Grayscale Research has argued that Strategy’s recent $216 million Bitcoin sale has improved the company’s financial position while helping create conditions for a more stable Bitcoin price.

According to a July 6 report from Grayscale Research, the market reaction to Strategy’s decision to sell part of its Bitcoin holdings has overlooked what the firm sees as a strengthening of the company’s balance sheet rather than a sign of financial stress.

The report comes after Michael Saylor’s company faced criticism when Bitcoin briefly fell to the $61,000 area following the announcement before recovering above $63,000.

Grayscale Head of Research Zach Pandl wrote that Strategy’s financing structure remains well supported despite concerns raised by some market participants.

Strategy, the largest corporate Bitcoin holder, owns 843,775 BTC valued at nearly $53 billion while carrying almost $7 billion in debt. According to Grayscale, the company’s annual preferred equity dividend obligations remain below $2 billion, leaving it with sufficient financial capacity to meet both debt and dividend commitments.

Higher cash reserves strengthen Strategy’s financial position

Grayscale said the $216 million Bitcoin sale increased Strategy’s U.S. dollar reserves to roughly $2.55 billion, enough to cover nearly 17 months of dividend payments under current obligations. According to the research note, maintaining a larger cash buffer lowers financing risk and could improve investor confidence in the company’s capital structure.

Alongside the sale, Strategy introduced a treasury framework stating it may issue shares or sell Bitcoin whenever necessary to maintain adequate U.S. dollar reserves for dividend payments. Grayscale argued that this policy gives the company greater flexibility during periods of market volatility without forcing emergency financing measures.

Pandl also said in the report that reducing financing pressure may benefit Bitcoin itself. Rather than viewing the sale as bearish, Grayscale argued the transaction could help Bitcoin establish a more durable price bottom by easing concerns surrounding Strategy’s balance sheet and funding needs.

Investors have continued backing the company

Trading activity has suggested investors remain comfortable with Strategy’s latest decision. STRC shares finished Monday 0.81% higher at $88.58 before adding another 0.51% to around $89 in premarket trading on Tuesday.

At the same time, Binance launched trading for STRC tokenized stock, allowing users to gain exposure to the company’s shares without using traditional brokerage accounts.

Meanwhile, MSTR also rose 0.45% to $101.22 during Tuesday’s trading session after recovering from an early intraday dip. The stock remains nearly 18% higher over the past week. Separately, Cantor Fitzgerald reiterated its buy rating on MSTR and maintained a 12-month price target of $212, indicating the firm remains optimistic despite recent market volatility.

Bitcoin has also recovered from the initial selloff that followed the announcement. The cryptocurrency traded near $64,000 after touching a 24-hour low of $61,275 and reaching a high of $64,597. The rebound coincided with a 77% increase in trading volume over the past day.

Recent market sentiment has also improved following the return of net inflows into BlackRock’s spot Bitcoin ETF after several weeks of outflows. Combined with seasonal market strength, those inflows have helped support Bitcoin’s recovery even as investors continue assessing the impact of Strategy’s updated treasury policy.

Elon Musk’s SpaceX has secured fresh buy ratings from several major Wall Street banks, with Morgan Stanley assigning a base-case price target of $300 as the stock prepares to join the Nasdaq-100 Index.

According to research notes released by Morgan Stanley, Goldman Sachs, Citigroup, and other investment banks, analysts expect further gains for SpaceX despite the stock pulling back after its recent rally.

The latest recommendations come just before the company enters the Nasdaq-100, an event that JPMorgan estimates could trigger about $4.3 billion in automatic purchases by passive investment funds.

Morgan Stanley sees Starship and Starlink driving long-term value

Morgan Stanley initiated coverage of SpaceX with an Overweight rating. Analyst Adam Jonas set a $300 base-case price target and a $600 bull-case target, implying substantial upside from the stock’s latest trading price.

According to Jonas, SpaceX’s investment case is supported by the economics of the Starship launch program, the expansion of Starlink’s satellite network, and the company’s role in building infrastructure for space-based artificial intelligence.

Goldman Sachs also started coverage with a Buy rating and a $205 price target. Analyst Eric Sheridan wrote that SpaceX is well positioned across the space, connectivity, and artificial intelligence industries, adding that each of those markets has the potential to become “multiple trillion-dollar opportunities over a 5+ year time horizon.”

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SpaceX $SPCX initiated with a Buy at Goldman Sachs

Goldman Sachs initiated coverage of SpaceX with a Buy rating and $205 price target.

The firm sees the company being well positioned to scale its differentiated advantages across space, connectivity and AI, adding that each of… pic.twitter.com/9MZjXVfA3q

— TipRanks (@TipRanks) July 7, 2026

Bullish coverage extended beyond those firms. Citigroup assigned a Buy rating with a 12-month price target of $200, while UBS and Wells Fargo also initiated coverage with positive recommendations, adding to growing institutional support for the newly listed company.

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Nasdaq-100 entry could drive billions in passive fund buying

Attention has also turned to SpaceX’s scheduled inclusion in the Nasdaq-100 Index on July 7. 

According to a Nasdaq announcement, the company qualified under updated index rules that allow certain large newly listed companies to enter the benchmark after just 15 trading days following their public debut.

JPMorgan estimates that exchange-traded funds and index funds tracking the Nasdaq-100 will need to purchase about $4.3 billion worth of SpaceX shares once the rebalancing takes effect.

The bank said the buying is expected to occur around the July 6 market close and July 7 opening, as passive funds such as the Invesco QQQ Trust are required to match the revised index regardless of their view on the company’s valuation. SpaceX is expected to enter the benchmark with an index weighting below 1%.

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Despite the wave of bullish analyst ratings, SpaceX shares came under selling pressure. The stock closed Monday down 0.98% at $160.42, trimming its weekly gain to just over 2% after profit-taking. By early Tuesday afternoon, however, the stock had fallen 5.31% to $151.90 after the market opened, extending losses even as investors digested its Nasdaq-100 inclusion.

Derivatives trading also pointed to cautious sentiment. SPCX USDC perpetual contracts on Hyperliquid traded about 3.15% lower at $159.17, with trading volume reaching roughly $284 million at press time.

Meanwhile, the crypto market remained firm alongside developments surrounding SpaceX. 

Bitcoin held above its 200-week moving average at $62,865 and traded near $63,300 after reaching a 24-hour high of $64,597. Trading volume stayed more than 70% higher as Grayscale argued that Strategy’s recent Bitcoin sales could help establish a market bottom.

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Key takeaways:

• BitMine’s aggressive ETH accumulation has reinforced the $1,500 support despite $8B unrealized losses.
• Glamsterdam upgrade and Robinhood Chain launch signal stronger TradFi focus for Ethereum’s base layer.

Ether (ETH) price rallied 15% in five days, distancing itself from the $1,500 low hit on June 26. Part of the improvement in investor sentiment can be pinned to the final tests on Ethereum’s Glamsterdam upgrade, targeted for later in 2026. Moreover, BitMine Immersion Technologies’ continued Ether accumulation helped strengthen the support level. Will $2,000 come next?

Total crypto capitalization/USD (left) vs. ETH/USD (right). Source: TradingView

Ether outperformed the total crypto market capitalization by 7% over the past 30 days. Some excitement came from optimism about the passage of the Digital Assets CLARITY Act, a bill that has faced several hurdles advancing in Congress after pushback from the banking sector on stablecoin regulation and potential rewards to its holders.

ETH options 25% delta skew (put-call) at Deribit. Source: Laevitas

Ether’s recent rally toward $1,800 was enough to instill some confidence in ETH options markets as the skew (put-call) metric exited the fear levels that prevailed until Friday. The current 9% premium in put (sell) options relative to equivalent call (buy) instruments is far from bullish, but it distances itself from the 15% mark from the prior week. Levels above 12% typically indicate extreme fear.

Ethereum network upgrade, Robinhood Chain behind ETH price rally

One of Ethereum’s main criticisms lies in its scalability using layer-2 rollups facilitated by data packages (blobs) that drastically reduced transaction fees but triggered fierce debates over long-term data censorship and centralization. Base layer network fees took a hit, which in turn reduced ETH burning and ultimately led to inflationary supply dynamics.

Ethereum base layer monthly network revenue, USD. Source: DefiLlama

The Ethereum Glamsterdam upgrade, currently in the testing phase, should improve network processing speeds by allowing more transactions to be processed in parallel. The proposal will also expand capacity for Ethereum to handle more data at higher throughput and reduce database bloat. One goal is providing institutional-grade infrastructure for financial use cases.

BitMine (BMNR US) ETH holdings and shares outstanding. Source: bmnr.rocks

The continued accumulation by the US-listed company BitMine Immersion has likely helped strengthen the $1,500 support. The company increased its holdings by 325,000 ETH over the past month, boosting its reserves to 5.74 million ETH. Regardless of the current $8 billion in unrealized losses on its ETH holdings, BitMine continues its path toward acquiring 5% of the existing supply.

Related: Vitalik Buterin shares priorities for new ‘Lean Ethereum’ strawmap

The launch of Robinhood Chain on July 2, an EVM-compatible Ethereum layer-2 built using Arbitrum technology, helped consolidate the ecosystem with the traditional finance industry. More importantly, Robinhood rolled out tokenized stock trading in more than 120 countries along with major decentralized finance (DeFi) integrations, including Uniswap, 1inch and Morpho.

While Ethereum onchain and derivatives metrics paint a somewhat bearish picture with low network fees and low conviction in options markets, Ether’s upside comes from real-world traditional finance use case growth and network upgrades capable of significantly expanding base layer capacity. Overall, the path to ETH at $2,000 appears entirely viable in the near term.

$PULT Early Public Round drew $2.3 million on its first day, at a token price of $0.06, representing roughly 80% of the round’s target. It follows an invite-only whitelist round that sold out within a minute of opening.

Catapult Trade is a trading platform that combines the model of a token launchpad with iGaming mechanics. Its core product, Turbo, drops the order book entirely: prices are generated by a mathematical model designed to simulate real market conditions while remaining statistically neutral. Each chart’s full price path is committed to a public cryptographic hash before trading and disclosed afterward, so anyone can confirm it was not altered. Because the path is fixed in advance, neither the team nor anyone else can move a chart once it is live: fully provably fair, with the engine audited by Halborn and Hashlock.

The project has attracted a broad group of backers over the past year. KuCoin Ventures led the investment, alongside Oddiyana Ventures and IBC Group, with angels from trading and infrastructure backgrounds. Claire “Cookie” Dang, previously in growth roles at Binance, KuCoin, and Crypto.com, joined as co-founder and VP of growth. In June, the project integrated with Binance Wallet, putting the app in front of that wallet’s users. It also ran joint reward campaigns with exchanges including Gate.

According to the company, part of protocol revenue is used to buy $PULT on the open market and permanently remove it from circulation, tying supply reduction to platform activity rather than scheduled emissions.

The token generation event is planned for the third quarter of 2026. The team says it has agreements to list $PULT on eight centralized exchanges on day one, backed by established market makers, and that the token will launch as a multichain asset, including Ethereum and Solana. Before that, a smaller public sale will run on outside launchpad platforms at a higher price, for buyers who missed the early round.

A second product, Catapult Hyper, which extends the platform into real markets, is also due for a wider release in the quarter. Its fees are expected to begin contributing to the buy-and-burn model shortly after launch.

Alongside the public sale, the project continues running a points program. According to the team, participants will receive token allocations at TGE and through a later reverse airdrop. Allocation and vesting details have not yet been disclosed.

The XRP Ledger has moved closer to activating its xrpld v3.2.0 upgrade after more than 55% of trusted validators adopted the latest software version.

According to XRP Ledger Explorer data, 84 trusted validators, or 55.63% of the validator set, are now running xrpld v3.2.0. The latest software has also been installed on 353 network nodes, accounting for 42.12% of all nodes. By comparison, version 3.1.3 remains active on 58 validators, representing 38.41% of the validator set, and on 440 nodes, or 52.51% of the network.

On the XRP Ledger, trusted validators are responsible for approving protocol changes, while regular nodes follow the decisions made by the trusted validator list. Under the network’s governance rules, a protocol amendment requires support from more than 80% of trusted validators for two consecutive weeks before it can be activated.

Based on the current figures, roughly another quarter of the validator set must migrate to v3.2.0 before the upgrade can move toward activation.

Latest release introduces infrastructure and security changes

Released as xrpld v3.2.0, the software package includes infrastructure updates, developer improvements, and bug fixes across the XRP Ledger. One of its most notable changes is the official renaming of the network’s main server software from rippled to xrpld, following the XLS-0095 proposal.

Beginning June 15, the upgrade changed configuration paths, server metadata, database directory locations, and version naming conventions. As a result, validator operators and node administrators are required to update deployment scripts and server configurations before completing the migration.

Alongside the software release, developers also introduced the fixCleanup3_2_0 amendment. According to the release documentation, the amendment contains security-related fixes covering Single Asset Vaults, the Lending Protocol, permissioned decentralized exchanges, Multi-Purpose Tokens (MPTs) and permissioned domains.

The proposal also adds new invariant checks designed to prevent deleted accounts from leaving residual ledger data, improving ledger consistency. In addition, the update allows developers and users to access XRP Ledger protocol information and server definitions without operating a full server, a change intended to simplify integrations for wallets, APIs, blockchain explorers and other automated services.

Amendment voting still has ground to cover

Even as validator adoption of the software continues to climb, support for the attached fixCleanup3_2_0 amendment remains well below the activation threshold. Current network data shows the amendment has secured roughly 40% support, leaving it far short of the supermajority required for approval.

Ripple has publicly supported the amendment, helping strengthen confidence around the proposed changes. Separately, the XRP Ledger Lending Protocol recently passed an independent security audit, adding another layer of reassurance for the lending-related fixes included in the amendment.

At the same time, developers continue to monitor issues reported during validator migrations. A GitHub issue tracked under report #7581 describes a case where the service log displayed the correct new validator public key while the running server continued using the older public key stored in the wallet database.

The report attributes the discrepancy to validator migration behavior rather than the protocol itself, highlighting an operational issue that node operators may need to address as adoption of xrpld v3.2.0 continues to expand. 

The US Securities and Exchange Commission (SEC) announced proposed rule changes that its chair said would “help clarify the regulatory framework for crypto assets and provide greater certainty to the market” as part of its annual agenda.

In a Tuesday notice, SEC Chair Paul Atkins said that the agency’s 2026 agenda was intended to align with the Trump administration’s policy goals on crypto, which included clarification on tokenized securities and capital raising with digital assets. The agenda included three proposed rule changes addressing crypto broker-dealers, digital assets on alternative trading systems and national securities exchanges, and potential exemptions and safe harbors for digital assets.

“The proposed rules may provide greater certainty to the market, facilitate capital formation, and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions,” said the SEC on one of the proposed rules “relating to the offer and sale of crypto assets.”

The proposed rules came as the US Congress is debating provisions in a crypto market structure bill expected to shift much of the oversight and enforcement of the industry from the SEC to the Commodity Futures Trading Commission. In March, Atkins said that the SEC would move forward with an agency “bridge” to clarify crypto regulation, but signaled that he would defer to legislation if it was passed by Congress.

Related: Warren claims SEC’s Atkins likely misled Congress over enforcement data

The SEC’s approach to crypto under US President Donald Trump and Atkins has many critics accusing the administration of a “pay-to-play scheme.” Democratic lawmakers said in a January letter that Trump and those associated with him had financially benefited from companies that had previously been subject to enforcement actions or potential regulatory entanglements, including Binance, Coinbase, Ripple Labs and Kraken, that were later dropped.

“The SEC’s decision to let those who violated the securities laws go without consequences, together with recent statements by Chair Atkins that ‘most crypto tokens are not securities,’ despite holdings by federal district courts that at least some tokens are securities, has left a vacuum whereby securities violations by crypto firms are not enforced and US investors are not protected,” three Democratic House members said in a January letter to Atkins.

Trump says he partly promoted crypto ‘for politics’

Answering questions from reporters on Monday, Trump said that he “got involved in [crypto] a little bit for politics” after calling Bitcoin (BTC) a “scam” following his first term. He initially said that he was “not a fan” of cryptocurrencies, but in the lead-up to the 2024 election, began speaking with industry leaders and promoting the technology in public appearances.

Related: AI is banking the unbanked in Africa… faster than crypto

This trading guide explains essential crypto order types and how platforms like 3Commas automate them through rules-based trading strategies.

Most people think trading is just two buttons, buy and sell. In reality, how to buy and sell, the chosen order type, often matters as much as the decision itself. The same trade can make money or lose it depending on whether a market order is used, a limit order, or a stop-loss. Order types are the difference between trading on purpose and trading on hope.

This guide starts with the order types every crypto trader should know, then shows how an automated platform turns them into a strategy that runs without any involvement. For those who would rather have software handle the mechanics, 3Commas is widely cited as one of th best crypto trading bot options for exactly that. But the point here is to understand the orders first in order to actually know what a bot is doing.

The order types that actually matter

There are five that will be used again and again.

1. A market order buys or sells immediately at the best available price. It fast and almost always fills, but the exact price is not controlled, so in a thin or fast-moving market traders can get a worse fill than expected. Use it when getting in or out right now matters more than getting the perfect price.
2. A limit order lets users set the price they are willing to pay or accept. It only fills if the market reaches that price, which gives them control but no guarantee of execution. Patience is the trade-off. They might get a great entry, or might watch the price run away.
3. A stop-loss order is a safety net. Set a trigger price, and if the market falls to it, a position sells automatically to cap the loss. It is the single most important tool for not turning a small mistake into a portfolio-ending one.
4. A stop-limit order adds precision to that safety net. Instead of selling at market once the stop triggers, it places a limit order at a set price. Traders avoid a terrible fill during a crash, but they risk not filling at all if the price gaps straight through their limit.
5. A trailing stop is a stop-loss that moves. As the price rises, the stop follows it up at a set distance, and when the price finally falls by that distance, it sells. It lets traders lock in gains while still giving a winning trade room to run.

When to use which

The order type should match the situation. Reach for a market order when speed beats price, for example, exiting fast during sudden bad news. Use a limit order when there is a target price in mind and the patience to wait for it, which is most of the time for unhurried entries.

Stop-losses are not optional. Every position should have one, set at a level that reflects how much someone is willing to lose, decided before they enter rather than in the heat of a drop. Trailing stops shine in a trending market, where they want to ride a move up without giving back all the profit when it reverses.

The problem with doing all this by hand

Knowing the right order is one thing. Placing it at the right moment, every time, is another. Crypto runs 24 hours a day, and traders do not. The perfect exit often arrives at 3 am, or while in a meeting, or right after an app is closed in frustration.

Manual trading also runs straight into emotions. FOMO talks traders into market-buying a top. Fear talks them out of a stop-loss right before it would have saved them. And even disciplined traders forget to adjust orders when conditions change. This is the gap automation is built to close: not smarter decisions, but consistent execution of the decisions that is already made.

Bots automate these orders

A trading bot is really just order types bundled into a rule and executed without hesitation. 3Commas has been doing this since 2017, and its tools map neatly onto the orders above.

SmartTrade: manual control, automated safety

SmartTrade is the most beginner-friendly bridge between manual and automated trading. Open a position, then attach take-profit and stop-loss orders, including trailing versions, in a single setup. The bot watches the market and fires those orders. Traders make the call, the software handles the babysitting. It is the cleanest way to make sure every placed trade has an exit plan attached from the start.

DCA bots: limit orders on a schedule

A DCA (dollar cost averaging) bot automates buying in increments instead of all at once. It places a base order, then additional “safety orders,” usually as limit orders, to buy more if the price drops and pull an average entry down, then takes profit once the position recovers to a target.

DCA rewards patience and a long-term view. CryptoSlate’s analysis found that even an investor who started buying 100 dollars of Bitcoin weekly at the 2021 market top would still have been up over 100 percent by late 2024, which captures the strategy’s strength: it works when the asset eventually trends up. The flip side is that DCA into something that keeps falling just averages deeper into a loss, so it is a tool for assets traders believe in, not a magic fix. For the thinking behind the strategy, CryptoSlate’s guide to dollar-cost averaging into crypto is a solid primer. Past performance, of course, is no promise of future results.

Grid bots: limit orders that harvest volatility

A grid bot places a ladder of buy and sell limit orders across a price range. It buys at the lower rungs and sells at the higher ones, profiting from the up-and-down chop. Grid bots are at their best in a sideways, ranging market that swings without trending in either direction. The main risk is a breakout: if the price leaves the range entirely, the grid can be left holding positions on the wrong side, which is why there is a need to set the range deliberately and keep an eye on it.

Trailing features: locking in the upside

3Commas can attach trailing take-profit and trailing stop logic to its bots, so a winning position keeps capturing gains as the price climbs and only exits when it pulls back. A fixed target closes at one price, a trailing target chases the move. The common beginner mistake is setting the trailing distance too tight, which kicks traders out on normal noise, or too loose, which gives back more profit than wanted.

Risk management is the real job

Automation does not remove risk, it manages risk more consistently, but only if it is set up to. Always pair entries with a stop-loss. Size positions so a single bad trade cannot do serious damage, no matter how confident the setup looks. And protect the connection itself. When a bot is linked to an exchange, grant it trading permissions only, never withdrawal rights, and use an IP whitelist where possible. Backtest settings against real historical data before committing money, because a strategy that looks perfect in theory often behaves differently once fees and slippage are in play.

Getting started

Start small and deliberate. Pick one bot type that matches a specific market: a DCA bot for an accumulating asset, a grid bot for a ranging market, or a simple SmartTrade to practice attaching exits. Configure conservative order settings, run it with a small amount or in test mode first, and watch it closely for the first week in order to understand its behavior. Scale up only once it is doing what traders expect. 

The takeaway is simple. Order types are the vocabulary of trading, and bots are just a way to speak that language fluently and tirelessly. Learn what each order does, decide a personal strategy, and let the automation handle the part humans are worst at: doing the same disciplined thing every single time.