“I’d encourage the Commission not to dismiss third-party stock tokens, but to treat them as what they are — a different class of financial instrument, with clear separation from real stocks.”

Not everyone agrees

Some market participants, however, say the STA’s proposal risks grouping together fundamentally different tokenization models.

“The key is whether the tokens represent true stock ownership or just economic exposure,” Dinari CEO Gabe Otte told CoinDesk.

He said many of the STA’s concerns are valid but apply primarily to synthetic tokenized products. He pointed to the SEC’s January statement, which distinguishes custodial tokenized securities from synthetic structures, arguing that regulated custodial models should be evaluated separately.

“Both issuer-sponsored and custodial models offer true stock ownership and these should be distinguished from synthetic models for the benefit of the end investor,” Otte said.

Alan Konevsky, CEO of digital securities platform tZERO, agreed that issuer-sponsored tokenization offers important advantages by preserving the direct relationship between companies and investors. But he argued the market is likely to support multiple compliant approaches.

“Innovation is accelerating, and we expect multiple compliant, non-misleading, economically and technologically meaningful models to emerge as the market matures,” Konevsky said.

Eli Cohen, chief legal officer at tokenization platform Centrifuge that focuses on bringing funds onchain, said the letter reflects transfer agents’ concerns that issuer-sponsored tokenization could lose ground if third-party models become more widely adopted.

Coinbase Ventures, the corporate venture capital (VC) arm of cryptocurrency exchange Coinbase, led the ranks of crypto-focused VC’s with 30 deals in the first half of 2026.

Runner-up Animoca Brands completed 19 investments while Silicon Valley VC a16z logged 18 deals and stablecoin giant Tether completed 15, according to data aggregator CryptoRank. 

In the past 12 months Coinbase Ventures completed a peer-best 75 deals, followed by Animoca Brands with 40, YZi Labs (previously Binance Labs) with 39, GSR with 31 and a16z with 30.

Those VC deals defy a bear market that saw the total amount raised by cryptocurrency companies fall to $1.4 billion in June, down 63% decline from $3.8 billion in April. 

Deal counts also fell in June, to 61 fundraising rounds, down from 89 rounds in May. Still, last month showed a slight recovery compared to April, when crypto VC funding hit a two-year low of $698 million across 71 total fundraising rounds.

So far in July, crypto firms raised $456 million across 12 funding rounds.

Top active investors and top categories by funding deals. Source: CryptoRank

Looking at the deals of the past six months, Coinbase Ventures participated in seven investment rounds tied to payment protocols, four rounds for DeFi projects and three rounds for infrastructure and real-world asset tokenization projects, respectively. 

However, the number of unique investors shrunk to 242 in June, from 452 unique investors in October 2025.

Related: Bitcoin whale moves $188M for first time in 7 years

DeFi, payments, AI remain leading VC categories

Decentralized finance (DeFi), payments and AI attracted the lion’s share of crypto VC funding during the past year.

DeFi protocols saw 216 fundraising rounds in the period, while payments startups logged 131 rounds and AI-crypto companies raised 128 rounds, according to CryptoRank.

Crypto VC capital, invested by category, 1-year chart. Source: CryptoRank

Infrastructure providers raising 110 funding rounds, while all other sectors saw fewer than 100 investment rounds over the past year.

In terms of geographical distribution, US-based VCs accounted for $5.8 billion and Australia-based VCs contributed $3.6 billion of funds over the past six months. More than $11.6 billion was invested from undisclosed locations.

Magazine: Strategy sells $216M Bitcoin, Bollinger bullish on BTC: Hodler’s Digest, June 29-July 6, 2026

Strategy (MSTR) increased its U.S. dollar reserve by $466.7 million to $3 billion last week through its at-the-market equity program, according to a Monday regulatory filing.

The company maintains the reserve to support dividend payments on its preferred stock and interest payments on its outstanding debt.

Strategy made no bitcoin purchases (or sales), leaving its holdings unchanged at 843,775 BTC.

The company acquired its bitcoin for an aggregate purchase price of approximately $63.69 billion, including fees and expenses, at an average price of $75,476 per bitcoin.

MSTR shares are 3% down pre-market as bitcoin fell through the weekend to its current price of $62,800.

Pi Network has plunged nearly 15% on Monday as investors rushed to exit positions ahead of a major token unlock, extending the token’s slide to a fresh all-time low and reinforcing bearish sentiment across the market.

According to data from crypto.news, Pi Network (PI) price fell to around $0.08 on Monday after breaking below the key $0.11-$0.12 support area that had contained sellers for weeks.

The decline comes as traders prepare for one of the network’s largest scheduled supply expansions, with 127.5 million PI tokens expected to enter circulation over the coming weeks per PiScan data. The prospect of a sharp increase in liquid supply has prompted holders to sell before the unlocks, overwhelming available exchange liquidity.

Derivatives data has also weakened alongside the spot market. CoinAnk data showed Pi Network’s open interest falling from more than $10.8 million to roughly $8.48 million in recent days as leveraged long positions were closed. Funding rates have remained deeply negative near -2.15%, underscoring that perpetual futures traders continue to favor short positions rather than betting on a recovery.

Geopolitical developments have added another layer of pressure. Renewed military tensions between the United States and Iran have pushed oil prices higher and revived inflation concerns, reducing appetite for speculative assets across crypto markets.

While Bitcoin and other large-cap cryptocurrencies have recorded comparatively smaller pullbacks, lower-liquidity tokens such as PI have experienced much steeper selling as traders rotate toward safer assets.

Massive token unlocks have intensified selling pressure

Pi Network’s latest ecosystem announcements have done little to offset concerns over supply. Recent Pi2Day updates introduced additional developer tools, storage improvements, and verification services, yet traders remain focused on the absence of a fully open mainnet, limited exchange availability, and relatively weak real-world payment adoption.

At the same time, community sentiment has deteriorated as upcoming monthly unlocks continue to outweigh optimism around ecosystem development. Without stronger demand to absorb the additional circulating supply, investors have questioned whether new product releases alone can stabilize the token.

According to trader Crypto With Gopal, however, the current structure may still offer a longer-term reversal setup despite the heavy selling.

“$PI is printing a falling wedge after an extended downtrend. Price is squeezing into the apex while sellers lose momentum and buyers continue defending the lower trendline.”

The analyst added that “a strong move above wedge resistance could spark a fast recovery as sidelined buyers step back in.”

Technical breakdown keeps bears in control

The daily chart shows PI trading inside a well-defined descending channel that has guided price lower since early May. Monday’s decline pushed the token below the channel’s lower boundary and beneath the 0/8 Murrey Math support near $0.0977, leaving the next downside levels around $0.0855 and $0.0732 as the nearest technical support zones. Price also remains below the 20-day, 50-day, and 200-day exponential moving averages, preserving the prevailing downtrend.

Chaikin Money Flow has slipped to around -0.15, showing sustained capital outflows from the asset. Any recovery would first need to reclaim the former support at $0.1099 before testing resistance near $0.1220, where previous breakdown levels and selling interest are likely to emerge.

Failure to defend the $0.073-$0.085 support area would strengthen the bearish case and could accelerate another wave of liquidation if token unlocks continue without a corresponding increase in demand.

Continued geopolitical uncertainty, persistent negative funding rates, and further declines in open interest would add to those risks, while a decisive breakout above the falling wedge and renewed buying volume would invalidate the immediate bearish outlook.

Robinhood’s (HOOD) new blockchain has posted a strong debut, quickly emerging as one of the busiest networks for decentralized trading and reinforcing the broker’s strategy to expand tokenized financial products, Wall Street broker Bernstein said in a Monday research report.

Since launching its mainnet on July 1, Robinhood Chain has generated $3.1 billion in decentralized exchange trading volume over the past week, making it a top-five chain by DEX activity, the broker said. More than 65,000 users now hold around $13 million in tokenized stocks and $300 million in stablecoins on the network.

“Strong early adoption highlights the growing convergence of tokenized real world assets with the broader DeFi ecosystem, as industry participants continue to innovate across multiple business models for regulated asset tokenization,” wrote analysts led by Gautam Chhugani.

Robinhood launched the public mainnet of Robinhood Chain on July 1, an Ethereum layer-2 blockchain built on Arbitrum that’s designed for tokenized real-world assets and decentralized finance.

The network underpins the firm’s tokenized stock offering, enabling 24/7 trading, self-custody and onchain use cases such as lending and collateral, while supporting integrations with decentralized applications and liquidity providers.

Key takeaways

• Bitcoin fell to $63,000 after renewed geopolitical tensions in the Middle East weakened investor risk appetite.
• The U.S. military’s latest strikes on Iran and heightened tensions around the Strait of Hormuz boosted demand for safe-haven assets while pressuring cryptocurrencies.
• Spot Bitcoin ETFs recorded $197.4 million in weekly inflows, ending an eight-week streak of net outflows, but institutional buying failed to offset broader market uncertainty.

Bitcoin (BTC) traded below $63,000 on Monday as escalating geopolitical tensions in the Middle East weakened investor appetite for risk assets, overshadowing improving institutional demand through spot Bitcoin exchange-traded funds (ETFs).

Although Bitcoin ETFs recorded their first week of net inflows in nearly two months, renewed uncertainty surrounding the Strait of Hormuz kept bullish momentum in check.

Middle East escalation sparks risk-off trading

Market sentiment deteriorated after the United States launched fresh military strikes against Iranian targets on Sunday.

According to the U.S. Central Command (CENTCOM), the operation targeted Iranian air defense systems, coastal radar installations, missile and drone capabilities, as well as naval assets using fighter aircraft, warships, and both aerial and maritime attack drones.

Iranian media reported multiple explosions near Sirik, Bandar Abbas, Qeshm, and Jask—areas located close to key military infrastructure surrounding the Strait of Hormuz.

The situation intensified after Iran’s Islamic Revolutionary Guard Corps (IRGC) reportedly targeted another commercial vessel and announced the closure of the Strait of Hormuz, one of the world’s most important oil shipping routes.

The escalating conflict prompted investors to reduce exposure to riskier assets, driving West Texas Intermediate (WTI) crude oil above $75 per barrel while cryptocurrencies, including Bitcoin, came under renewed selling pressure.

Despite the broader market weakness, institutional demand showed signs of recovery.

According to CoinGlass, U.S. spot Bitcoin ETFs attracted $197.4 million in net inflows last week, ending an eight-week streak of consecutive outflows that began in mid-May.

The return of institutional buying suggests long-term investor confidence remains intact. However, the renewed geopolitical uncertainty limited the immediate impact of these inflows on Bitcoin’s price.

Bitcoin price analysis: Bears continue to defend $64,000

Bitcoin was trading around $63,055 at the time of writing, remaining below the critical $64,000 resistance level.

The cryptocurrency continues to trade beneath all of its major exponential moving averages (EMAs), highlighting the prevailing bearish market structure.

Key resistance levels include:

• 50-day EMA: $65,192
• 100-day EMA: $68,686
• 200-day EMA: $74,736

These technical barriers continue to form a strong overhead supply zone, limiting recovery attempts.

Momentum indicators suggest selling pressure may be easing, but a bullish reversal has yet to emerge. 

The Relative Strength Index (RSI) remains just below the neutral 50 level, indicating that buyers have not yet regained control.

Meanwhile, the Moving Average Convergence Divergence (MACD) remains in positive territory, suggesting downside momentum has moderated. 

However, the broader technical structure remains bearish as long as Bitcoin trades below key resistance levels.

The immediate resistance remains the $64,004 horizontal barrier, where recent rallies have repeatedly stalled.

If buyers successfully reclaim that level, attention will shift to the 50-day EMA at $65,192, the 100-day EMA ($68,686), and the 200-day EMA ($74,736).

A sustained breakout above these levels could open the door to a longer-term move toward the $84,410 resistance zone.

On the downside, Bitcoin lacks strong technical support immediately below current prices. If selling pressure intensifies, traders are likely to focus on the $60,000 psychological level, which could serve as the next major support area.

For now, Bitcoin’s near-term direction will likely depend on whether geopolitical tensions ease and whether improving institutional demand through spot ETFs can outweigh broader macroeconomic and geopolitical risks.

South Korean AI giant SK Hynix has already erased all of its 12.7% gains from its US debut last week.

Incredibly, the largest first-time US share sale by a foreign company sustained gains for less than one trading day before the math turned against every American who bought its American Depositary Receipt (ADR) listing.

The high-bandwidth memory chipmaker and one of Nvidia’s largest customers is becoming a household name due to its proximity to the AI investment mania.

Its ADRs rose 12.7% on the Nasdaq debut Friday, closing at $168.01. Meanwhile, its Seoul-listed common stock fell 12.7% by Monday afternoon, priming US markets for a dump before Nasdaq could even open for pre-market trading.

In other words, thanks to a record-shattering ADR listing, US money flowed into South Korea’s largest company on Friday, followed immediately by South Korean money dumping Monday by roughly the same percentage.

As of 1pm Monday in Seoul and inclusive of the one day boost from the ADR listing on Friday, shares in South Korea have actually lost 14% of their value.

Each American Depositary Receipt represents one-tenth of a real SK Hynix share. The ADR and South Korean stock are claims on the same company with a few, minor legal distinctions.

When Seoul reopened and dropped almost the same percentage as Friday’s gain in New York, it repriced the exact asset backing every ADR sold in New York two sessions earlier.

Read more: Crypto traders paid 8,700% annualized fees to bet on Anthropic

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Friday’s premium reversed over the weekend

SK Hynix priced 177.9 million ADRs at $149 apiece on Thursday. The sale raised about $26.5 billion, comfortably topping Alibaba’s 2014 debut and ranking among the largest US ADR listings ever. 

Bank of America, Citigroup, Goldman Sachs and JP Morgan ran the deal. The company’s primary listing remains in Seoul.

American enthusiasm did what American enthusiasm does best: Led to overpaying for the most popular names. The ADRs opened mid-day on Friday at $170, 14% above the offer price, and briefly touched $177.

By Friday’s close they traded at a premium of roughly 15% to the Seoul shares. By Monday afternoon in Seoul, those profits had obviously disappeared.

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A buyer of Friday’s new ADR paid about 15% more than the Seoul market said the underlying share was worth. By Monday morning, Seoul bid 10% less at the start of the morning, with a worsening figure below 12% as the day went on.

Anyone who bought the ADR is now holding a cheaper asset that kept getting cheaper.

On Friday, SK Hynix’s spokesperson told CNBC, “It’s a kind of dream, and now it’s a dream come true.” He insisted the appetite for the company’s memory chips would persist from “structural” demand. 

The ADR offering itself was more than seven times oversubscribed. There was no shortage of dollars willing to pay top dollar.

Unfortunately, for US buyers who chased the record-setting debut on its first day trading on Friday, the scoreboard has already flipped for a win across the Pacific.

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The company US investors bought into on Friday is worth about the same amount less in South Korea as of Monday afternoon in Seoul.

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