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Bitcoin Holds Below $65K as US PMI Spurs Stagflation Concerns

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Crypto Breaking News

Bitcoin spent the Thursday Wall Street open hovering just above the $64,000 area, trapped in a narrow range as traders digested fresh macro signals pointing to renewed inflation pressure and weaker labour conditions. At the same time, market hopes around energy logistics in the Middle East cooled after Iranian officials played down assumptions that the Strait of Hormuz would quickly reopen.

The result for BTC has been a familiar kind of indecision: despite cross-asset movements elsewhere—such as gold firming and equities printing record highs—crypto has not delivered the decisive breakdown or breakout many analysts were waiting for. Instead, several monitoring desks described the current action as more “stalled” than truly capitulative.

Key takeaways

  • BTC remained below $65,000 near the US open, down roughly 0.5% on the day, as geopolitical expectations around the Strait of Hormuz eased.
  • US services PMI and employment data point to “stagflation” risk, with prices paid rising while employment conditions deteriorate.
  • Glassnode characterised the current market as “boredom rather than capitulation,” suggesting conditions may be building for a turn but are not complete.
  • Bitfinex Research argued that a “genuine breakdown” has not yet appeared, because a stronger macro trigger and volume-supported follow-through are still missing.

Iran’s caution blunts Strait of Hormuz rebound hopes

On the charts, BTC/USD hovered above $64,000 during the Wall Street open, with TradingView data showing the pair down about 0.5% at that point. US stock indices also opened roughly flat, indicating that broader risk appetite was not sharply moving on the day’s developments.

A key narrative for commodity traders—whether the Strait of Hormuz would reopen—failed to translate into meaningful volatility for Bitcoin. Anticipation had centred on a reported Iran–Oman understanding that could resume the route for international shipping, but Iran’s messaging introduced uncertainty about how quickly or fully any reopening could occur.

In comments carried by CNN, Iran’s Deputy Foreign Minister Kazem Gharibabadi said: “This understanding does not, in itself, mean that the Strait of Hormuz will reopen,” as quoted by the state-run Islamic Republic News Agency (IRNA). That clarification matters because energy-route risk is one of the channels that can feed into inflation expectations—an issue now resonating through the US macro data backdrop.

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Oil was broadly steady as these geopolitical signals played out. WTI crude was little changed at around $76 per barrel, after dipping to three-week lows of about $74.30 the day before. Even with the energy market not collapsing, the lack of escalation suggested traders weren’t receiving a strong impetus to reprice macro risk aggressively at the open.

US services data revive stagflation fears

While the Middle East headlines failed to generate a clear impulse, the economic calendar offered a more direct storyline. Trading resource The Kobeissi Letter pointed to the latest US Institute for Supply Management (ISM) Services PMI and employment data released on Wednesday.

According to the figures highlighted by Kobeissi, July’s services PMI rose by 0.1 point to 54.1, while employment fell by 3.6 points to 47.4—the lowest reading since March. The divergence between output sentiment and labour conditions was paired with a notable jump in the prices paid index: +2.6 points to 70.3, near its highest level since October 2022.

Kobeissi also contextualised the inflation signal, noting that prices paid has trended higher for more than two years and is up about 16.9 points since March 2024. The central interpretation was that “the economy is increasingly under pressure from both rising prices and a weakening labor market,” and that the odds of stagflation were therefore “intensifying” based on the combined readings. The post was shared on X, where the same analyst discussed the data and its implications.

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For crypto investors, this matters because a stagflation-style regime—where prices remain elevated while growth or hiring weakens—can complicate the usual interest-rate narrative and heighten uncertainty in liquidity conditions. Bitcoin’s role as a “macro proxy” is often debated, but when rates expectations and risk premiums shift, BTC frequently feels the drag even if inflation prints don’t immediately produce a clear direction for the asset.

Bitcoin shows “boredom,” not capitulation

Despite the macro noise, onchain and market analytics suggested the current BTC range has the characteristics of a pause rather than a flush. Glassnode described BTC/USD as showing “boredom rather than capitulation,” framing the lack of sustained downside momentum as an incomplete stress signal.

Glassnode’s commentary, shared in an analysis posted on X, also highlighted that BTC has been largely unresponsive while gold hit its highest level in six weeks and the S&P 500 moved to all-time highs. That combination—traditional safe-haven strength alongside continued equity confidence—can leave risk assets without a single, clean macro “directional” impulse, encouraging consolidation rather than trend.

In its one-line summary, Glassnode characterised the market regime as “a compressed, under-owned market that global risk appetite has left behind,” adding that “bottom conditions assembling but incomplete.” The distinction is important: it implies that bearish conditions may be developing, but the market still lacks the final ingredient that would typically mark a decisive turning point.

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This view sits alongside earlier comparisons that Cointelegraph had reported, where bear-market patterns were being examined for potential similarities in 2026. Those earlier reports focused on history repeating through gradual support erosion before a larger macro floor is reached. Glassnode’s “incomplete” framing, however, suggests the move many traders expect hasn’t fully played out yet.

Bitfinex: a true breakdown needs more force and volume

Bitfinex Research, the analytics arm of the Bitfinex exchange, echoed the idea that BTC has not yet offered the kind of breakdown confirmation traders associate with a decisive regime shift. In an update posted on the Bitfinex blog on Wednesday, it argued that while macro developments and Bitcoin’s underperformance versus the Nasdaq and S&P 500 point to underlying stress, the market still does not show what it called a “genuine breakdown.”

The analyst wrote that a true breakdown requires “something more forceful, followed by volume-supportive price action.” Put differently: without a stronger macro trigger and the type of follow-through that typically comes with rising participation on declines, the current range may continue to act like a holding pattern rather than a distribution event.

This is consistent with the day’s price behaviour, where BTC stayed confined and did not accelerate lower even as traders tracked inflation-and-labour signals and waited for additional geopolitical clarity. If the market is indeed under-owned and compressed, it may be positioned to move quickly once a trigger arrives—but until then, signals can remain fragmented across asset classes.

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For traders and investors, the immediate watchpoints are therefore twofold: whether new macro data meaningfully worsen the inflation-growth tension, and whether BTC finally transitions from consolidation into a directional move with clear confirmation. As of the Wall Street open, both Bitfinex’s “more forceful” requirement and Glassnode’s “incomplete” bottom conditions were still not satisfied.

Going forward, the key question is whether the stagflation narrative gains stronger traction through subsequent data releases, and whether BTC’s range eventually resolves with volume and follow-through—either signaling a durable breakdown or forcing the market to reprice risk back upward.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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US appellate court mandate affirms Sam Bankman-Fried conviction

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US appellate court mandate affirms Sam Bankman-Fried conviction

US appellate court mandate affirms Sam Bankman-Fried conviction

Three circuit judges disputed the former FTX CEO’s claims that the defunct crypto exchange’s investors could have been made whole and wouldn’t have experienced any losses.

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a16z's Miles Jennings Says Banks Fighting the CLARITY Act Are 'Accelerating Their Own Obsolescence'

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a16z's Miles Jennings Says Banks Fighting the CLARITY Act Are 'Accelerating Their Own Obsolescence'


a16z crypto policy head Miles Jennings argued on X on Thursday that the banking industry's campaign against the CLARITY Act will backfire, because blocking the bill leaves in place the stablecoin yield arrangement banks have lobbied hardest to stop. "The bewildering thing about TradFi's extreme… Read the full story at The Defiant

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Everything We Know About the Explosive Drone Found at German Airport

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Everything We Know About the Explosive Drone Found at German Airport

Minor damage was observed on the aircraft after it landed in Hanover, the capital city of Lower Saxony, Germany.

The southern runway at Leipzig/Halle reopened on Wednesday at 6:46 p.m, local time, an airport spokesperson told TIME, adding that “flight operations have been running without restrictions” since then. 

What have German officials said about the incident?

Dobrindt said Germany’s authorities are investigating what appears to be “a professional” explosive device. “We are not dealing with amateurs, but with professional actors,” he stated.

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Saxony’s Interior Minister Armin Schuster told ZDF he would describe the incident as “a suspected attack scenario, because this is the first time we’ve had a drone that was also loaded with explosives.”

German authorities have stated that the ⁠perpetrators of ​the incident at the airport have not yet been identified.

Roderich Kiesewetter, a member of the German Bundestag, said he is “assuming” the incident was a “targeted attack attempt directed by Russia” and suggested Germany “initiate Article 4 consultations in NATO.”

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The Wild True Story Behind Monsters of God

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The Wild True Story Behind Monsters of God
Reptile dealer Hank Molt in the documentary ‘Monsters of God’ —Courtesy of A24/Goode Films/HBO

As a lifelong lover of reptiles, Eric Goode has known about the world of exotic reptile smuggling for decades. “I didn’t become acutely aware of the criminality of it until probably into the late ‘80s,” says the director of Tiger King and Chimp Crazy ahead of his latest documentary, another foray into wildlife crime, Monsters of God. The five-episode HBO series is Goode’s most ambitious project to date, surveying the explosion of endangered reptiles trafficked into the country in Florida from the 1970s until today. The series guides us through the web of feuding smugglers and law enforcement crackdowns that connect the Sunshine State to the fauna of Madagascar, Indonesia, Malaysia, and many more countries.

Through remarkable archival footage and an incredible range of interviews, Monsters of God digs into the egotistical and ruthless mentalities that supported competing criminal empires and the undercover operations that dismantled them. The series points a finger at animal lovers who felt uniquely connected to exotic creatures while also treating them as a commodity to be exploited and abused.

“We were really intentional about not making it a traditional true crime doc,” says Jeremy McBride, an executive producer on the series. “It’s really a portrait of how obsession drives people to get the rarest of the rare, no different than the pathology of people collecting baseball cards, or stamps, or rare coins.” There is one difference: baseball cards can’t bite.

Tom Crutchfield with a large monitor lizard —Bill Love—Goode Films/HBO

The introduction to Monsters of God’s stolen world

Monsters of God’s first episode, airing Aug. 6, ushers us into the world of reptile smuggling through a major rivalry: Tommy Crutchfield and Hank Molt. Based in Philadelphia, Molt’s obsession with exotic climates and wildlife led him to search the world for exotic reptiles in the 1960s and sell them from his newly acquired Pennsylvania pet store. Molt is considered a crucial figure in the growth of reptile houses in American zoos, which at the time were a rare attraction. He prepared and distributed a price list of rare reptiles—including snakes, turtles, lizards—and sold them to a wide variety of eager customers and competitive zoos. Molt often carried them into the country in suitcases, easily circumventing the relatively lax customs regulations. When the Endangered Species Act came into effect in 1973, Molt’s smuggling business boomed—declaring a reptile species as “endangered” also meant it was rarer and more valuable, allowing Molt to fetch a higher price.

In Molt’s view, Crutchfield rode his coattails. Crutchfield is a Florida native whose introduction to the reptile business began in high school capturing snakes for the “Snake-a-torium” in Panama City Beach. As the smuggling market grew, Crutchfield graduated to the big leagues by mimicking Molt’s established business plan, selling smuggled reptiles to collectors, pet owners, and zoos. Crutchfield and Molt’s rivalry is explored in the book Stolen World by Jennie Erin Smith—like Monsters of God’s first episode, the author uses the two men as a window into how smuggling has fuelled the popularity of reptiles in modern America.

Crutchfield is also a certified braggadocio, at one point referring to himself as “John Dilligenger, Bonnie and Clyde all wrapped up in one”. But it’s true that his criminal activities attracted serious heat—in 1997, the threat of his third round of criminal charges as part of the United States Fish and Wildlife Service (USFWS) five-year-long “Operation Chameleon” made Crutchfield flee to Belize.

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When Molt went to prison at the tail end of the 1970s, Crutchfield took his place at the top of the food chain—something his former mentor resented when he was released. According to Maria Palladini, former special agent for the Fish and Wildlife Service, Molt had a habit of taking couriers and dealers under his wing only to betray them. While Crutchfield’s business was soon dominating Molt’s—raking in millions in reptile sales and trades every year—his reckless spending and imports soon put him squarely in the Feds’ crosshairs.

In 1995, Crutchfield asked Molt to help hide an import of endangered Fiji Island iguanas so they weren’t discovered by the Fish and Wildlife Service. Molt agreed—and according to Crutchfield, Molt took his revenge by killing the iguanas. (Molt denies causing them harm.) When USFWS informed Molt he was being charged along with Crutchfield, Molt handed over the dead iguanas and cut a deal to avoid being charged. Crutchfield pled guilty—his second of three criminal convictions in the ‘90s—and cut all ties with Molt.

Reptile handler Al Killian dodging a King Cobra —Courtesy of A24/Goode Films/HBO

Monsters of God’s wider gallery of rogues

Don’t expect Tommy and Hank to lead every episode of Monsters of God. Rather than zeroing in on one unstable dynamic like Goode did in Tiger King and Chimp Crazy, Monsters of God expands its scope to the entire reptile trafficking ecosystem throughout the ‘80s and ‘90s.

“This was more of a history lesson about the reptile trade in the United States, so it was a very different kind of storytelling—much more nuanced and complex,” says Goode. “We also really wanted to make sure that we got all sides of the story: law enforcement, the big zoos that were complicit, the reptile dealers, the consumers. It was a global story.”

Subsequent episodes reveal who defined Florida’s exotic reptile trade. Ray Van Nostrand, a New York-born collector and seller who moved to Florida in the ‘70s, took advantage of the power vacuum left by Crutchfield and Molt and smuggled huge quantities of illegal reptiles into the country. His son Mike—one of Monsters of God’s most memorably cantankerous interviewees—took over with a legal, legitimate reptile selling business, euphemistically named “Strictly Reptiles,” until he too was tempted by smuggling’s illicit rewards.

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But this went way bigger than just reptiles. Ray was in business with returning Tiger King character Mario Tabraue, a “Cocaine Cowboy” druglord with his own exotic animal sanctuary who would smuggle both reptiles and drugs into Florida in the same shipments. On the other side of the law is former DEA agent Larry Loveless and USFWS special agents George Morrison and Ken McCloud, whose respective “Operation Cobra” and “Operation Chameleon” form a clear dramatic backbone to two episodes.

But all these smugglers pale in comparison to Anson Wong, a Malaysian smuggler who was dubbed the “Pablo Escobar of animal trafficking.” Wong had been smuggling illegal animals and products through his export company based in Penang since the ‘80s and gained a reputation as an incredibly elusive and dangerous figure. Wong haunts the stories of the Floridian smugglers, connected to many of the feuds and undercover operations. He emerged as the thread on Goode’s evidence board, tying together the pieces of the director’s most complex documentary so far.

“We had over 174 interviews. We had 1,500 hours of footage. We had Eric’s personal archive and research. We needed a pace that could get people through it, we needed this propulsion, and Eric’s quest trying to get to Anson Wong is that propulsion. Anson Wong is this sort of throughline in all of our characters’ stories, like Keyser Söze,” says McBride.

Reptile collector Steve Levy in ‘Monsters of God’ —Courtesy of A24/Goode Films/HBO

Monsters of God was a different beast to produce

Each episode of Monsters of God is packed with talking heads who talk candidly about their criminal exploits and feuds, but that doesn’t mean it was easy to get them all to talk—compared Joe Exotic and Tonia Haddix, the subjects of Tiger King and Chimp Crazy, the reptile community is far more paranoid. “Joe and Tonia were unique in that way, where they just wanted to be peacocks. They desperately wanted the attention. The reptile world, for the most part, is much more guarded,” says Goode.

While some people had ongoing charges and declined to speak until their cases were adjudicated, others had already been convicted and were willing to talk because double jeopardy protected them from being charged a second time. Others were happy to put everything on the table. “Hank Molt was proud that he could smuggle the way he did, he enjoyed circumventing the laws, and he liked that there were laws because it made it more of a challenge, like Catch Me If You Can with Leonardo DiCaprio,” explains Goode.

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In Tiger King and Chimp Crazy, the wildlife crimes spiralled out of control while cameras were rolling. “The story unraveled contemporaneously with the filming, so we didn’t know that Joe Exotic was going to try to kill Carol Baskin, that he would get arrested and go to prison. We just happened to be filming different people, and then they all intersected in real time,” says Goode. By contrast, Monsters of God is interested in how the present was shaped by history, so it’s exclusively concerned with reconstructing the past. 

The sheer breadth of the material meant that, according to McBride, the shape of each episode wasn’t clear at first, leading them to evolve their true crime storytelling. “What makes this series so distinctive is this psychological character study and this high-stakes true crime documentary, and within all of that, you have this chronology that we analyze with bigger themes involving the extinction crisis and our impact on this planet,” says McBride. “We wanted to draw these big ideas to an everyday person and how it touches their life, how this world overlaps with culture and criminality in a way that a lot of shows don’t touch on.”

Eric Goode with a Southwestern pond turtle —Courtesy of A24/Goode Films/HBO

The beating heart of Monsters of God

“This story for me is deeply personal,” Goode says in voiceover at the beginning of the series. “I was part of the problem.” But he was definitely the right man for the job: while Goode used to buy reptiles from shady dealers, he had turned a new page by 2003, when he co-founded The Turtle Conservancy to protect the many species of turtles who risk extinction from poachers and smugglers. His reptile expertise made him the ideal filmmaker to handle the cautious and shifty characters wary of appearing on camera—as Goode says, “I can speak their language about reptiles very fluently.” He knows the history of exotic animal collections and menageries in America and Europe, and the hypocrisy displayed by the subjects of Monsters of God—on both sides of the law—infuriates him.

Monsters of God expands on a theme from Goode’s previous docs—that a cultural obsession with rare animals leads to rampant commodification that exploits wildlife, encouraging animal lovers to embrace becoming consumers in a violent and exploitative transaction. Although Monsters of God looks to history, Goode isn’t convinced enough has been done to stop wildlife from being commodified. “It’s become more popular because of pop culture. Films like Jurassic Park can trigger these things. Finding Nemo—everyone wanted to buy a clownfish. Or Harry Potter. When I went to Southeast Asia, all the bird markets in Jakarta had baby owls everywhere. Hopefully this show doesn’t fuel interest in reptiles and bring in more illegal animals.”

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Binance Pauses Services and Delists Several Crypto Pairs: Who Is Affected?

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The world’s largest cryptocurrency exchange will conduct a major scheduled upgrade on Saturday that will pause certain trading activities.

The second major statement from the firm outlined the delisting of numerous trading pairs, one even against BTC.

An Upgrade and Delistings

Binance revealed that it will temporarily halt US stock trading on the platform on August 8 due to a scheduled system upgrade carried out by a partner broker. The process is set to be completed in approximately three hours, and during this period, users will not be able to access such services.

The company has the habit of briefly pausing operations to support certain improvements. Not long ago, it performed wallet maintenance for the Tron Network, making TRX deposits and withdrawals unavailable for about an hour. It also supported a Zcash hard fork, temporarily suspending ZEC deposits and withdrawals.

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Binance also regularly checks all listed spot trading pairs available on its platform and scraps those that no longer meet important criteria like adequate liquidity and volume. Based on its latest analysis, it will delist QNT/BTC, RPL/USDC, SIGN/BNB, and SKL/USDC on August 7.

“The delisting of a spot trading pair does not affect the availability of the tokens on Binance Spot. Users can still trade the spot trading pair’s base and quote assets on other trading pair(s) that are available on Binance,” it clarified.

The Previous Announcement

The aforementioned disclosure did not cause a significant decline in the involved cryptocurrencies, which is rather normal, as such a reaction is usually witnessed in the event of a total delisting. Being the leading crypto exchange, withdrawing support from Binance leads to reduced availability, thinner liquidity, and reputational damage.

Earlier this month, Binance said goodbye to Across Protocol (ACX), Hashflow (HFT), PIVX (PIVX), Vulcan Forged PYR (PYR), Vanar (VANRY), and Viction (VIC), and their prices headed south by double digits.

Prior to that, the company terminated all services with Alchemix (ALCX), Ardor (ARDR), NFPrompt Token (NFP), and Marlin (POND), triggering a similar collapse for the affected tokens.

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Bitcoin ETF Inflows Rise After Coldcard Hack as Link Remains Unclear, Bloomberg

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Crypto Breaking News

Demand for US spot Bitcoin exchange-traded funds (ETFs) picked up over the past week, according to Bloomberg ETF analyst Eric Balchunas, with multiple products posting inflows on every trading day since the Coldcard wallet exploit. The timing has sparked fresh discussion about whether some investors are reassessing the risks of self-custody.

Balchunas said that BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC), Bitwise’s Bitcoin ETF (BITB), ARK 21Shares’ Bitcoin ETF (ARKB), and Defiance Daily Target 2X Long MSTR ETF (MSBT) all recorded inflows every day since the weekend breach. The combined total was roughly $620 million, aligning with Cointelegraph’s earlier reporting on an ETF inflow streak.

Key takeaways

  • Bloomberg’s Eric Balchunas attributes the latest run of daily inflows (about $620 million) to several major spot Bitcoin ETFs starting after the Coldcard exploit.
  • TRM Labs estimates the Coldcard attack drained more than $116 million in Bitcoin from over 5,200 wallet addresses.
  • Balchunas cautioned that a direct connection between the hack and ETF buying is unproven, but acknowledged some investors may be shifting toward regulated custody.
  • Industry figures including Binance co-founder Changpeng Zhao argued that, based on available data, exchange custody may be “statistically safer” than self-custody—though underreporting remains a concern.
  • Broader security debates are intensifying as AI-assisted exploits accelerate the pace at which vulnerabilities are identified and attacked.

Spot Bitcoin ETFs see daily inflow streak after Coldcard exploit

In his update shared on X, Balchunas highlighted a multi-day pattern of inflows across several leading spot Bitcoin ETFs. The list included large, established issuers (including BlackRock and Fidelity) as well as other active fund providers. Per Balchunas, inflows have continued every trading day since the weekend of the Coldcard exploit, with the group’s cumulative figure landing at roughly $620 million.

Cointelegraph previously reported on the continuation of a Bitcoin ETF inflow streak, noting that the latest totals were consistent with that trend. Together, the data suggest that recent capital flows have been persistent rather than limited to a single “reaction” day after the incident.

Still, Balchunas explicitly framed the connection as speculative. “I’m not saying it’s connected, we just don’t know,” he wrote, while adding that over the long term he can’t imagine there aren’t investors who choose to migrate away from self-custody after incidents like this.

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Coldcard hack highlights exposure even for hardware wallet users

The renewed self-custody debate traces back to the Coldcard wallet exploit. Cointelegraph reported that the incident involved an attack against the Coldcard ecosystem, draining more than $116 million worth of Bitcoin from over 5,200 wallet addresses, according to blockchain intelligence firm TRM Labs.

For many participants in the market, hardware wallets are viewed as a last line of defense—designed to keep private keys offline and reduce the risk of direct theft through compromised online environments. However, the Coldcard incident underscored that end-to-end security still depends on firmware integrity and operational handling, and that even users of advanced self-custody tools may be vulnerable if software components are compromised.

Self-custody vs regulated custody: CZ’s “statistically safer” argument

The Coldcard hack fed into a longer-running argument about the relative risks of self-custody and centralized exchange (CEX) custody. Binance co-founder Changpeng “CZ” Zhao weighed in, suggesting that storing crypto on centralized exchanges could now be “statistically safer” than self-custody.

Zhao pointed to analysis by Willy Woo, claiming that cumulative Bitcoin losses from self-custody incidents have surpassed losses from exchange hacks. In his X post, Zhao also argued that differences in reporting make direct comparisons difficult: “Hack data is easier to collect on the CEX side, usually major news. It is harder on the self-custody side, where hacks, lost coins, etc are often not reported.”

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That framing matters for investors because it shifts the conversation from a purely technical question (“Which custody model is more secure?”) to an evidentiary one (“Which system’s failures are more visible and therefore easier to measure?”). Until self-custody incidents are tracked with the same completeness as major exchange events, any conclusion about relative safety remains inherently asymmetric.

Security pressure is mounting as AI-assisted attacks evolve

Beyond the Coldcard case, the broader cyber threat landscape is intensifying. Cointelegraph earlier reported that on Monday, Bitcoin swap service Boltz suspended its non-custodial bridge after citing a steady rise in AI-assisted exploits. The service said attackers were using artificial intelligence to identify and exploit vulnerabilities faster than its team could patch them.

While that suspension does not confirm a direct link to the Coldcard incident, it reinforces a common theme across current security discussions: defenders face a faster and more adaptive attack cycle. For ordinary users, this can translate into a growing sense that the gap between “known risks” and “unknown vulnerabilities” is narrowing.

For ETF investors, the implication is more indirect but still important. Regulated investment products typically centralize custody with institutional providers and established operational controls, meaning some risks are moved away from individual users and into broader compliance and security frameworks. Whether that results in higher safety in practice is difficult to quantify, but the market’s recent capital flows suggest that at least some investors are paying close attention to custody trade-offs after high-profile self-custody failures.

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Going forward, readers should watch whether the daily inflow pattern persists beyond the immediate post-incident window, and whether additional analysis clarifies how (or if) the Coldcard exploit influenced investor behavior. The key open question is whether the ETF buying reflects a short-term narrative shift or a longer-term reallocation toward regulated custody.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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United Wholesale Mortgage plunges 40%; suspends dividend, raises capital

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United Wholesale Mortgage at the NYSE, January 22, 2021

Source: The New York Stock Exchange

Shares in UWM Holdings, parent of United Wholesale Mortgage, plunged 40% on Thursday after the biggest U.S. mortgage lender suspended its dividend and raised fresh capital.

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UWM announced a $2.05 billion equity investment from Oaktree Capital Management and SFS Group Capital LLC, a newly formed investment vehicle owned by family of CEO Mat Ishbia. The family is also the majority owner of the NBA’s Phoenix Suns.

Pontiac, Michigan-based UWM also said it suspended its quarterly dividend to preserve capital.

“We’re taking decisive action to make UWM stronger, more liquid and better positioned to win for years to come,” Ishbia said in a statement.

UWM shares have now collapsed about 85% from their 52-week high, set in September 2025.

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UWM Holdings year to date

The capital raise comes as UWM’s financial position weakened during the latest quarter. Total equity fell to about $1 billion as of June 30 from $1.6 billion at the end of March, while available liquidity stood at approximately $1.3 billion, including $498 million in cash and borrowing capacity.

The moves come as mortgage lenders continue to grapple with one of the toughest operating environments in years. Investors have recently pushed up Treasury yields amid renewed expectations that benchmark Federal Reserve lending rates could stay where they are or even move up in the face of stubborn inflation. Elevated mortgage rates that are tied to the Treasury market have in turn kept homebuyers on the sidelines and limited refinancing activity, further dimming the outlook for the housing market.

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UWM lost $451.9 million on revenue of $888 million in the second quarter, reversing net income of $170.4 million in the first quarter and a profit of $314.5 million a year earlier.

Mortgage originations totaled $39.7 billion in the second quarter, down from $44.9 billion in the prior quarter but were essentially unchanged from a year earlier.

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Bitcoin ETF Inflows Rise After Coldcard Hack: Bloomberg ETF Analyst

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Bitcoin ETF Inflows Rise After Coldcard Hack: Bloomberg ETF Analyst

Demand for US spot Bitcoin exchange-traded funds (ETFs) has accelerated over the past week, with a string of daily inflows coinciding with the Coldcard wallet hack — timing that has prompted speculation about whether some investors are reconsidering self-custody.

According to Bloomberg senior ETF analyst Eric Balchunas, BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Bitwise Bitcoin ETF (BITB), ARK 21Shares Bitcoin ETF (ARKB) as well as Defiance Daily Target 2X Long MSTR ETF (MSBT) have recorded inflows every trading day since the weekend exploit, totaling roughly $620 million. The cumulative figure is consistent with Cointelegraph’s recent reporting on the ETF inflow streak.

The Coldcard exploit drained more than $116 million worth of Bitcoin from over 5,200 wallet addresses, according to blockchain intelligence firm TRM Labs.

“I’m not saying it’s connected, we just don’t know,” Balchunas said in a post on X. “[Although]  long-term I can’t imagine there aren’t some who migrate over.”

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Source: Eric Balchunas

Related: Bitcoin Red Team reports 5K findings in sweeping security audit

Coldcard exploit renews debate over self-custody risks

The Coldcard hack renewed concerns that even hardware wallet users can be exposed to firmware flaws and software vulnerabilities, highlighting the operational risks that come with self-custody.

The incident also reignited debate over the trade-offs between holding Bitcoin directly and gaining exposure through regulated investment products such as spot Bitcoin ETFs, where asset custody and security are handled by institutional providers.

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Binance co-founder Changpeng “CZ” Zhao also weighed in on the debate, arguing that storing crypto on centralized exchanges may now be “statistically safer” than self-custody, citing data from analyst Willy Woo that cumulative Bitcoin losses from self-custody incidents have surpassed those from exchange hacks.

Source: Changpeng Zhao

“Hack data is easier to collect on the CEX side, usually major news. It is harder on the self-custody side, where hacks, lost coins, etc are often not reported,” CZ said.

The debate comes as AI-assisted cyberattacks are becoming increasingly sophisticated. On Monday, Bitcoin swap service Boltz suspended its non-custodial bridge, citing a steady rise in AI-assisted exploits that were allowing attackers to identify and exploit vulnerabilities faster than its team could patch them.

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Magazine: Do the Coldcard attacks mean all hardware wallets are now insecure?

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Jefferies slashes SanDisk price target 42% despite record earnings

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Jefferies slashes SanDisk price target 42% despite record earnings

This morning, Jefferies slashed its price target on SanDisk stock 42% from $3,000 to $1,750. ZeroHedge laughed out loud at the drastic action.

Just six weeks ago, on June 26, analysts at the investment bank had set their $3,000 price target. Nonetheless, SanDisk stock price is down, even after the AI chipmaker reported the best quarterly earnings in its history yesterday.

Its most recent quarterly revenue was a 372% year-over-year gain to $8.97 billion, far surpassing its own guidance range of $7.75-8.25 billion. 

Non-GAAP gross margin landed at 84.6%, dwarfing the prior year’s 26.4% and beating its guidance range of 79-81%. Non-GAAP earnings of $39.25 per share beat a FactSet consensus of analysts’ estimates by more than 12%.

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Numbers from the blockbuster quarter were invariably positive. Data center revenue, the business SanDisk spent a year building, grew 103% in a single quarter to $2.98 billion.

Chairman and CEO David Goeckeler told analysts the company “delivered record revenue, gross margin, and earnings per share, each above the high end of our guidance, and repurchased $4.5 billion of company stock.”

Then, the board authorized another $14 billion of share buybacks.

Chart of Sandisk (Nasdaq:SNDK), June 2026-present. Source: TradingView

SanDisk has lost a quarter of its value in a month

Despite these celebratory figures, SanDisk’s stock has crashed by 25% over the past month.

Analysts cut estimates. Susquehanna reduced 6%; Evercore trimmed to $2,800 from $3,100; Citi dropped from $2,500 to $2,100; Jefferies cut 42%, the deepest of them all.

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Read more: Amazon gained the market cap SpaceX lost in six weeks

Today’s reduction to $1,750 is Jefferies’ first interruption of an up-only trend.

Its analyst, Blayne Curtis, has raised Jefferies’ price target on SanDisk seven times since July 2025 from $60 to $3,000. His rating was “buy” at every rung.

Morgan Stanley analyst Joseph Moore reached his $1,750 price target on June 3 and left it alone through Sandisk’s record earnings report and the stock’s slide.

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Jefferies has now spent nine weeks traveling to the same number via $3,000.

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Google DeepMind Reshuffles After CEO Demis Hassabis Steps Aside

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Google DeepMind Reshuffles After CEO Demis Hassabis Steps Aside

Koray Kavukcuoglu, DeepMind’s chief technology officer, will replace Hassabis at the helm of DeepMind, though in a senior vice president position rather than as CEO, Google boss Sundar Pichai wrote in a memo on Wednesday. 

Kavukcuoglu had been taking responsibility for the development of Gemini long before Wednesday’s news. In company briefings, Kavukcuoglu would lead Gemini discussions, and Hassabis had been absent from many day-to-day meetings about Gemini, attending only for the most significant ones, one DeepMind employee tells TIME. Meanwhile, Hassabis was regularly present for meetings about post-AGI readiness, safety, and AI governance, the person said, and was spending more of his time working with governments, including attending the recent G7 summit.

“Koray’s philosophy has always been clear: advancing the frontier of AI and building it responsibly are the exact same mission,” a Google spokesperson said in a statement. “Frontier model safety has lived directly within the Gemini team from the very beginning, under Koray’s leadership. His teams collaborate closely with the safety and policy teams across Google and Google DeepMind, and that will continue.”

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