House Postpones Vote on Crypto Bills, GENIUS and Clarity Held in Uncertainty
The U.S. House of Representatives has canceled Tuesday’s expected votes on cryptoasset bills scheduled for this week. The votes on the GENIUS and Clarity bills were postponed due to a procedural vote failure. According to the House press gallery website, no votes will now be held on Tuesday. Officials expected a vote on the Clarity bill on Wednesday, and on GENIUS on Thursday, but that timetable is now uncertain.
The GENIUS bill would require fully cash-backed satable coins, annual audits for issuers over $50 billion, and foreign issuance rules. The Clarity bill aims to provide a comprehensive framework for the crypto market by clarifying the regulatory authority of the SEC and CFTC. The vote failed due to objections from some Republicans and the omission of a ban on CBDCs. However, industry representatives remain confident that the legislation will pass soon.
SharpLink Gaming Surpasses Ethereum Foundation to Become Largest Institutional ETH Holder
Last week, SharpLink Gaming (SBET) surpassed the Ethereum Foundation to become the largest institutional holder of Ethereum (ETH) with a total holding of approximately $840 million, bringing its holdings to 280,706 ETH, making it the largest institutional holder of Ethereum (ETH). The company raised $413 million through the issuance of more than 24 million shares between July 7-11, with $257 million of this fund earmarked for future ETH purchases.
SBET, operating under a crypto treasury strategy, has accumulated 415 ETH (about $1.2 million) so far by staking as well as accumulating ETH. This strategy has been reflected in its shares, which have seen their value increase sixfold in just a few weeks. This move, which drew attention with the appointment of Ethereum co-founder Joseph Lubin as chairman of the company’s board, ushered in a new trend that adapts Michael Saylor’s Bitcoin-focused strategy to ETH.
ProShares Launches Leveraged ETFs for XRP and Solana
ProShares has launched two new exchange-traded funds (ETFs) that offer leveraged investments in crypto assets XRP and Solana (SOL). The ProShares Ultra XRP ETF (UXRP) and ProShares Ultra Solana ETF (SLON) target double the daily returns of the respective crypto assets. However, these products are known for being high-risk investments that can double losses if price movements reverse.
These ETFs do not directly hold crypto assets; instead, they provide investors with indirect, leveraged exposure by using financial instruments based on the performance of XRP and SOL. The funds, which began trading on the New York Stock Exchange with NYSE Arca’s approval, have been launched at a time when altcoin-focused ETFs are beginning to diversify. More than $57.5 billion has already been invested in spot Bitcoin and Ethereum ETFs, which the SEC approved last year.
Satoshi-Era Whale Sells 80K BTC
The crypto market was rocked by a sell-off by a Satoshi-era whale that claimed 80,000 BTC. The whale began moving its holdings, which it hadn’t moved for more than 14 years, to exchanges via Galaxy Digital on Tuesday. The wallet, which initially transferred 4.5K BTC ($536 million), transferred a total of 16,843 BTC (over $2 billion) to exchanges within hours. In the final stage, the whale sold the remaining 3,157 BTC, completely emptying its wallet.
This massive selling pressure pushed the price of Bitcoin down 5.6% to below $117,000. Selling appetite also increased in the derivatives market. Other whales also began selling by closing positions. Experts say that this move could increase price pressure in the short term, but due to the limited supply from whales, volatility could stabilize in the medium term.
Fidelity Becomes Metaplanet’s Largest Shareholder
Investment giant Fidelity has become the largest shareholder of Japan-based Bitcoin treasury company Metaplanet. According to CEO Simon Gerovich, National Financial Services (NFS) LLC, a Fidelity subsidiary, holds 12.9% of Metaplanet shares. NFS acts as a brokerage firm where Fidelity clients store Metaplanet shares. Gerovich emphasized that this development is positive for Metaplanet and that the company’s global investor base continues to expand.
Metaplanet recently acquired 797 BTC, bringing its total Bitcoin holdings to 16,352 BTC (approximately $1.64 billion), making it the fifth-largest publicly traded Bitcoin holder. The company aims to reach 210,000 BTC by the end of 2027. However, recent profit-taking has pushed Metaplanet shares down 8% to 1,436 yen. Nevertheless, the stock has performed strongly, gaining 301% since the beginning of the year.
Standard Chartered Launches Bitcoin and Ethereum Spot Trading for Institutional Clients
Standard Chartered has begun offering Bitcoin and Ethereum spot trading to its institutional clients, becoming the first global systemic bank to offer this service. The bank will offer direct crypto trading to institutional clients worldwide, including investors, asset managers, and corporations, through its UK branch. Non-deliverable forward crypto products will also be available soon.
Standard Chartered already offers crypto services through two subsidiaries, Zodia Markets and Zodia Custody. CEO Bill Winters stated that they want to ensure the safe and efficient management of digital asset risks in compliance with regulations. Bitcoin’s approaching all-time highs and US President Donald Trump’s pro-crypto policies have increased institutional investor interest. The development coincided with votes on various bills as part of “Crypto Week” in the US.
Cantor Fitzgerald SPAC Nears $4 Billion Deal to Acquire 30,000 BTC from Blockstream
Cantor Fitzgerald’s SPAC, founded via an IPO, is preparing a deal worth over $4 billion to acquire 30,000 BTC from Blockstream co-founder Adam Back. According to the Financial Times, the SPAC, called Cantor Equity Partners 1, will pay Back by issuing new shares in addition to the $200 million in IPO capital it raised in January, and will acquire approximately $3 billion worth of BTC in this transaction. The company also plans to increase its Bitcoin purchases by raising up to $800 million in additional funds.
If the deal closes, Cantor, along with Twenty One Capital, a SPAC formed in April by SoftBank and Tether, will have raised approximately $10 billion in BTC this year. The move follows the model of adding Bitcoin to the corporate treasury pioneered by Michael Saylor. The transaction is expected to close this week, and the new public entity will be renamed “BSTR Holdings.” The deal requires shareholder approval and SEC review for its completion.
GameStop CEO Says Bitcoin Purchase Is an Inflation Shield, Not a Long-Term Strategy
GameStop CEO Ryan Cohen said the company’s $512 million Bitcoin purchase in May was not an aggressive crypto strategy, but a cautious hedge against inflation and monetary depreciation. Speaking to CNBC, Cohen emphasized that GameStop has over $9 billion in cash and securities in its treasury and that they will continue to use this power with discipline.
Cohen stated that the firm will not follow the path of companies like Strategy, which have built huge BTC treasuries. The CEO stated that despite the recent $2.7 billion share issuance, he has no plans to increase Bitcoin investments, adding that future steps will be focused on hedging and opportunity. GameStop, which has downsized its physical store network and focused on collectibles, continues to cautiously integrate blockchain into its business model by evaluating crypto payment options for trading card sales.
Bitcoin-Secured Home Deposit Loan Launches for the First Time in Australia
Fintech company Block Earner has announced Australia’s first Bitcoin-secured home deposit loan product. This product allows homebuyers to get a cash loan by using their Bitcoin assets as collateral without selling them. The loan offers support for up to 50% of the home’s value; The remaining portion is completed with a traditional mortgage.
The loan has a four-year maturity and an annual interest rate of 9.50%. Bitcoin used as collateral is held at a custodian called Fireblocks and is not loaned to third parties. If the price of Bitcoin falls, additional collateral can be called; if it rises, users can withdraw some of it. The product specifically targets “digital native” investors between the ages of 24 and 35. Block Earner is currently testing the product in the “soft-launch” phase.
US Drops Polymarket Lawsuits
The US Department of Justice and CFTC officially closed their investigations into Polymarket. According to Bloomberg, after the 2022 settlement, an examination was underway to see whether users were circumventing the ban using methods such as VPNs. The investigation was intensified by the FBI’s raid on CEO Shayne Coplan’s home, which Coplan interpreted as a move targeting Biden opponents.
In the new period, Polymarket may plan to officially return to the US market by registering with the CFTC or taking over a licensed entity. The company has received new investment from Peter Thiel’s Founders Fund and has begun providing activity forecasts on social media by collaborating with Elon Musk’s X and xAI projects. With Congress expected to approve the first comprehensive legislation regulating digital assets this week, Polymarket’s move coincides with the regulatory tailwind in the sector.
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BITCOIN (BTC)
Bitcoin (BTC) is trading at $117,935, gaining 0.15% as of morning hours. After reaching $123,000 in the latest surge, BTC has retreated somewhat amid selling pressure from this area. The chart’s first significant short-term support level is $115,896. Holding this level could potentially retest the resistance levels at $118,175 and then $120,510. Otherwise, if 115,896 cannot hold in a possible decline, the 111,924 dollar zone and the 110,507 dollar band below it may come to the fore again.
ETHEREUM(ETH)
ETH is priced at $ 3,145 with a 0.26% gain as of the morning hours. Displaying a strong uptrend, ETH climbed above the important resistance at $ 3,031 and approached the $ 3,165 band. This region stands out as a critical resistance in the short term. If the buyers manage to surpass this threshold, the price movement may be carried to $ 3,200 and above. In case of a possible pullback, the first support will be monitored at $ 3,031 and the $ 2,907–2,832 band below it. Protecting these areas is important for the continuation of the upward trend.
RIPPLE(XRP)
XRP is priced at $2.92 with a 0.16% gain as of the morning hours. XRP, which has recorded a sharp rise by breaking through the 2.65 resistance with a strong buying wave in recent days, is following a horizontal trend around the $2.94 levels. The $2.94–$3.04 band stands out as the critical resistance zone for the upward movement to continue. Exceeding this threshold could push the price to $3.15. In case of a possible pullback, the first support will be $2.85 and the $2.76–2.65 band below it. Maintaining these areas is an important signal for the continuation of the rise.
AVALANCHE(AVAX)
AVAX is trading at $21.92 as of the morning hours with a 2.62% loss in value. According to the technical view, the price started to retreat after being rejected from the strong resistance at $22.59. This region has acted as a supply zone, which has seen intense selling pressure in the past.
If the pullback continues, the $21.52 intermediate support level may be the first level to watch. Below this level, the $19.86-$19.50 band stands out as a stronger support area. This area, which is also the previous breakout zone, could form a platform where buyers can step in again. In the event of a potential upward recovery, the 22.59 resistance level will again be watched as a strong barrier. Closes above this level may bring the $23.91 target on the agenda.
SOLANA(SOL)
SOL is traded at $162 levels with a 0.76% loss in value as of the morning hours. The price has been struggling to break above the strong resistance area at $168.22 in recent days. If the pullback continues, the first support level stands at $157.75. A break above this level could bring the $153.10 and then $149.10 levels to the forefront.
For the upward movement to regain strength, the $168.22 resistance level needs to be broken through a significant breakout. In this case, the next target is $173.66. Otherwise, the current band movement may continue for a while.
