<div style="background:#f0f7ff;border-left:4px solid #1a73e8;padding:18px 22px;margin:0 0 28px 0;border-radius:6px;">
  <h3 style="margin:0 0 12px 0;font-size:18px;font-weight:700;color:#1a1a2e;">What to Know</h3>
  <ul style="margin:0;padding-left:20px;color:#2d2d2d;">
    <li style="margin-bottom:8px;line-height:1.6;"><strong>BONK</strong> jumped over <strong>11%</strong> in 24 hours on Tuesday, the only memecoin to post double-digit gains as <strong>Bitcoin</strong> approached <strong>$66,000</strong></li>
    <li style="margin-bottom:8px;line-height:1.6;">Social mindshare spiked <strong>32%</strong> to <strong>8,680</strong>, likely the main engine behind the price move</li>
    <li style="margin-bottom:8px;line-height:1.6;">Funding rate flipped to <strong>-0.0009%</strong>, signaling bears dominate the <strong>$7.82 million</strong> in perpetual open positions</li>
    <li style="margin-bottom:8px;line-height:1.6;">Spot market showed <strong>$4.24 million</strong> in BONK removed from exchanges, with exchange netflow at <strong>-$880,000</strong>, a bullish counter-signal to the derivatives data</li>
  </ul>
</div>

<p style="margin:0 0 24px 0;line-height:1.8;color:#2d2d2d;font-size:18px;font-weight:400;">The BONK price rally that erupted on Tuesday had all the hallmarks of a genuine breakout, an <strong>11%</strong> gain in a single day, a <strong>32%</strong> surge in social mindshare, and <strong>Bitcoin</strong> pushing toward <strong>$66,000</strong> to lift the broader market. <strong>BONK</strong> stood alone in the memecoin space as the only token to post double-digit returns in that window, making it impossible to ignore. But the data sitting underneath that price action? Not exactly cheering.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Why BONK Popped 11% in a Single Day</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Social mindshare is the simplest explanation. The metric, which captures how aggressively a token is being discussed across Twitter, Telegram, and other crypto-adjacent platforms, climbed to <strong>8,680</strong> for <strong>BONK</strong> on Tuesday, a <strong>32%</strong> spike from the prior day. For memecoins, attention IS the product. There's no protocol revenue, no staking yield, no total value locked to anchor the price. When the crowd starts talking, price follows, no fundamental trigger required, no protocol upgrade needed, just the right crowd at the right moment with the right narrative behind them.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The macro backdrop helped too. <strong>Bitcoin</strong> pushing toward <strong>$66,000</strong> tends to lift risk appetite across the board, and memecoins are the highest-beta expression of that. When the flagship asset shows strength, speculators rotate into the tokens with the highest upside potential, and the weakest fundamentals. <strong>BONK</strong> checked every box there. According to <a href="https://www.coingecko.com/en/coins/bonk" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">BONK price data on CoinGecko</span></a>, the token has spent most of <strong>2026</strong> trading well below previous cycle highs, which makes any double-digit move feel more dramatic than it might otherwise be.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Here's the context that matters though. <strong>BONK</strong> has fallen <strong>31%</strong> over the past <strong>30 days</strong> and is down <strong>58%</strong> on a year-to-date basis. Those losses were bad enough to push it completely out of the top <strong>100</strong> tokens by market capitalization. Not even close to recovering. One strong session doesn't fix a <strong>58%</strong> annual drawdown, it just creates a new round of debate about whether the bottom is finally in.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">What Does a Negative Funding Rate Mean for BONK's Rally?</h2>

<h3 style="font-size:19px;font-weight:600;color:#333;margin:20px 0 12px 0;">The Derivatives Market Is Voting Against the Bulls</h3>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">A negative funding rate in perpetual futures means short sellers are paying longs to maintain their positions, a sign that bearish traders are so confident they're willing to absorb ongoing costs to hold their bets. For <strong>BONK</strong>, the rate has dropped to <strong>-0.0009%</strong>, meaning the majority of the <strong>$7.82 million</strong> in open perpetual interest is currently positioned against the token.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Funding rates are one of the most reliable real-time signals for gauging what professional traders actually believe, as opposed to what the social media crowd is shouting, and the divergence between <strong>BONK's</strong> positive spot performance and its negative funding rate is one of the clearest warning signs in the derivatives playbook. According to <a href="https://www.coinglass.com/" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">crypto funding rate data from Coinglass</span></a>, when spot price and funding rates diverge sharply after a pump, the derivatives market tends to win the argument more often than the rally does. That's a pattern worth paying attention to.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Sentiment data reinforces the caution. The overall sentiment reading for <strong>BONK</strong> has dropped to <strong>-2.42</strong>, putting it firmly in negative territory. For a memecoin, where community energy is the only real moat, that's a structural headwind. There's no underlying protocol to pick up the slack when enthusiasm cools, and at <strong>-2.42</strong>, the crowd isn't exactly signaling it's ready to run this back up.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">That's the part that's genuinely hard to explain away. Sentiment readings in the <strong>-2.42</strong> range don't reverse quickly. Without a fresh catalyst, a major exchange listing, a viral cultural moment, a broader memecoin cycle turning, <strong>BONK</strong> risks watching Tuesday's gains bleed out across the next few sessions as the bears press their advantage in the perpetual market.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Is the Spot Market Buying Enough to Save BONK?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The one genuinely bullish signal buried in Tuesday's data came from the spot market. Roughly <strong>$4.24 million</strong> worth of <strong>BONK</strong> was pulled off exchanges and into private wallets, a classic accumulation pattern that reflects real buying conviction, not short-term speculation sitting parked on centralized platforms waiting for a quick flip.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Exchange netflow for <strong>BONK</strong> dropped to approximately <strong>-$880,000</strong>, meaning tokens are leaving exchanges faster than they're arriving. That's generally a bullish reading, coins moving into cold storage tend to be held, not sold. It also marks a notable reversal from the previous three trading days, during which selling pressure had dominated. On-chain activity tracked via <a href="https://solscan.io/token/DezXAZ8z7PnrnRJjz3wXBoRgixCa6xjnB7YaB1pPB263" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">BONK's exchange flow data on Solscan</span></a> shows the pace of withdrawals picking up through the session.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">But spot buyers and short sellers are both loading up at the same time. The bulls are pulling coins off exchanges, a bullish signal. The bears are piling into perpetual shorts, a bearish one. Someone is going to be wrong here, and in a token that's already lost <strong>58%</strong> of its value this year, the burden of proof sits squarely with the side calling a recovery.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The funding rate shift is still shallow at <strong>-0.0009%</strong>, not catastrophic, and the bears haven't achieved the kind of decisive dominance that would make a squeeze impossible. Sustained spot buying could genuinely flip this dynamic. But with sentiment at <strong>-2.42</strong> and a chart that's been in freefall for most of <strong>2026</strong>, BONK's bulls are going to need more than one good Tuesday.</p>

<div style="margin-top:32px;padding:22px 24px;background:#f8f9fa;border-radius:8px;border-left:4px solid #e8c547;">
  <h2 style="margin:0 0 20px 0;font-size:20px;font-weight:700;color:#1a1a2e;">Frequently Asked Questions</h2>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">Why did BONK&#x27;s price increase 11% today?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">BONK surged more than 11% on Tuesday as Bitcoin climbed toward $66,000, lifting broader market risk appetite. The primary driver was a 32% spike in social mindshare, a metric tracking attention across crypto social platforms, which climbed to 8,680, triggering a wave of speculative buying into the Solana-based memecoin.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What does BONK&#x27;s negative funding rate mean for its price?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">BONK's perpetual futures funding rate dropped to -0.0009%, meaning bearish traders are paying a fee to maintain short positions. This signals that the majority of the $7.82 million in open perpetual interest is betting against the price rally, a direct counter-signal to the 11% gain seen in spot markets on Tuesday.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">Is BONK a good buy after its 11% rally?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">BONK has lost 31% over the past 30 days and is down 58% year-to-date, having fallen out of the top 100 tokens by market cap. Spot buying of $4.24 million and negative exchange netflow offer some bullish signals, but the negative funding rate and a sentiment reading of -2.42 suggest significant downside risk remains.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What does negative exchange netflow mean for BONK?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">A negative exchange netflow of approximately -$880,000 means more BONK tokens are leaving exchanges into private wallets than arriving for sale. This is generally read as an accumulation signal and reversed three consecutive days of net selling pressure, though it currently coexists with bearish derivatives positioning that complicates the bullish interpretation.</p>
</div>
</div>

BONK price rally surges 11% on Tuesday but negative funding rates and bearish sentiment data suggest bears may be setting up for a reversal in July 2026.

BONK Explodes 11% But Bears Load Up as Data Flags a Trap

<div style="background:#f0f7ff;border-left:4px solid #1a73e8;padding:18px 22px;margin:0 0 28px 0;border-radius:6px;">
  <h3 style="margin:0 0 12px 0;font-size:18px;font-weight:700;color:#1a1a2e;">What to Know</h3>
  <ul style="margin:0;padding-left:20px;color:#2d2d2d;">
    <li style="margin-bottom:8px;line-height:1.6;"><strong>$128M</strong> in Bitcoin ETF inflows logged on July 20, snapping eight consecutive weeks of institutional outflows</li>
    <li style="margin-bottom:8px;line-height:1.6;">CME FedWatch prices a <strong>95%</strong> probability the Fed holds rates steady, leaving crypto pinned in a tight range</li>
    <li style="margin-bottom:8px;line-height:1.6;"><strong>Ethereum ETFs</strong> pulled in nearly <strong>$99M</strong> over seven days despite ETH trading below <strong>$1,900</strong></li>
  </ul>
</div>

<p style="margin:0 0 24px 0;line-height:1.8;color:#2d2d2d;font-size:18px;font-weight:400;"><a href="https://www.bitcoinomist.io/latest-news/2026-04-15-bitcoin-etfs-draw-411m-after-btc-hits-75k-but-ana" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Bitcoin ETF</span></a> inflows are sending a clearer signal than the price chart this week. On <strong>July 20</strong>, <strong>$128M</strong> flowed into spot Bitcoin exchange-traded funds, marking the second consecutive week of institutional buying and ending an eight-week outflow streak that had become the market's defining negative narrative. Spot prices tell a flatter story: <strong>Bitcoin</strong> near <strong>$65,000</strong>, <strong>Ethereum</strong> below <strong>$1,900</strong>, <strong>Solana</strong> at <strong>$77</strong>, <strong>XRP</strong> at <strong>$1.10</strong>. The Fear and Greed Index reads at <strong>29</strong>, firmly in 'Fear' territory, barely up from last week's <strong>28</strong>. Nothing is popping. But the ETF flows suggest the boring surface-level price action might be masking something worth paying closer attention to.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">The ETF Reversal Nobody Is Talking About</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Eight consecutive weeks of outflows isn't a bad week. It's a regime. The kind of sustained institutional selling that reshapes narratives, confirms bearish theses, and gets written into Q2 asset manager reports as 'reduced crypto exposure.' The fact that it's reversed now, and that the reversal is holding for a second straight week, matters considerably more than any single day's headline number.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;"><a href="https://www.bloomberg.com/news/articles/2026-07-20/bitcoin-etfs-log-second-week-of-inflows-breaking-two-month-rout" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Bitcoin ETF inflows</span></a> had been bleeding for two months before this turn, and that level of sustained outflows shapes market structure in ways that take time to unwind. Turning it around signals that at least some institutional allocators looked at current prices and decided the outflow period had created an entry point worth taking.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;"><strong>Bitcoin</strong>'s seven-day gain of <strong>4.1%</strong> and its <strong>1.2%</strong> 24-hour move tell you what kind of buying this is. Not aggressive, not chasing. Patient accumulation at existing levels, building position rather than forcing price. That's a different profile from retail momentum buyers, and historically, it's the kind of flow that tends to precede a real move rather than accompany one.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">What Is the Fed Actually Going to Do?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Almost nothing. The <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Federal Reserve rate decision</span></a> at next week's policy meeting is priced in at a <strong>95%</strong> probability of no change, according to the CME FedWatch tool. That degree of near-certainty is exactly what's keeping crypto pinned in a narrow corridor. When everyone agrees on the outcome of a major macro event, nobody positions for it. They wait.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Here's the counterintuitive part: the actual decision barely matters. What traders are watching is the language in Jerome Powell's press conference, specifically, any phrasing that shifts the expected timeline for rate cuts. One sentence about data dependency or patience can reprice an entire risk asset class within the hour. A hint toward earlier easing could push <strong>Bitcoin</strong> through levels it's been stalling under for weeks. A subtly hawkish tone could give back that <strong>4.1%</strong> seven-day gain fast. The ETF market, which drove Bitcoin's earlier 2024 rally, continues to act as a structural demand floor even when short-term price action goes sideways.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The decision itself is already priced in. The language around it isn't.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Ethereum's Quiet $99M Week</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The <strong>Ethereum</strong> ETF numbers don't get the same headlines. But the data is worth sitting with. <a href="https://sosovalue.com/assets/etf/us-eth-spot" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Ethereum ETF inflows</span></a> came in at <strong>$18M</strong> on a single day, which is modest next to Bitcoin's figure. The more meaningful number is the <strong>seven-day cumulative total of nearly $99M</strong>, a week of consistent institutional demand, not a one-day spike, not a meme-driven retail push.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;"><strong>Ethereum</strong> traded below <strong>$1,900</strong> through this period, meaningfully underperforming Bitcoin in this cycle. The ETH/BTC performance gap has become one of the more-discussed dynamics in current market analysis, Ethereum stalling while Bitcoin holds gains tends to frustrate ETH holders who expected the assets to run in tandem. But ETF flows don't lie about demand. If institutions are putting <strong>$99M</strong> into Ethereum ETFs in a single week during a flat, fear-dominated market, those aren't tourists making speculative bets.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The gap between Ethereum's price performance and its ETF demand is one of the more interesting disconnects right now. Historically, those gaps tend to resolve, though they can take longer than most people want them to.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">What Happens After Powell Speaks?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The hold is baked in. What's not baked in is what Powell says after. If the press conference carries any language suggesting rate cuts are moving closer, softer inflation readings in the data, shifting commentary on labor market conditions, anything that sounds like the door is beginning to crack open, risk assets including crypto tend to respond within hours. <strong>Bitcoin</strong> at <strong>$65,000</strong> is already holding ground that would have looked extraordinary to most participants two years ago. Add a dovish signal and the picture changes quickly.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">For holders watching altcoins, this week's price action makes one thing clear: macro sentiment is overriding everything else. <strong>Bitcoin</strong>, <strong>Ethereum</strong>, and <strong>Solana</strong> logged near-identical daily moves, each around <strong>1.3%</strong>, trading in near-perfect lockstep. When altcoins correlate this tightly, project-specific narratives don't matter. DeFi's seven-day return of <strong>0.0%</strong> says it plainly. Not collapsing. Not leading. Just waiting.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;"><strong>XRP</strong> at <strong>$1.10</strong> sits in the same holding pattern, its own regulatory storyline temporarily eclipsed by the Fed's calendar. The market is one press conference away from picking a direction. The ETF flows suggest institutions already have.</p>

<div style="margin-top:32px;padding:22px 24px;background:#f8f9fa;border-radius:8px;border-left:4px solid #e8c547;">
  <h2 style="margin:0 0 20px 0;font-size:20px;font-weight:700;color:#1a1a2e;">Frequently Asked Questions</h2>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What are Bitcoin ETF inflows?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Bitcoin ETF inflows are net new money flowing into spot Bitcoin exchange-traded funds on a given day. When inflows are positive, institutions and retail investors are buying ETF shares, adding demand to the market. On July 20, Bitcoin ETFs recorded $128M in net inflows, ending eight consecutive weeks of institutional outflows.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What will the Federal Reserve decide at its next meeting?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">The Federal Reserve is expected to hold interest rates steady at its upcoming meeting, with CME FedWatch pricing in a 95% probability of no change. Markets are more focused on Fed Chair Jerome Powell's press conference tone than the decision itself, watching for any language that shifts the timeline for future rate cuts.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">Why are Ethereum ETF inflows significant for crypto markets?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Ethereum ETF inflows signal institutional demand for ETH independent of short-term price movement. In the seven days ending July 20, Ethereum ETFs accumulated nearly $99M in net inflows despite ETH trading below $1,900. Consistent weekly inflows at this scale suggest portfolio allocation rather than speculative trading activity.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What does a Fear and Greed Index reading of 29 mean for crypto?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">A Fear and Greed Index reading of 29 places the crypto market firmly in Fear territory, barely changed from last week's reading of 28. This reflects cautious, risk-averse sentiment broadly. Fear readings often appear during accumulation phases before recoveries, though they can persist for extended periods before any shift in price direction.</p>
</div>
</div>

Bitcoin ETF inflows hit $128M on July 20, ending an eight-week outflow streak. Crypto prices hold in a tight range as traders wait on next week's Fed decision.

Bitcoin ETF Inflows Hit $128M as Crypto Waits on the Fed

<div style="background:#f0f7ff;border-left:4px solid #1a73e8;padding:18px 22px;margin:0 0 28px 0;border-radius:6px;">
  <h3 style="margin:0 0 12px 0;font-size:18px;font-weight:700;color:#1a1a2e;">What to Know</h3>
  <ul style="margin:0;padding-left:20px;color:#2d2d2d;">
    <li style="margin-bottom:8px;line-height:1.6;"><strong>$PUMP</strong> hit an intraday high of <strong>$0.00207</strong> on Monday, its strongest level since <strong>May 12</strong>, before easing back toward <strong>$0.00203</strong></li>
    <li style="margin-bottom:8px;line-height:1.6;">Trader <strong>Ansem</strong> disclosed a fresh long position entered at the reclaim of <strong>$0.001675</strong>, with a bearish invalidation set at <strong>$0.0014</strong></li>
    <li style="margin-bottom:8px;line-height:1.6;">Pump.fun generates an estimated <strong>$30 million to $40 million per month</strong> in on-chain fees even during bear markets, according to Ansem's public thesis</li>
    <li style="margin-bottom:8px;line-height:1.6;">A viral meme coin, Jimothy The Raccoon (<strong>JIMOTHY</strong>), surged <strong>186%</strong> in under <strong>24 hours</strong>, feeding Pump.fun's fee engine directly</li>
  </ul>
</div>

<p style="margin:0 0 24px 0;line-height:1.8;color:#2d2d2d;font-size:18px;font-weight:400;"><strong>Pump.fun's</strong> native token climbed to its highest level in two months on Monday, and if you held <strong>$PUMP</strong> through the recent grind, this was the session you were waiting for. The token jumped more than <strong>23%</strong> intraday, briefly printing <strong>$0.00207</strong> before pulling back toward <strong>$0.00203</strong>, a two-day advance that started near <strong>$0.0016</strong> late Sunday and landed $PUMP at the top of the leaderboard among the <strong>100 largest cryptocurrencies by market cap</strong>.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">How Pump.fun Climbed to Its Highest Price Since May</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The rally had two ignition points. First came the meme-coin surge: a viral token called Jimothy The Raccoon (JIMOTHY) exploded <strong>186%</strong> in under <strong>24 hours</strong>, briefly hitting a market cap close to <strong>$11 million</strong>. That matters for <a href="https://coinmarketcap.com/currencies/pump-fun/" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Pump.fun</span></a> specifically because the platform earns fees from every token launch and every trade on its infrastructure. A viral token cycle on Solana is not just noise for the platform, it is direct revenue. The more chaotic the speculation, the harder the fee engine runs. Monday was a textbook example.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Second came the trader call. Prominent crypto trader Ansem publicly disclosed a fresh long position in <strong>$PUMP</strong>, entered on the reclaim of <strong>$0.001675</strong> as prior support, and that disclosure gave the already-moving token an additional push that sent the price to <strong>$0.00207</strong> by the time the session peaked, a level not touched since <strong>May 12</strong>, before settling around <strong>$0.00203</strong>. The two-day advance from Sunday's lows clocked in at nearly <strong>29%</strong> from trough to peak before any meaningful pullback.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">What Does Ansem's $PUMP Trade Actually Signal?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Most trader disclosures are one line with no analysis. Ansem's was different. He published a detailed case tying his entry to fundamentals, not chart structure alone. His central argument starts with a number: <strong>$30 million to $40 million per month</strong> in on-chain fees, generated consistently even through extended bear markets when most DeFi applications bleed volume. That is the part worth sitting with. Most crypto platforms depend on bull market euphoria to stay profitable. Pump.fun does not, because retail speculation on Solana never fully stops, it just rotates to a different token every few days.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Ansem also pointed to team incentives. The core team holds a significant <strong>$PUMP</strong> allocation that only recently started unlocking, meaning their own financial outcome is now directly exposed to the market they are running. Their entire business model is built around facilitating retail speculation, and their vesting schedule gives them every reason to keep the platform thriving. Call it alignment, call it obvious, but in crypto, obvious does not always mean priced in.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">His risk boundary is explicit. A drop to <strong>$0.0014</strong> invalidates the bullish thesis, signaling that buyers failed to hold the reclaimed structure and the bounce was nothing more than a dead-cat move. Defined invalidation levels are rare in crypto commentary. Ansem gave one.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Why Pump.fun Is a Leveraged Bet on Solana Retail Volume</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The deeper argument Ansem made connects to a bigger-picture conviction about <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Solana</span></a> itself. His $PUMP position is partly a proxy trade on Solana reclaiming dominance over retail on-chain activity this cycle. Solana's low transaction costs and near-instant settlement have historically made it the preferred venue for fast-moving retail speculation, the kind that produces meme-coin cycles, mass token launches, and high-frequency speculative rotation. When traders want to move quickly through new tokens, they go where friction is lowest. Solana wins that comparison by design.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Pump.fun's structural position amplifies that trade in a way most single-application tokens do not. Its permissionless token launch tooling means any new meme coin or speculative project is likely to debut there first. Its automated market maker infrastructure handles liquidity for those tokens immediately, without gatekeeping. The platform concentrates a disproportionate share of Solana's speculative flows through a single fee-generating application, and every new launch, every viral cycle, and every retail surge that hits the network runs directly through that same revenue funnel. If retail volume returns to Solana in size, $PUMP captures a meaningful slice of it almost by default.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Could a Pump.fun Airdrop Push the Token Even Higher?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;"><a href="https://finance.yahoo.com/markets/crypto/articles/ansem-300m-airdrop-revive-pump-192000483.html" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Ansem</span></a> raised one unconfirmed catalyst that appeared to capture market attention on Monday: the possibility of a Pump.fun token airdrop. He drew direct comparisons to the Jito (<strong>JTO</strong>) and Jupiter (<strong>JUP</strong>) distributions from late <strong>2023</strong>, two events widely credited with sparking durable activity surges across the Solana network. Both drops converted passive token holders into active traders, drove spikes in on-chain activity, and fed volume back into the broader token market for months after the initial distribution.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The logic for a Pump.fun distribution follows the same playbook. An airdrop would convert $PUMP holders into active platform users, incentivize new token creation, and cycle that activity back into fee revenue. The flywheel is clean in theory. As of the time of writing, no such event has been officially confirmed by the Pump.fun project team. This is speculative narrative with compelling precedent, not a confirmed roadmap item.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">That gap between speculation and confirmation is exactly where crypto trades. The revenue case for $PUMP does not need an airdrop to work, <strong>$30 to $40 million</strong> in monthly fees is already a real, documented number. But if that catalyst eventually materializes, it could convert what currently looks like a two-day bounce into something with considerably more staying power. Monday was a reminder of how quickly sentiment shifts on Solana. Whether that shift has legs is the question that matters now.</p>

<div style="margin-top:32px;padding:22px 24px;background:#f8f9fa;border-radius:8px;border-left:4px solid #e8c547;">
  <h2 style="margin:0 0 20px 0;font-size:20px;font-weight:700;color:#1a1a2e;">Frequently Asked Questions</h2>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What is Pump.fun?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Pump.fun is a permissionless token-launch platform built on Solana that allows anyone to create and trade new tokens instantly. The platform earns fees from token creation and trading activity. Its native token, $PUMP, reflects on-chain volume and activity levels. Trader Ansem estimates Pump.fun generates $30-40 million per month in revenue even during bear markets.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">Why did Pump.fun token surge 23% on Monday?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Two catalysts drove the move: a viral meme coin called Jimothy The Raccoon (JIMOTHY) surged 186% in under 24 hours, funneling direct fee revenue to the platform, and prominent trader Ansem publicly disclosed a long position in $PUMP with a detailed bullish thesis. Together, those events pushed the token to a 2-month high of $0.00207 intraday.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What is Ansem&#x27;s invalidation level for the $PUMP trade?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Ansem set a bearish invalidation at $0.0014. A drop to that level would signal that buyers failed to hold the reclaimed support structure near $0.001675, negating the bullish thesis. He did not specify a formal upside price target, framing the position instead as a fundamental re-rating of Pump.fun's on-chain revenue value.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">Has Pump.fun confirmed a token airdrop?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">No. As of the time of writing, Pump.fun has not officially announced any token distribution or airdrop. Trader Ansem raised the possibility speculatively, comparing it to the Jito and Jupiter distributions of late 2023, which sparked durable activity surges on Solana. No official confirmation has been made by the project team.</p>
</div>
</div>

Pump.fun token surged 23% to a 2-month high on Monday as trader Ansem revealed a fresh long position and cited $30-40M in monthly Solana launchpad revenue.

Pump.fun Token Hits 2-Month High With 23% Surge on Solana

<div style="background:#f0f7ff;border-left:4px solid #1a73e8;padding:18px 22px;margin:0 0 28px 0;border-radius:6px;">
  <h3 style="margin:0 0 12px 0;font-size:18px;font-weight:700;color:#1a1a2e;">What to Know</h3>
  <ul style="margin:0;padding-left:20px;color:#2d2d2d;">
    <li style="margin-bottom:8px;line-height:1.6;"><strong>7.87 GWh</strong> per year, Cambridge pegs Ethereum's annual electricity use at second-highest among major PoS chains studied</li>
    <li style="margin-bottom:8px;line-height:1.6;">The <strong>Ethereum Merge</strong> on <strong>September 15, 2022</strong> cut continuous power demand from <strong>2.4 gigawatts</strong> to <strong>0.90 megawatts</strong>, a drop exceeding <strong>99.9%</strong></li>
    <li style="margin-bottom:8px;line-height:1.6;">Ethereum's energy intensity of <strong>33 kWh per $1M</strong> market cap ranks second-lowest among peers, far below Solana's <strong>283 kWh</strong></li>
    <li style="margin-bottom:8px;line-height:1.6;">Fossil fuels still supply <strong>43.6%</strong> of Ethereum's grid mix, with natural gas the single largest source at <strong>27.7%</strong></li>
  </ul>
</div>

<p style="margin:0 0 24px 0;line-height:1.8;color:#2d2d2d;font-size:18px;font-weight:400;">The Ethereum Merge energy story just got a hard number behind it. New research from the Cambridge Centre for Alternative Finance puts Ethereum's annual electricity consumption at <strong>7.87 gigawatt-hours</strong> and continuous power demand at <strong>0.90 megawatts</strong>, down from roughly <strong>2.4 gigawatts</strong> before the <strong>September 2022</strong> transition off proof-of-work. That's a reduction exceeding <strong>99.9%</strong>. Cambridge built those figures from actual hardware measurements, not industry estimates, and annual carbon emissions came in at approximately <strong>2.37 kilotonnes</strong> of CO2 equivalent.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">How Cambridge Measured What Others Estimated</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Most crypto energy studies pick a single assumed wattage and multiply it across all known nodes. Cambridge didn't take that shortcut. Researchers from the <a href="https://www.jbs.cam.ac.uk/2026/new-report-maps-ethereums-climate-footprint-with-new-precision/" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Cambridge Centre for Alternative Finance</span></a> tested <strong>20 combinations</strong> of Ethereum's main execution and consensus clients across two distinct hardware setups: a lightweight residential system that drew a median <strong>18 watts</strong>, and a professional workstation pulling around <strong>152 watts</strong>. The resulting network-weighted average landed at roughly <strong>105 watts per node</strong>.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The team identified <strong>8,522 discoverable full nodes</strong> across the network. About <strong>36%</strong> operated on residential hardware; the remaining <strong>64%</strong> ran in cloud or enterprise data centers. Geographically, the <strong>United States</strong> hosted <strong>31%</strong> of those nodes, followed by <strong>Germany</strong> at <strong>16%</strong>, <strong>Finland</strong> at <strong>8%</strong>, and <strong>France</strong> at <strong>6%</strong>. Those four countries together accounted for nearly <strong>62%</strong> of the full-node network in the study.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">That methodology distinction carries real weight. When you test actual client software on actual hardware configurations rather than plugging one flat estimate into a spreadsheet, you get a figure that reflects how the network actually operates. The 7.87 GWh result Cambridge produced isn't a guess or a midpoint in a range. It's derived from controlled testing across multiple client and hardware combinations.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">What Does Ethereum's Energy Use Look Like Compared to Other PoS Chains?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Here's the part that deserves more scrutiny than the headline number suggests. In raw electricity terms, <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Ethereum</span></a> doesn't claim the lowest spot. <strong>Solana</strong> topped Cambridge's comparison at about <strong>13.48 GWh per year</strong>, with Ethereum second at <strong>7.87 GWh</strong>. Networks like NEAR, Tron, and TON fell in the <strong>3.6 to 5.1 GWh</strong> range. Cardano and BNB Chain both stayed below <strong>1 GWh</strong>. The top-tier PoS networks Cambridge studied consumed <strong>38 GWh</strong> combined.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Divide by market value, though, and the ranking flips. Ethereum consumed about <strong>33 kilowatt-hours per $1 million</strong> of market cap, the second-lowest rate measured. BNB Chain was the only network that came in lower. <strong>Solana</strong> registered roughly <strong>283 kWh per $1 million</strong> of market value, about <strong>8.5 times</strong> Ethereum's rate. Cambridge was clear that this market-value framing is what places Ethereum near the bottom of energy intensity among major proof-of-stake chains.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Cambridge was also deliberate about what it would not calculate. A per-transaction metric was off the table because roughly <strong>92%</strong> of Ethereum ecosystem activity now settles on layer-2 scaling networks. Applying mainnet-only data to a system where most transactions never touch mainnet would produce a misleading result. So Cambridge skipped it.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The report does not claim Ethereum uses the least electricity of any proof-of-stake network. That's worth stating plainly, because the framing matters. It uses more than most peers in absolute terms. The efficiency case only holds up after you divide by market cap, and Cambridge labels that distinction clearly rather than letting the 99.9% figure carry more weight than it should.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">The Grid Mix That Shapes Ethereum's Carbon Footprint</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The <a href="https://blog.ethereum.org/2022/08/24/mainnet-merge-announcement" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Ethereum Merge</span></a> on <strong>September 15, 2022</strong> was the inflection point for everything in this report. Before it, competitive proof-of-work mining set the energy floor. The network's continuous power demand sat at roughly <strong>2.4 gigawatts</strong>. After the Merge, validators replaced miners, and that demand dropped to <strong>0.90 megawatts</strong>. The security model changed. So did the electricity bill.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Where the electricity comes from now shapes most of what remains. Renewable energy supplies <strong>39.4%</strong> of Ethereum's power, and nuclear contributes another <strong>17%</strong>, giving a combined low-carbon share of <strong>56.4%</strong>. Fossil fuels account for the other <strong>43.6%</strong>, with natural gas the single largest source at <strong>27.7%</strong>.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">That breakdown is partly a node geography problem. Node operators in countries with cleaner grids lower the average carbon intensity. Operators in regions with heavier fossil fuel dependence push it back up. The <strong>2.37 kilotonnes</strong> of CO2 equivalent Cambridge calculated isn't a fixed ceiling. It's a snapshot that moves with the grid composition at each node location.</p>

<blockquote style="border-left:3px solid #e8c547;margin:20px 0;padding:14px 20px;background:#fefdf5;border-radius:0 6px 6px 0;font-style:italic;color:#333;">
  <p style="margin:0;line-height:1.6;">Under Proof-of-Stake, electricity is no longer the price of security.</p>
  <footer style="margin-top:8px;font-size:14px;color:#666;font-style:normal;">— Alexander Neumüller, research lead, Cambridge digital assets energy program</footer>
</blockquote>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">What Cambridge's Forward Guidance Actually Says</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Cambridge kept its projections deliberately open. Lighter stateless verification could lower hardware requirements for node operators, reducing the per-node energy draw. But broader participation in running nodes could offset those gains entirely. The report treats future electricity demand as an open question, not a trend line.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">That restraint is what makes this study worth taking seriously. Energy reports in the crypto space often tilt toward a preferred conclusion by building in efficiency assumptions that haven't materialized yet. Cambridge didn't do that. The <strong>2.37 kilotonnes</strong> figure is a data point, not a destination. Where Ethereum's emissions land next depends on which direction the grid moves, not just on what the protocol does.</p>

<div style="margin-top:32px;padding:22px 24px;background:#f8f9fa;border-radius:8px;border-left:4px solid #e8c547;">
  <h2 style="margin:0 0 20px 0;font-size:20px;font-weight:700;color:#1a1a2e;">Frequently Asked Questions</h2>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What is the Ethereum Merge?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">The Ethereum Merge refers to Ethereum's transition from proof-of-work mining to proof-of-stake validation, completed on September 15, 2022. Validators replaced energy-intensive miners, slashing the network's continuous power demand from approximately 2.4 gigawatts to 0.90 megawatts, a reduction exceeding 99.9%, according to Cambridge Centre for Alternative Finance data.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">How much energy does Ethereum use after the Merge?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">According to the Cambridge Centre for Alternative Finance, Ethereum consumes approximately 7.87 gigawatt-hours of electricity annually after the Merge, with a continuous power demand of about 0.90 megawatts. That places it second among major proof-of-stake networks studied, behind Solana at 13.48 GWh per year.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">How does Ethereum&#x27;s energy use compare to other blockchains?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Ethereum ranks second in absolute electricity use among the PoS networks Cambridge studied at 7.87 GWh annually. Normalized for market value, it consumes just 33 kilowatt-hours per $1 million of market cap, the second-lowest rate measured. Solana consumes about 283 kWh per $1 million, roughly 8.5 times Ethereum's rate.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What percentage of Ethereum&#x27;s electricity comes from clean sources?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Cambridge found renewable energy supplies 39.4% of Ethereum's electricity and nuclear energy contributes 17%, for a combined low-carbon share of 56.4%. Fossil fuels cover the remaining 43.6%, with natural gas as the single largest source at 27.7% of total supply.</p>
</div>
</div>

Cambridge finds Ethereum Merge slashed power demand 99.9%, from 2.4 gigawatts to 0.90 megawatts, as new July 2026 data maps the network's climate footprint.

Ethereum Merge Dropped Energy Use 99.9%, Cambridge Reports

<div style="background:#f0f7ff;border-left:4px solid #1a73e8;padding:18px 22px;margin:0 0 28px 0;border-radius:6px;">
  <h3 style="margin:0 0 12px 0;font-size:18px;font-weight:700;color:#1a1a2e;">What to Know</h3>
  <ul style="margin:0;padding-left:20px;color:#2d2d2d;">
    <li style="margin-bottom:8px;line-height:1.6;"><strong>$197.40 million</strong> flowed into spot Bitcoin ETFs during the week ending <strong>July 10</strong>, ending an eight-week outflow streak that began on <strong>May 15</strong></li>
    <li style="margin-bottom:8px;line-height:1.6;"><strong>$1.79 billion</strong> was the peak single-week outflow for Bitcoin ETFs, recorded in the week ending <strong>June 26</strong></li>
    <li style="margin-bottom:8px;line-height:1.6;">Bitcoin ETFs shed <strong>$95.30 million</strong> on <strong>July 9</strong> and <strong>$84.86 million</strong> on <strong>July 8</strong> after US strikes on Iran, nearly canceling the week's gains</li>
  </ul>
</div>

<p style="margin:0 0 24px 0;line-height:1.8;color:#2d2d2d;font-size:18px;font-weight:400;"><a href="https://www.bitcoinomist.io/latest-news/2026-04-07-spot-bitcoin-etf-inflows-top-471m-but-btc-is-pinn" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Spot Bitcoin ETF</span></a> products pulled in <strong>$197.40 million</strong> during the week ending <strong>July 10</strong>, and Ethereum funds added <strong>$84.42 million</strong>, ending eight straight weeks of net outflows that had run since mid-May. SoSoValue data confirmed the twin reversal, which marks the first positive weekly reading for both products in nearly two months and a potential turning point after one of the longest sustained outflow streaks since these products launched.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Eight Weeks of Damage, Then One Positive Week</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The prior run was brutal. <a href="https://www.bitcoinomist.io/latest-news/2026-04-04-bitcoin-etfs-will-be-larger-than-gold-etfs-analys" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Bitcoin ETFs</span></a> had been losing money every week since <strong>May 15</strong>, with the pace of redemptions accelerating through June. The peak came in the week ending <strong>June 26</strong>, when <strong>$1.79 billion</strong> in net outflows hit in a single seven-day stretch. Ethereum funds tracked the same trajectory, with their worst week also on <strong>June 26</strong>, when <strong>$273.34 million</strong> left those products. Bitcoin ETFs held no positive week across the entire stretch from May 15 through early July. Ethereum funds matched that record of consecutive outflows for the same period.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">With the <strong>July 10</strong> week ending positive, Bitcoin net assets climbed to <strong>$77.42 billion</strong> and Ethereum net assets recovered to <strong>$9.59 billion</strong>. The recovery had actually started building before the weekly figure confirmed it. The <a href="https://sosovalue.com/assets/etf/us-btc-spot" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">spot Bitcoin ETF</span></a> category drew <strong>$221.72 million</strong> on <strong>July 2</strong> alone, snapping a 10-day streak of consecutive daily redemptions. That single session set the table for the full week's reversal.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Put those two numbers side by side: $1.79 billion out in one week versus $197.40 million back in during the reversal week. The directional shift is real. The scale of recovery is modest against the damage that came before it. Eight weeks of institutional money leaving a product says something about sentiment. One week of returning money says the sentiment is shifting, not that it has fully shifted.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Will Spot Bitcoin ETF Flows Stay Positive?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The inflow week was built on two macro props. Federal Reserve Chair <a href="https://www.bloomberg.com/news/articles/2026-07-01/warsh-says-fed-charting-new-course-repeats-no-forward-guidance" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Kevin Warsh</span></a> said inflation risks had decreased, shifting the tone around rate expectations and giving risk assets room to breathe. A weak US jobs report landed around the same time and reinforced that signal. Both data points pointed toward a rate environment that typically benefits Bitcoin and risk assets broadly. Bitcoin's price responded, and institutional ETF flows tend to follow price direction with a short lag. That chain held through the first week of July. Buyers who had been sitting out during the eight-week outflow streak used the macro shift as cover to step back in.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">But the week was not clean. US strikes on Iran created immediate turbulence in daily ETF flows. Bitcoin ETFs lost <strong>$84.86 million</strong> on <strong>July 8</strong> and shed another <strong>$95.30 million</strong> on <strong>July 9</strong>. Two days of geopolitical shock nearly wiped out what the rest of the week had built. The <a href="https://sosovalue.com/assets/etf/us-eth-spot" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">spot Ethereum ETF</span></a> cohort absorbed its own share of that pressure, though Ethereum still ended the weekly total in positive territory. The margin between a positive and negative week was thin.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The diplomatic situation is unresolved. President Donald Trump said the US and Iran agreed to continue talks, but he declared last month's ceasefire over at the same time. That is not a stable position. For crypto ETF flows, geopolitical escalation historically sends institutional money toward safer assets and away from risk. A genuine resolution in Iran talks would remove the largest single uncertainty hanging over market sentiment right now. The market is reading geopolitical tea leaves as much as it is reading Fed policy.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">One positive week after eight negative ones is a start. Not a trend. The $197.40 million that came back in does not cancel the billions that left over the prior two months. If the Iran situation deteriorates, those gains disappear fast. What happens in Tehran this week matters as much as what happens in Washington for ETF flows this summer.</p>

<div style="margin-top:32px;padding:22px 24px;background:#f8f9fa;border-radius:8px;border-left:4px solid #e8c547;">
  <h2 style="margin:0 0 20px 0;font-size:20px;font-weight:700;color:#1a1a2e;">Frequently Asked Questions</h2>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What is a spot Bitcoin ETF?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">A spot Bitcoin ETF is an exchange-traded fund that holds actual Bitcoin as its underlying asset, giving traditional investors exposure to BTC price movements through standard brokerage accounts without directly owning or storing cryptocurrency. Shares trade on regulated US exchanges such as NYSE and Nasdaq.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">Why did Bitcoin and Ethereum ETFs flip positive in July 2026?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Bitcoin and Ethereum ETFs recorded net inflows in the week ending July 10 after Fed Chair Kevin Warsh said inflation risks had decreased, combined with a weak US jobs report. Both signals supported risk assets and drew institutional buyers back after eight consecutive weeks of net outflows since May 15.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">How large were Bitcoin ETF outflows before the July 2026 reversal?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Bitcoin ETFs saw peak weekly outflows of $1.79 billion in the week ending June 26, with consistent redemptions every week from May 15. Ethereum ETF outflows peaked the same week at $273.34 million. Total outflows ran into the billions before the weekly reversal in the period ending July 10.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What could reverse the ETF inflow recovery in 2026?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Geopolitical escalation poses the main risk. Bitcoin ETFs lost $84.86 million on July 8 and $95.30 million on July 9 after US strikes on Iran. President Trump declared last month's ceasefire over while agreeing to continue talks, leaving ETF flows vulnerable to sudden reversal on any new military escalation.</p>
</div>
</div>

Spot Bitcoin ETFs drew $197.40M and Ethereum ETFs added $84.42M in the week ending July 10, snapping 8 straight weeks of outflows amid Fed rate signals.

Bitcoin and Ethereum ETFs Flip Positive After 8 Weeks

<div style="background:#f0f7ff;border-left:4px solid #1a73e8;padding:18px 22px;margin:0 0 28px 0;border-radius:6px;">
  <h3 style="margin:0 0 12px 0;font-size:18px;font-weight:700;color:#1a1a2e;">What to Know</h3>
  <ul style="margin:0;padding-left:20px;color:#2d2d2d;">
    <li style="margin-bottom:8px;line-height:1.6;"><strong>US whale activity</strong> on Coinbase pushed <strong>BTC</strong> to <strong>$64,000</strong>, per CryptoQuant's Friday analysis by contributor Burak Kesmeci</li>
    <li style="margin-bottom:8px;line-height:1.6;">The <strong>Coinbase Premium Index</strong> sits at <strong>-0.08</strong>, still negative but bouncing off local lows after more than <strong>two months</strong> below zero on daily time frames</li>
    <li style="margin-bottom:8px;line-height:1.6;"><strong>US spot Bitcoin ETFs</strong> recorded first net inflows after a record <strong>$2.7 billion</strong> losing streak, though Thursday brought another <strong>$95.3 million</strong> in outflows</li>
  </ul>
</div>

<p style="margin:0 0 24px 0;line-height:1.8;color:#2d2d2d;font-size:18px;font-weight:400;">Bitcoin's <strong>Coinbase Premium Index</strong> handed bulls their first clear whale signal in weeks, as US-based buyers pushed <strong>BTC</strong> price to <strong>$64,000</strong>, according to onchain analytics firm CryptoQuant. One bounce does not make a trend. But this one is worth paying attention to.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">What Is the Coinbase Premium Index Showing Right Now?</h2>

<h3 style="font-size:19px;font-weight:600;color:#333;margin:20px 0 12px 0;">Why US Whale Activity Drives Short-Term Bitcoin Direction</h3>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The <a href="https://cryptoquant.com/asset/btc/chart/market-data/coinbase-premium-index" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Coinbase Premium Index</span></a> measures the price gap between Coinbase's BTC/USD spot pair and Binance's BTC/USDT pair. When it tilts positive, US-based buyers, usually large institutional wallets and high-net-worth investors, are bidding harder for <strong>Bitcoin</strong> than their offshore counterparts. When it's negative, US demand is softer. Right now it sits at <strong>-0.08</strong> per CryptoQuant data, having spent more than <strong>two months</strong> in negative territory without once flipping positive on a daily close.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">In a blog post on Friday, CryptoQuant contributor Burak Kesmeci flagged that both the <a href="https://www.bitcoinomist.io/latest-news/2026-04-10-bitcoin-and-ethereum-open-interest-rises-signalin" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">BTC and ETH</span></a> premium readings had bounced off their local lows. 'The Coinbase Premium Index for both BTC and ETH remains in negative territory, but both have bounced off their local lows,' Kesmeci wrote, pointing to the <strong>14-day simple moving average</strong> as confirmation that early buy-side pressure was building.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Kesmeci's read on this metric goes deeper than any one trade setup. 'Once again, U.S. whale activity is proving to be the leading data point for trend direction,' he wrote. 'Short-, medium-, and long-term regime shifts can all be read through this metric.' The premium gap between Coinbase and Binance has historically preceded broader trend changes before they showed up in price action, which is why even a negative-but-recovering reading is getting serious attention.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The ceiling for optimism is clearly defined. A bounce from <strong>-0.08</strong> toward zero does not confirm a structural change in trend. Kesmeci's own analysis leaves little ambiguity about what the bulls actually need: the index must break above zero and sustain that level before anyone can claim a real regime shift is underway, not just a relief bounce on the back of whale positioning.</p>

<blockquote style="border-left:3px solid #e8c547;margin:20px 0;padding:14px 20px;background:#fefdf5;border-radius:0 6px 6px 0;font-style:italic;color:#333;">
  <p style="margin:0;line-height:1.6;">The current picture is a catalyst for a short-term bounce, but for a real long-term regime change, this metric needs to break above zero.</p>
  <footer style="margin-top:8px;font-size:14px;color:#666;font-style:normal;">— Burak Kesmeci, CryptoQuant contributor</footer>
</blockquote>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Bitcoin Suisse Calls a Bottom Signal as ETF Flows Stay Uneven</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The whale signal came alongside a broader shift. <a href="https://farside.co.uk/btc/" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">US spot Bitcoin ETFs</span></a> registered their first net inflows following a record <strong>$2.7 billion</strong> losing streak that stretched across eight consecutive weeks, a run that pushed <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Bitcoin</span></a> to a <strong>21-month low</strong>. Crypto finance provider Bitcoin Suisse put it plainly in a Friday thread on X: 'Eight weeks of ETF outflows. Bitcoin at a 21-month low. This week, something shifted.' The firm described a 'bottom signal framework flashing' across a basket of market indicators.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Sentiment is still lurching. Data from Farside Investors shows that on Thursday alone, US spot <a href="https://www.bitcoinomist.io/latest-news/2026-04-04-bitcoin-etfs-will-be-larger-than-gold-etfs-analys" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Bitcoin ETFs</span></a> logged a third straight day of net outflows totaling <strong>$95.3 million</strong>, even as broader optimism started to tick upward on the back of earlier inflow data. The Crypto Fear & Greed Index sat in its lowest <strong>extreme greed</strong> zone, a reading that usually implies market participants are positioned for a rally but haven't fully committed. Whales buying, ETF flows mixed, sentiment unstable: this is what early recovery looks like before anyone is sure it's real. Until the Coinbase Premium crosses zero, every move is still a hypothesis.</p>

<div style="margin-top:32px;padding:22px 24px;background:#f8f9fa;border-radius:8px;border-left:4px solid #e8c547;">
  <h2 style="margin:0 0 20px 0;font-size:20px;font-weight:700;color:#1a1a2e;">Frequently Asked Questions</h2>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What is the Coinbase Premium Index?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">The Coinbase Premium Index measures the price difference between Bitcoin's spot price on Coinbase (BTC/USD) and Binance (BTC/USDT). A positive value indicates stronger US-based demand. A negative value, as seen at -0.08 in July 2026, signals weaker buying activity from US investors compared to offshore markets.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">Why did Bitcoin price rise to $64,000 in July 2026?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">According to CryptoQuant, US-based whale activity drove Bitcoin's rebound to $64,000. The Coinbase Premium Index bounced off its local lows, with both BTC and ETH premium readings showing early buy-side momentum returning, per analyst Burak Kesmeci's Friday blog post on CryptoQuant.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What happened with US spot Bitcoin ETF flows in July 2026?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">US spot Bitcoin ETFs recorded their first net inflows after a record $2.7 billion losing streak spanning eight consecutive weeks. However, Farside Investors data showed a third straight day of net outflows worth $95.3 million on Thursday, July 10, 2026, indicating sentiment remains unstable.</p>
</div>
</div>

Bitcoin whales pushed BTC price to $64,000 this week as the Coinbase Premium Index bounced off its lows, per CryptoQuant data. Spot ETF flows stay mixed.

Bitcoin Whales Push BTC to $64K as Coinbase Premium Breaks

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;"><a href="https://coinmarketcap.com/currencies/xrp/">XRP</a> traded above <strong>$1.10</strong> on Monday, bouncing modestly alongside a partial recovery across cryptocurrency markets. It sounds like good news. But the conditions driving that bounce are fragile, and the data underneath the headline price suggests XRP is still fighting an uphill battle against weak demand on both the institutional and retail sides.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Geopolitical noise from the Middle East continues to apply quiet pressure on risk assets. The United States has renewed its call for negotiations and diplomatic solutions, but market participants are not reading those statements as signals to buy. Cautious sentiment has a tendency to outlast the headlines that created it, and right now investor patience appears to be running ahead of investor appetite.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Where Is the Institutional Demand?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The numbers from XRP-linked investment products were not encouraging. Spot exchange-traded fund activity was subdued on Thursday, and <a href="https://sosovalue.com/assets/etf/us-xrp-spot">XRP ETF outflows</a> came in at approximately <strong>$7 million</strong> the prior day, according to SoSoValue data. That is a meaningful signal. ETF flows are one of the cleaner reads on where professional money is heading, and the direction right now is out the door.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Without institutional capital as a driver, XRP's price recovery leans entirely on retail demand. That is a weak foundation. Retail interest was already cooling before this week's bounce started, and retail-driven recoveries in crypto tend to fade quickly without professional money stepping in to sustain them.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The persistent lack of institutional engagement is the clearest argument against reading too much into the <strong>$1.10</strong> bounce. Call it a post-ETF hangover. XRP attracted meaningful institutional attention when spot ETF approvals opened the door to regulated crypto exposure, but the outflow trend this week shows that initial enthusiasm has given way to a more cautious approach from professional investors.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Futures Contracts Are Confirming the Weakness</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The derivatives market is not offering a counterargument. <a href="https://www.coinglass.com/open-interest/XRP">XRP Open Interest</a> in futures contracts fell to <strong>2.1 billion XRP</strong> on Friday, down from <strong>2.14 billion</strong> the day before. CoinGlass data shows open interest stood at <strong>2.38 billion XRP</strong> as recently as June 23, meaning roughly <strong>280 million XRP</strong> worth of speculative positioning has been unwound over less than three weeks.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Declining open interest during a price recovery is a warning flag most traders recognize immediately. It means participants are closing existing positions rather than opening new directional bets. If real conviction existed behind this bounce, futures exposure would be growing alongside the price. The fact that it is shrinking points toward short-covering and thin-volume cleanup rather than a fresh wave of buyer interest.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">What Price Levels Are XRP Traders Watching Right Now?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The technical picture lays the burden of proof squarely on buyers. XRP is trading beneath three major exponential moving averages, all of which are sloping downward and all of which represent ceilings rather than floors at current prices. The <strong>50-day EMA sits at $1.17</strong>. The <strong>100-day EMA comes in at $1.27</strong>. The <strong>200-day EMA is near $1.48</strong>. Working through that wall of resistance would require a sustained acceleration of buying that current market conditions do not support.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">A broken downward resistance trendline near <strong>$1.14</strong> adds the first serious hurdle. XRP lost that level as support, and reclaiming it takes sustained effort in an environment where both institutional and retail demand are underperforming. The band between <strong>$1.14 and $1.17</strong> is the zone that matters most for the near-term outlook. A confirmed close above it would begin to challenge the bearish bias. A rejection there reinforces it.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The Relative Strength Index is reading around <strong>47</strong>, technically neutral but leaning toward weak demand. The MACD remains marginally positive, which means the rate of selling has slowed, not that buying has taken over. Slowing downside momentum and rising upside momentum are different signals, and conflating the two is an easy mistake to make when looking at early-stage recoveries.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">On the downside, the area just below <strong>$1.10</strong> is holding as a short-term floor following the bounce off <strong>$1.07</strong>. That support is provisional. If seller pressure returns and the <strong>$1.10</strong> area fails, the most logical next test is the <strong>$1.07</strong> level. There is not much technical structure between the two to slow a move lower.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">XRP bears retain the structural advantage until the price gets back above that <strong>$1.14 to $1.17</strong> range and stays there. Anything short of that is a bounce inside a downtrend, which is a different thing from a trend reversal. Watch <strong>$1.14</strong>. That is where the story changes, or doesn't.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Frequently Asked Questions</h2>

<h3 style="font-size:19px;font-weight:600;color:#333;margin:20px 0 12px 0;">What is XRP's price outlook for July 2026?</h3>
<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">XRP is trading above $1.10 as of Monday, July 10, 2026, rebounding from a $1.07 support level. The near-term outlook remains bearish, with price sitting below key exponential moving averages at $1.17, $1.27, and $1.48, and the RSI around 47 showing limited buyer conviction. Reclaiming the $1.14 to $1.17 band would be the first sign of a potential trend shift.</p>

<h3 style="font-size:19px;font-weight:600;color:#333;margin:20px 0 12px 0;">Why are XRP ETF outflows a concern for the price?</h3>
<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">XRP spot ETF outflows reached approximately $7 million the prior day, according to SoSoValue data. Consistent outflows from XRP investment products signal that institutional investors are reducing exposure rather than adding to it, which removes a critical source of sustained buying pressure that retail demand alone cannot replace.</p>

<h3 style="font-size:19px;font-weight:600;color:#333;margin:20px 0 12px 0;">What is XRP Open Interest and why does the decline matter?</h3>
<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Open Interest measures the total value of active futures contracts on an asset. XRP Open Interest fell from 2.38 billion XRP on June 23 to 2.1 billion XRP by Friday. A declining reading during a price bounce suggests short-covering and position exits rather than new bullish bets, signaling weak conviction in the recovery.</p>

<h3 style="font-size:19px;font-weight:600;color:#333;margin:20px 0 12px 0;">What resistance levels are most important for XRP right now?</h3>
<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The critical short-term resistance zone sits between $1.14 and $1.17, where a broken downtrend line meets the 50-day EMA. Beyond that, $1.27 (100-day EMA) and $1.48 (200-day EMA) represent further overhead barriers. On the support side, $1.10 and $1.07 are the two levels traders are monitoring for potential floor tests.</p>

XRP climbs above $1.10 on Monday but faces stalling risk as institutional demand cools and futures open interest drops to 2.1B XRP, per July 2026 data.

Ripple Price Forecast: XRP Edges Higher, Risks Stalling

<div style="background:#f0f7ff;border-left:4px solid #1a73e8;padding:18px 22px;margin:0 0 28px 0;border-radius:6px;">
  <h3 style="margin:0 0 12px 0;font-size:18px;font-weight:700;color:#1a1a2e;">What to Know</h3>
  <ul style="margin:0;padding-left:20px;color:#2d2d2d;">
    <li style="margin-bottom:8px;line-height:1.6;"><strong>30 September 2026</strong>, the FCA opens its cryptoasset authorisation application window for unregulated crypto firms</li>
    <li style="margin-bottom:8px;line-height:1.6;">Firms must file by <strong>28 February 2027</strong> to keep operating under transitional provisions before the full regime kicks in on <strong>25 October 2027</strong></li>
    <li style="margin-bottom:8px;line-height:1.6;">Even a single regulated activity triggers a layered documentation exercise, custody firms alone face <strong>four distinct evidence categories</strong> just to get started</li>
  </ul>
</div>

<p style="margin:0 0 24px 0;line-height:1.8;color:#2d2d2d;font-size:18px;font-weight:400;">The FCA crypto application forms are here, or close enough, anyway. This week, the UK's Financial Conduct Authority handed unregulated crypto firms their first detailed look at what an authorisation application actually involves. The two-layer structure, the custody documentation requirements, the ambiguous definition of 'ready', the sheer volume of it is going to rattle some boardrooms before the September 2026 window even opens.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">What's Inside the FCA's Two-Layer Application Framework?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The FCA has structured its authorisation process around two distinct tiers. The first, the <strong>'core'</strong> layer, pulls the same basic information the regulator asks of most firms seeking any kind of licence: details on senior management, controllers, IT arrangements. Crypto firms also have to add a <strong>cryptoasset records management policy</strong> on top of that. Table stakes.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Second layer, that's where it gets firm-specific. Applicants complete crypto-focused modules based on their particular business model and which regulated activities they're applying for. Need a <a href="https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation/how-gateway-will-operate" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">FCA crypto application forms</span></a> licence to operate a cryptoasset trading platform? There's a module for that. Offering crypto staking? Different module. The selection of activities you're going after determines what gets stacked into your file.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">This modular approach sounds clean on paper. In practice, applying for even a single regulated activity triggers what the FCA itself describes as a 'substantial documentation exercise.' A firm going after one activity can still find itself buried under a thick stack of supporting docs before it ever submits a single page.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Pause on what 'regulated activities' actually covers here, because it's broader than some firms realise. The FCA's new cryptoasset regime brings into scope activities that were previously unregulated: operating a trading platform, providing custody, facilitating staking, executing crypto transactions, and more. Each activity a firm wants to offer requires its own module. Four activities means four modules stacked on top of the core application, each carrying its own documentation burden. That's the mechanic behind the compliance warnings the FCA is effectively issuing.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">The Custody Documentation Burden Is No Joke</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The safeguarding, custody, requirements illustrate just how granular the FCA intends to get. Firms that want to hold client cryptoassets must show the regulator they've thought through every layer of the custody chain, from daily reconciliation to private key access to third-party liability. The documentation requirements break into at least four distinct categories, each requiring its own evidence package:</p>

<ul style="margin:16px 0;padding-left:24px;color:#2d2d2d;">
  <li style="margin-bottom:6px;line-height:1.6;">A records and reconciliation policy showing how the firm maintains accurate books and records, with checks performed each business day</li>
  <li style="margin-bottom:6px;line-height:1.6;">Proof of trust arrangements, including a draft trust agreement and disclosure documents explaining to clients exactly how their cryptoassets are held on trust</li>
  <li style="margin-bottom:6px;line-height:1.6;">A means of access policy covering <strong>private key management</strong>, security controls, and key-mapping record templates</li>
  <li style="margin-bottom:6px;line-height:1.6;">Where third-party custodians are used: written agreements, proof of due diligence, and governance documentation spelling out how liability is assigned between the firm, the custodian, and the client</li>
</ul>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">The February 2027 Deadline and What 'Ready' Actually Means</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;"><strong>Four distinct evidence categories</strong> for a single regulated activity. If your business touches more than one function, say, operating a trading platform and offering custody simultaneously, the requirements stack accordingly. Fast. The FCA is not, by any stretch, offering an easy on-ramp.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Here's the part that deserves more attention than it's getting. Under <a href="https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">FCA cryptoasset authorisation</span></a> rules, firms wanting access to transitional provisions, essentially a grace period that lets them keep operating while their application is assessed, must submit by <strong>28 February 2027</strong>. The full crypto regime doesn't switch on until <strong>25 October 2027</strong>, but waiting until then to apply means losing those transitional protections entirely.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">What that transitional period actually buys firms is time. Without it, a firm that hasn't received FCA authorisation by <strong>25 October 2027</strong> would need to stop providing regulated cryptoasset services altogether, no grace window, no continued operation, just a hard stop. The transitional framework lets qualifying firms keep going during the assessment period, as long as they filed before the <strong>28 February 2027</strong> cutoff. Missing that cutoff isn't just an administrative inconvenience. It potentially means months of forced inactivity while waiting for a licence decision.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">So firms are being asked to demonstrate they're <strong>'ready, willing and organised'</strong> to comply with the FCA's rulebook, months before those rules actually apply. The FCA's information document suggests it expects a mixture of draft documents alongside binding commitments, not everything needs to be finalised at submission, but the regulator wants genuine readiness, not placeholder text.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">One more wrinkle: the application form itself isn't finished yet. The FCA says the final version will be available from the end of September, and details may change from what's been previewed. Build that uncertainty into your planning timeline.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Treat the Preview Alongside the Final Rules</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The FCA published its <a href="https://www.fca.org.uk/news/press-releases/fca-sets-landmark-crypto-rules-cement-uks-place-global-hub" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">FCA crypto rules</span></a> final rulebook the week before this preview landed. Both documents together, the rules and the application guidance, should be read as the official starting pistol. Compliance teams still in monitoring mode should know: the gun has already fired.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Applications open <strong>30 September 2026</strong>. Firms have roughly three months from now to inventory their current documentation, map it against the FCA's two-layer framework, and decide exactly which regulated activities they intend to apply for. Each additional activity adds a module, and another pile of supporting evidence.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Already-authorised FCA firms wanting to vary their permissions to cover new cryptoasset activities face the same requirements. The preview is equally relevant to both camps.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The compliance arms race in UK crypto is officially underway. Whether your deadline is <strong>February 2027</strong> or not, the clock is running.</p>

<div style="margin-top:32px;padding:22px 24px;background:#f8f9fa;border-radius:8px;border-left:4px solid #e8c547;">
  <h2 style="margin:0 0 20px 0;font-size:20px;font-weight:700;color:#1a1a2e;">Frequently Asked Questions</h2>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What are the FCA crypto application forms?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">The FCA crypto application forms are the documentation package UK firms must submit to receive cryptoasset authorisation. Structured in two layers, a core information set covering senior management, controllers, and IT arrangements, plus crypto-specific activity modules, applications are accepted from 30 September 2026.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">When does the FCA cryptoasset application window open?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">The FCA begins accepting cryptoasset authorisation applications from 30 September 2026. Firms that apply by 28 February 2027 can use transitional provisions allowing continued operation during assessment. The full cryptoasset regulatory regime takes effect on 25 October 2027.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What documents do crypto firms need for FCA authorisation?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Requirements vary by activity. Custody firms must produce a records and reconciliation policy, proof of trust arrangements, a means of access policy covering private key management, and, where third-party custodians are used, written agreements and governance documentation specifying liability allocation between all parties involved.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What happens if a firm misses the 28 February 2027 FCA deadline?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Firms missing the 28 February 2027 deadline lose access to transitional provisions, meaning they cannot continue operating regulated cryptoasset services during the assessment period. They would need to cease those activities until receiving full authorisation, which only takes effect under the regime from 25 October 2027.</p>
</div>
</div>

UK FCA crypto application forms previewed ahead of the September 2026 window, here's what crypto firms must prepare before the February 2027 deadline.

UK FCA Previews Its Crypto Application Forms

<div style="background:#f0f7ff;border-left:4px solid #1a73e8;padding:18px 22px;margin:0 0 28px 0;border-radius:6px;">
  <h3 style="margin:0 0 12px 0;font-size:18px;font-weight:700;color:#1a1a2e;">What to Know</h3>
  <ul style="margin:0;padding-left:20px;color:#2d2d2d;">
    <li style="margin-bottom:8px;line-height:1.6;"><strong>17 banks</strong> from six continents are piloting Swift blockchain ledger for tokenized cross-border payments</li>
    <li style="margin-bottom:8px;line-height:1.6;"><strong>BNP Paribas</strong>, MUFG Bank, and HSBC are among the pilot participants</li>
    <li style="margin-bottom:8px;line-height:1.6;">The system enables <strong>24/7</strong> payments including overnight and weekends without losing compliance controls</li>
  </ul>
</div>

<p style="margin:0 0 24px 0;line-height:1.8;color:#2d2d2d;font-size:18px;font-weight:400;">The Swift blockchain ledger is no longer a concept sitting in a pilot roadmap. On <strong>July 9, 2026</strong>, the Brussels-based financial messaging cooperative announced that its distributed ledger infrastructure is ready for real-world use, with <strong>17 banks</strong> from <strong>six continents</strong> stepping forward to run live cross-border transactions using tokenized deposits. This is not a sandbox experiment with fake money and controlled conditions. These institutions will be moving actual customer funds outside the conventional banking window, testing whether the ledger can deliver what Swift has promised: a payments infrastructure that never sleeps. For a cooperative that underpins global banking infrastructure, this announcement carries weight that most blockchain payment releases simply cannot match.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">What the Swift Blockchain Ledger Actually Does</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The <a href="https://www.swift.com/news-events/press-releases/swifts-blockchain-ledger-ready-use-17-banks-set-pioneer-tokenised-cross-border-payments-trusted-global-infrastructure" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Swift blockchain ledger</span></a> was built over <strong>nine months</strong> with direct input from financial institutions, and its architecture reflects the demands of the banks that helped shape it. The core promise is straightforward: extend payment settlement beyond the rigid hours that have constrained global liquidity for decades. Banks can move money quickly during business hours in their respective time zones, but the hours between midnight in New York and the open of Tokyo have long been dead zones for cross-border flows. Swift's ledger is designed to eliminate those gaps by allowing settlement at any point in the day or night.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">What makes this different from a generic blockchain pilot is the asset at the center. Swift's approach relies on <strong>tokenized deposits</strong> issued exclusively by regulated banks, which means the digital tokens used on the ledger carry the same legal standing and trust as the underlying deposit they represent. That design choice is deliberate. Most blockchain payment experiments stumble because they introduce novel asset classes that force banks to build entirely new compliance frameworks from scratch, often spending years clearing regulatory hurdles before a single real payment can move. Here, the compliance framework already exists. The token is simply a more programmable, more portable version of money banks already issue and control.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Which Banks Are Piloting Tokenized Deposits on Swift's Ledger?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The pilot group is not made up of regional institutions hedging their bets. These are systemically important banks with global reach and established regulatory frameworks. France's <strong>BNP Paribas</strong>, Japan's <strong>MUFG Bank</strong>, and the UK's <strong>HSBC</strong> anchor the consortium, with <strong>14 other institutions</strong> rounding out the group across <strong>six continents</strong>. The geographic spread is not incidental. By bringing participants from six continents into a single pilot, Swift is deliberately stress-testing whether <a href="https://www.businesswire.com/news/home/20260708432053/en/Swifts-Blockchain-Ledger-Ready-for-Use-as-17-Banks-Set-to-Pioneer-Tokenised-Cross-Border-Payments-on-Trusted-Global-Infrastructure" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">tokenized deposits</span></a> can work through the jurisdictional complexity that makes cross-border payments expensive and slow for businesses and consumers today.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The specific pain point the pilot targets is payments that fall outside normal banking hours. Consider a corporate treasurer who needs to move funds on a <strong>Saturday night</strong> before a <strong>Sunday</strong> market open. Under the current system, there is no good option. Capital sits idle for more than <strong><a href="https://www.bitcoinomist.io/latest-news/2026-04-02-coinbase-clo-grewal-clarity-act-deal-48-hours" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">48 hours</span></a></strong> while the bank waits for Monday morning. Swift's ledger is designed to close that exact gap, giving banks the ability to offer customers round-the-clock liquidity and settlement capability without dismantling the compliance controls and risk management procedures that global regulators mandate. It is operational infrastructure, not financial innovation theater.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Does This Signal the End of Slow Cross-Border Payments?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Not completely, but it is the most credible step the traditional banking industry has taken in that direction. Having <a href="https://www.bloomberg.com/news/articles/2026-07-09/swift-unveils-blockchain-system-for-24-7-cross-border-payments" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">BNP Paribas</span></a>, <strong>MUFG Bank</strong>, and <strong>HSBC</strong> on the same ledger pilot carries real weight precisely because these institutions operate across different regulatory regimes, hold different reserve currencies, and serve vastly different corporate and retail customer bases. They are not participating as a publicity exercise. If the ledger performs at scale across that diversity of participants and jurisdictions, it becomes a genuine infrastructure candidate for the next generation of global payments, not just another blockchain proof-of-concept.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Swift's <strong>Thierry Chilosi</strong>, the company's chief business officer, stated the case with precision in the <strong>July 9</strong> announcement. He described the ledger as extending the trust and stability of established finance, allowing tokenized value to move across borders with the velocity and flexibility modern commerce expects, while maintaining the same high levels of resiliency, security, and compliance global finance requires. That framing is intentional. It is not a pitch for crypto evangelists. It is designed specifically to reach the compliance officers, risk departments, and board committees of banks that have watched dozens of blockchain payment promises dissolve under regulatory scrutiny.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The longer-term vision stretches well beyond settlement windows. Swift says this first use case is the deliberate foundation for <strong>programmable money</strong> and <strong>agentic commerce</strong>, use cases that would allow the ledger to support payment flows executing automatically when specific conditions are triggered, completely without human intervention at the transaction level. The infrastructure for that ambition is already partially built. Swift reports that <strong>75%</strong> of its existing payment traffic already reaches beneficiary banks within <strong>10 minutes</strong>. The blockchain layer is meant to address the remaining friction points: hours of operation, programmability, and the ability to process payments when humans are asleep.</p>

<div style="margin-top:32px;padding:22px 24px;background:#f8f9fa;border-radius:8px;border-left:4px solid #e8c547;">
  <h2 style="margin:0 0 20px 0;font-size:20px;font-weight:700;color:#1a1a2e;">Frequently Asked Questions</h2>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What is Swift&#x27;s blockchain ledger?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Swift's blockchain ledger is a distributed ledger infrastructure built in nine months with input from financial institutions. It enables regulated banks to issue tokenized deposits and settle cross-border payments at any hour, including nights and weekends, while maintaining existing compliance controls.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">Which banks are testing tokenized deposits?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Seventeen banks from six continents are piloting the Swift blockchain ledger, led by France's BNP Paribas, Japan's MUFG Bank, and the UK's HSBC. The group tests live cross-border payments using tokenized deposits outside normal banking hours, including overnight and on weekends.</p>
</div>
<div style="margin-bottom:18px;padding-bottom:18px;border-bottom:1px solid #e8e8e8;">
  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">How does Swift&#x27;s tokenized deposit system work?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Regulated banks issue tokenized deposits on Swift's distributed ledger, which represent actual bank deposits with the same legal standing. Banks can then transfer these tokens across borders at any time, enabling 24/7 settlement while preserving the compliance controls and risk management standards required by global regulators.</p>
</div>
</div>

Swift's blockchain ledger is ready as 17 banks across six continents begin piloting tokenized deposits for 24/7 cross-border payments starting July 2026.

17 Banks Test Swift Blockchain Ledger for Tokenized Deposits

<div style="background:#f0f7ff;border-left:4px solid #1a73e8;padding:18px 22px;margin:0 0 28px 0;border-radius:6px;">
  <h3 style="margin:0 0 12px 0;font-size:18px;font-weight:700;color:#1a1a2e;">What to Know</h3>
  <ul style="margin:0;padding-left:20px;color:#2d2d2d;">
    <li style="margin-bottom:8px;line-height:1.6;"><strong>75,000+</strong> cryptocurrency mining rigs seized across Malaysia in over <strong>3,000</strong> raids from <strong>2022</strong> through <strong>May 2026</strong></li>
    <li style="margin-bottom:8px;line-height:1.6;"><strong>629</strong> arrests made in joint operations involving the Royal Malaysia Police, state utility TNB, and local authorities</li>
    <li style="margin-bottom:8px;line-height:1.6;">Malaysia's energy ministry linked <strong>$1.1 billion</strong> in power losses to roughly <strong>14,000</strong> illegal mining sites over five years</li>
  </ul>
</div>

<p style="margin:0 0 24px 0;line-height:1.8;color:#2d2d2d;font-size:18px;font-weight:400;">The Malaysia crypto mining crackdown just hit numbers that are hard to sit with. More than <strong>75,000</strong> cryptocurrency mining machines, pulled from warehouses, shophouses, and residential properties across the country, have been seized by authorities in a campaign running from <strong>2022</strong> through <strong>May 2026</strong>. Deputy Home Minister <strong>Datuk Seri Dr Shamsul Anuar</strong> told parliament on Wednesday those seizures came from over <strong>3,000</strong> raids and resulted in <strong>629</strong> arrests. For a country where crypto is technically legal to own and trade, that's an unusually aggressive enforcement posture, and the numbers deserve a closer look than the headline gives them.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">3,000 Raids, Four Years, and Miners Keep Coming Back</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">This isn't one agency running a grudge campaign. Three separate entities coordinate the operations: the <strong>Royal Malaysia Police</strong>, state utility <strong>Tenaga Nasional Berhad (TNB)</strong>, and local authorities working in tandem. Shamsul Anuar told the Dewan Rakyat, the lower house of parliament, that the Home Ministry is now leaning on intelligence gathering and predictive technology to flag likely hotspots before moving in, with the stated goal of taking faster and more precise action.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">That's a meaningful evolution. Earlier enforcement waves were largely reactive, responding to tips or obvious signs of unauthorized power draw at commercial sites. What the minister described is something closer to a fraud analytics model: identify the pattern, then raid. Whether the prediction-first approach produces substantially better results than the previous four years of operations is genuinely unclear.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Shamsul Anuar was direct about why the raids keep happening: demand for digital assets, combined with the profits available when token prices spike, keeps pulling operators back in. He said those potential gains don't excuse crimes like stealing electricity to slash running costs. True enough. But <strong>629 arrests</strong> across four years, against the backdrop of <strong>75,000 seized rigs</strong>, suggests the math still works in the miners' favor often enough to keep the business alive.</p>

<blockquote style="border-left:3px solid #e8c547;margin:20px 0;padding:14px 20px;background:#fefdf5;border-radius:0 6px 6px 0;font-style:italic;color:#333;">
  <p style="margin:0;line-height:1.6;">Potential gains do not excuse crimes such as stealing electricity to cut running costs.</p>
  <footer style="margin-top:8px;font-size:14px;color:#666;font-style:normal;">— Datuk Seri Dr Shamsul Anuar, Deputy Home Minister of Malaysia</footer>
</blockquote>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">Is Crypto Mining Actually Illegal in Malaysia?</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">No, not by itself. <strong>Owning and trading cryptocurrency is permitted</strong> in Malaysia, though it is not recognized as legal tender. Mining crosses into criminality when operators use unauthorized electricity connections, tamper with meters, disrupt power supply systems, or run operations without the required licenses. Shamsul Anuar was specific about this distinction when he addressed parliament, and it's a distinction that matters for how you interpret the enforcement numbers.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Two regulatory bodies divide up the oversight without much overlap. The <strong>Securities Commission Malaysia</strong> handles digital asset regulation, while <strong>Bank Negara Malaysia</strong>, the central bank, covers financial stability, payments, and anti-money-laundering compliance. Neither institution is running a campaign against mining as an activity. The enforcement angle here is squarely aimed at electricity fraud, not crypto as a technology or investment.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">And that reframes the headline considerably. Reports from state news agency Bernama on the <a href="https://bernama.com/en/general/news.php?id=2578203" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Malaysia crypto mining crackdown</span></a> confirm the enforcement framing: authorities are targeting meter tampering, unauthorized connections, and unlicensed operations, not mining addresses or blockchain transactions. The rigs get crushed. The wallets stay open. That's a deliberate policy choice.</p>

<h2 style="font-size:24px;font-weight:700;color:#1a1a2e;margin:32px 0 16px 0;padding-bottom:8px;border-bottom:2px solid #e8c547;">The $1.1 Billion Electricity Tab That Won't Stop Growing</h2>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">In late <strong>2025</strong>, Malaysia's energy ministry connected roughly <strong>$1.1 billion</strong> in power losses to approximately <strong>14,000</strong> illegal mining sites uncovered over a five-year window. Coverage tracking <a href="https://www.malaymail.com/news/malaysia/2025/11/19/electricity-theft-for-bitcoin-mining-costs-tnb-rm457b-13827-premises-uncovered/198908" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Malaysia electricity theft crypto mining</span></a> losses from that period shows the figure prompted the government to form a dedicated committee pulling in the finance ministry, Bank Negara, and <a href="https://www.tnb.com.my/assets/newsclip/07052026b.pdf" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Tenaga Nasional Berhad</span></a> to coordinate prosecution of offenders. The scale of the losses explains why authorities haven't eased off despite years of raids that haven't visibly reduced underlying activity.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Mining hardware is uniquely difficult for a utility to catch through standard billing. Rigs run <strong>24 hours a day</strong>, pulling constant, heavy electrical loads that legitimate operators pay for through metered consumption. Illegal operators bypass that metering entirely, either through tampered connections or by disrupting measurement systems. TNB only detects the fraud when billed usage diverges significantly from actual grid draw, and by then the losses have already compounded over months.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">Malaysia's enforcement style has occasionally tipped into theater. Police have crushed seized rigs with steamrollers on more than one occasion, including hundreds of machines destroyed in <strong>2024</strong> and roughly <strong>1,000</strong> rigs demolished in a similar operation in <strong>2021</strong>. The photos are dramatic. The deterrent effect, based on the persistent growth in both seized rig counts and estimated power losses, appears to be minimal. Call it performance enforcement.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The pattern isn't unique to Malaysia. Thailand authorities dismantled a multimillion-dollar mining operation. <strong>Hong Kong</strong> saw arrests for electricity siphoned to power rigs. <a href="https://www.bitcoinomist.io/latest-news/2026-03-29-stablecoin-payments-go-invisible-in-southeast-asi" target="_blank" rel="noopener noreferrer"><span style="color:#1a73e8;text-decoration:underline;font-weight:500;">Southeast Asia</span></a>'s combination of cheap industrial space and relatively low base power rates keeps drawing in operators who treat enforcement as a manageable risk rather than a genuine barrier. The region's economics make this a recurring problem, not a solved one.</p>

<p style="margin:0 0 16px 0;line-height:1.7;color:#2d2d2d;font-size:17px;">The committee formed after the <strong>2025</strong> findings takes a different approach than the steamroller events. Bringing the finance ministry and Bank Negara into the conversation alongside TNB treats illegal mining as a financial crime with economy-wide costs, not just a utility fraud case. Whether that institutional weight produces tougher penalties or faster prosecutions than the previous four-year enforcement run is the question the rig numbers will eventually answer.</p>

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  <h2 style="margin:0 0 20px 0;font-size:20px;font-weight:700;color:#1a1a2e;">Frequently Asked Questions</h2>
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  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">What is Malaysia&#x27;s crypto mining crackdown?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Malaysia's crypto mining crackdown is a multi-agency enforcement campaign running since 2022 targeting illegal cryptocurrency mining operations that steal electricity. By May 2026, authorities had conducted over 3,000 raids, seized more than 75,000 mining rigs, and made 629 arrests involving the Royal Malaysia Police, Tenaga Nasional Berhad, and local authorities.</p>
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  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">Is crypto mining legal in Malaysia?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Crypto mining is not inherently illegal in Malaysia. Owning and trading digital assets is permitted, though crypto is not legal tender. Mining becomes criminal when operators use unauthorized electricity connections, tamper with meters, disrupt power supply systems, or operate without required licenses, according to Deputy Home Minister Datuk Seri Dr Shamsul Anuar.</p>
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  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">How much has electricity theft from crypto mining cost Malaysia?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Malaysia's energy ministry linked approximately $1.1 billion in power losses to around 14,000 illegal mining sites uncovered over five years, as of late 2025. The losses prompted the government to form a dedicated committee including the finance ministry, Bank Negara Malaysia, and state utility Tenaga Nasional Berhad to pursue offenders more systematically.</p>
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  <h3 style="font-size:17px;font-weight:700;color:#1a1a2e;margin:0 0 8px 0;">Why does Malaysia destroy seized crypto mining rigs with steamrollers?</h3>
  <p style="margin:0;line-height:1.7;color:#2d2d2d;font-size:16px;">Malaysian police have crushed seized mining rigs with steamrollers on multiple occasions, including hundreds of machines in 2024 and around 1,000 rigs in 2021. The practice serves as a public deterrent signal, though the continued growth in seized rig counts and power losses suggests the tactic has not significantly reduced illegal mining activity.</p>
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Malaysia's crypto mining crackdown reaches 75,000 seized rigs and 3,000 raids as of July 2026, with $1.1B in electricity losses tied to illegal sites.

Sara Kim

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