Key takeaways

• Cardano (ADA) is trading below $0.168 after being rejected at the 50-day EMA.
• Derivatives data presents mixed signals, with the long-to-short ratio remaining bullish while funding rates have turned negative.
• Large Cardano whales have accumulated approximately 120 million ADA since Monday.

Cardano (ADA) extended its losses on Friday, trading below $0.168 after buyers failed to overcome resistance at the 50-day Exponential Moving Average (EMA) earlier in the week.

Although some large investors continue accumulating ADA, mixed derivatives data and subdued technical indicators suggest the market remains uncertain about the cryptocurrency’s next major move.

Derivatives data reflects divided trader sentiment

Cardano’s derivatives market is sending conflicting signals. According to CoinGlass data, ADA’s long-to-short ratio stood at 1.07 on Friday. 

A reading above one indicates that more traders are positioning for price gains than declines, reflecting a modest bullish bias among leveraged traders.

However, other derivatives metrics tell a different story. Cardano’s perpetual futures funding rates flipped into negative territory on Thursday and remained at approximately -0.014 on Friday.

Negative funding rates indicate that short sellers are paying long-position holders, typically signaling increased bearish sentiment and expectations of further downside.

The contrast between bullish positioning and negative funding highlights growing uncertainty among traders.

On-chain data suggests larger investors have continued buying despite recent price weakness.

According to Santiment, wallets holding 1 million to 10 million ADA and 10 million to 100 million ADA have accumulated approximately 120 million ADA since Monday.

Meanwhile, wallets containing 100,000 to 1 million ADA have shown relatively little activity.

The selective accumulation by larger holders may indicate confidence in Cardano’s longer-term outlook, although the buying has not yet been strong enough to trigger a broader shift in market sentiment.

ADA remains below major moving averages

From a technical standpoint, Cardano continues to trade within a broader bearish structure.

ADA remains below the 50-day EMA ($0.176), the 100-day EMA ($0.202), and the 200-day EMA ($0.267)

The inability to reclaim these levels suggests sellers remain in control of the medium-term trend.

Technical momentum indicators point to a market lacking clear direction. The Relative Strength Index (RSI) is hovering near 48, reflecting balanced buying and selling pressure without a strong trend.

Meanwhile, the Moving Average Convergence Divergence (MACD) remains slightly above the zero line, suggesting that although occasional recovery attempts continue, bullish momentum remains relatively weak.

Adding to the technical challenge, a previously broken long-term downtrend line near $0.197 has now become a significant resistance level.

For bullish momentum to strengthen, ADA must first overcome several nearby resistance levels, including $0.176 (50-day EMA) and $0.197 (former long-term trendline resistance).

A sustained move above these barriers would improve Cardano’s short-term outlook.

On the downside, traders are watching:

• $0.150 – Immediate horizontal support
• $0.138 – Key Fibonacci support

A break below $0.138 could expose ADA to fresh lows and reinforce the broader bearish trend.

Cardano continues to face selling pressure after failing to reclaim the 50-day EMA, while mixed derivatives signals reflect uncertainty among market participants.

For now, ADA’s ability to hold above $0.150 while reclaiming the $0.173-$0.176 resistance zone will likely determine whether the token can build a stronger recovery or extend its recent decline.

Zhibao Technology has signed a non-binding agreement that could bring about 3,500 Bitcoin, valued at roughly $220 million, onto its balance sheet through a proposed stock sale paid in BTC.

According to a Wednesday press release from Nasdaq-listed Zhibao Technology, the Shanghai-based digital insurance company has entered into a non-binding term sheet with Joyertech and Information OPC for a proposed private investment in public equity (PIPE) financing that would be settled using approximately 3,500 Bitcoin instead of cash.

If completed, the buyer or its designated entity would subscribe to newly issued securities, with the Bitcoin amount remaining subject to final valuation, custodial arrangements, audit verification, regulatory review, Nasdaq compliance and the execution of definitive agreements.

The proposed transaction would do more than add Bitcoin to the company’s balance sheet. Under the term sheet, Joyertech is expected to nominate a majority of Zhibao’s board members when the financing closes, giving the investor effective control of the company while Zhibao continues operating its existing insurance business during the initial transition period.

A PIPE financing allows private investors to purchase newly issued shares directly from a publicly listed company instead of acquiring stock through public markets. In this case, the consideration would be Bitcoin rather than cash, allowing Zhibao to establish a sizeable Bitcoin treasury immediately if the transaction receives final approval.

The company, which trades on Nasdaq under the ticker ZBAO, describes itself as a digital insurance technology provider focused on China’s embedded insurance market. It launched what it describes as the country’s first digital insurance brokerage platform in 2020 using its own cloud-based platform-as-a-service infrastructure.

Bitcoin-funded treasury proposal reshapes ownership

While the insurance business would continue operating after the financing, company disclosures indicate the current management team is expected to oversee day-to-day operations only until a future separation, disposal or restructuring of the legacy business is completed.

The structure differs from the path followed by many public companies that first raise cash before purchasing Bitcoin in the open market. Instead, the proposed financing would transfer Bitcoin directly to the company as payment for newly issued shares, allowing the treasury to be established as part of the financing itself.

Investor reaction was immediate after the announcement. Zhibao shares climbed from about $0.15 to nearly $0.40 within four hours before giving back part of the gains and stabilizing near $0.24 later in the session. Even after the pullback, the stock remained roughly 60% above its pre-announcement level.

Only a week earlier, on July 15, Zhibao disclosed that it had received a Nasdaq deficiency notice after its share price traded below the exchange’s minimum $1 bid requirement. At the time, the stock was changing hands around $0.22. The company now has until Jan. 6, 2027, to regain compliance with Nasdaq’s listing standards.

Treasury strategies continue to diversify

The proposal arrives as public companies continue experimenting with different ways to build Bitcoin reserves, although recent announcements show that no single treasury model has emerged.

Unlike companies that depend on repeated share offerings to fund Bitcoin purchases, some businesses are tying future accumulation to operating cash flow. Earlier this month, ORANGE JUICE announced it had raised $40 million to acquire profitable American businesses, with surplus cash from those operations expected to finance future Bitcoin purchases alongside additional acquisitions.

Other firms continue to rely on capital markets. Earlier this month, Japan’s Bitcoin Japan secured plans to raise approximately 9.66 billion yen, allocating about 662 million yen for its first funded Bitcoin treasury purchase after a previous fundraising effort failed to provide enough capital for digital asset acquisitions.

Capital B has taken another route by expanding its financing capacity before making additional purchases. In June, shareholders approved a framework authorizing up to €5 billion in capital increases and €100 billion in credit instruments to support future Bitcoin acquisitions as part of the French company’s long-term treasury strategy.

Not every treasury company is increasing its Bitcoin exposure, however. Earlier this month, Empery disclosed that it had sold 1,400 Bitcoin for about $87.1 million since May, using the proceeds to repay debt, finance acquisitions, cover legal expenses and strengthen liquidity while maintaining a smaller Bitcoin reserve.

More than 150 publicly traded companies now hold Bitcoin on their balance sheets, although recent developments have shown that treasury strategies increasingly depend on each company’s financing needs, operating model and balance sheet priorities rather than a single playbook.

For Zhibao, however, the proposed transaction remains far from complete. Company filings state that the agreement is non-binding and still depends on satisfactory legal, financial and operational due diligence, execution of definitive agreements, corporate and regulatory approvals, continued Nasdaq compliance and other customary closing conditions before any Bitcoin changes hands.

The European Union is tightening its crypto-related sanctions against Belarus by extending a prohibition on certain crypto roles and ownership interests to a broader range of service providers under the EU’s MiCA (Markets in Crypto-Assets) framework.

According to the EU’s Council Decision (CFSP) 2026/1847, adopted on Thursday, Belarusian nationals and residents will be barred from owning, controlling, or managing EU-based crypto exchange and other MiCA-regulated crypto service entities starting Aug. 25. The decision also sets an earlier entry into force date of July 24 for the underlying legal instrument.

Key takeaways

• The EU sanctions change is set by Council Decision (CFSP) 2026/1847 and will apply to additional crypto-asset activities from Aug. 25.
• Belarusian nationals and residents cannot own or control EU entities providing MiCA-defined crypto services, nor hold positions on their governing bodies.
• The expansion builds on a prior restriction that focused only on wallet, account, and custody-type services.
• The update arrives shortly after MiCA’s transition period ended on July 1, intensifying compliance pressure on crypto firms operating in the EU.
• It fits into a wider EU strategy to disrupt crypto-related pathways described as supporting Russia’s sanctions evasion.

What the EU sanctions amendment changes

The EU decision, published under Council Decision (CFSP) 2026/1847, amends the bloc’s sanctions framework aimed at Belarus. While an earlier restriction applied to companies providing crypto wallet, account, or custody services, the new measure broadens the scope to cover “any other crypto-asset services” that fall within MiCA’s regulatory categories.

From Aug. 25, the prohibition will extend to EU-based entities offering these services if the entity is subject to MiCA’s defined service classifications. Under the amendment, Belarusian nationals and residents are barred from:

• Owning or controlling such an EU-based entity; and
• Holding positions on its governing body.

MiCA’s service categories, as set out in the MiCA regulation, include activities such as operating trading platforms, exchanging crypto assets, executing and transmitting client orders, placing crypto assets, providing transfers, and offering investment advice or portfolio management. The restriction is therefore not limited to custody or retail wallet services, but can reach a wider set of operational roles involved in crypto market infrastructure and client-facing financial functions.

The decision itself indicates July 24 as the entry into force date for the overall legal act, while the expanded crypto provision specifically starts on Aug. 25.

MiCA transition ends, enforcement pressure rises

The sanctions expansion comes in close proximity to a major regulatory milestone: the end of MiCA’s transition period on July 1. Cointelegraph previously reported that when the MiCA transition concluded, crypto companies lacking proper authorization were ordered to wind down or face enforcement actions (coverage referenced in the original material). That shift matters because, in practice, sanctions aimed at the ownership and governance of MiCA-regulated firms can directly affect corporate structures, board composition, and controlling interests of operators seeking to comply with EU authorization rules.

With the transition window closed, the EU’s approach becomes less about “temporary” arrangements and more about formal regulatory alignment—while simultaneously tightening sanctions rules that constrain who can sit in ownership and management positions within regulated crypto businesses.

Part of a wider EU effort targeting Russia-linked crypto pathways

Beyond Belarus, the EU has been escalating efforts tied to Russia-related sanctions evasion through financial networks, including crypto. As described in the referenced original material, on Thursday the EU—within its 21st sanctions package against Russia—extended a transaction ban to 14 crypto-related service platforms outside the bloc. The package also introduced a mechanism intended to allow the EU to prohibit dealings with any foreign crypto provider used by Russia to evade sanctions.

The decision further builds on an earlier June 11 proposal that targeted 11 crypto platforms, according to the original coverage cited. Taken together, these steps signal that the EU is using sanctions as both a direct tool (blocking specific providers or transactions) and an indirect governance lever (restricting who may control or manage certain regulated entities).

Broader sanctions friction: UK action and disputes around platform-linked allegations

The EU’s tightening measures also follow similar steps in other jurisdictions. Earlier, the UK reportedly sanctioned Huobi Global S.A., the Panamanian company behind HTX, on May 26, alleging support for Russia-linked financial networks involving sanctioned entities A7 and Garantex—an account reflected in the original material. HTX denied wrongdoing and, in commentary shared with Cointelegraph in the referenced coverage, stated that regulatory compliance remains a top priority and that it adheres to the regulatory frameworks of the jurisdictions where it operates.

While the EU’s new Belarus-focused amendment does not depend on those UK allegations, the parallel underscores a recurring pattern in enforcement discussions: regulators and sanctions bodies are increasingly focused on the operational role crypto platforms and related service providers can play in cross-border capital movement—whether via direct compliance frameworks or via allegations of linkage to sanctioned networks.

What EU-regulated crypto firms should watch next

For operators inside the EU, the key risk is not only whether a service provider has a MiCA authorization, but also whether its ownership and governance structure could run afoul of sanctions rules as expanded. Compliance teams should monitor the July 24 entry into force and the Aug. 25 start date carefully, and review board and controlling-interest arrangements to ensure they match both MiCA obligations and the evolving sanctions prohibitions.

Key takeaways

• Dogecoin (DOGE) is trading below $0.070 after dropping 5% in the previous session.
• Risk-off sentiment driven by geopolitical tensions has reduced demand for speculative assets like meme coins.
• DOGE futures open interest has declined, while trading volume has surged 76%, indicating increased retail activity.

Dogecoin (DOGE) remained under pressure on Friday, trading below $0.070 after suffering a 5% decline in the previous trading session.

The world’s largest memecoin has weakened alongside the broader cryptocurrency market as investors reduce exposure to speculative assets amid heightened geopolitical tensions and deteriorating market sentiment.

Geopolitical uncertainty weighs on memecoins

Dogecoin has historically been one of the most sentiment-driven cryptocurrencies, with its price closely tied to retail investor enthusiasm and broader market risk appetite.

Recent geopolitical developments, including escalating tensions between the United States and Iran, have pushed investors toward a more cautious stance.

The decline in market confidence is reflected in CoinMarketCap’s Fear & Greed Index, which dropped to 37 on Friday from 40 earlier in the week, signaling that sentiment is shifting further toward fear.

As speculative demand fades, meme coins such as DOGE have experienced stronger selling pressure than many larger cryptocurrencies.

Dogecoin’s derivatives market presents a mixed picture. According to CoinGlass, DOGE futures open interest declined to approximately $1.10 billion, indicating a slight reduction in outstanding leveraged positions.

However, futures trading volume surged 76% to around $1.38 billion, suggesting retail traders remain highly active despite the recent price decline.

The increase in trading activity alongside falling prices points to heightened volatility rather than renewed bullish conviction.

Additional derivatives indicators continue to favor sellers. DOGE’s perpetual futures funding rate slipped to approximately -0.0016%, indicating that short sellers are paying long-position holders.

Negative funding rates generally reflect bearish market expectations and growing demand for short positions.

DOGE remains below key technical levels

From a technical perspective, Dogecoin continues to trade within a well-established downtrend.

The meme coin remains below both the 50-day EMA at $0.0788 and the 200-day EMA at $0.1032

Remaining beneath these indicators keeps the short-term and medium-term outlook tilted in favor of sellers.

Momentum indicators show bearish conditions persist, although DOGE is approaching oversold territory.

The Relative Strength Index (RSI) is hovering near 31, indicating selling pressure remains strong, and the asset is nearing levels where buyers may begin looking for value.

Meanwhile, the Moving Average Convergence Divergence (MACD) is testing its signal line, suggesting bearish momentum may continue building if sellers maintain control.

The next important support level lies at $0.0641. A daily close below this level could accelerate losses and trigger another wave of selling.

On the upside, buyers must overcome several resistance levels before sentiment can improve:

• $0.0700 – Immediate resistance
• $0.0777 – Secondary resistance
• $0.0788 – 50-day EMA

Together, these levels form a significant resistance zone that bulls must reclaim to signal a potential trend reversal.

Dogecoin remains vulnerable as weakening market sentiment and geopolitical uncertainty continue to pressure speculative assets.

Unless broader market sentiment improves and DOGE reclaims the $0.070–$0.079 resistance zone, the meme coin could remain on course to test support near $0.0641 in the coming sessions.

The European Union will prohibit Belarusian nationals and residents from owning, controlling or managing crypto exchanges and other crypto service providers regulated under the Markets in Crypto-Assets (MiCA) framework starting Aug. 25. 

The measure appears in Council Decision (CFSP) 2026/1847, adopted Thursday to amend the EU’s sanctions framework targeting Belarus over its involvement in Russia’s war against Ukraine. The document expands an existing restriction that applied only to companies providing crypto wallet, account or custody services. 

The decision enters into force on July 24, while the expanded crypto provision will apply from Aug. 25. 

Under the amendment, Belarusian nationals and residents may not own or control an EU-based entity providing “any other crypto-asset services” as defined under MiCA or hold a position on its governing body.

MiCA’s service categories include operating trading platforms, exchanging crypto assets, executing and transmitting client orders, placing crypto assets, providing transfers, offering investment advice or portfolio management. 

EU expands crypto sanctions after MiCA transition ends

The sanctions expansion comes weeks after the end of MiCA’s transition period on July 1. Crypto companies without authorization were ordered to wind down or face enforcement actions.

Related: Ripple secures full MiCA license for crypto services across Europe

The Belarus restriction follows a broader EU push to target crypto platforms and financial networks accused of helping Russia evade sanctions imposed over its war in Ukraine. 

On Thursday, as part of its 21st sanctions package against Russia, the EU extended its transaction ban to 14 crypto-related service platforms outside the bloc and introduced a mechanism allowing it to prohibit dealings with any foreign crypto provider used by Russia to evade sanctions. The final package expands on the June 11 proposal, which targeted 11 crypto platforms.

The proposal followed the United Kingdom’s May 26 sanctions against Huobi Global S.A., the Panamanian company behind HTX, over alleged support for Russia-linked financial networks involving sanctioned entities A7 and Garantex.

HTX denied wrongdoing, telling Cointelegraph that regulatory compliance “remains our absolute top priority” and that it strictly adheres to regulatory frameworks in the jurisdictions where it operates.

Magazine: Why Australia’s $17B crypto opportunity depends on regulation