Key Highlights

• American spot Bitcoin ETFs experienced outflows of $527 million across four trading sessions, continuing an unprecedented eighth consecutive negative week
• A single-day inflow of $221.7 million on Thursday interrupted a 10-day withdrawal pattern but failed to reverse the weekly trend
• BlackRock’s IBIT fund continues its decline for an 11th consecutive trading day, losing approximately $2.2 billion
• Ethereum ETFs similarly recorded negative weekly performance, though showing positive movement during the final two trading days
• Hyperliquid ETFs registered $4.3 million in inflows — maintaining positivity but significantly lower than the previous week’s $111 million milestone

American spot Bitcoin exchange-traded funds have established an unprecedented benchmark, documenting eight consecutive weeks of net capital withdrawals — the longest such period since these investment vehicles debuted. Throughout the four trading sessions concluding July 2, these funds experienced approximately $527 million in outflows, based on information from SoSoValue.

Prior to this current downturn beginning in mid-May, these financial products had never experienced more than five consecutive negative weeks.

June emerged as the most challenging month for these investment products since receiving regulatory authorization. During June exclusively, Bitcoin ETFs witnessed over $4 billion in departures. Calculating from the beginning of the year through present, the funds have accumulated a net deficit of $5.53 billion.

Brief Respite on Thursday Ends 10-Day Withdrawal Pattern

The trading week concluded with a momentary improvement. On July 2, Bitcoin ETFs registered $221.7 million in net capital inflows, terminating a 10-session withdrawal pattern that had eliminated nearly $2.7 billion from these investment vehicles.

Fidelity’s Bitcoin product spearheaded the turnaround, attracting $166 million in fresh capital. ARK 21Shares contributed an additional $91.8 million. VanEck secured $4.4 million in inflows.

Despite this positive development, a single favorable day proved insufficient to salvage the overall weekly performance. Substantial outflows during earlier sessions had already guaranteed another negative weekly outcome.

BlackRock’s Flagship Fund Continues Downward Trajectory

BlackRock’s investment product remained the sole fund experiencing withdrawals on Thursday. The fund recorded a $40.4 million outflow that session, extending its consecutive losing period to 11 trading days.

Throughout this duration, the fund has experienced approximately $2.2 billion in withdrawals. Currently, it maintains $44.91 billion in net assets compared to $59.99 billion in total inflows accumulated since its inception.

The typical investor holding shares in this fund faces losses approaching 40%, according to earlier analysis.

Given its position as the largest Bitcoin ETF measured by assets under management and daily trading activity, persistent outflows from this particular fund create downward pressure across the entire sector, even when smaller competitors experience positive flows.

Bitcoin Valuation Shows Recovery

Bitcoin’s price dropped beneath $58,000 during the early portion of the week, reaching a 21-month minimum. The cryptocurrency subsequently rallied to approximately $63,150 by Saturday.

Disappointing U.S. employment statistics contributed to the price recovery. Market participants interpreted the economic data as diminishing the probability of a Federal Reserve interest rate hike.

CryptoQuant research professionals warned that increasing exchange deposits might signal additional price volatility in upcoming sessions.

Ethereum and Hyperliquid Investment Products

Spot Ethereum exchange-traded funds similarly concluded the week with negative results, marking their eighth consecutive weekly outflow. Nevertheless, these products demonstrated positive daily performance on both July 1 and July 2. BlackRock’s Ethereum investment vehicle attracted $29.7 million on July 2.

Hyperliquid ETFs maintained weekly positivity with $4.3 million in net inflows. This figure represented a substantial decline from the preceding week’s exceptional $111 million, suggesting diminishing appetite for alternative cryptocurrency ETF offerings.

Concurrently, major blockchain Bitcoin holders pursued strategies contrary to ETF participants. Substantial Bitcoin wallets accumulated approximately 270,000 BTC throughout June while exchange-traded funds experienced historic withdrawals.

Stablecoin usage hit a new milestone in June, with adjusted stablecoin transaction volume reaching $1.79 trillion, according to payments analytics from Visa. The figure represents a sharp step up from May’s $1.1 trillion and breaks the prior record of $1.78 trillion set in February.

The jump, Visa says, comes from its Allium-powered dashboard tracking “adjusted” on-chain activity—designed to better reflect organic value transfer rather than short-term technical noise. For market participants, the broader implication is straightforward: even when crypto markets struggle, stablecoin rails can keep growing as on-chain payments, DeFi liquidity, and cross-border settlement continue to mature.

Key takeaways

• $1.79 trillion in adjusted stablecoin transaction volume was recorded in June, up 63% from May’s $1.1 trillion.
• USDC led by volume: Circle’s USDC accounted for roughly 67% of transactions (about $1.21 trillion), despite Tether’s USDt still being the largest stablecoin by market cap.
• Base and Ethereum dominated networks, together responsible for roughly $1.13 trillion of June stablecoin activity, with Tron third at about $320 billion.
• Visa’s methodology adjustment filters out high-frequency bots and certain repeated contract patterns to approximate more meaningful stablecoin usage.

June’s record and why Visa’s “adjusted” lens matters

Visa reported that June 2026 delivered another record month for stablecoin transaction volume, overtaking the previous high from February. The update comes through Visa’s Allium-powered stablecoin analytics dashboard, which tracks adjusted figures—intended to exclude metrics that can inflate results without representing genuine economic activity.

Visa collaborated with partners including Artemis, Allium Labs, and Castle Island Ventures to build the adjusted transaction methodology. Visa said the approach filters out “distracting metrics” such as high-frequency trading bot activity, exchange treasury rebalancing, and repeated smart contract transactions, all of which can otherwise distort the picture of organic stablecoin use.

That matters for investors and operators because it changes what “volume” is measuring. Instead of treating every on-chain movement as equal, the adjusted view is meant to better approximate how stablecoins are actually being used for transferring value and supporting payment or DeFi flows.

USDC takes most of the transaction share

While Tether’s USDt remains the largest stablecoin by market capitalization, Visa data indicates that the majority of June transaction volume belonged to USDC. According to Visa, USDC accounted for around 67% of adjusted stablecoin transaction volume, totaling approximately $1.21 trillion for the month.

USDT contributed about 32% of June volume, or roughly $576 billion, based on Visa’s figures. Visa also identified PayPal’s PYUSD as the third-largest stablecoin by transaction volume in June, with $2.42 billion.

The gap between market cap leadership and transaction share is an important nuance for readers tracking stablecoin adoption. Market cap can reflect a stablecoin’s overall supply, while transaction volume can reflect which assets are being used most frequently across on-chain rails—especially on networks where specific ecosystems and user behaviors concentrate activity.

Base and Ethereum lead; Tron remains a top alternative

Visa’s network breakdown shows that stablecoin activity in June was heavily concentrated. The most widely used network was Coinbase’s Ethereum layer-2 network Base, which recorded about $565 billion in adjusted stablecoin transaction volume—approximately 31.5% of the total. Ethereum followed closely with about $562 billion.

Tron ranked third with about $320 billion, representing roughly 18% of the adjusted total. Together, these results suggest that June’s growth was not confined to a single ecosystem, but that it remains anchored in the networks where stablecoin liquidity and on-chain usage are already dense.

Visa also highlighted that Base and Ethereum dominated stablecoin volumes in June, aligning with the broader trend that stablecoins often follow where payments and DeFi activity cluster—particularly when users want efficient settlement on widely supported chains.

What the record could signal for stablecoin resilience

Industry analysts framed June’s record as evidence that stablecoins are increasingly behaving like infrastructure, not just a speculative sidecar to wider crypto price cycles. Commenting on the figures, Zach Pandl, head of research at Grayscale, said the month was “another record month for stablecoin transaction volume,” describing it as arriving “just ahead of February 2026.”

Nick Ruck, director of LVRG Research, told Cointelegraph that the record volume demonstrates resilience during a broader crypto bear market. He argued that stablecoins’ rising role reflects persistent demand for value transfer, liquidity provisioning, and decentralized finance activity that continues independently of speculative price movements.

Ruck predicted stablecoins will continue to mature, framing them as a “foundational layer” for the Web3 economy. The key takeaway for readers is that the direction of stablecoin adoption may be less tied to market sentiment than it is to real-world settlement needs—especially as on-chain infrastructure improves and more payment workflows incorporate stablecoin settlement.

Open USD adds competitive pressure in payments

Alongside the volume milestone, the stablecoin market continues to attract new entrants. Open Standard announced Open USD (OUSD), supported by more than 140 payments, banking, technology, and crypto companies, including Visa and Mastercard, according to earlier coverage from Cointelegraph.

Even if OUSD does not yet meaningfully shift transaction shares at the scale Visa is measuring, announcements like this underscore that issuers and payments groups see continued room for growth in stablecoin rails—particularly where interoperability and compliance expectations are evolving.

Going forward, the biggest question for traders, builders, and compliance-minded users is whether record volumes are sustained and broadened across more networks and products—or whether growth remains concentrated in a handful of ecosystems. Visa’s “adjusted” methodology should help clarify that trend, but the market will still need time to confirm whether June’s surge signals durable, economy-wide adoption.

Key Takeaways

• Senator Lummis characterizes the CLARITY Act as establishing the groundwork for modern financial infrastructure
• Despite House approval and Banking Committee clearance, the legislation awaits a complete Senate floor vote
• The critical date is August 7 — failure to vote before congressional recess could postpone the bill until 2027
• Democratic lawmakers insist on ethics provisions preventing presidential and congressional officials from cryptocurrency profiteering
• President Trump’s 2025 financial filings revealed approximately $1.4 billion in cryptocurrency-related earnings, intensifying ethics concerns

Senator Cynthia Lummis is calling on her colleagues to expedite action on the CLARITY Act, legislation designed to establish comprehensive regulatory guidelines for digital assets across America. She described it as a defining moment for financial policy and emphasized the urgency of completing the legislative process.

The legislation has successfully navigated the House of Representatives and obtained Senate Banking Committee approval. The remaining obstacle is securing a vote on the Senate floor. As of now, no voting session has been officially scheduled.

Time is rapidly running out. The Senate’s final session day before entering summer recess falls on August 7. Should voting fail to occur by that deadline, the earliest opportunity for reconsideration would be 2027.

Core Provisions of the Legislation

The CLARITY Act proposes dividing cryptocurrency regulatory authority between two federal agencies. The Securities and Exchange Commission would maintain jurisdiction over investment contract assets. Meanwhile, the Commodity Futures Trading Commission would gain expanded authority over spot markets for digital commodities.

Additionally, the legislation mandates that cryptocurrency platforms and brokerages maintain segregated accounts for client assets, keeping them separate from operational funds. This requirement directly addresses concerns stemming from previous exchange failures.

The bill allocates $150 million toward investigating cryptocurrency fraud and extends Bank Secrecy Act compliance requirements to certain digital asset businesses. Advocates argue this approach replaces ad-hoc enforcement with systematic regulation. Opponents counter that the legislation lacks sufficient consumer safeguards and fails to adequately address decentralized finance concerns.

Political Conflict Centers on Ethics Provisions

The primary obstacle currently isn’t regulatory complexity — it’s political disagreement. Democratic senators demand inclusion of ethics stipulations that would prohibit the president, vice president, high-ranking government officials, and congressional members from financially benefiting from cryptocurrency ventures.

This demand intensified following President Trump‘s submission of his 2025 financial disclosure documents. These filings revealed approximately $1.4 billion in cryptocurrency earnings during the previous year. Revenue sources included licensing fees from his memecoin venture, token transactions through World Liberty Financial, and asset sales to entities in Abu Dhabi.

Senator Elizabeth Warren advocated forcefully for robust ethics language, asserting the legislation “must prevent the president” and other officials from cryptocurrency profiteering. Senator Ruben Gallego, despite supporting the bill’s committee advancement, pledged to pursue measures to “crack down on corrupt crypto dealings” while withholding commitment on his eventual floor vote.

Negotiators must reach consensus on ethics language, and any agreement requires presidential approval.

The Path Forward

Behind closed doors, Senate staff members from both the Agriculture and Banking committees continue working to harmonize competing versions of the legislation. Individuals familiar with these discussions express measured optimism while recognizing the compressed timeline.

Following text finalization, Senate floor proceedings could advance rapidly — potentially achieving the necessary 60-vote supermajority within days.

The bill’s success may ultimately hinge on House dynamics. Publications including Politico and Punchbowl News have characterized the House as experiencing operational challenges, potentially complicating final passage even with Senate approval.

All eyes remain on August 7.

Key Takeaways

• XRP currently sits at $1.13, reflecting a 3.21% decline over 24 hours, while daily trading activity fell 43.3% to $1.14 billion.
• Crypto analyst Egrag Crypto observes the Super Guppy technical indicator entering compression mode, indicating weakening price momentum.
• Critical support lies between $0.80 and $1.10; losing this zone could undermine XRP’s long-term technical formation.
• Technical analyst ChartNerd identifies a potential death cross developing between the 20-week EMA and 200-week SMA around $1.20.
• A symmetrical triangle consolidation pattern is reaching its final stage, with bulls eyeing a potential move back toward $2.

As of July 5, 2026, XRP is changing hands at $1.13, marking a 3.21% decline in the last 24-hour period. Market data from CoinMarketCap reveals trading volume has contracted to $1.14 billion, representing a 43.3% decrease. However, the token has managed to post an 8.75% gain across the previous seven days.

The recent price decline coincides with technical analysts identifying two significant chart patterns. The first suggests declining momentum in the market, while the second raises concerns about a potential bearish indicator appearing on the weekly timeframe.

Market analyst Cryptollica shared insights on X, noting that XRP has reached its most oversold condition in its entire 13-year trading history. Their commentary stated: “This is not where the crowd gets excited. This is where most gives up before the real move begins.” According to Cryptollica, the RSI reading has plunged deeper than during any previous major XRP correction throughout its existence, with price now challenging multi-year structural levels — not following a euphoric rally, but after extended periods of resistance and skepticism.

Well-known crypto analyst Egrag Crypto drew attention to the Super Guppy technical indicator on XRP’s weekly timeframe. His analysis reveals the indicator has transitioned from robust green expansion phase into a mixture of grey and compression coloring. This transformation indicates that upward momentum is beginning to fade.

Egrag characterizes this development as a “macro retest” or “cooldown pattern.” According to his analysis, the $0.80 to $1.10 price corridor represents the critical support area that must hold. Maintaining price action within this band is essential for preserving the larger bullish market structure.

Potential Upside Targets if Super Guppy Turns Green Again

Should XRP successfully defend its support levels, recapture the red moving average zone, and drive the Guppy indicator back into green territory, Egrag has outlined multiple price objectives. These projections include $3.59 as an initial target, followed by a range between $6.73 and $9.17, then $16.36, with an extended cycle target reaching as high as $53.86.

These represent extended timeframe projections. The immediate outlook remains more measured and defensive.

Technical analyst ChartNerd issued a cautionary note that XRP is approaching a death cross formation on its weekly chart. This occurs when the 20-week exponential moving average crosses beneath the 200-week simple moving average. The 200-week SMA currently resides around the $1.20 price level.

ChartNerd highlighted that comparable patterns emerged during previous bear market cycles. During 2022, XRP established a local bottom just one week following the death cross signal. In the more protracted 2018–2020 bear market, the ultimate bottom materialized six months after the crossover.

Drawing from these two historical precedents, ChartNerd projects a possible cycle bottom occurring between June and December 2026, with downside targets of $0.90 or potentially $0.70.

Symmetrical Triangle Pattern Approaches Critical Resolution Point

Independently, blockchain data analytics provider XRP Update has identified a symmetrical triangle consolidation developing on XRP’s price chart. The asset has been trading within converging trendlines — a downward-sloping resistance boundary and an upward-sloping support line — over recent months.

This triangle formation is now reaching its apex point, indicating that the consolidation phase is nearing completion.

A decisive break above the triangle’s upper resistance line, accompanied by substantial volume, would represent the bullish confirmation traders are monitoring.

XRP has simultaneously displayed hidden bullish divergence patterns while RSI readings have formed higher lows. Certain technical analysts interpret this combination as evidence that accumulation is occurring quietly below current price levels.

The RSI divergence combined with the triangle compression pattern collectively suggest a potential advance toward the $2 threshold. Several market observers believe sustained momentum beyond that level could propel prices into the $3 territory.

As of July 5, 2026, XRP continues trading at $1.13, with the $1.20 level — corresponding to the 200-week SMA position — representing the immediate resistance barrier to monitor closely.

Reform UK leader Nigel Farage has denied wrongdoing after The Sunday Times alleged that he accepted undisclosed gifts from a US-convicted fraudster tied to the offshore crypto gambling world. The report says the gifts included staff support, security, and travel and accommodation provided by George Cottrell, an adviser to Farage for more than a decade.

Farage said in a statement that he “followed the rules,” adding that the story amounts to a “hit job.” The controversy arrives as UK crypto policy faces rising scrutiny, including tighter controls on political donations involving digital assets.

Key takeaways

• The Sunday Times reports Farage received additional undeclared support from George Cottrell, an associate connected to an offshore crypto casino.
• Farage denies he broke disclosure rules, with the gifts reportedly dating back to before he became an MP in July 2024.
• The allegations add to a pattern of scrutiny around Farage’s links to wealthy crypto-linked figures and political finance.
• UK crypto regulation pressure is intensifying, including a ban on cryptocurrency donations announced earlier this year.
• Ongoing complaints and inquiries show the debate is not just about crypto markets, but also about political integrity and conflicts of interest.

New allegations center on George Cottrell

In its Saturday report, The Sunday Times said Farage was gifted services that were not publicly disclosed. The gifts were attributed to George Cottrell, described as an aristocrat and a close adviser to Farage for more than 10 years.

According to the outlet, Cottrell provided access to security and drivers, including personnel described as former soldiers. The report also alleges Cottrell recruited and paid staff members to assist with the Reform leader’s social media. It further claims that, following Farage’s election, he was allowed to use a rented five-story house near Buckingham Palace, although a Reform source told The Times that Farage primarily stayed at his own home and did not routinely use that property.

The story also says Farage registered only a single benefit from Cottrell when he entered Parliament—described as less than £9,300 (about $12,400) for travel, security and accommodation related to an event in Belgium.

Farage’s response, published Sunday, disputed the implication that he failed to follow requirements. As reported by The Guardian, he said he “followed the rules” over the gifts from Cottrell.

Criminal case in the US links Cottrell to fraud allegations

The credibility of the allegations rests heavily on Cottrell’s prior legal history. The Sunday Times report states that in 2016 Cottrell was arrested and charged in the United States with 21 offenses connected to a money-laundering plot. The report adds that he pleaded guilty to a single wire fraud charge after a plea deal and served eight months in prison.

The article also ties Cottrell to an offshore gambling site, Tether.bet, which uses Tether’s USDT stablecoin. While the specific operational details of that venture are not addressed in the provided coverage, the overall framing connects his crypto involvement to the controversy over political support and disclosure.

Broader scrutiny: donations, lobbying claims, and prior watchdog action

This latest development follows a separate set of concerns around Farage and crypto-linked donors. A parliamentary standards watchdog opened an inquiry in May into whether Farage failed to declare a £5 million gift from crypto billionaire Christopher Harborne, a figure reported to have stakes in Tether. Farage has previously argued that some gifts did not require disclosure because they were provided for security arrangements before he became an MP, according to earlier reporting referenced in the original coverage.

The Sunday Times claim also comes after The Guardian reported earlier this week that Farage was accused of lobbying the Bank of England regarding its digital currency plans. In that report, Phil Brickell, a Labour MP and chair of a parliamentary anti-corruption group, was quoted describing a complaint to the standards commissioner.

Brickell’s allegation, as relayed in the cited coverage, was that Farage claimed credit for influencing the Bank’s stance on a central bank digital currency. Brickell also argued that Harborne would benefit if a state-backed digital currency were softened—particularly because it could compete with private stablecoins.

For investors and users, the significance goes beyond personal politics. It highlights how governance choices—such as how central bank digital currencies may be structured—can affect the competitive position of stablecoins and the broader crypto market ecosystem. When political figures are linked to substantial crypto-related wealth, regulators and watchdogs typically treat transparency and conflict-of-interest rules as central, not peripheral.

UK policy pressure on crypto political financing continues

The episode unfolds against a backdrop of tightening UK scrutiny of crypto-related political activity. The original coverage notes that the UK Treasury temporarily banned political donations made in cryptocurrencies in March, a step aimed at reducing the influence of opaque funding channels.

Reform’s own agenda has positioned the party as one of the more pro-crypto forces in UK politics. The coverage states that Reform published draft legislation last year intended to make the UK “the world’s premier hub for cryptocurrency.” It also notes that Reform was the first UK political party to accept donations in Bitcoin. Farage has supported proposals including cutting capital gains tax on crypto and calling for a Bank of England Bitcoin reserve.

In that context, repeated disclosures and investigations around how crypto-linked individuals fund political activities take on added weight. The central question for regulators and voters is whether existing rules are being followed—and whether policy advocacy can be separated from the financial interests of large backers.

Readers should watch whether the standards investigations advance toward formal findings, and whether new disclosure obligations—especially those affecting crypto-related political donations—continue to expand. Another open point is how any alleged lobbying over central bank digital currency plans will be evaluated in light of the relationships and benefits described in the reporting.

The CLARITY Act did not become law by July 4, despite earlier hopes from White House crypto adviser Patrick Witt. Attention has now moved to Aug. 7, the Senate’s final session day before its summer break and the campaign season.

The bill remains one of the most watched U.S. crypto market structure proposals. Crypto.news reported that the CLARITY Act has passed the House, cleared the Senate Banking Committee, and sits on the Senate calendar. It still needs a full Senate vote before it can move closer to the president’s desk

Staff work continues on Senate text

Senate staff are still working to reconcile the Agriculture and Banking Committee versions. That step matters because both committees have jurisdiction over parts of digital asset policy. A single Senate text must be ready before floor action can move cleanly.

Recent crypto.news coverage said Senator Bill Hagerty revived hopes after outlining a new Senate roadmap for the CLARITY Act. The report said the Senate could release final text before lawmakers return from recess, while Bloomberg Intelligence placed the bill’s chance of passing this month near 60%.

Senator Cynthia Lummis has also pushed lawmakers to keep the bill moving. Crypto.news reported that Lummis said the bill would “lay the foundation for the financial services of the 21st century.” She also said, “The Clarity Act is this generation’s contribution to that legacy. Let’s finish the job.”

Vote math and policy disputes remain

The bill still faces a hard Senate vote count. Crypto.news has reported that the CLARITY Act likely needs 60 votes on the floor, meaning Republicans must secure Democratic support to overcome Senate rules. That requirement keeps negotiations active.

TD Cowen warned that the bill’s timeline remains uncertain before the November midterm election. Crypto.news reported that the firm pointed to ethics rules, anti-money laundering concerns, and questions over political support as issues that could slow a vote.

The bill would divide digital asset oversight between the SEC and the CFTC. Crypto.news also reported that the CLARITY Act would add exchange safeguards, customer fund rules, and funding for crypto fraud investigations.

Law enforcement language has been one of the most debated areas. Critics have focused on Section 604, which covers some non-custodial developers and software providers. Supporters say it protects builders who do not control customer funds.

Law enforcement shift gives backers room

Backers gained some room after the Major County Sheriffs of America moved to a neutral stance on the bill’s decentralized finance section. Crypto.news reported that the group withdrew its objection to the CLARITY Act’s DeFi provision while asking for more state and local law enforcement input.

The National Organization of Black Law Enforcement Executives also endorsed the bill. Crypto.news reported that NOBLE said the measure “contains several provisions” that could help law enforcement while keeping current criminal powers in place.

The next test is scheduling. If the Senate does not move before Aug. 7, the bill could face a much harder path after lawmakers return to campaign work. For now, supporters remain active, but the calendar has become the main barrier.