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Sen. Cynthia Lummis said the latest draft of the CLARITY Act under discussion includes an ethics provision requiring President Donald Trump to sell digital assets he holds or place them in a blind trust, and said the measure has emerged as a key sticking point in last-minute negotiations, according to Pitelity Investment. Lummis added many Democratic lawmakers remain reluctant to move the bill forward, citing concerns the provision could weaken a midterm campaign frame centered on Trump’s cryptocurrency-related corruption. Supporters of the bill, meanwhile, have stressed the amendment also includes ethics standards for the president, vice president, members of Congress and the federal judiciary, while adding protections for investors in the event of a crypto exchange bankruptcy and establishing a clearer regulatory framework.

Jeffrey Huang, a well-known crypto whale investor and Taiwanese singer, was liquidated on futures positions three times in a row as cryptocurrency prices fell, leaving the account balance back under $100,000. Huang had earlier put two more BAYC NFTs up for sale to raise margin and drew attention earlier this month by saying, "한번의 거래로 모든 손실을 만회하겠다."

Major exchanges have seen $115 million worth of futures liquidated in the past hour. In the past 24 hours, $321 million worth of futures have been liquidated.

Michigan state pension fund raises Strategy holdings to 14,000 shares The Michigan State Retirement Fund has increased its holdings of Strategy shares by 141% from its previous position, bringing its total to 14,000 shares worth about $1.34 million, according to Binance News, citing a disclosure from on-chain and institutional portfolio analytics platform BitcoinTreasuries.NET.

According to CoinNess market monitoring, BTC has fallen below $63,000. BTC is trading at $62,966.01 on the Binance USDT market.

Crypto-related U.S. stocks fall in early trading Crypto-related U.S. stocks were broadly lower in early U.S. trading, with Coinbase (COIN) down 12.29%, Bitmine (BMNR) off 7.33%, SharpLink Gaming (SBET) falling 5.94%, Strategy (MSTR) losing 5.74%, Bullish (BLSH) down 5.49%, Circle (CRCL) slipping 5.19%, and American Bitcoin (ABTC) off 4.58%.

An anonymous whale address deposited 1,060 BTC worth $67.52 million into Binance, according to Lookonchain. Exchange deposits are typically interpreted as a sign of intent to sell.

About 1,600 BTC worth roughly 140 billion won moved from one anonymous wallet to another, according to Odaily.

Wall Street firms were split on Coinbase after the company posted earnings that missed market expectations, according to CoinDesk. Cantor Fitzgerald, Oppenheimer and Benchmark said the weak results reflected a drop in cryptocurrency prices and saw room for the stock to rebound. Those firms pointed to progress in Coinbase’s long-term strategy across stablecoins, derivatives and tokenized assets. William Blair also said Coinbase could be among the biggest beneficiaries if the crypto market recovers, citing stabilizing ETF inflows. By contrast, Clear Street, Barclays and Compass Point said Coinbase’s new businesses have limited ability to drive earnings improvement and warned of further downside amid the possibility that the CLARITY Act could remain pending.

Crypto trader Killa said BTC is unlikely to suffer the steep drop to the $36,000-$48,000 range that some in the market expect. Killa said Bitcoin has typically formed three major bottoms in past bear-market cycles, with the final two proving the most important. After BTC touched around $59,000 and showed a mild bullish divergence, it failed to extend its decline, Killa said, adding that if the market had been set up for a drop into the $40,000 range, that move likely would have already happened. Killa said Bitcoin has now entered a clear "Accumulation Range" and sees the $57,000 area as a key floor. While BTC could briefly fall below that level, Killa said a prolonged decline to extreme lows is unlikely, citing the historical pattern of sweeping major bottoms before rebounding.

The three major U.S. stock indices opened higher today. - S&P 500: +0.48% - Nasdaq: +0.85% - Dow Jones: +0.41%

Pump.fun, a Solana-based memecoin issuance platform, laid off more than 40 employees ahead of PUMP’s first vesting unlock, leaving them ineligible for token allocations worth millions of dollars, Sandmark reported. Sandmark said Pump.fun co-founder Noah Tweedale told staff in March that the company had grown too quickly, making it harder to move quickly on work. Affected employees received one week of severance for each month worked, and their contracts were terminated in early April. The issue, according to the report, is that those employees also lost eligibility to receive PUMP tokens that had been scheduled to begin unlocking this summer. A second round of layoffs took place in July, bringing the number of employees dismissed over the past two months to more than 40. Sandmark added that Pump.fun has generated $1.3 billion in cumulative revenue and is posting $1 million in daily profit, but recently became subject to a fine after missing a deadline to file accounting reports with UK authorities.

Dubai-based Shelbit, a cryptocurrency exchange run by an Iranian-born founder and tied to one of the world’s largest illegal gambling networks, has helped evade sanctions on Iran, according to CoinDesk, citing Reuters. Reuters said the gambling network, made up of more than 2,000 platforms, was identified as a core Shelbit client. On-chain analysis also showed Shelbit transferred hundreds of millions of dollars to major exchanges including Binance. Binance, however, said Shelbit does not hold a Binance account, and that related accounts were frozen and reported to law enforcement agencies.

Circle (CRCL) announced it has obtained a Limited Purpose Trust Charter from the New York State Department of Financial Services through a subsidiary, giving it legal authority to directly custody institutional funds. The trust company license goes beyond a standard cryptocurrency business license by granting custody powers comparable to those of a bank. The New York State Department of Financial Services also granted Circle a BitLicense, a cryptocurrency business license, in 2015. Circle said the latest approval demonstrates USDC’s regulatory transparency and stability as the role of digital dollars expands.

White House NEC Chairman Kevin Hassett said the current data makes it difficult to push for an interest-rate hike.

Federal Reserve President Hammack said the Fed should focus on inflation while the labor market remains stable, adding the central bank’s current rate policy is not yet restrictive enough.

TD Cowen cuts SharpLink target price to $13, keeps buy rating Global investment bank TD Cowen maintained its buy rating on SharpLink Gaming (SBET), an Ethereum accumulation company, while lowering its price target to $13 from $16, The Block reported. TD Cowen said SharpLink recently raised $75 million, bought 10,000 ETH, and is pursuing a sustainable financial strategy that also includes repurchasing 2.13 million shares of its own stock.

Binance announced it will list the GRVT/USDT perpetual futures pair at 12:45 p.m. UTC on July 31, with up to 10x leverage.

Texas is set to pursue legislation to remove Bitcoin ATMs after fraud losses in the state reached $56.8 million last year, the largest total in the U.S. by scam losses. According to the FBI, total U.S. losses in 2025 rose 58% from a year earlier to $389 million. The ATMs, which are installed at convenience stores and other locations, are being misused as money-laundering channels that convert cash into crypto and send it to mixers or personal wallets. Indiana, Tennessee and Minnesota have already imposed full operating bans, and Texas, which has around 4,000 ATMs, plans to push an expulsion bill that goes beyond simple regulation.

TD Cowen maintained its $260 price target and buy rating on Strategy, saying the company’s top priority is restoring preferred stock STRC to par value, The Block reported. According to the report, Strategy posted a net loss of $8.22 billion in the second quarter and has not bought BTC over the past five weeks.

An anonymous newly created wallet withdrew 468.3 BTC worth $29.88 million from BitMEX after the exchange announced it would shut down operations, according to Onchain Lens. Onchain Lens added this was the first withdrawal exceeding $10 million since the shutdown announcement. BitMEX had previously announced it will cease exchange operations on Sept. 23.

An anonymous whale address starting with 0x2684 withdrew 4,950 ETH worth $9.34 million from Binance and staked it on Lido, according to Onchain Lens.

Rising U.S. Treasury yields are blocking liquidity from flowing into the crypto market, according to a CoinNess analysis of Glassnode’s weekly report. Glassnode said the U.S. two-year Treasury yield rose ahead of the FOMC rate decision, moving above returns from crypto carry trades, a basis-trade strategy that seeks to capture the gap between spot and futures prices by buying spot and selling futures. Spot trading volume then fell sharply, while exchange liquidity inflows dropped to their lowest level. Glassnode added BTC is facing strong upside resistance at $69,000, the breakeven level for short-term holders, and spot ETF inflows have also paused. Glassnode added the current downturn is the shallowest bear market on record, but more time is needed before the bear market fully ends. Without an improvement in liquidity conditions, a full-fledged rebound will be difficult.

Momentum (MMT) was sharply higher, trading around $0.3264 on Binance’s USDT perpetual futures pair, up more than 63% from yesterday.

XRP has the highest average transaction size among major cryptocurrencies, according to CryptoSlate. TradingView data showed XRP averaged about $86,680 per transaction, ranking first among the top 10 digital assets by market capitalization. That was well above Bitcoin at about $14,200 and Ethereum at about $3,280, and also higher than the averages for major stablecoins including USDT and USDC. CryptoSlate said the data suggests the XRP Ledger is being used mainly for large-value fund transfers, unlike other blockchains that are driven more by retail trading. According to RWA.xyz, real-world assets on the XRP Ledger totaled $4.38 billion, while stablecoin transfer volume on the network rose 10.8% over the past 30 days to $4.28 billion. Ripple’s RLUSD accounted for about 94% of the network’s stablecoin market, the outlet said.