Crypto World
Jamie Dimon Says Margin Debt Is Highest Ever: And Here’s the Risks
JPMorgan Chase CEO Jamie Dimon says margin debt has hit the highest level in market history. He also flags several risks he thinks investors are not watching closely enough.
Dimon spoke with CNBC on Wednesday. He named four sources of leverage: prime brokers, hedge funds, leveraged ETFs, and Treasury arbitrage trades. He said the combined total has built up to levels he called pretty high.
Risk One: Record Margin Debt Hides in Plain Sight
Dimon says margin debt sits at an all-time high. He adds that regulators cannot see all of it. Much of this borrowing skips the “margin debt” label entirely.
Banks and brokers book it under different names on separate balance sheets. That makes the true scale of leverage in the system hard to measure.
Risk Two: A Quick Shock Instead of a Slow Decline
Dimon warns that heavy leverage raises the odds of a sudden disruption rather than a gradual pullback. He points to the recent unwind of Situational Awareness, an AI focused hedge fund, as a live example.
JPMorgan served as one of its prime brokers. He says the market absorbed that unwind well. Still, Three Citadel funds gained sharply after buying the distressed shares at a steep discount. That shows how one firm’s leverage failure quickly becomes another’s opportunity.
Risk Three: The Fed Is Now Watching Private Credit
Dimon says the Federal Reserve started reviewing private credit markets this week. He does not call this a systemic threat today. But he thinks regulators should look closely. BeInCrypto already tracked a major private credit redemption halt at a large lender. That halt signals the sector already carries stress points.
Risk Four: Stretched Valuations in Stocks and Bonds
Dimon repeats a warning from his earlier comments on stocks and bonds. Dimon would not buy long-dated Treasuries or broad equities at today’s prices. He argues Treasury yields already price in inflation assumptions he sees as too optimistic.
He also notes stock valuations sit in the top five to ten percent of all-time levels. Still, he cautions against blanket statements. He says individual stocks can offer good value at any point in time. That rule applies globally, not just in the US.
Dimon frames all four risks as things to monitor, not reasons to panic. The Fed’s private credit review will show how much weight markets should give his warning.
“You do have a higher chance that something will disrupt the market in a quick way and people get rattled over it.”
Jamie Dimon, Bloomberg
The post Jamie Dimon Says Margin Debt Is Highest Ever: And Here’s the Risks appeared first on BeInCrypto.
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Wells Fargo will introduce tokenized deposits for its corporate and commercial clients this fall, the bank said on Aug. 4, beginning with a limited U.S. dollar-to-British pound exchange for select clients and expanding over the course of 2027 to more clients, countries and currencies. The… Read the full story at The Defiant
SpaceX now expects to reach $1 trillion in annual revenue by 2030, a year sooner than its pre-IPO forecast, CEO Elon Musk said on the company’s first earnings call as a public company.
SpaceX shares fell in after-hours trading Tuesday, then extended losses to roughly 14% during Wednesday’s session. Investors focused on surging capital spending instead of the earnings beat.
Faster Path to $1 Trillion
Despite its stock performance, SpaceX reported $7.81 billion in second quarter revenue, up 92% year over year. That beat the $6.81 billion analysts expected. Adjusted EBITDA reached $3.5 billion, nearly double Wall Street’s $2 billion forecast.
The report marked SpaceX’s first earnings beat since going public last month.
Musk addressed the long-term outlook directly on the call, framing the accelerated timeline as an internal projection rather than a promise.
Our internal projections for reaching $1 trillion in revenue… have moved up from 2031 to 2030, and there’s a non-zero chance of that being in 2029.
— Elon Musk, SpaceX
AI Capex Drives Selloff
Capital expenditures climbed to $18.37 billion, more than six times what SpaceX spent in the same period last year. Most of that spending, $15.83 billion, went into its AI business. That topped the $13.22 billion analysts had modeled, according to FactSet.
The AI segment includes SpaceX’s new Nvidia satellite partnership, announced hours before earnings. The deal will put Nvidia Rubin GPUs into orbit for in-space computing.
Starlink revenue rose 66% to remain SpaceX’s only profitable segment, though revenue per subscriber fell. SpaceX also faces a lockup expiration this week. It could release close to a fifth of outstanding shares, adding pressure on the stock.
Whether SpaceX’s AI bet pays off before its next report will shape investor patience with the 2030 target.
The post Musk Says SpaceX Revenue Could Hit $1 Trillion a Year Early Even as Stock Slides appeared first on BeInCrypto.
“There’s a lot of chaos right now in the ecosystem. We absolutely understand that many people are being bombarded with security issues right now,” said Bitcoin developer Calle.
BNB price traded near $600 on Aug. 5 after breaking out of its July range, while rising derivatives activity and nearby liquidation clusters pointed to a possible test of $610.
Summary
- BNB price gained 5% over the past week, reclaiming the closely watched $592 level.
- Derivatives volume increased 56.1% to $719.9 million, while open interest rose 4.05%.
- The 4-hour RSI reached 63.74, showing bullish momentum without an overbought reading.
- Liquidity clusters near $612 and $616 could attract price if BNB clears immediate resistance.
BNB price reclaims $592 after July breakout
According to data from crypto.news, BNB (BNB) price rose to approximately $600 on Wednesday, extending its recovery from a late-July range around $560 to $575. The daily chart shows that the token closed near $599.64 after reaching an intraday high of $605.50.
The move carried BNB above its 20-day and 50-day simple moving averages at $574.43 and $576.85, respectively. Reclaiming both averages supports the short-term bullish structure, although the asset has not yet reversed its wider downtrend.
The 100-day SMA at $605.88 now represents the first major test. This level sits close to Wednesday’s intraday high and could determine whether BNB extends its rally toward $610 or enters another period of consolidation.
Longer-term resistance remains at the 200-day SMA near $636.13. BNB would need to reclaim that level before the daily chart confirms a broader bullish trend reversal.
Chaikin Money Flow rose to 0.14 on the daily chart. A reading above zero indicates that buying pressure has exceeded selling pressure during the measured period, adding support to the latest recovery.
Derivatives traders add exposure as volume jumps
BNB derivatives activity strengthened alongside the spot-price increase. CoinGlass data provided for the analysis showed that trading volume climbed 56.1% to $719.9 million, while open interest increased 4.05% to $985.79 million.
Rising price and open interest can indicate that traders are opening new positions rather than closing existing contracts. However, the data alone does not establish whether the new exposure is primarily long or short.
The increase also raises the possibility of stronger volatility around the $600 barrier. Leveraged positions may face forced closures if BNB moves sharply through nearby liquidation zones.
Broader crypto-market conditions offered additional support. Bitcoin approached $64,000, while the total digital asset market capitalization reportedly rose 0.72% to $2.19 trillion.
European regulatory developments also improved the wider institutional backdrop. The latest MiCA register update added more authorized crypto-asset service providers, although the development does not provide a direct fundamental catalyst for BNB or Binance.
BNB price faces resistance between $602 and $606
The 4-hour chart places BNB near the upper Bollinger Band after its latest advance. The upper band stands at $602, while the middle band has risen to $591.92.
Price briefly moved above the upper band before slipping back toward $599.50. That rejection shows that sellers remain active around $602 to $605.88, where the 4-hour Bollinger Band and daily 100-day SMA converge.
The 4-hour Relative Strength Index stood at 63.74, above its signal average at 61.04. Momentum remains bullish, but the reading is approaching the 70 threshold commonly associated with overbought conditions.
A 4-hour close above $605.88 could open the way toward $610. The next upside area sits between $612 and $616, where the three-day liquidation heatmap shows two of the strongest overhead liquidity concentrations.
Failure to break the resistance zone would place initial support at $592, followed by the 4-hour middle Bollinger Band near $591.92. A deeper retracement could target the lower band at $581.84.
Liquidation heatmap puts $612 and $592 in focus
The three-day CoinGlass liquidation heatmap shows liquidity concentrated on both sides of the current price. Above BNB, prominent bands appear around $612 and $616, with additional leveraged positions extending toward $620.
These clusters can act as price magnets because a move into them may force short sellers to close positions. A break above $606 could therefore accelerate toward $612 as short liquidations add market buying.
The closest major downside cluster sits near $592. Another band appears around $587, followed by larger concentrations near $581 and $576.
Losing $592 would weaken the recent breakout and raise the probability of a move toward $582. That area also aligns with the lower 4-hour Bollinger Band and the base of the latest advance.
The heatmap does not predict which liquidity zone BNB will reach first. It instead shows where leveraged positions may become vulnerable if price moves through those levels.
Analysts see $592 as the key trend level
Crypto commentator Satoshi Stacker described BNB’s retest of its former diagonal resistance as successful. He identified $592 as one of the asset’s most important levels of 2026 and said holding above it would support the view that BNB is entering an uptrend rather than posting a temporary recovery.
Another trader, Batman, pointed to BNB’s breakout from consolidation and its recovery above the 50-day moving average. The analyst said the subsequent retest preserved the bullish setup.
The charts support a constructive short-term outlook while BNB remains above $592. A confirmed break above $606 would bring $610, $612 and $616 into focus.
The bullish setup would weaken if BNB closes back below $592. In that case, $582 becomes the main downside level, with $576 providing the next support if selling pressure increases.
For US traders, MiCA developments mainly offer a comparison with Europe’s unified licensing framework. BNB’s short-term direction remains more closely tied to overall crypto liquidity, Binance-related developments and technical positioning than to European licensing updates.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
The Bitcoin (BTC) 30-day mean hash rate has fallen 19% since November 2025, sliding from 1,108 EH/s to 898 EH/s. Glassnode data shows the nine-month decline is the longest in the network’s history.
The slide coincides with the largest capital migration miners have ever staged. Public mining firms hold over $70 billion in AI contracts, and converted capacity may never return.
Nine Months of Decline Sets a Bitcoin Hash Rate Record
Bitcoin has seen only two comparable drawdowns in its modern era, and both ended quickly. The current one has not ended at all, according to Glassnode data.
Period
Hash rate move
Depth
Duration
Driver
May–Jul 2021
165 → 95 EH/s
−42%
~10 weeks
China mining ban
Apr–Jul 2024
626 → 578 EH/s
−8%
~3 months
Post-halving purge
Nov 2025–Aug 2026
1,108 → 898 EH/s
−19%
~9 months, ongoing
Margin squeeze and AI pivot
The 2021 collapse cut deeper in percentage terms. However, it reversed within six months as Chinese hardware relocated to the US and Central Asia.
The 2024 dip was a routine purge of inefficient rigs after the halving. New machines replaced the lost capacity within a quarter.
The current slump is different on both axes. The network has shed roughly 210 EH/s in absolute terms. That is more hashpower than the entire network possessed in early 2021. Moreover, the 30-day average shows no bottom formation heading into August.
The squeeze has already claimed casualties. Poolin, once the world’s largest mining pool, filed for Chapter 11 protection in late July.
Mining Difficulty Turns Negative for the Second Time Ever
The depth of the current slump is not its most alarming feature. Its rarity is.
Data from Luxor’s Hashrate Index shows network difficulty now sits 1.1% below its level one year ago. That is the first negative year-over-year reading since August 2021, when China’s ban drove the metric to −21.2%.
Difficulty has printed sub-zero annual readings only twice in Bitcoin’s history. Both red zones on the chart mark a mass departure of miners.
The mechanics, however, could not be more different. The 2021 dip was violent but temporary, because the rigs survived and simply changed address.
The 2026 version is shallower but structural. Miners are signing 12 to 20-year AI hosting leases on the same power capacity that once ran ASICs. BeInCrypto has previously examined whether mining is becoming an energy and infrastructure business.
Difficulty has contracted 19.9% from its November 2025 peak near 156 trillion to 126.23 trillion. That ranks among the deepest sustained contractions of the ASIC era.
Popular X account BitcoinArchive noted that Bitcoin has spent only 10 days trading below its production cost since 2017. The account estimates the current cost near $54,939, assuming electricity at $0.06 per kWh. Each negative difficulty adjustment also lowers production costs for the miners who stay.
What the Miner Exodus Means for BTC at $64,000
BTC traded near $64,078 at press time, up 0.9% over the past 24 hours, per BeInCrypto market data. The price remains roughly 49% below its October 2025 peak. That collapse triggered the exodus.
Hashprice hovers near $30–32 per petahash per day, below breakeven for older fleets. Industry estimates suggest 15–20% of machines run at a loss. Meanwhile, public miners sold over 32,000 BTC in the first quarter to fund their transition.
The AI contracts explain why the capacity is not coming back. Hut 8 reports $26.6 billion in contracted AI portfolio value, while Core Scientific leases around 1.1 GW to CoreWeave. TeraWulf signed a 20-year lease with Anthropic worth about $19 billion. IREN and Cipher Mining added deals with Microsoft and AWS worth $9.7 billion and $5.5 billion, respectively.
AI hosting reportedly pays 3 to 25 times as much per megawatt as mining. The diagnosis, therefore, reads as a cyclical trigger with a structural exit. Falling prices triggered the slide, but long-term contracts prevented a historical rebound.
Not everyone sees danger. Coinbase CEO Brian Armstrong has dismissed fears that the energy shift will hurt the BTC price.
Chamath Palihapitiya, in contrast, calls the shift structural for miners. Bitwise Europe research head André Dragosch adds that miners could regret the pivot if profitability recovers.
The near-term signal to watch is the difficulty chart. If the year-over-year reading stays negative through autumn, the network will confirm its first sustained security-budget contraction ever. Either fresh capacity replaces the AI defectors in 2027, or Bitcoin faces its next rally with a thinner hashpower cushion.
The post Bitcoin Miners are Leaving the Network. Will It Impact BTC Price? appeared first on BeInCrypto.
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Crypto World
Progressives Rack Up Primary Wins, Testing Democratic Assumptions Ahead of the Midterms
“That calculus collapsed because of the events of 2024,” Smith says, referring to the period in which President Donald Trump won his second term and Democrats lost the Senate.
Importantly, El-Sayed’s win was not as much of a landslide as polls had projected, something Trump noted in his reaction on Truth Social.
“As usual, the polls were way off on this one,” he wrote.
These polling inaccuracies may reveal a potential blind spot toward progressives, Smith says, explaining that Democrats are likely to take note as Wisconsin heads into its primary next week. Polls show progressive gubernatorial candidate Rep. Francesca Hong winning in the state.
“Hong is in many ways the presumptive nominee for governor of Wisconsin at this point,” he says. “But what we saw last night is a major polling miss that heavily overestimated the progressive candidate, which will make people in Wisconsin raise their eyebrows and say, ‘Well, we all think Hong the frontrunner, but maybe this polling’s no good.’”
Coinbase will suspend six cryptocurrency trading pairs on Aug. 6 after moving five markets into limit-only mode as part of its routine market review.
Summary
- Coinbase will suspend six trading pairs across its institutional and advanced trading platforms.
- Five markets entered limit-only mode before the scheduled Aug. 6 suspension.
- The exchange also added BIO, BNKR and TREE for supported Coinbase customers.
- Coinbase is preparing to move institutional derivatives accounts to Deribit on Sept. 9.
Coinbase places five markets in limit-only mode
Coinbase Markets said trading will end for LSETH-ETH, MINA-EUR, GRT-GBP, MASK-GBP, CHZ-USDT and CRO-USDT on Aug. 6, 2026.
Ahead of the suspension, the exchange placed MINA-EUR, GRT-GBP, MASK-GBP, CHZ-USDT and CRO-USDT into limit-only mode on Coinbase Exchange and Coinbase Advanced. LSETH-ETH was not included in the limit-only notice.
Users can place and cancel limit orders during this phase, while existing orders may continue to match. However, Coinbase will no longer accept market orders for the affected pairs.
The exchange attributed the decision to its regular review of supported markets. Coinbase monitors factors such as liquidity, trading activity and order book conditions to determine whether individual markets continue to meet its standards.
The move affects specific trading pairs rather than representing a full removal of the six underlying cryptocurrencies. Customers may still have access to other supported markets involving the same assets, depending on their location and Coinbase’s regional availability rules.
Market review follows earlier Coinbase suspensions
Coinbase has previously restricted or suspended markets after reviewing trading conditions, regulatory requirements and changes involving individual crypto projects.
One recent case involved Function X after the project suspended its supported smart contract and migrated from the FX ERC-20 token to Pundi AI’s PUNDIAI token. Coinbase initially placed FX trading into limit-only mode before announcing its suspension.
Removing thinly traded pairs can help an exchange concentrate activity in markets with deeper order books. Low trading activity can lead to wider spreads and greater price slippage, particularly when users place larger orders.
Coinbase also expanded its asset lineup during the week. Bio Protocol, BankrCoin and Treehouse became available through Coinbase’s website and mobile applications. Eligible customers can buy, sell, send, receive, convert and store BIO, BNKR and TREE.
Availability remains subject to regional restrictions. The listings show that Coinbase’s market reviews can result in new additions even as the company removes individual pairs that no longer meet its requirements.
Coinbase prepares institutional accounts for Deribit
The trading-pair suspensions come as Coinbase reorganizes its international derivatives business following its acquisition of Deribit.
As crypto.news reported on Aug. 4, Coinbase plans to transfer institutional clients’ International Exchange accounts, balances and open positions to Deribit on Sept. 9. Trading is expected to pause for about 30 minutes during the transfer.
Institutions that do not want to participate must close their positions and International Exchange accounts by Aug. 28. Coinbase will treat accounts that remain open after the deadline as having accepted the revised terms and migration.
Coinbase completed its acquisition of Deribit in August 2025 after agreeing to pay approximately $2.9 billion. The transaction gave Coinbase control of a major crypto options venue and created a path for consolidating its international derivatives operations.
The migration affects institutional derivatives accounts and is separate from the Aug. 6 spot trading-pair suspensions.
Circle agreement and ARK purchase draw attention
Coinbase also confirmed that its commercial agreement with Circle will renew automatically after both companies met the required contractual conditions. The update removes some uncertainty surrounding the USDC revenue-sharing arrangement following Coinbase’s participation in the Open USD consortium.
Chief Financial Officer Alesia Haas said the existing agreement would continue despite questions about whether Coinbase’s work on a potential alternative stablecoin network could affect its Circle partnership.
The exchange reported second-quarter revenue of $1.22 billion, missing Wall Street’s $1.29 billion estimate. Revenue fell 14% from the previous quarter as crypto trading activity weakened across several markets.
Coinbase shares closed the latest session at $146.50, up 0.16%. ARK Innovation ETF purchased 38,761 Coinbase shares worth approximately $5.68 million during the period.
The purchase followed ARK Invest’s acquisition of about $9.4 million in combined Coinbase and Circle shares on Aug. 3, as the U.S. Senate considered its next steps on the CLARITY Act. The buying shows continued institutional interest in the two companies despite weaker trading revenue and uncertainty surrounding U.S. crypto market legislation.
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