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Cryptocurrency analyst Noname argued it is too early to call a bottom in BTC for the third quarter. Noname said the current sideways move reflects a period of "fake stability" showing market indecision, and added that such a pattern has often been followed by declines rather than gains. Noname projected a short-squeeze rebound in July, a deeper drop in August that tests around $50,000, a W-shaped bottom in September, an actual bottom and accumulation zone in October, an early rebound phase in November, and a possible recovery to $100,000 in December. Noname added that the decline since the June peak is part of a process of unwinding gains built over the past three years. Historically, bear markets have often gone through corrections of more than 80%, Noname said, while current prices are down about 50% from the previous peak, leaving room for further downside.

Abraxas Capital deposited 3 million USDC into Hyperliquid and then increased its short positions in BTC and ETH again, according to on-chain analysis account Onchain Lens. The positions currently stand at 796.4 BTC, worth about $51.5 million, and 31,640 ETH, worth about $59.2 million, marking a sharp increase from two days earlier.

Crypto-friendly U.S. Sen. Cynthia Lummis urged passage of the CLARITY Act in a post on X, saying true decentralized projects should not be regulated like banks. Lummis said it took years to establish that distinction and that there is now an opportunity to put it into law.

Sixty-three percent of the 164,538 investors in the top 50 meme coins traded on Robinhood were in the red, according to on-chain data analytics platform Bubblemaps.

The U.S. stablecoin law GENIUS has been in force for one year, but detailed rules that issuers must follow are still being developed, CoinDesk reported. The U.S. Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are proposing rules and gathering feedback on standards tied to reserves, capital and liquidity, custody, anti-money laundering and know-your-customer requirements. The related rules are expected to be finalized in stages over the coming months. Under the GENIUS Act, stablecoin issuers are also given a two-year grace period to meet regulatory requirements. As a result, stablecoins that do not comply with the rules will no longer be available to U.S. users starting in July 2028, according to the report.

Former Goldman Sachs credit investment specialist Khing Oei said Strategy’s preferred stock STRC is undervalued by about 13% in the market, according to BeInCrypto. Oei said STRC’s fair value is around $96, versus a current market price of about $85. Oei analyzed STRC as a bond based on future cash flows rather than as a perpetual dividend product, adding that the dividend could continue for about 29 years even if Bitcoin’s price does not rise for an extended period.

The second phase of Project Hangang, the Bank of Korea’s CBDC-based pilot program, is set to begin in earnest soon, Yonhap News reported. According to the central bank, the Bank of Korea and commercial banks are making final preparations for live transaction tests of deposit tokens in the second phase. If system development and participant recruitment are completed on schedule, live trading could begin as early as September and continue without a fixed end date. Separately, South Korea’s Ministry of Economy and Finance said on July 15 in its economic growth strategy for the second half that it plans to pursue a pilot project next year on tokenized government bonds linked to the Bank of Korea’s wholesale CBDC.

A bill to establish a legal framework for South Korea’s digital asset industry has remained stalled in the National Assembly for more than a year, and disagreements over key issues are likely to make a resolution difficult, Yonhap News Agency reported. South Korea’s ruling Democratic Party is expected to wrap up its national convention on Aug. 17, and the party appears set to restart its digital asset task force once its policy committee is formed. The Democratic Party and the government see the regular National Assembly session in September as a turning point for processing the bill. However, the outlet said disagreements over two core issues — the issuance structure for won-based stablecoins and limits on major shareholders’ equity stakes — could make it difficult to reach agreement before the September plenary session.

Strategy founder Michael Saylor has published a 110-point post opposing Bitcoin Improvement Proposal 110, or BIP-110, which seeks to restrict the recording of images, text and other data in transactions, The Block reported. He argued, "Valid fee-paying transactions should not be judged by consensus rules based on their purpose. Bitcoin needs guardians of neutrality, not guardians of purity." BIP-110 includes measures to limit large-data transactions, and the miner signaling process on whether to activate the proposal is set to begin in August. Current miner support stands at about 0.86%.

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A whale address known as geministar.eth, beginning with 0x49C, deposited 19,235 ETH worth $35.34 million to Binance 15 minutes ago, EmberCN reported. The tokens had been withdrawn from Binance a month earlier, when ETH was priced at $1,766. If sold, the position would yield an estimated profit of $1.4 million. According to CoinMarketCap, ETH was trading at $1,840.58, little changed from yesterday.

South Korean exchange Bithumb announced it will temporarily suspend Tether (USDT) withdrawals on the Tron network starting at 2:00 p.m. UTC on July 18.

Bitcoin’s recent upside momentum in the derivatives market has weakened sharply, but the market has not yet shifted into a bearish phase, cryptocurrency analyst Axel Adler Jr. said on X. Adler said the Bitcoin Derivative Market Power indicator fell to 13% from 41%, showing the derivatives market’s ability to drive price gains has dropped significantly. Adler added that BTC also saw a correction in June alongside a similar decline in the indicator, but current buying demand appears firmer than it was at that time. Adler said derivatives fund flows could become a key market variable going forward, and if the indicator turns negative again, selling pressure could retake the lead.

An address that stole $21.2 million worth of BONK in the BONK DAO governance attack deposited another 400 billion BONK, worth $1.19 million, into Coinbase, EmberCN reported. BONK fell another 7% after the deposit. According to CoinMarketCap, BONK was trading at $0.00000293, down 8.74% from yesterday. Meanwhile, South Korean exchanges Upbit and Bithumb have temporarily suspended BONK deposits and withdrawals since July 7, and BONK prices on the two exchanges have diverged from global prices.

Iranian Deputy Foreign Minister Gharibabadi said Iran has suspended implementation of its memorandum of understanding (MOU) with the U.S. after the United States violated its commitments, Xinhua reported, citing Iranian media.

Additional amendments for Morgan Stanley’s spot Ethereum and Solana ETFs were submitted to the U.S. SEC on July 14, Cointelegraph said on its official X account. Morgan Stanley filed applications for the spot ETH and SOL ETFs with the SEC in January. In June, the firm also submitted amendments outlining staking plans for the two ETFs and setting a management fee of 0.14%, which it described as among the lowest in the industry. The ticker for Morgan Stanley’s spot ETH ETF is expected to be MSSE, while the spot SOL ETF is expected to trade under MSOL.

Crypto asset manager Grayscale has filed an amendment with the U.S. SEC for its Solana staking ETF, GSOL, to liquidate staking rewards into cash at least quarterly and distribute them directly to shareholders, Cryptopolitan reported. Under the proposal, shareholders would receive staking rewards in U.S. dollars after certain expenses are deducted from GSOL’s annual staking yield of about 6.1%. The filing also includes plans to cut the management fee to 0.19% from 0.35% and the staking fee to 7% from 23%.

Cardano’s Van Rossem upgrade is scheduled to be activated in about 10 hours, at around 1:44 a.m. UTC on July 19, according to U.Today. The upgrade includes improvements to the performance of the Plutus smart contract platform, changes to the cost model, and stronger node security. ADA was trading at $0.1658, up 3.10% over the past 24 hours, according to CoinMarketCap.

Hyperliquid's share of perpetual futures open interest relative to centralized exchanges has surpassed 9.4%, setting a record high, according to data compiled by Hypeflows. The figure marks the highest level since the platform's launch. HYPE, however, was trading at $58.58, down 2.84% from 24 hours earlier, according to CoinMarketCap.

Corporate adoption is inevitable and should be welcomed if Bitcoin is to succeed as a global monetary network, Strategy founder Michael Saylor said on X. He added that corporations let people organize around a shared purpose while complying with the law, which in turn improves efficiency, transparency, credibility, scale, resilience and continuity.

A hacker behind the attack on liquidity provider Trusted Volumes returned 1,122 ETH, worth about $2 million, to the project, Com Feed reported. Trusted Volumes previously lost about $5.87 million in a hacking attack that exploited a vulnerable smart contract.

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 51.86% long, 48.14% short - Binance: 54.54% long, 45.46% short - OKX: 52.42% long, 47.58% short - Bybit: 53.31% long, 46.69% short

An address estimated to be linked to a16z deposited 421,796 HYPE, worth about $25.3 million, to exchanges including OKX and Bybit, according to Lookonchain. Exchange deposits are typically interpreted as being intended for selling. Another address also estimated to be tied to a16z deposited 471,500 HYPE to multiple exchanges yesterday. HYPE was trading at $58.79, down 0.77%, according to CoinMarketCap.

Strategy’s short-term liquidity issues have been eased in large part through its Digital Credit Capital Framework, but the company still lacks clear principles for buying and selling Bitcoin, The Block reported, citing CryptoQuant. According to the report, Strategy raised its reserves to $3 billion after unveiling the framework through the sale of about 3,588 BTC and stock, extending its dividend payment capacity from 14 months to 29 months. The analysis added, "Strategy" still lacks a systematic decision-making standard on when to resume Bitcoin purchases and has not established principles for strategically selling some BTC in the next bull market or realizing gains through hedging to reduce leverage.

A wallet believed to be linked to the Ondo team transferred 26.05 million ONDO, worth about $9.79 million, to Coinbase around 12 hours ago, on-chain analyst @ai_9684xtpa said. The address had received 150 million ONDO from an Ondo Finance multisig wallet three weeks earlier.