US Democratic Senator Ron Wyden has urged Senate leaders to ensure that crypto developer protections stay in the crypto market structure legislation that lawmakers are looking to pass ahead of the midterms.

Wyden told Senate Minority Leader John Thune and Senate Majority Leader Charles Schumer to preserve a section of the CLARITY Act known as the Blockchain Regulatory Certainty Act (BRCA), according to a letter shared by Crypto in America podcast co-founder Eleanor Terrett on Wednesday.

“Developers who make and release software that allows people to manage their own digital assets — and, critically, where the developer does not control user assets — should not be treated as money transmitters solely because they create or publish software,” Wyden wrote.

The letter comes after certain groups and lawmakers opposed the BRCA. A group of law enforcement organizations and a coalition of Catholic organizations last month argued it could create gaps in the oversight of illicit activity.

Meanwhile, crypto groups have urged the Senate to keep the section intact, arguing that developers of non-custodial technology can’t control user funds and should not be treated as financial intermediaries.

Negotiations over provisions in the bill are ongoing. Senate leaders are pushing for the bill to be passed this month, and will want to bring to the floor a bill that has wide support to avoid prolonged debate.

BRCA needed for US to remain competitive: Wyden

In his letter, Wyden argued that treating crypto developers as money transmitters “punishes technological innovation and advancement in strategically important areas at a time when the United States must remain globally competitive.”

He added that the BRCA reflects guidance from the Financial Crimes Enforcement Network and gives legal certainty for developers of open-source and non-custodial projects “to continue building and developing the decentralized finance ecosystem right here in the United States.”

“Smart policy will empower law enforcement to do its job and facilitate innovation at the same time,” Wyden wrote. “As the Senate continues its consideration of the Clarity Act, I urge you to include the Blockchain Regulatory Certainty Act in any legislative package.”

Related: Gaming groups urge Congress to ban prediction markets sports betting in CLARITY Act

The Senate has other provisions in the CLARITY Act that are at issue before it can go to a floor vote, with some lawmakers calling for tighter ethics provisions on government officials’ involvement in crypto after US President Donald Trump revealed he made $1.4 billion from his crypto interests last year.

Lawmakers who back the bill want to pass it before this Congress is out to avoid having to reintroduce it into a new Congress next year.

However, the timeline for the bill to pass before the midterm elections in November is tightening, as Congress will also take a monthlong recess in August.

That tight timeline saw Galaxy Digital recently cut its odds of the CLARITY Act becoming law this year to 50%, saying that the Senate is running out of time to move on the bill before its August recess.

Features: Crypto lobby spending on Republicans far outpaces Democratic support 

Key Takeaways

• A cryptocurrency wallet associated with SpaceX transferred only $88 in Bitcoin following a half-year period of no activity
• The aerospace company maintains ownership of 18,712 BTC valued at approximately $1.16 billion
• Shares of SPCX finished Tuesday’s session down 6.83%, trading beneath its initial public offering price
• The equity has declined over 25% from recent peaks even with Nasdaq-100 membership
• JPMorgan projects that approximately $4.3 billion in passive investment flows could result from the index addition

A cryptocurrency wallet associated with Elon Musk’s aerospace venture SpaceX executed a Bitcoin transaction for the first time in half a year, sparking discussion among digital asset observers. Simultaneously, the company’s publicly traded shares have retreated more than 25% from their recent peak levels, despite securing a spot in the prestigious Nasdaq-100 index.

Space Exploration Technologies Corp., SPCX

SpaceX-Linked Wallet Executes Minimal BTC Transfer

Blockchain tracking service Arkham Intelligence reported that a wallet tied to SpaceX conducted a transaction involving just $88 in Bitcoin on July 8. This marked the conclusion of a six-month period during which the wallet remained completely dormant.

The modest transaction amount didn’t prevent market observers from weighing in with various theories. Historically, SpaceX’s cryptocurrency wallets have exhibited extended periods of inactivity before executing more substantial movements.

Data from Arkham indicates that SpaceX continues to maintain approximately 18,712 Bitcoin in its holdings, representing a market value of roughly $1.16 billion. The destination wallet in this transaction now contains 614 Bitcoin, worth approximately $38 million.

The previous significant movement from SpaceX wallets involved over 1,016 Bitcoin valued at close to $100 million at the time. Arkham’s analysis also revealed that outbound transfers from SpaceX to unidentified wallets rose during the cryptocurrency market downturn that occurred on October 10 of the previous year.

This activity emerges amid a broader trend of major corporate Bitcoin holders reducing positions. Strategy recently liquidated approximately $216 million in Bitcoin holdings. Additional companies including MARA Holdings, Nakamoto Holdings, and Sequans Communications have similarly announced Bitcoin disposals in recent weeks.

Bitcoin’s price stood above the $62,000 threshold on Tuesday but experienced a nearly 2% decline during the trading session. The decrease followed renewed military confrontations between the United States and Iran, with President Trump expressing skepticism regarding the durability of any potential cease-fire agreement.

SPCX Shares Slip Below Debut Price Amid Nasdaq-100 Inclusion

SPCX concluded Tuesday at $149.47, representing a 6.83% decline, with the intraday bottom reaching $148.86. The stock has now surrendered over 25% of its value from the highs recorded roughly one month earlier and has fallen beneath the price level established during its initial public offering.

SpaceX secured its position in the Nasdaq-100 index prior to Monday’s opening bell on July 7. The exchange operator granted an expedited inclusion based on updated guidelines that enable recently listed companies of substantial size to achieve index eligibility more rapidly than previous protocols allowed.

Analysts at JPMorgan calculate that the index membership will compel passive investment vehicles and exchange-traded funds to acquire approximately $4.3 billion in SPCX shares as they execute portfolio adjustments to mirror the Nasdaq-100 composition.

Notwithstanding the anticipated institutional purchasing pressure, market participants have persisted in realizing gains following the equity’s dramatic appreciation after its market introduction.

Major investment banks have expressed optimistic outlooks. Morgan Stanley, Goldman Sachs, and Citigroup have each initiated research coverage on SpaceX with elevated price objectives. Morgan Stanley established a $300 target price, representing the most aggressive projection among the three institutions.

Pre-market activity on Wednesday indicated shares climbing 0.49%.

Tokenized stock transfers rose 105% over the past month to $8.41 billion, according to RWA.xyz data cited in market reports. The jump shows faster activity in on-chain equity markets as crypto platforms and traditional finance firms expand tokenized stock products.

Tokenized stocks. Source: RWA.xyz

The sector’s distributed value also climbed 43% to $2.16 billion. The number of holders rose 17% to more than 409,000, showing that growth came from both transfer activity and user participation.

Figure recorded the fastest growth among major platforms, with distributed value rising 935% over 30 days. Securitize rose 332%, while xStocks gained about 62% during the same period.

Ondo remained the largest tokenized stock platform by distributed value at about $846 million. xStocks followed with about $708 million, while Securitize and Figure held about $306 million and $239 million.

DTCC brings Wall Street into tokenization

DTCC said it has brought more than 50 firms into an industry working group to help develop DTC’s tokenization service. The group supports testing around tokenized securities and other digital asset use cases.

A related report said DTCC plans tokenized securities pilots before an October 2026 launch. The service follows a December 2025 SEC no-action letter tied to tokenization of select DTC-custodied assets.

The approval covers a defined group of highly liquid assets. These include Russell 1000 stocks, major index ETFs and U.S. Treasury bills, notes and bonds.

The service will run under a three-year framework. DTC participants may use the system to test tokenized record-keeping and transfers on approved blockchain networks, while traditional custody controls remain in place.

Crypto exchanges push tokenized equities

The rise in tokenized stock transfers also follows new exchange-led offerings. Kraken, Bybit and Bitget Wallet used xStocks infrastructure during the SpaceX market cycle, giving users access to tokenized pre-IPO exposure.

A recent analysis said crypto platforms already owned much of the SpaceX tokenized stock trade. Demand reportedly exceeded available allocation, showing strong user interest in blockchain-based equity products.

Securitize also moved into public-market tokenization. The company issued tokenized versions of its own shares on Solana and Avalanche after listing on the New York Stock Exchange.

These moves show that tokenized stocks are no longer limited to small tests. They now include private-market access, public-company shares and infrastructure built by both crypto-native firms and regulated market players.

On-chain stocks gain wider market attention

Tokenized equities outpaced other parts of the real-world asset market over the past month. Tokenized U.S. Treasuries, still the largest RWA segment, stayed mostly flat, while the broader RWA market grew about 4% to $33.5 billion.

A separate guide explains how tokenized stocks work and why equities are moving on-chain. It notes that tokenized shares can represent legal or synthetic exposure, depending on product structure and jurisdiction.

Broader RWA growth adds context to the latest stock activity. A May report said tokenized real-world assets had grown to about $34 billion, with Treasuries and Ethereum-based products leading the market.

The next stage will depend on regulation, liquidity and investor access. DTCC’s pilot may give Wall Street a controlled route into tokenized securities, while crypto exchanges continue to move faster with user-facing products.

Kazakhstan is taking another step to formalize its crypto industry, signing a presidential decree designed to expand a regulated digital asset market and modernize how payments can work with stablecoins and other digital assets. The Ministry of Artificial Intelligence and Digital Development (MAIDD) said the order—developed with the central bank and the Astana International Financial Centre—was announced Wednesday.

Beyond creating a clearer framework for digital asset service providers, the decree also ties Kazakhstan’s crypto expansion to a new approach to energy supply for mining, including a mechanism to route certain gas resources into electricity generation when those fuels are not needed for state purposes.

Key takeaways

• The decree sets out rules for using stablecoins and digital assets in cross-border settlements within Kazakhstan’s regulated financial infrastructure.
• MAIDD says the government wants to encourage users holding digital assets abroad to disclose and move them to licensed domestic service providers.
• Tax incentives are planned for digital asset activity conducted through regulated infrastructure, including a proposed personal income tax exemption on related income.
• Kazakhstan’s mining strategy is paired with an energy mechanism aimed at enabling electricity generation from associated petroleum gas and natural gas when not required for state needs.

Stablecoins and digital assets in cross-border payments

A central element of the decree focuses on updating Kazakhstan’s payments infrastructure. According to the government, the plan includes creating mechanisms that allow digital assets and stablecoins to be used in cross-border settlements—effectively adding them to the country’s operational toolkit for export and import activity.

MAIDD characterized the goal as expanding the ability to conduct international transactions while keeping those activities inside a regulated environment. The framing matters because cross-border crypto rails can operate very differently from traditional settlement systems; Kazakhstan’s approach suggests an effort to bring stablecoin use closer to licensing and oversight rather than leaving it solely to informal or overseas platforms.

The decree also targets the flow of activity away from unregulated services. Users with digital assets held on foreign platforms are expected to disclose those holdings and transfer them to approved domestic digital asset service providers under Kazakhstan’s licensing framework.

Related coverage from Cointelegraph previously highlighted how stablecoins have diverged across use cases, with USDT-oriented usage patterns often discussed in payments contexts and USDC associated more with DeFi activity (as summarized in a Dune analysis report). This matters for Kazakhstan’s policy direction because the decree specifically references stablecoins as part of cross-border payments modernization.

Regulated rails and tax incentives for compliant users

Kazakhstan’s draft policy does not only aim at infrastructure. It also introduces incentives intended to encourage participation through compliant channels.

For individuals, MAIDD said the government plans tax incentives for digital asset activity conducted via regulated infrastructure. The decree includes a proposed exemption from personal income tax on income related to those activities—an explicit signal that policymakers want more activity to take place through approved services rather than remaining outside the tax perimeter.

That design is likely to be a key differentiator for traders and users deciding where to custody, transact, or obtain services. If implemented as described, the tax benefit could make licensed domestic platforms more attractive, particularly for participants who otherwise would have relied on offshore exchanges or wallets.

Energy strategy for autonomous mining operations

Alongside payments and regulation, the decree addresses a long-running constraint for mining operations: power availability and sourcing. Kazakhstan’s announcement includes a mechanism that allows associated petroleum gas and natural gas from oil and gas fields to be used for autonomous electricity generation when those resources are not needed for state purposes.

The electricity produced through this route is intended to support digital mining operations, effectively adding an energy component to the country’s broader crypto strategy. In practice, this could help mining operators reduce reliance on conventional grid supply for certain loads, depending on how the mechanism is implemented and monitored.

Kazakhstan’s mining positioning is already frequently cited in global data. The government referenced Cambridge Centre for Alternative Finance (CCAF) information from 2022, stating Kazakhstan ranked third globally by estimated Bitcoin mining hash rate.

The decree also sits on top of an earlier policy development described by the government: Kazakhstan introduced a “70/30” energy model that allows data centers and digital miners to directly access up to 70% of new power generation capacity created through infrastructure upgrades.

Taken together, the stablecoin-and-tax component and the energy component suggest a coherent push: policymakers want both the demand side (payments, custody, regulated service usage) and the supply side (power inputs for mining) to fall under a broader framework.

From tokenized instruments to trading infrastructure

MAIDD said the decree also outlines plans to develop tokenized financial instruments and a national trading infrastructure. The policy direction is consistent with the stated objective of attracting digital asset investment while ensuring transparency and protections for participants.

In remarks attributed to MAIDD Minister Zhaslan Madiyev, the ministry said the aim is to make Kazakhstan a “point of attraction for global capital and expertise” while maintaining “maximum transparency and protection for every participant in this market.”

For investors and builders, the most immediate operational question is how quickly these frameworks move from decree language into enforceable licensing and compliance requirements. While the announcement provides clear policy goals—stablecoins in cross-border settlements, incentives for regulated activity, and energy mechanisms for mining—readers should watch for the specific regulatory implementing acts that define which service providers qualify and what compliance steps users must follow to access the incentives.

As Kazakhstan builds these regulated rails, the next phase to monitor will be how domestic licensing for digital asset service providers expands, how the tax exemption proposal is finalized, and whether the energy routing mechanism for gas-to-power can be operationalized at mining scale.

U.S. spot bitcoin ETFs lost a net $85 million on Wednesday, ending a three-day inflow run that had pulled in roughly $509 million, per SoSoValue data. Ether ETFs took in about $70 million the same day, a fifth straight session of inflows.

The bitcoin outflow was broad. BlackRock’s IBIT shed roughly $59 million, Grayscale’s GBTC lost nearly $64 million, and Fidelity’s FBTC gave up about $15 million.

Grayscale’s mini BTC fund was the only one in the green at nearly $53 million. Total bitcoin ETF assets fell to about $75 billion.

Ether’s flows came from a narrower base but kept pointing the same way. Fidelity’s FETH led with roughly $69 million, with VanEck’s ETHV adding just over $1 million and every other fund flat. Ether ETF assets sit at about $9 billion.

The split matches the price tape. Bitcoin traded near $62,300 and ether near $1,740, both down about 3% on the day, though ether has outperformed over the past two weeks as the Lean Ethereum roadmap and returning ETF demand gave it a story bitcoin has lacked.

Key Highlights

• Ethereum has rallied approximately 10% throughout July, yet underlying demand signals remain subdued
• Binance holdings expanded by 221,000 ETH from late June onward, adding to tradable inventory
• Large holder transaction volumes have fallen to “Whale Left” territory according to CryptoQuant metrics
• Spot Ethereum ETFs in the United States recorded consecutive inflows over four sessions, accumulating $91.5 million
• A decisive move above $1,803 resistance (the 50-day EMA) is necessary for ETH to target $2,400

Ethereum has managed to climb roughly 10% since July began, yet the upward momentum appears increasingly precarious. Evidence from various market indicators suggests buyer participation exists but lacks conviction.

The Net Unrealized Profit/Loss (NUPL) indicator has improved from -0.46 to -0.30, signaling that while holders remain underwater on their positions, losses have contracted somewhat compared to previous levels.

Spot Ethereum exchange-traded funds in the United States experienced their first streak of positive net flows since early May, recording four straight days of capital entry. SoSoValue data confirms these combined inflows reached $91.5 million.

While encouraging on the surface, historical patterns indicate sustained ETF capital influx over extended periods is required to catalyze significant price appreciation. Current activity falls short of that threshold.

Crypto analyst Ash Crypto noted on X that ETH has retreated 6% from recent peaks following rejection at the 50-day moving average. He highlighted critical support zones at $1,670 and $1,500, emphasizing that reclaiming the MA 50 and breaking through $1,850 are essential steps toward reaching $2,400.

Large Holder Activity Contracts

Data from CryptoQuant reveals that average whale transaction size declined from approximately 1,500 ETH per trade in mid-May to roughly 1,000 ETH currently, entering territory the analytics platform designates as “Whale Left.”

This retreat by institutional and high-net-worth participants reduces the volume of substantial orders flowing through markets. The resulting environment leaves pricing more vulnerable to smaller transactions, potentially amplifying near-term price swings.

Addresses containing between 10,000 and 100,000 ETH did absorb approximately 100,000 ETH during the previous week. However, total balances in this cohort have remained essentially unchanged across the past three weeks, indicating accumulation has not intensified.

Growing Supply on Trading Platforms

Binance’s Ethereum reserves expanded from 3.64 million ETH to 3.87 million ETH since late June concluded—a notable addition of 221,000 ETH representing one of the more substantial reserve buildups observed in recent months.

Expanding exchange inventories signal greater availability of ETH for immediate market transactions. While this doesn’t guarantee imminent selling, it introduces additional supply-side pressure into a market already demonstrating fragility.

The Coinbase Premium Index, which measures sentiment among United States-based traders, has recovered from -0.169 to -0.076. Despite improvement, the negative reading indicates American buyers continue transacting at discounts relative to international markets.

ETH currently trades in the $1,740 to $1,777 range, maintaining position above the 20-day EMA situated at $1,714. Open interest in derivatives markets has remained stagnant, suggesting leveraged participants are adopting a wait-and-see approach.

Sen. Ron Wyden has urged Senate leaders to keep legal protections for non-custodial blockchain developers in the CLARITY Act as negotiations over the crypto market structure bill continue.

In a letter sent to Senate Majority Leader John Thune and Senate Democratic Leader Charles Schumer, Democratic Senator Ron Wyden urged congressional leaders to retain Section 604, known as the Blockchain Regulatory Certainty Act (BRCA), in any future version of the CLARITY Act.

The BRCA, originally introduced by Senators Cynthia Lummis and Ron Wyden earlier this year, has been folded into the CLARITY Act and would clarify that non-custodial software developers are not considered money transmitters under federal law. Wyden remains the bill’s only Democratic cosponsor.

In the letter, Wyden said the provision would allow law enforcement to focus on unlicensed money transmitters while giving software developers legal certainty. He argued that the language aligns with existing policy at the U.S. Department of Justice and the Financial Crimes Enforcement Network instead of creating new exemptions.

“The provision also includes a common-sense exception that any non-custodial developers found to be transferring or using funds originating from illicit activity are not protected,” Wyden wrote, adding that the proposal would ensure bad actors remain accountable while preventing neutral software developers from being treated as financial intermediaries.

Developer protections remain at the centre of Senate talks

Developer liability has remained one of the most disputed parts of the Senate’s market structure bill for months.

In March, Senator Cynthia Lummis dismissed concerns raised by crypto lawyer Jake Chervinsky that Title 3 of the Senate draft could still expose some non-custodial developers to money transmitter rules. Lummis said bipartisan revisions would make the legislation “the strongest protection for DeFi and developers ever enacted” and urged lawmakers to pass the CLARITY Act for those safeguards to take effect.

A month later, Lummis said she was working on additional changes to strengthen protections for non-money transmitting developers while preserving law enforcement’s ability to pursue criminal actors. She also said discussions included clarifying how assistance in illicit activity should be interpreted and whether safe harbour periods should apply to newly launched protocols.

The U.S. Department of Justice has also signalled a similar enforcement approach. Acting Attorney General Todd Blanche previously said developers with no involvement in criminal conduct would not face prosecution, with enforcement focused instead on those directly participating in illegal activity.

Industry groups have backed Section 604, arguing it would reduce legal uncertainty for open-source software developers and discourage blockchain projects from moving overseas. At the same time, some law enforcement organisations and Catholic leaders have warned the measure could weaken efforts to investigate human trafficking and other financial crimes.

Senate negotiators are also still trying to resolve disagreements over ethics rules tied to public officials with digital asset interests. Previous negotiations have linked progress on the legislation to bipartisan agreement on conflict-of-interest provisions, while separate discussions continue over stablecoin yield rules that have divided banks and crypto companies.

With Congress expected to leave Washington in August and the November elections approaching, lawmakers face a narrowing window to advance the CLARITY Act through the Senate.

TLDR

• Block reached a $45 million agreement with 46 state regulators to resolve allegations of inadequate fraud protection
• State authorities claim Cash App deceived consumers by advertising bank-level security features it didn’t provide
• Investigators found Block prioritized marketing expansion over security improvements as fraud incidents increased
• The settlement requires Block to implement round-the-clock customer service with live representatives accessible for a minimum of 13.5 hours each day
• Block’s stock price dropped approximately 1.5% following the announcement; the company maintains its innocence

Block Inc. has reached a $45 million agreement with 46 state regulators to resolve accusations that its Cash App platform failed to adequately safeguard customers from fraudulent activity. Shares of Block (XYZ) declined approximately 1.5% following the announcement.

Block, Inc., XYZ

The resolution stems from a multi-state probe conducted by attorneys general who determined that Cash App promoted itself as providing security comparable to established banking institutions, despite lacking those actual safeguards.

New York’s Attorney General Letitia James stated clearly: “For years, Cash App users lost money to costly scams because Block cared more about profits than protecting its users.”

State investigators discovered that Cash App operated without a reliable fraud monitoring system and failed to maintain a functional customer support line for reporting fraudulent transactions. When customers found themselves locked out of accounts, many fell victim to fraudulent support numbers operated by scammers.

Regulators also noted that Cash App permitted account creation without requiring a Social Security number or birth date verification, while allowing unlimited account creation per individual — circumstances that investigators say facilitated fraudulent activity.

State attorneys general determined Block recognized the escalating fraud problem but chose to amplify marketing efforts instead of strengthening security measures. The investigation revealed Block specifically targeted individuals without traditional banking access, for whom Cash App frequently served as their principal financial platform.

A particular promotional campaign labeled “Cash App Friday” drew regulatory scrutiny. Participants were prompted to share their unique app handles on social platforms for prize opportunities. Scammers exploited this by contacting participants, falsely claiming they’d won prizes, and manipulating them into surrendering account credentials.

Authorities allege Block understood these scams were occurring but continued the promotional campaign and prepared customer service teams to handle calls from victimized users.

What Block Must Now Do

The settlement terms mandate that Block must completely restructure its customer assistance and security protocols. This includes establishing 24-hour customer support infrastructure with live representatives available for no less than 13.5 hours daily.

Block is also prohibited from making unsubstantiated assertions about Cash App’s security features.

Washington State Adds Another Hit

In a separate action, Washington State’s Attorney General Nick Brown revealed a $20 million agreement with Block concerning fraudulent unemployment benefit transactions processed during the COVID-19 crisis.

Brown’s office reported that throughout a five-month window in 2020, Cash App facilitated at least $22 million in unemployment payments illegally obtained through stolen personal data belonging to Washington residents. Block disputed liability in this matter as well.

This represents a recurring pattern for Block. In the previous year, the company committed to paying as much as $120 million — including $40 million specifically to New York — to settle distinct state allegations that Cash App inadequately prevented money laundering activities.

In an official response, Block characterized the multi-state agreement as “a previously disclosed legacy matter that primarily relates to historical aspects of our business” and emphasized that Cash App has invested significantly in consumer safeguards and regulatory compliance.

Every U.S. state participates in the current agreement with the exception of Hawaii, Missouri, South Carolina, and Wyoming.

Key Takeaways

• BTC declined 2.1% to approximately $62,115 following Trump’s announcement that the US-Iran ceasefire has ended
• Brent crude oil prices spiked, momentarily exceeding $80 per barrel
• Crypto analyst Michaël Van de Poppe identified $61,000 as a critical support threshold
• Federal Reserve meeting minutes revealed internal disagreement about potential rate increases, pressuring risk-on assets
• Bitcoin spot ETFs in the US recorded three consecutive days of positive net flows despite price weakness

Bitcoin experienced a decline exceeding 2% on Wednesday as heightened tensions between the United States and Iran disrupted global financial markets and triggered a sharp rally in crude oil prices.

The leading cryptocurrency by market capitalization retreated to approximately $62,115, down from levels above $64,600 observed earlier in the trading week. The pullback intensified after President Donald Trump, addressing attendees at the NATO summit in Ankara, Turkey, declared the ceasefire arrangement “over.”

US military forces conducted strikes targeting Iranian positions on Tuesday in response to assaults on three commercial oil vessels operating near the strategically vital Strait of Hormuz. Tehran retaliated with its own military actions. Trump further cautioned that Iran would face another “hard” strike that evening, with the Pentagon subsequently confirming additional operations had been executed.

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Trump indicated the possibility of reinstating a naval blockade targeting Iranian ports. Additionally, Washington revoked a general license that had previously permitted Iranian oil production and sales activities.

Brent crude futures momentarily surpassed the $80 per barrel threshold, marking their strongest performance since June 22. Meanwhile, US WTI crude climbed past $75 per barrel during the session.

Federal Reserve Concerns Add Downward Pressure

Minutes from the Federal Reserve’s June 16-17 policy meeting, published Wednesday, revealed significant disagreement among committee members regarding the appropriate trajectory for interest rates. Several participants advocated for immediate rate increases.

The majority of participants highlighted multiple scenarios where inflationary pressures could remain persistent, citing potential energy supply disruptions in the Middle East, artificial intelligence-driven demand growth, and tariff implementations. Recent CME FedWatch data indicates increasing probability of a rate hike at the September policy meeting. Traders on prediction platform Kalshi currently assign 55% odds to a rate increase occurring sometime in 2026.

Elevated interest rate expectations typically create headwinds for speculative investment vehicles including digital currencies.

Cryptocurrency analyst and trader Michaël Van de Poppe shared on X that Bitcoin might test the $61,000 support zone. He elaborated: “This to happen, and then 1-2 days later; we’re in talks again. And the markets reverse.” Van de Poppe had previously indicated there was “no problem” with Bitcoin’s price movement provided it maintained levels above $60,000.

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Analyst Ted, writing on X, observed that Bitcoin had developed a hidden bearish divergence pattern on its daily timeframe chart, cautioning: “$BTC has formed a hidden bearish divergence on the daily timeframe. Bitcoin needs to reclaim $62,500 soon, or else things could get ugly.”

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Exchange-Traded Fund Inflows Remain Strong

Notwithstanding the price decline, US-listed spot Bitcoin exchange-traded funds logged three consecutive trading sessions of net positive inflows through Tuesday, per SoSoValue tracking data. This trend helped offset a prior sequence of outflows and bolstered Bitcoin’s rebound from its late-June price lows.

Glassnode analytics revealed that Bitcoin has been trading beneath its True Market Mean level of $76,600 and the short-term holder cost basis of $72,200 for approximately five months. Daily ETF trading volumes ranging from $650 million to $950 million represent roughly 80% below the peak levels recorded in October 2025.

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A crypto user lost nearly $1 million on Wednesday after signing a phishing token approval on Ethereum, according to onchain data. It comes as the industry recorded $366 million in phishing losses in the first half of the year. 

A Scam Sniffer alert on Thursday revealed a victim lost 999,999 USDt (USDT) to an Ethereum phishing token approval scam. Scammers first tried draining a rounded $1 million via multicalls but failed due to insufficient funds, then succeeded seconds later by pulling the exact remaining balance in follow-up transfers.

“The script recalculated and pulled the exact remaining balance,” Scam Sniffer said.

Social engineering via phishing token approvals has become a common crypto scam tactic. Phishing losses totaled $723 million across 248 incidents in 2025, according to CertiK. Scammers trick a victim into giving a malicious actor access to their wallet, taking the form of an innocuous-seeming transaction. 

The victim falsely believes that clicking “approve” will only initiate a minor task, but malicious links give the attacker approval to drain funds from the wallet. 

Attackers extracted $999,999 in three transactions. Source: Etherscan 

Scammers reuse the same wallets

Earlier this month, a wallet holder reportedly lost $1.65 million after connecting to a fake exchange and signing a malicious contract in a similar incident.

“The approval gave attackers unlimited access, enabling an automated sweeper to drain funds,” researcher Ryan Coleman said on Friday. 

Related: France to strengthen response as crypto wrench attacks hit 77 

Blockchain security firm Chainalysis reported in June that onchain scams pulled in at least $14 billion in 2025. Investment scams remained the dominant category, and approval phishing is how some of them play out onchain, said Chainalysis.  

“Scammers reuse the same wallets, legitimate approval features from contracts, and cash-out routes across victims, which means each report exposes a wider network,” said Renato Bastos, a senior investigator at Chainalysis. 

Scam Sniffer advised crypto users to double-check all signature requests before approving, avoid rushed transactions and use tools such as scam detection extensions.

Address poisoning remains a threat 

Address poisoning is another attack vector that scammers use alongside phishing token approvals. 

Scammers create addresses very similar to their target wallets and send a tiny amount of “dust” funds to the address, so the user mistakenly sends to this address instead of the legitimate one. 

Popular Ethereum wallet MetaMask launched live address poisoning detection in June, a tool that compares each pasted address with addresses that the wallet has previously interacted with.

Features: The biggest blockchain upgrades still to come in 2026