Bitcoin slipped below $62,500 at the Wall Street open on Friday, extending a fresh dose of volatility as risk sentiment deteriorated. The move came as US markets reacted to renewed tensions tied to the US–Iran war, pulling down equities and—by extension—crypto.

Traders described BTC’s behavior as “very choppy,” with buyers and sellers repeatedly failing to establish direction after earlier strength. On the technical side, analysts flagged that Bitcoin’s long-running downtrend may be nearing an important phase, after the asset flipped a key long-term moving average into resistance.

Key takeaways

• BTC fell under $62,500 during the US open as US stocks turned lower amid escalated US–Iran headlines.
• Trading data referenced from TradingView indicated up to about 2% downside on the day for BTC/USD.
• Market participants say BTC is repeating prior patterns: local highs are being rejected, and price remains rangebound.
• Analysts including Rekt Capital pointed to Bitcoin flipping its 50-month EMA to resistance, which historically has preceded a move toward a long-term floor.

BTC weakens as equities take another hit

According to TradingView data cited in the report, BTC/USD extended losses into the session, with the move described as reaching as much as roughly 2% downside on the day. The timing aligned with a broad risk-off turn in US markets.

At the time of writing, US stocks had opened in the red, and the Nasdaq Composite was down nearly 2%. Fresh military strikes on Iran were highlighted as a catalyst behind the retreat in risk assets, with tech shares continuing to face selling pressure.

Additional pressure came from company-specific news. The Kobeissi Letter flagged weakness tied to earnings disappointments, noting that Netflix was down more than 10% at the start of the US session and citing a longer-view performance mark: the stock is down about 50% over the last 12 months and trading at its lowest level since August 2024, as stated in the outlet’s X post.

After three-week highs, traders face a familiar rhythm

Bitcoin’s decline followed a rebound period in which the asset had tapped three-week highs. After that push, traders reportedly saw “copycat” selling as the market returned to the same range conditions.

One market commentator, Exitpump, suggested on X that the pattern was repeating: a “dump into passive demand,” increased open interest with shorts building while spot buying begins to reappear—an imbalance that often produces sharp bounces rather than smooth trending.

Another trader, Daan Crypto Trades, characterized the broader tape as seasonal and directionless, describing recent weeks as “very choppy,” with alternating runs up and down and limited follow-through. That view fits with the overall picture of rangebound trading: peaks get sold, support gets tested, and the market appears to oscillate rather than commit to a new trend.

Bear-market “milestones” and the 50-month EMA flip

Beyond short-term price action, attention in the crypto market has also remained focused on the longer-term shape of Bitcoin’s bear-market cycle. Analyst Rekt Capital argued that Bitcoin has moved closer to a key technical milestone by flipping the 50-month exponential moving average (EMA) to resistance.

Rekt Capital said that BTC/USD’s interaction with the 50-month EMA is repeating bear-market history and that this change sets up the next phase of the decline toward a long-term floor. In his X update, he wrote that “the necessary technical milestone has been achieved,” adding that the milestone “technically indicates that the majority of the anticipated move has already happened.”

While such signals are often discussed as evidence that the market is maturing through the bear phase, they also leave plenty of uncertainty for traders. Even if the downtrend is in a late stage, timing can still be volatile—especially when external drivers such as macro headlines and geopolitical developments repeatedly shift risk appetite.

What to watch next for traders and investors

With BTC currently trading in a highly reactive environment—tied to equity sentiment while also reflecting recurring technical behavior—readers should watch how quickly support near recent range lows holds or breaks, and whether BTC’s resistance reactions around major longer-term levels persist. The next swing will likely be shaped as much by risk sentiment as by BTC-specific technical conditions.

SBI Holdings has acquired a majority stake in Coinhako after securing regulatory approval for the Singapore crypto exchange deal on July 16.

According to SBI Holdings, the transaction involved a capital injection through SBI Ventures Asset Pte. Ltd. and the purchase of shares from Coinhako’s existing investors. Coinhako will now operate as a consolidated subsidiary of the Japanese financial group.

Approval from the Monetary Authority of Singapore allowed the deal to close on July 16. SBI did not disclose the size of the investment, the percentage of shares acquired, or Coinhako’s valuation under the transaction.

Established in 2014, Coinhako is operated by Hako Technology Pte. Ltd. and holds a Major Payment Institution licence from MAS. Its affiliate, Alpha Hako Ltd., is registered as a virtual asset service provider with the British Virgin Islands Financial Services Commission.

Coinhako gives SBI a regulated Singapore base

Through the acquisition, SBI plans to combine Coinhako’s customers, regional network and crypto operations with the Japanese group’s financial products and international reach. The company identified Singapore as a key market because of its established digital asset regulations and position within Southeast Asia.

SBI Chairman and President Yoshitaka Kitao described the purchase as part of the group’s plan to connect exchanges across multiple countries. According to Kitao, such a network could let investors trade without being limited by national borders or currency differences.

Coinhako’s local presence and regulatory status were central to the decision, Kitao added. SBI expects the exchange to support new services involving stablecoins, tokenized assets, cross-border trading and on-chain finance between Japan and Southeast Asia.

For Coinhako, joining SBI provides access to a financial group with operations across banking, securities and digital assets. Commenting on the acquisition, Coinhako co-founder and CEO Yusho Liu described the deal as the company’s next stage after a decade of operating in Singapore.

“Joining the SBI Group is a natural step for Coinhako to move to the next stage of growth.”

Tokenized assets deepen SBI’s regional strategy

Alongside the Coinhako purchase, SBI has been developing a yen-backed stablecoin called JPYSC with blockchain company Startale. SBI plans to explore its use within the combined group, including possible links to Coinhako’s services and regional customer network.

As previously reported by crypto.news, SBI has also partnered with Ondo Finance to bring tokenized financial products into its ecosystem. Under the agreement, the companies plan to use JPYSC for settlement and collateral while connecting Japanese securities with overseas tokenized markets.

Ondo’s products are expected to reach investors through SBI’s customer network, according to the companies. The partnership also gives SBI another route for using its stablecoin beyond conventional transfers, including transactions involving tokenized securities.

One day before the Coinhako deal closed, SBI Global Asset Management launched the SBI Japan High Dividend Equity Strategy Token, or JX token, with regulated real-world asset exchange DigiFT. Issued on Solana, the product gives accredited and institutional investors blockchain-based exposure to a Japanese high-dividend equity strategy managed by SBI Asset Management Co.

Taken together, SBI’s announcements show how the group is assembling regulated exchanges, tokenized investment products and stablecoin infrastructure across Asia. Coinhako adds a licensed Singapore distribution point to that network, while the Ondo and DigiFT agreements provide financial products that SBI could connect to it.

Morgan Stanley has completed the rollout of Bitcoin, Ethereum, and Solana trading on E*TRADE, charging eligible clients a 0.50% fee on each transaction.

E*TRADE announced in a press release that supported customers can now buy, sell and hold the three digital assets directly through its brokerage platform. Zerohash provides the underlying crypto infrastructure and holds the assets in linked customer accounts.

Each transaction carries a 50-basis-point fee, according to E*TRADE. While the current service covers trading and custody, the brokerage expects to introduce crypto transfers later this year, allowing clients to move supported assets into and out of their accounts.

Following a pilot launched in May, the completed rollout makes the service available to all eligible E*TRADE customers. Morgan Stanley had first disclosed plans to add direct spot crypto trading in 2025.

Morgan Stanley is expanding several crypto services at once

E*TRADE’s launch comes as Morgan Stanley prepares to add two exchange-traded funds tied to Ethereum and Solana. As previously reported by crypto.news, amended S-1 filings for both products indicated that their launches were approaching, although the filings did not provide a confirmed trading date.

Earlier this year, Morgan Stanley also launched a spot Bitcoin ETF, becoming the first bank to offer such a product, according to the original report. SoSoValue data showed that the fund had accumulated $384 million in net assets at the time of reporting.

Direct trading gives E*TRADE customers another route to crypto exposure alongside Morgan Stanley’s investment funds. Unlike ETF shares, the new service allows eligible users to hold the underlying Bitcoin, Ether and Solana through Zerohash, while the planned transfer feature would give customers more control over moving those assets.

Morgan Stanley had also increased its tracked Bitcoin balance by nearly 1,000 BTC over the two weeks preceding July 11, according to a crypto.news report published that day. The purchases lifted its reported holdings above 5,700 BTC at the time.

Digital Trust is set to take over the crypto service

Later this year, E*TRADE expects to move the crypto offering from Zerohash to Morgan Stanley Digital Trust, the group’s planned national trust bank. The brokerage linked that transition to the introduction of transfer services but did not provide a specific launch date.

Morgan Stanley applied to the Office of the Comptroller of the Currency earlier this year for a crypto-focused national trust bank charter. Its application placed the firm alongside Coinbase, Crypto.com and Ripple, while the OCC has already granted Ripple conditional approval.

Circle has also received OCC approval to establish a national trust bank focused on digital assets. The USDC issuer had secured conditional approval in 2025 alongside BitGo, Fidelity and Paxos.

Morgan Stanley Wealth Management added another crypto route in June through a referral agreement with Galaxy Digital. Under the arrangement, eligible high-net-worth clients can lend Bitcoin, Ether and Solana to Galaxy and receive shares in spot crypto investment products, including the Morgan Stanley Bitcoin Trust.

Taken together, the ETRADE rollout, pending ETF launches and Digital Trust application place trading, investment products, lending referrals and custody infrastructure within Morgan Stanley’s disclosed crypto plans. Each service remains subject to separate eligibility rules, fees and regulatory arrangements set by the companies involved.

Bitcoin (BTC) dipped below $62,500 at Friday’s Wall Street open as stocks took a fresh hit from the US-Iran war.

Key points:

• Bitcoin gives traders a sense of deja-vu as local highs spark rejection and rangebound moves continue.
• The US-Iran war pushes stocks and crypto lower.
• A bear-market trend line is now in place as resistance, copying historical patterns.

BTC price action stays “very choppy”

Data from TradingView showed BTC/USD extending losses with up to 2% daily downside.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

US stocks opened in the red, with the Nasdaq Composite Index also down nearly 2% at the time of writing. Fresh military strikes on Iran fueled the risk-asset retreat, while tech stocks continued to see selling pressure.

Trading resource The Kobeissi Letter also flagged weakness arising from earnings disappointments, with Netflix shedding over 10% to start the US session.

“The stock is now down -50% over the last 12 months and trading at its lowest level since August 2024,” it noted in a post on X.

Netflix stock one-day chart. Source: Cointelegraph/TradingView

After hitting three-week highs, BTC price action fell back into its established range as traders saw copycat moves.

“Market just keeps repeating same things,” commentator Exitpump wrote on X. 

“Dump into passive demand, OI increases with shorts piling up while spot starts buying which leads to bounce.”

BTC/USDT five-minute chart with order-book data. Source: Exitpump/X

Trader Daan Crypto Trades argued that current behavior was “typical” of summer.

“Very choppy few days up, few days down kind of price action the last few weeks. No real action anywhere really,” he summarized.

BTC/USD four-hour chart. Source: Daan Crypto Trades/X

Bitcoin seals key bear-market repeat

Trader Jelle, meanwhile, remained optimistic, seeing range lows holding.

Related: Bitcoin bottom countdown nears 50 days after BTC supply in loss passed 50%

“Still think this looks good for a relief rally in the next weeks – which would give the market room to drop into October without nuking much deeper,” he told X followers.

BTC/USD one-day chart. Source: Jelle/X

In updates on the bear market’s progress, trader and analyst Rekt Capital suggested that Bitcoin’s long-term downtrend was now in its final stages.

BTC/USD, he wrote, had flipped its 50-month exponential moving average (EMA) to resistance, repeating bear-market history to set up its drop to a long-term floor.

“The necessary technical milestone has been achieved,” he confirmed. 

“Which technically indicates that the majority of the anticipated move has already happened.”

BTC/USD one-month chart with 21, 50EMA. Source: Rekt Capital/X

As Cointelegraph reported, Rekt Capital saw the July relief bounce ending with the onset of next month.

Japan’s SBI Holdings has moved to tighten its grip on the Asian crypto market after regulators in Singapore cleared its planned takeover of Coinhako. The financial services group said it has acquired a majority stake in Holdbuild, the parent company of the Singapore-based crypto exchange Coinhako, following approval from the Monetary Authority of Singapore (MAS).

In an announcement made Thursday, SBI stated that MAS authorization allowed it to acquire shares from existing shareholders via a capital injection. As a result, Coinhako will become a consolidated subsidiary of SBI, giving the Japanese company direct control over a regulated trading platform operating in one of Asia’s most important financial hubs.

Key takeaways

• SBI acquired a majority stake in Holdbuild, the parent of Coinhako, after MAS approval.
• MAS authorization enabled the deal through a capital injection, making Coinhako a consolidated SBI subsidiary.
• Coinhako operates under a Major Payment Institution license via its subsidiary, Hako Technology Pte. Ltd.
• SBI says it will combine Coinhako’s customer base and regional footprint with its own financial services and digital asset initiatives, including JPYSC.
• Financial terms were not disclosed, and SBI did not provide immediate additional details about the transaction.

Singapore regulator clears SBI’s majority stake

SBI’s move centers on Coinhako’s corporate structure in Singapore. The exchange is held through Holdbuild, and Coinhako itself operates with a Major Payment Institution license granted by MAS through Hako Technology Pte. Ltd. That licensing context matters because it ties the exchange’s activities to the regulatory framework governing payment-related services in Singapore.

According to SBI’s announcement, the key gating item was MAS approval. Once granted, SBI proceeded with a share acquisition from existing shareholders through a capital injection rather than disclosing other transaction mechanics. With the approval now complete, SBI’s ownership shift enables Coinhako to be brought into SBI’s consolidation scope.

SBI previously outlined its intention to buy a majority stake in February, setting up expectations that the acquisition would require regulatory confirmation before finalization. Thursday’s update effectively marks the transition from planned consolidation to execution.

Why the Coinhako platform fits SBI’s regional strategy

SBI framed Singapore as a core part of its digital asset strategy and presented the Coinhako acquisition as a way to strengthen its presence in Southeast Asia. In practical terms, SBI said it wants to combine Coinhako’s customer base and regional network with its own financial services and digital asset business lines.

That includes SBI’s JPYSC stablecoin initiative. While the announcement does not provide new technical details in the material provided, SBI’s stated intent signals that it sees value in connecting a regulated exchange footprint with settlement and collateral workflows tied to its stablecoin effort.

For investors and market participants, the consolidation of Coinhako matters because it can accelerate SBI’s ability to deploy its digital asset ambitions beyond Japan. It also reduces the friction of building distribution from scratch in an already regulated environment where local partners and compliance infrastructure often determine speed to market.

SBI also pointed to operational steps following the acquisition, including plans to hold its first overseas branch managers’ meeting in Singapore this summer. The company’s emphasis on on-the-ground leadership suggests it intends to treat the Singapore expansion as more than a passive investment.

SBI’s rapid build-out: acquisitions, tokenization, and infrastructure

The Coinhako deal lands amid a broader push by SBI to expand its digital asset footprint through acquisitions, partnerships, and blockchain-focused projects. Earlier in the same month, SBI led a $76 million Series C funding round for institutional crypto exchange EDX Markets, according to the information in the source material. SBI also said it plans to acquire Bitbank for $289 million, a strategy aimed at positioning the combined operations among Japan’s largest crypto exchanges.

That pattern—buying regulated or institution-facing platforms and then layering in SBI’s technology and financial products—appears to be consistent across markets. In addition to the Coinhako acquisition, SBI has been pursuing tokenization initiatives. This week, SBI partnered with Ondo Finance to bring tokenized Japanese stocks to market while integrating JPYSC stablecoin into settlement and collateral workflows, as referenced in the source material via an Ondo-related announcement.

In February, SBI and Startale Group unveiled Strium, a layer-1 blockchain designed around tokenized securities and real-world assets. The source material describes the network as intended to support 24/7 trading and tokenized equity settlement, as SBI expands its infrastructure for institutional financial applications.

Taken together, these moves show SBI trying to connect three parts of the crypto stack: regulated market access (via exchanges), asset tokenization (via security and RWA initiatives), and settlement infrastructure (via stablecoins and blockchain rails). The Coinhako acquisition fits that blueprint by bringing a Southeast Asian user base and trading operation into SBI’s consolidated structure.

What remains unclear and what to watch next

While SBI confirmed the majority stake acquisition and the regulatory basis for it, the company did not disclose financial terms in the announcement. SBI also did not immediately provide additional details when the source attempted to contact the company for transaction information.

For the weeks ahead, readers should watch for how SBI integrates Coinhako into its product roadmap—particularly whether the exchange’s operations become more directly tied to JPYSC settlement or other SBI-linked digital asset services. With Coinhako now positioned as a consolidated subsidiary, the next sign of progress may be changes to operational structure, regional expansion plans, or partnerships that leverage SBI’s institutional and tokenization efforts.

Key takeaways

• Solana (SOL) is down nearly 2% over the past 24 hours after failing to break above the crucial $78 resistance.
• Spot Solana ETFs have recorded net outflows, signaling weaker institutional demand.
• A break below $74 could send SOL toward $64, while a breakout above $78 may trigger a rally to $90.

Solana (SOL) extended its recent pullback on Friday, falling nearly 2% over the past 24 hours as buyers once again failed to overcome the key resistance level at $78.

Although cooling U.S. inflation briefly boosted risk appetite earlier this week, the rally lacked enough momentum to sustain a breakout. At the same time, declining trading volumes and renewed ETF outflows have added to the cautious outlook.

Trading activity cools after recent rally

Market participation has slowed noticeably in recent sessions. Daily trading volume has fallen from a short-term peak of approximately $4 billion on July 2 to around $2 billion, suggesting reduced buying interest following the recent rebound.

The inability to break above the $78 resistance despite improving macroeconomic sentiment indicates that bullish momentum may be weakening.

Institutional sentiment has also softened. According to CoinGlass, Solana-focused exchange-traded funds (ETFs) have recorded approximately $700,000 in net outflows this week.

The reversal contrasts with recent weeks, when Solana ETFs attracted more than $1.1 million in inflows and accumulated nearly $3 million since the beginning of the month.

The shift suggests institutional investors remain cautious as uncertainty surrounding interest rates and broader market conditions continues to weigh on risk assets.

Despite weaker price action, Solana’s network fundamentals continue to improve.

Data from Santiment shows that daily active addresses (DAAs) have continued to climb, indicating growing user activity across the network.

Notably, the 30-day moving average of daily active addresses has crossed above the 50-day moving average, with the gap widening in recent days.

Historically, similar crossovers have preceded significant price movements for Solana, although they do not indicate whether the move will ultimately be bullish or bearish.

The increase in active wallets suggests investors are positioning ahead of the token’s next major directional move.

SOL faces a critical technical crossroads

Technically, Solana remains trapped below the important $78 resistance level. The repeated rejection at this price has reinforced it as a key barrier that bulls must overcome before a sustained recovery can develop.

On the downside, the immediate focus shifts to the ascending trendline support near $74. This level represents a crucial defense for buyers.

If $74 fails to hold, Solana could accelerate lower toward the next major support around $64.

Momentum indicators are beginning to favor the bears. The Relative Strength Index (RSI) has slipped to around 49, falling below its signal line and indicating weakening bullish momentum. 

A move toward 40 would strengthen the bearish outlook and suggest sellers have gained greater control.

Conversely, a decisive breakout above $78 could trigger a wave of short covering, as a significant number of stop-loss orders are believed to be positioned above that level.

Such a move could accelerate buying momentum and open the door for a rally toward $90.

For now, Solana remains at a pivotal technical level, with declining institutional flows contrasting against strengthening on-chain activity. The next breakout or breakdown is likely to determine the token’s short-term direction.

As XRP ETF expectations rise, investors are exploring platforms like EX DeFi that offer alternative ways to participate in the digital asset ecosystem.

With Ripple obtaining a crypto asset services license under the European MiCA (Crypto Asset Market Regulation) framework, market attention on the XRP ecosystem has surged again.

Simultaneously, Ripple continues to advance its RLUSD stablecoin, institutional-grade cross-border payments, asset tokenization (RWA), and XRP Ledger ecosystem development, further expanding its global digital finance footprint.

ETFs, regulation, and institutional funding remain key variables

As European regulations gradually take effect and digital asset regulatory frameworks such as the US Clarity Act continue to advance, market attention on XRP ETFs is constantly increasing. Some market institutions believe that if XRP ETFs continue to attract institutional inflows and more banks adopt XRP for cross-border payment settlements, its long-term prospects are likely to improve further.

Meanwhile, Ripple is continuously improving its digital financial infrastructure, including expanding its global payment network, promoting asset tokenization (RWA) applications, and supporting digital settlement in financial markets. As blockchain technology matures, more and more investors are focusing on diversified participation methods beyond directly holding digital assets.

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Ripple ecosystem development drives market attention, and EX DeFi continues to improve its platform

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Ripple’s receipt of MiCA regulatory approval in Europe marks a significant step forward in its global compliance strategy and further enhances market attention to the long-term development of the XRP ecosystem.

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