoin price is currently testing the $65,000 resistance area after holding above the $63,600 support level. Market participants are watching this zone because a sustained move higher could improve short-term momentum.
Technical indicators show a mixed outlook. Bitcoin remains above the 25-day moving average, while the MACD indicator is showing early signs of recovery. However, traders are still monitoring whether buyers can maintain strength above recent levels.
Analyst Ali Martinez noted that Bitcoin remains inside a descending channel on the four-hour chart. He identified $63,600 as an important support level and warned that a failure to hold it could expose BTC to lower levels near $59,700 and $56,550.
Bitcoin $BTC is getting rejected at the top of its channel.
This could trigger a pullback toward $59,700, with $56,550 as the next downside target. pic.twitter.com/GvI9fMFQbD
— Ali Charts (@alicharts) July 8, 2026
A move above $65,000 could open the way toward the $66,000 area. Some market watchers are also tracking the $67,400 resistance level, which represents the neckline of a double-bottom formation.
Bitcoin price models remain divided over the longer-term outlook. The stock-to-flow model suggests higher valuations based on scarcity, while cycle-based models indicate that additional volatility could appear before the next major market phase.
Stablecoin supply has also become a factor for traders. Since reaching a peak of about $321 billion, stablecoin supply has declined around 4.4%. A continued decline could reduce available liquidity across crypto markets.
Bitcoin ETF Flows and Macro Risks Shape Next Move
Institutional activity remains a key driver for Bitcoin price movements. Bitwise recently pointed to a changing market structure, where professional investors have become more active in Bitcoin compared with earlier cycles.
Despite renewed ETF inflows, investors continue watching inflation data and Federal Reserve policy. The upcoming U.S. CPI report on July 14 could influence expectations around interest rates and risk assets.
Geopolitical developments also remain important. Renewed U.S.-Iran tensions have affected oil prices and created uncertainty across financial markets. Bitcoin has traded alongside broader risk assets during recent periods of market stress.
Bitcoin price has also recovered despite Strategy selling part of its Bitcoin holdings. The company sold about $216 million worth of BTC to increase cash reserves for dividend obligations.
The next key levels remain focused on support near $63,600 and resistance between $65,000 and $67,400. A sustained move above resistance could improve the short-term structure, while a decline below support would expose Bitcoin to further downside risks.
The post Bitcoin Price Rebounds Above $64K as ETF Inflows Return appeared first on Blockonomi.

TLDR:
BitGo announces Quantum Risk Score to measure exposure across Bitcoin wallet addresses.
New Fix Exposed Addresses workflow moves funds into keys with stronger hygiene practices.
UTXO selection method groups addresses by wallet to limit exposure from partial spends.
Belshe says safest key is one whose public key stays unrevealed on the blockchain.

BitGo is announcing new quantum risk management capabilities for bitcoin wallets. The launch adds a Quantum Risk Score, a guided workflow for exposed addresses, a new UTXO selection method, and updated default controls. These tools build on BitGo’s existing multi-signature architecture for institutional clients.
BitGo Rolls Out Quantum-Focused Wallet Controls Built On Multi-Signature Security
BitGo Holdings, Inc., trading as NYSE: BTGO, confirmed the launch as an expansion of its long-standing wallet security model.
The company built its reputation on multi-signature custody, a structure designed to remove single points of failure. This announcement adds quantum-focused tools directly into that same framework.
The centerpiece of the release is the Quantum Risk Score, a scoring system built into BitGo’s platform. It allows institutions to assess exposure levels across supported Bitcoin wallets in one place.
Clients can identify which addresses carry elevated risk due to public keys already visible on-chain. The score does not require a change to existing custody arrangements to be useful.
Paired with the score, BitGo introduced a guided remediation workflow named Fix Exposed Addresses. This tool walks clients through moving funds from higher-risk addresses into newly generated ones.
The new addresses follow improved key hygiene practices from the moment they are created. For institutions managing large wallet volumes, this removes much of the manual work involved.
Mike Belshe, CEO and Co-founder of BitGo, explained the reasoning behind the release. “We believe the safest key is one whose public key has never been revealed on-chain,” he said.
“These capabilities give institutions a practical way to understand and reduce quantum exposure while continuing to rely on the proven security of multi-signature.”
Additional Tools Target UTXO Handling And Wallet Defaults
Alongside the risk score, BitGo announced a new UTXO selection method aimed at reducing exposure from partial spends.
This method groups and prioritizes unspent transaction outputs by address instead of handling them separately. The approach limits how often public keys get revealed during normal wallet activity.
BitGo was clear that some address types fall outside this particular tool’s scope. Formats like Taproot and Pay-to-Public-Key expose a public key from the moment they are created.
Funds already held in those address types require separate remediation steps, a distinction BitGo highlighted directly in its announcement.
The company also announced updated default address-type controls as part of the same release. These changes adjust how new wallets behave by default, reducing reliance on patterns tied to added quantum-related exposure. BitGo positioned this update as a companion to future protocol-level changes rather than a substitute for them.
Adam Back, Co-Founder and CEO of Blockstream and BSTR, weighed in on the timing of the release. “Nobody has a quantum computer that can touch Bitcoin today, but that’s exactly why the work should start now, while it’s calm and optional rather than urgent and forced,” he said.
Belshe echoed that same view when describing the broader strategy behind the launch. “We believe institutions do not need to wait for a quantum event to begin managing quantum risk,” he added.
“The right approach is to reduce exposure now, harden wallet operations, and prepare for the migration from today’s security models to future post-quantum standards.”
BitGo maintained that institutions do not need to wait for an actual quantum event before acting. The announcement frames quantum risk management as routine operational hygiene, one step in a longer migration toward post-quantum wallet standards.
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