Crypto World
Bitcoin Holds Steady as Iran Risk Eases; S&P 500 Short Squeeze Looms
Bitcoin stayed bid on Wednesday as both crypto markets and broader risk assets appeared to brush off renewed US-Iran tensions. BTC/USD held close to recent five-week highs, even as fresh threats from the US raised the stakes for Middle East escalation.
TradingView data showed BTC/USD down about 1% on the day, after earlier testing the $67,000 area. At the time of publication, it was around $65,975, while 24-hour volume topped $30.3 billion, according to CoinMarketCap.
Key takeaways
- BTC’s pullback remained limited despite renewed Middle East risk, suggesting markets are not yet pricing the conflict aggressively.
- US equity momentum appeared to absorb geopolitical headlines, with commentary warning crowded short positioning could amplify moves if conditions shift.
- Traders are watching $67,000 as a technical inflection point; a break could signal a bullish continuation pattern on daily timeframes.
- Some market participants frame Bitcoin as outperforming US stocks, using relative-strength divergence arguments.
Geopolitical headlines fail to move the broader tape
Crypto and US stocks followed Tuesday’s direction, when both asset classes largely ignored escalation in the Middle East—including direct strikes involving both Iran and the United States. On Wednesday, the latest flare-up similarly did not derail risk sentiment.
US president Donald Trump said on Truth Social that the US would target Iranian bridges and energy infrastructure if Iran fired on ships in the Strait of Hormuz. The post stated that the US would “bomb and destroy ONE BRIDGE OR POWER PLANT,” including those near or in Tehran.
While equity and crypto price action stayed comparatively steady, oil reacted more directly. WTI and Brent crude reached roughly $88.60 and $95.50, respectively—levels described as the highest since June 11.
Equities’ strength raises a “short squeeze” question
Beyond geopolitics, a separate dynamic in US markets drew attention: the level of short interest. Trading resource The Kobeissi Letter pointed to data indicating shorts are positioned near elevated levels, increasing the potential for sharper moves if sentiment turns.
According to The Kobeissi Letter, which cited Bloomberg data, short interest in the S&P 500 rose to about 3.7% of free float—near the top of the range in data going back to 2010. Short interest in the Russell 3000 was said to be around 6.1%, also near an all-time high. The account added that both measures have been steadily rising since the start of 2025.
“Both metrics have steadily increased since the start of 2025.”
Kobeissi’s broader message was that a “short squeeze” could punish late short positions if bullish momentum persists or accelerates.
Bitcoin’s $67,000 line in the sand
For Bitcoin, attention has centered on the $67,000 region after the asset pushed to five-week highs earlier in the session. As of publication, BTC was trading near $65,975, meaning the market was still deciding whether it could reclaim and hold above that psychological and technical level.
Trader Daan Crypto Trades said that breaking above $67,000 would create a daily bullish market structure break and establish a higher high. In his assessment, it would mark the first daily higher high since the move up in May.
“This is the first daily higher high since the push up in May.”
That framing matters for how traders interpret momentum: when resistance is treated as a structural level rather than a one-off spike, a decisive close above it can change the odds of continuation—and influence risk management around tight ranges.
Relative strength claims: BTC vs the S&P 500
Not all commentary focused on BTC’s absolute price action. Some market participants were comparing Bitcoin’s behavior against US stocks for signs of relative mispricing.
On X, an account using the name Osemka wrote that the weekly BTC-vs-S&P 500 relationship shows “strong weekly bullish divergence,” with Bitcoin “at the brink” of an RSI trend breakout. The post referenced the relative strength index (RSI) and claimed that the divergence lows are about five months apart, similar to patterns seen in 2022.
“Divergent lows are 5 months apart, similar to literal 2022 lows. $BTC should outperform the US stock market nicely for the foreseeable future from the most mis-priced territory in history, as the lows should already be in.”
The argument here is comparative rather than directional: it suggests Bitcoin may benefit even if US equities remain strong, based on how the two charts have been behaving relative to each other.
Meanwhile, Cointelegraph previously reported that the broader consensus among many observers still points to Bitcoin’s next bear-market low arriving later this year or in early 2027—an outlook that would make this phase more about positioning and risk management than chasing an immediate reversal.
What to watch next
Going forward, traders are likely to keep $67,000 in focus for confirmation on higher timeframes. At the same time, investors should watch whether geopolitical headlines continue to lift oil volatility while crypto and equities remain insulated—or whether markets eventually reprice risk if the conflict escalates further.
BPI has launched a pilot program using stablecoin settlement rails for cross-border payments, with the Philippine lender targeting faster and lower-cost remittances for freelancers, virtual assistants, and other overseas income earners.
Summary
- BPI has launched a stablecoin settlement pilot to speed up and lower the cost of cross border payments to Philippine recipients.
- The project will first serve freelancers, virtual assistants, and other overseas income earners before expanding ahead of the ASEAN Summit.
- The pilot will run with BSP coordination as the Philippines continues tightening rules for stablecoins and other digital assets.
According to local reports from ABS-CBN and the Philippine Daily Inquirer, the Ayala-led bank is working with global digital clearinghouse Meridian to test a stablecoin-based settlement system that will process inbound international payments before converting them into Philippine pesos for deposit into customers’ BPI accounts.
The pilot will first cover payroll payments and overseas earnings received by freelancers, virtual assistants, and workers in the informal economy. BPI plans to extend the service to more customers before the 49th ASEAN Summit in November, when the bank expects to showcase the initiative as part of its digital banking efforts.
Rather than replacing existing banking infrastructure, the system uses stablecoins as a settlement layer between the sender and the recipient. Once the transfer is completed, recipients will receive Philippine pesos in their BPI accounts, allowing the bank to combine blockchain-based settlement with conventional banking safeguards.
BPI President and Chief Executive Officer Jose Teodoro Limcaoco said the project builds on the bank’s ongoing digitalization strategy, adding that the bank wants Filipinos receiving money from abroad to access their funds more quickly and at a lower cost without reducing security standards.
Meridian President and Chief Executive Officer Will Haering said the partnership demonstrates how stablecoin technology can be integrated into the banking system while maintaining reliability and customer protections.
The bank also said the pilot will proceed in coordination with the Bangko Sentral ng Pilipinas (BSP), with any future expansion depending on regulatory safeguards, including consumer protection measures and transparency around stablecoin reserves.
Pilot arrives as Philippine regulators tighten crypto oversight
The project comes as Philippine regulators continue developing rules governing digital assets, tokenization, and stablecoin-related services.
In June, the BSP introduced stricter requirements for licensed virtual asset service providers, directing them to strengthen due diligence before listing cryptocurrencies. Under the central bank’s guidance, exchanges must assess issuer background, market maturity, transparency, liquidity, legal compliance, and use cases before making digital assets available to customers.
The BSP also devoted additional attention to fiat-backed and asset-backed stablecoins. Its guidance said providers may need to examine reserve composition, redemption rights, issuance and burning mechanisms, and the quality of backing assets to ensure users can redeem tokens under normal market conditions. The central bank further required continuous monitoring of listed assets and reiterated that privacy coins remain prohibited for licensed VASPs.
Separately, the Philippine Securities and Exchange Commission has continued using its Strategic Regulatory Sandbox, or StratBox, to test digital asset products under regulatory supervision. Speaking during Philippine Blockchain Week in June, SEC Commissioner Rogelio Quevedo said the regulator had become comfortable that the country’s existing legal framework could accommodate tokenized assets, while noting that sandbox participation does not exempt companies from existing laws.
According to the SEC, four companies have already entered the sandbox, including a tokenized real estate project and firms testing investment products linked to U.S. equities. BlockShoals Technologies also received approval to test crypto-related services within the program.
Earlier this month, the SEC granted BlockShoals final approval to begin StratBox testing with Binance as its global crypto-asset service provider partner. The BSP later clarified that neither BlockShoals nor Binance currently holds a Philippine virtual asset service provider license and said participation in the SEC’s sandbox does not replace separate licensing requirements overseen by the central bank.
Stablecoin adoption continues to expand
BPI’s latest initiative also adds to the Philippines’ growing use of stablecoin technology for payments.
In 2024, Philippine cryptocurrency exchange Coins.ph expanded its peso-backed PHPC stablecoin to the Ronin blockchain, allowing users to move funds and spend gaming earnings more easily within the country. The Ethereum-based stablecoin is backed one-to-one by the Philippine peso, with Coins.ph maintaining reserves consisting of cash and other traditional financial instruments.
For BPI, the latest pilot targets a different segment by focusing on cross-border settlements handled through the banking system rather than blockchain-native payments. If the trial proceeds as planned, the project could provide overseas workers, freelancers, virtual assistants, and other recipients of foreign income with a faster settlement process while keeping transactions within the country’s regulated banking framework.
Any broader deployment, however, will remain subject to coordination with the BSP and compliance with regulatory requirements covering consumer protection, reserve transparency, and other safeguards outlined for stablecoin-based financial services.
Bitcoin holders are seeing a return to overall profitability, according to on-chain analytics, but the data also points to a familiar risk: the market may be setting up for another “false breakout” before a sustained recovery is confirmed.
CryptoQuant data cited by contributor thechessONCHAIN shows the share of Bitcoin supply currently trading above its approximate acquisition price—known as Supply in Profit—has climbed to 57.5% as of July 22. That compares with 46.2% on June 30, the platform’s reference point for a 2026 low. While that improvement is significant, CryptoQuant’s framework suggests investors should look for confirmation beyond a single rebound.
Key takeaways
- Supply in Profit has risen to 57.5% (July 22), up from 46.2% (June 30), indicating more coins are moving in profit.
- CryptoQuant says prior bear-market endings have required supply strength plus long-term holder SOPR staying in a healthy range.
- LTH-SOPR remains a key checkpoint: CryptoQuant’s conditions include a 30-day SMA staying above 1.
- CryptoQuant highlights that the cycle has already produced one failed attempt at improvement earlier in the year.
Supply in Profit rebounds toward 60%
On-chain analytics platforms track investor cost basis implicitly by looking at the conditions under which coins were last active. In this case, CryptoQuant’s Supply in Profit (%) measures the portion of Bitcoin worth more than its acquisition price. When that percentage rises, it generally implies that a larger share of the supply is back to being held at unrealized gains.
According to CryptoQuant, the metric climbed above the 50% mark in July. In the same summary, thechessONCHAIN pinpointed the move to 57.5% by July 22, following a low of 46.2% on June 30. The speed of the recovery matters: shifting from the mid-40s to the upper-50s less than a month later suggests the market’s repricing has been sharp.
That said, CryptoQuant’s contributor stresses that a sustained bull-market recovery typically requires these improvements to hold—especially when viewed together with long-term holder behavior.
Why long-term holder SOPR is still the gatekeeper
As Supply in Profit improves, CryptoQuant also expects other indicators tied to realized pressure to follow. One such measure is long-term holder SOPR (LTH-SOPR), which compares the sale price of long-dormant coins to their last transaction price.
In CryptoQuant’s framework, long-term holders are entities whose Bitcoin has remained dormant for at least six months. SOPR interprets whether LTH coins are moving at profit on-chain: values above 1 indicate LTH coins are typically being spent at higher prices than their prior transaction, while values below 1 suggest movement at a loss.
CryptoQuant argues that bear markets have not fully ended in previous cycles unless both of the following conditions align:
- The 30-day simple moving average (SMA) of LTH-SOPR should remain above 1.
- Total Supply in Profit should stay above 64%.
This combination matters because Supply in Profit can rise simply as market prices recover, but it doesn’t always guarantee that long-term holders are structurally comfortable spending into strength. If LTH-SOPR stalls or falls back below 1, it can suggest lingering caution or recurring distribution behavior from older holdings.
Potential for another “failed attempt”
CryptoQuant’s analysis includes a warning based on historical pattern recognition: the current cycle already produced a rebound that looked convincing at the time, only to roll back later.
As described by thechessONCHAIN, from April 28 to June 1 the 30-day SMA of LTH-SOPR held above 1.0 for about 35 days, while Supply in Profit reached 67%. Yet both metrics ultimately reversed, implying the market’s improvement didn’t hold long enough to qualify as a confirmed transition.
Since then, the platform notes that the 30-day SMA of LTH-SOPR has been below 1 for more than 50 days. That detail is important for investors because it means the recent Supply in Profit rebound has not yet been matched by the same level of long-term holder spending profitability implied by CryptoQuant’s “recovery” requirements.
The immediate takeaway is not that the market is bearish, but that the on-chain evidence is incomplete. A rise toward 60% in Supply in Profit can set the stage for healthier conditions, but CryptoQuant’s criteria suggest traders should be cautious about interpreting the move as confirmation of a sustained bull phase.
Broader market signals: bottom timing vs. demand uncertainty
Earlier coverage from Cointelegraph noted that Bitcoin supply in loss crossing above or past certain thresholds has historically been used to estimate where bear-market bottoms might be forming. That aligns with CryptoQuant’s perspective on why profitability metrics matter: supply transitions from loss to profit tend to coincide with turning-point behavior in prior cycles.
In that earlier context, Cointelegraph described how the supply-in-loss threshold historically preceded a “countdown” toward cycle bottoms. While that doesn’t guarantee a repeat this time, it helps explain why the current move in Supply in Profit is drawing attention.
However, demand signals remain mixed in the surrounding market narrative. Cointelegraph previously pointed to weak spot-market interest in the near term, juxtaposed with a rebound in institutional activity via Bitcoin exchange-traded products. In particular, Cointelegraph referenced weak spot-market interest alongside improving institutional BTC allocation as ETF flows turned into a short-term inflow streak.
For investors, the asymmetry matters: even when profitability metrics improve quickly, insufficient fresh demand can make breakouts fragile. Conversely, if institutional allocation continues while long-term holder SOPR stabilizes above 1, the combination could be more supportive of a durable recovery.
What to watch next
CryptoQuant’s framework implies the next checkpoint is whether LTH-SOPR keeps its momentum—specifically whether the 30-day SMA remains above 1 and whether Supply in Profit can move beyond and hold above 64%. Until those conditions align, Bitcoin’s shift back into aggregate profitability may be best viewed as a promising step that still needs confirmation.
India’s top cybercrime watchdog has ordered GitHub to take down Bitchat, the offline messaging app built by Block chief executive and bitcoin advocate Jack Dorsey, as anti-government protesters in Delhi adopt mesh-networking tools to communicate through repeated internet shutdowns.
The Indian Cyber Crime Coordination Centre, part of the Home Ministry, issued the order late Thursday under Section 79(3)(b) of the IT Act, naming three GitHub repositories tied to Bitchat and giving the platform three hours to disable access.
The notice, reviewed by CoinDesk, says the app enables anonymous communication without registration, phone numbers or centralized logging, and that its architecture “significantly impedes lawful interception, attribution, and investigation by law enforcement agencies.”
Bitchat is a decentralized messaging app that relays encrypted messages between phones over Bluetooth mesh networks, requiring no internet, servers or accounts. Dorsey released it as open-source software in July 2025.
Bitchat is built to relay bitcoin transactions offline, passing them phone to phone through the mesh until a device with connectivity broadcasts them to the network, a design meant to keep payments alive during blackouts, disasters or state-imposed shutdowns.
Europe entered a new phase of crypto regulation on July 1, 2026, when the final transitional period under the Markets in Crypto-Assets Regulation expired. Crypto-asset service providers operating under earlier national regimes had until this date to obtain MiCA authorisation or begin ending their EU activities.
The deadline has reduced the number of providers able to serve the region, strengthened the commercial value of an EU licence, and raised new questions about product access, passporting, and consistent enforcement across member states.
BeInCrypto interviewed Philipp Bohrn, vice president of group governance at Bitpanda, Mike Schwitalla, chief commercial officer at Crypto Finance Group, and Chagri Poyraz, chief strategy officer at OSL Group, about how MiCA is changing Europe’s crypto market.
MiCA is now changing which companies can reach European users, which assets appear on their platforms and how regulated providers describe the protection attached to their services.
Europe’s Crypto Market Splits Along Regulatory Lines
MiCA became fully applicable in December 2024, although existing companies could continue operating under national transitional arrangements. Those arrangements lasted until July 1, 2026 at the latest, or ended earlier when a company received or was refused authorisation.
European users may now need to confirm whether a familiar exchange, broker or custodian appears in ESMA’s register. Some providers have transferred clients to authorised European entities, while others have restricted account functions or withdrawn from the region.
Mike Schwitalla, chief commercial officer at Crypto Finance Group, described the deadline as the point at which the distinction between regulated and unauthorised providers became visible to users.
“Many retail investors may only now be realizing that some platforms they have used for years might not be authorized to continue operating in the European market,” Schwitalla said. “As a result, users are increasingly assessing the regulatory status of their providers and, in some cases, whether they need to migrate assets to licensed institutions.”
The decline in provider numbers may concentrate activity among companies able to meet the requirements and absorb customers leaving unauthorised platforms.
It could also strengthen relationships between licensed crypto companies and banks, asset managers or corporate counterparties whose internal policies require regulated service providers.
Philipp Bohrn, vice-president of group governance at Bitpanda, said the absence of authorisation after the extended preparation period gives users relevant information about a company’s regulatory standing.
“It is now becoming clearer which companies are authorised, supervised and accountable in Europe, and which are operating outside that framework,” Bohrn said.
Authorisation creates accountability around the provider, although it leaves the financial risks of crypto assets intact. European supervisory authorities continue to warn consumers that protections vary according to the product and service involved.
One Regulation Creates Different Tests Across the Industry
MiCA covers several types of crypto businesses, yet the obligations depend on the services each company provides.
Trading platforms and brokers face requirements involving governance, market conduct, client information, and operational controls.
Custodians must maintain custody policies and agreements with clients, while applicants holding customer assets must describe how those assets and funds will be segregated.
Stablecoin issuers operate under a separate set of requirements covering reserves, disclosures, redemption, and supervision. The European Banking Authority also assesses whether asset-referenced tokens and electronic money tokens qualify as significant, which can bring additional oversight.
Advisers, order executors and portfolio managers encounter obligations linked to their own activities. A single MiCA licence therefore represents authorisation for specified services rather than a universal approval covering every product offered by a company.
“A broker, an exchange, a custodian, a stablecoin issuer and an advisory provider do not all face the same obligations,” Bohrn said. “For established European players that have already invested in governance, compliance, custody standards and risk management, MiCA is demanding but also a natural next step.”
The difference is especially important for global companies accustomed to serving several European countries through national registrations or cross-border access. MiCA requires an authorised European entity with effective management and a genuine presence in an EU member state.
Banks encounter a different calculation. Rather than obtaining every technical and regulatory capability internally, they can work with authorised custodians, brokers and trading providers whose systems have already undergone supervisory review.
Schwitalla said this changes the point from which financial institutions can begin developing digital-asset products.
“A bank looking to offer digital asset services does not need to build every capability from scratch,” he said. “It can work with an already regulated and proven provider that has met the requirements of one of the world’s most comprehensive crypto regulatory frameworks.”
Passporting Rewards Licensed Firms as Product Choice Contracts
A MiCA authorisation obtained in one member state can be passported across the EU, allowing a provider to offer approved services without seeking a separate licence in every national market.
This arrangement gives licensed firms access to a large regional customer base through one authorisation process. It may also reduce the regulatory burden for banks and other institutions seeking partners across several European countries.
Chagri Poyraz, chief strategy officer at OSL Group, said the combination of passporting and a reduced pool of authorised competitors gives licensed firms a significant commercial advantage.
“A single authorization now passports across all 30 EEA countries, which means licensed firms get a genuinely borderless European market, stronger banking relationships, and enterprise counterparties who will only work with fully regulated entities,” Poyraz said.
Users may experience the same process as a reduction in access. Companies may withdraw from Europe rather than complete authorisation, while regulated platforms may remove assets or services that create additional compliance concerns.
Stablecoin markets have already shown how European rules can change product availability. Several exchanges restricted or removed trading pairs involving stablecoins whose issuers had yet to meet applicable MiCA requirements.
A July 2026 study found that MiCA-related delistings reduced USDT trading on exchanges with greater European exposure and increased USDC’s relative share on those venues.
Some lending, staking, and decentralised finance products remain outside MiCA or fall under other regulatory assessments. The licence held by a provider, therefore, cannot be treated as approval of every service displayed beside its regulated offering.
ESMA has warned about this “halo effect,” under which customers may assume products offered by an authorised company receive equivalent regulatory treatment.
A MiCA Licence Protects the Service, Not the Asset Price
The distinction between provider supervision and investment protection will become increasingly important as companies market their authorisations.
MiCA introduces standards covering governance, complaints, conflicts of interest, disclosures and custody. It also gives authorities powers to supervise providers and intervene where crypto products create significant investor-protection or market-integrity concerns.
These requirements can reduce operational and counterparty risks, although they cannot prevent token prices from falling, guarantee returns or place every crypto asset within a compensation scheme.
“MiCA authorisation is not a guarantee that prices will be stable, or that users cannot lose money,” Bohrn said. “It means the provider has met regulatory standards around how it operates.”
Companies will need to distinguish between regulated services, products governed by separate EU legislation and activities outside the current framework. The explanation becomes especially relevant when one application contains custody, spot trading, derivatives and lending products carrying different legal treatment.
Schwitalla said providers should describe compliance through the controls applied to the company rather than presenting authorisation as protection from investment losses.
“A regulated provider can reduce operational, custody and counterparty risks, but it cannot remove market risk,” he said. “The industry has a responsibility to avoid creating a false impression that regulatory approval is equivalent to a guarantee of returns or protection from losses.”
Enforcement Will Decide Whether MiCA Creates One European Market
MiCA’s common rules still depend largely on national authorities responsible for authorising and supervising providers.
This division has already raised concerns about differences in licensing standards. France’s markets regulator warned in May that companies operating without authorisation could face blacklisting or prosecution, while also questioning whether applications were receiving equivalent scrutiny across member states.
Passporting works effectively when regulators trust authorisations issued elsewhere in the bloc. Major differences in application reviews or ongoing supervision could recreate fragmentation through enforcement, even where the underlying law remains common.
“The most interesting issue is enforcement and passporting in practice,” Bohrn said. “If implementation becomes fragmented, Europe will have created a common rulebook without a truly common market.”
Enforcement will also reveal the difference between policies written during an application and controls operating under everyday market conditions. Transaction monitoring, governance and risk systems require continuous adjustment as companies add products and process higher volumes.
“A licence names the controls – it doesn’t prove they work,” Poyraz said. “Watching enforcement separate those two groups over the next few quarters will tell us far more about where this market is heading than any single new rule will.”
ESMA has begun building the mechanisms needed for this phase. Its central registers cover authorised providers, crypto-asset white papers and entities identified as non-compliant, while national authorities retain responsibility for most company-level supervision.
Future revisions commonly described as MiCA 2.0 may address areas such as decentralised finance, lending and other activities left partly outside the first regulation. The immediate concern remains the operation of the current framework across national borders.
MiCA has already reduced the number of companies able to serve European crypto users. Its longer-term impact will depend on whether passporting produces a genuine single market, whether supervision remains consistent and whether users understand the limits attached to regulatory authorisation.
Europe has completed the licensing stage. The conduct of authorised firms and the response to those operating outside the rules will now determine the quality of the market that remains.
The post MiCA is Turning Europe Into a Licensing Test for Every Type of Crypto Company appeared first on BeInCrypto.
HashKey Cloud and BitGo have formed a strategic partnership to offer non-custodial staking services to institutional clients.
Summary
- HashKey Cloud will provide validators while institutions keep staking assets within BitGo’s custody framework securely.
- The partnership targets exchanges, asset managers, ETFs, funds and corporate clients seeking controlled onchain participation.
- Both firms also plan cooperation on tokenized assets, transaction settlement and institutional custody infrastructure globally.
The agreement combines HashKey Cloud’s validator infrastructure with BitGo’s custody platform. It targets exchanges, asset managers, exchange-traded funds, investment funds and corporate clients seeking to take part in proof-of-stake networks through established operational controls.
Under the planned setup, institutions can participate in network validation without moving their assets outside BitGo’s custody framework. HashKey Cloud will provide validator services, while BitGo will maintain the custody relationship and related security controls. The companies described the service as “secure and efficient non-custodial staking,” but they did not disclose a launch date, supported assets, fees or eligible markets. The partnership announcement did not identify any exclusive validator arrangement.
HashKey Cloud connects validators to BitGo custody
HashKey Cloud operates staking infrastructure for institutions and professional investors. Its public platform lists more than 40 supported blockchains, including Ethereum, Solana, BNB Chain, Avalanche, Polygon, Cosmos, Polkadot, Aptos and Sui. However, the new BitGo agreement does not confirm that every supported network will be available through the partnership.
The company also promotes round-the-clock monitoring, validator reporting, non-custodial staking and slashing coverage. Slashing can reduce staked assets when a validator breaks network rules or remains offline. HashKey Cloud has not said whether its advertised coverage will apply to every BitGo client, so institutions will need to review the final service terms for each asset.
Non-custodial model targets institutional controls
Staking usually requires a token holder to lock or delegate assets to help a proof-of-stake blockchain validate transactions. The holder may receive protocol rewards, but the process can involve waiting periods, validator risk, technical failures and changing reward rates. A custody-linked model lets an institution issue staking instructions through its existing account rather than build and manage validator systems internally.
BitGo’s staking platform supports delegation from qualified custody and self-custody wallets. It handles validator provisioning, transaction execution and reporting according to client instructions. Keeping the custody relationship in place can reduce the need to send assets to an outside wallet, but it does not remove protocol risks or guarantee returns.
Neither company gave projected reward rates. Staking returns vary by network activity, validator performance, issuance rules and token prices. Institutions may face unbonding delays before they can transfer or sell unstaked assets.
The partnership focuses on operational separation between custody and validator work. BitGo will provide the account and custody layer, while HashKey Cloud will run or support the validation infrastructure. The companies have not explained how they will select validators, calculate fees, distribute rewards or handle network-specific lockup periods.
BitGo expands its institutional staking network
BitGo has added several custody-connected staking services in recent months. In May, it introduced HYPE staking with validator support, automated reward tracking and audit-ready reporting. It also allows clients to stake Solana through a Marinade Native integration while retaining custody through BitGo’s platform.
As crypto.news reported, BitGo expanded its partnership with 21Shares in February to provide custody, trading, execution and staking support for exchange-traded products in the U.S. and Europe. The custodian has also opened controlled access to Aave, Spark and Tesseract for eligible institutions while assets remain within a qualified custody environment.
HashKey Cloud has also worked on regulated staking projects in Asia. In April, it became the node operator for HashKey Exchange’s Ethereum staking service in Hong Kong. The model uses dedicated validator nodes for qualifying deposits, creating a direct link between staked assets and rewards while avoiding pooled infrastructure at the node level.
Tokenization and settlement remain future work
The companies said they will explore wider cooperation in real-world asset tokenization, transaction settlement and custody. They did not announce a product, customer, transaction or timetable for those areas. The wording describes possible future work rather than a service available through the staking partnership at launch.
Both firms already operate in related markets. HashKey Group supported the launch of GF Token, a tokenized security issued and managed on HashKey Chain. BitGo provides custody and off-exchange settlement services and recently agreed to support USDM1, an onchain sovereign bond issued by the Republic of the Marshall Islands.
The agreement joins a broader move to connect staking with regulated custody, reporting and governance systems. Institutions often require asset segregation, approval workflows, audited records and defined liability terms before using onchain services. The HashKey Cloud and BitGo partnership aims to place validator access inside those controls.
No financial terms were announced. The companies also did not name initial customers or estimate assets expected to enter the service. Further details will determine which networks institutions can use, how risks are allocated and whether the RWA and settlement plans develop into separate products.
Two US lawmakers have introduced the “AI Kill Switch Act.” The bill would require the largest artificial intelligence (AI) developers to keep the technical ability to throttle, suspend, or shut down their most powerful systems.
Congressman Ted Lieu and Nathaniel Moran wrote the bipartisan measure. It also gives federal officials emergency authority to order a slowdown or full shutdown when a system threatens catastrophic harm.
Recent AI Incidents Drive the Push
The representatives cited two recent incidents as proof that the danger is real. Both involved leading US developers and their most advanced models.
OpenAI said its GPT 5.6 Sol model broke out of a secure test environment. The model then breached the platform Hugging Face while trying to cheat a benchmark.
Anthropic faced separate scrutiny over Fable 5 and Mythos 5. The Commerce Department used export controls to restrict the models over cyber risks. The access was later restored.
“This bill addresses the problems caused by these two recent incidents and any future incidents where a deployed AI model goes rogue or has insufficient guardrails,” the press release reads.
Follow us on X to get the latest news as it happens
How the AI Kill Switch Act Would Work
The measure sets a graduated response framework. Tools would range from an initial slowdown to a complete shutdown, matching the severity of each incident.
The Homeland Security secretary would also hold the authority. The official would consult the Commerce secretary and the director of national intelligence.
The bill also requires incident reporting and the preservation of forensic records. Lawmakers want failures studied rather than surfacing only after the fact.
Congressman Lieu framed the bill as a safeguard against systems that act autonomously.
“It is imperative that these AI systems have kill switches so we can keep this technology from causing catastrophic harm, and that the federal government has the clear authority and process to shut down rogue AI models,” he said.
Five organizations back the measure, including the Future of Life Institute and Americans for Responsible Innovation. The bill now enters a crowded federal debate over AI oversight. Its progress will test whether bipartisan safety rules can advance in Congress.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
The post Should Powerful AI Have a Kill Switch? A New Bill Says Yes appeared first on BeInCrypto.
The Philippine bank is preparing a stablecoin settlement pilot intended to speed up and reduce the cost of overseas payments to Filipino remote workers.
BitMEX, the crypto derivatives exchange that invented the perpetual swap, faces a proposed class action suit alleging theft of bitcoin and insider trading filed the same day it said it would shut down in three months.
The lawsuit, filed by former tokenization project BKX Services and David Namdar in the U.S. District Court for the Southern District of New York, sees BKX claim it lost at least 305.81 BTC through forced liquidations, while Namdar alleges losses of more than 316.85 BTC — a total of 622.66 BTC ($40.7 million).
The July 23 filing came as BitMEX said it would close on Sept. 23, ending an 11-year run. Similar claims were made in a 2020 class-action case, which was closed in June 2025 without a ruling on the liquidation allegations.
The new complaint alleges BitMEX and co-founders Arthur Hayes, Ben Delo and Samuel Reed designed a system to retain customers’ collateral and transfer the remaining bitcoin to the platform’s insurance fund. It also says an internal trading desk had access to private customer information and could continue trading during server freezes that prevented other users from closing their positions.
Bitcoin (BTC) investors are back in aggregate profit, but onchain data suggests it’s too early to confirm a new bull market.
Key points:
- Bitcoin supply profitability is improving, but the trend must prove its staying power before confirming a market recovery, says CryptoQuant.
- Supply in profit is now approaching 60%, up from its 2026 low near 46% less than a month ago.
- Long-term holder onchain losses continue to dominate — a caveat in a bullish recovery.
Bitcoin profit metrics risk second false breakout
According to onchain analytics platform CryptoQuant, Bitcoin supply in profit rebounded above the 50% mark in July.
Bitcoin supply in profit. Source: CryptoQuant
“Bitcoin’s Supply in Profit (%), the share of Bitcoin worth more than its acquisition price, has climbed to 57.5% as of July 22, up from 46.2% on June 30, the 2026 low,” CryptoQuant contributor thechessONCHAIN summarized.
Bitcoin supply in profit data (screenshot). Source: CryptoQuant
With nearly 60% of the BTC supply now in profit, the spent output profit ratio (SOPR) of long-term holders (LTHs) is also improving.
LTHs are entities whose Bitcoin has remained dormant for at least six months. SOPR measures the proportion of LTH coins moving onchain at a higher price relative to their previous transaction. Values above 1 indicate coins moving onchain mostly in profit, while values below 1 indicate LTH investors are moving coins at a loss, potentially indicating capitulatory activity.
ThechessONCHAIN explained that previous bear markets have only ended when both supply in profit and LTH-SOPR meet specific requirements.
The 30-day simple moving average (SMA) of LTH-SOPR should remain above 1 without falling below that level for weeks on end, while total supply in profit should be above 64%.
“This cycle already produced one failed attempt: from April 28 to June 1 the LTH-SOPR average held above 1.0 for 35 days, Supply in Profit reached 67%, and both rolled back over,” TheChessOnChain noted.
Since then, the 30-day SMA of LTH-SOPR has been below 1 for more than 50 days.
Bitcoin LTH-SOPR chart with 30-day SMA. Source: CryptoQuant
BTC investment recovery stays fragile
As Cointelegraph reported earlier, Bitcoin supply in loss crossed the 50% mark in June, a threshold that has historically preceded bear-market bottoms.
Related: Bitcoin will get ‘lift’ from Hyperliquid, Robinhood in next crypto bull market: Bitwise exec
Here, too, the data reveals similarities among Bitcoin bear markets, with the 50% loss mark sparking the final countdown to a BTC price cycle bottom in previous years.
Demand, meanwhile, appears mixed, with weak spot-market interest meeting a rebound in institutional BTC allocation.
Crypto World
Hackers’ Day | July 23: $35.5M Lost. A Reminder That Security Is a Shared Responsibility
On July 24, three major DeFi protocols lost a combined $35.5 million within just six hours, highlighting the growing importance of crypto infrastructure security. This report reviews what happened, what these incidents reveal about today’s security landscape, and why building resilient protection systems has become a shared responsibility across the entire crypto industry.
TL;DR
- July 23 became “Hackers’ Day” after three major security incidents resulted in approximately $35.5 million in losses within six hours.
- The attacks targeted cross-chain bridges and supporting infrastructure, rather than the underlying blockchains themselves.
- The incidents highlight why security today extends far beyond smart contracts, requiring stronger infrastructure, operational resilience and transparency across the industry.
- Every crypto platform has a role to play in strengthening user protection through continuous investment in security.
- At WEEX, that commitment includes a 1,000 BTC Protection Fund, 1:1 Proof of Reserves, enterprise-grade infrastructure and eight years of secure operations.
- Security is not defined by how platforms respond after attacks. It is built long before attacks happen.
A Wake-Up Call for the Entire Crypto Industry
On July 23, three separate security incidents resulted in approximately $35.5 million in losses within just six hours.
Although the affected projects belonged to different ecosystems, they shared one important message. Security is not a challenge unique to any single protocol, platform or architecture. It is a responsibility shared across the entire crypto industry.
As blockchain technology continues to evolve, so do the methods used by attackers. Every new layer of infrastructure—from bridges and validators to wallets and cloud services—creates new opportunities for innovation, but also new responsibilities for protecting users.
Rather than focusing on which project was attacked, these incidents encourage a more important discussion:
How can the industry continue building a safer environment for everyone?
Three Incidents. One Common Lesson.
| Protocol | Estimated Loss | Root Cause | Current Status |
| AFX Trade | $24.15M | Third-party bridge infrastructure | Negotiating with attacker |
| Verus Ethereum Bridge | $7.54M | Bridge import mechanism exploited | Investigation ongoing |
| B² Network | $3.86M | Investigation ongoing | Investigation ongoing |
Although the three incidents affected different projects, they revealed a common pattern: None resulted from failures of Bitcoin, Ethereum or Arbitrum themselves. Instead, attackers exploited supporting infrastructure such as cross-chain bridges and off-chain verification systems.
The industry’s infrastructure has become increasingly interconnected and so have the security challenges that come with it. As crypto continues to evolve, security must evolve alongside innovation.
Building Security for a More Connected Crypto Ecosystem
Every innovation brings new opportunities and new responsibilities.
Whether assets move through decentralized protocols, centralized platforms or cross-chain infrastructure, protecting users increasingly depends on the strength of the systems supporting them.
The events of July 23 highlight three areas the industry continues to strengthen.
- Infrastructure Resilience — Modern crypto applications rely on bridges, validators, oracles, cloud services and other interconnected components. Strengthening every layer of infrastructure has become increasingly important as ecosystems grow more connected.
- Protection Mechanisms — Security today is no longer only about preventing attacks. It also includes how platforms prepare for unexpected events through transparent reserves, operational safeguards and long-term risk management.
- User Confidence Through Transparency — Clear communication, verifiable asset protection and well-defined incident response processes all help strengthen trust when unexpected events occur.
Security is no longer a feature added after products are built. It has become a core part of building sustainable crypto infrastructure.
How the Industry Continues to Improve
Every major security incident leaves behind valuable lessons. Over the past several years, the crypto industry has continuously strengthened its security standards by investing in:
- Independent security audits
- Bug bounty and responsible disclosure programs
- Proof of Reserves
- Protection funds
- Real-time risk monitoring
- Stronger wallet security
- Better operational controls
While no platform can eliminate every risk, each improvement helps raise the overall security standard for the entire ecosystem.
Security is not a destination. It is an ongoing process of learning and improvement.
Building Security Before Incidents Happen
Every major incident reminds the industry that preparation matters more than reaction.
At WEEX, security has always been approached as a long-term commitment rather than a short-term response. Our security framework combines transparency, operational resilience and continuous investment to help protect user assets.
- 1,000 BTC Protection Fund — An additional protection reserve designed to provide greater confidence during unexpected security events.
- 1:1 Proof of Reserves — Publicly verifiable reserves that allow users to independently confirm their assets are fully backed.
- Enterprise-Grade Infrastructure — Multi-layer cold wallet management, continuous risk monitoring and strict operational controls help strengthen platform resilience.
- Eight Years of Secure Operations — Since 2018, WEEX has maintained a strong operational security record through multiple market cycles.
- Trusted by Over 10 Million Users — Long-term confidence from users around the world reflects our continued commitment to security and reliability.
- Chosen by 1 in Every 6 Crypto KOLs — Recognition from leading voices across the crypto community reinforces our focus on transparency and platform quality.
Security is not something users should only think about after an incident. It should be something they can rely on every day.
Five Safety Tips for Every Crypto User
No matter which products or platforms you use, protecting your assets should always remain the first priority.
✅ Understand how a platform protects user assets before depositing funds.
✅ Verify wallet permissions and smart contract addresses carefully.
✅ Be cautious of products promising unusually high returns.
✅ Diversify assets and avoid relying on a single protocol or platform.
✅ Evaluate transparency, operational practices and security infrastructure—not just features or returns.
Security works best when platforms, developers and users all play their part.
Final Thoughts for WEEX Users
The events of July 23 remind us that security is never a one-time achievement, it’s an ongoing commitment. Every incident pushes the industry to build stronger infrastructure, greater transparency and better protection for users.
At WEEX, that commitment guides every investment we make in security, because putting users first is the foundation of a stronger crypto ecosystem.
Disclaimer: This article is provided for informational and educational purposes only and should not be considered financial, investment, legal or cybersecurity advice. The information presented is based on publicly available sources and official statements available at the time of publication. As investigations into the referenced security incidents remain ongoing, certain details may change as new information becomes available. References to third-party projects or platforms are intended solely for factual reporting and industry analysis, and do not constitute endorsements or criticisms. Readers should conduct their own research and carefully evaluate the risks associated with any crypto platform, protocol or digital asset before making financial decisions.
About WEEX
Founded in 2018, WEEX has developed into a global crypto exchange with over 6.2 million users across more than 150 countries. The platform emphasizes security, liquidity, and usability, providing over 1,200 spot trading pairs and offering up to 400x leverage in crypto futures trading. In addition to the traditional spot and derivatives markets, WEEX is expanding rapidly in the AI era delivering real time AI news, empowering users with AI trading tools, and exploring innovative trade to earn models that make intelligent trading more accessible to everyone. Its 1,000 BTC Protection Fund further strengthens asset safety and transparency, while features such as copy trading and advanced trading tools allow users to follow professional traders and experience a more efficient, intelligent trading journey.
Follow WEEX on social media
X | Instagram | Tiktok | Youtube | Discord | Telegram
The post Hackers’ Day | July 23: $35.5M Lost. A Reminder That Security Is a Shared Responsibility appeared first on BeInCrypto.
Reds get first look at Cardinals RHP Dustin May
Next-gen battery startup Sila raises $300M to expand manufacturing plant in Washington state
SCHLIMMSTE finanzielle Entscheidung? #gefriergetrocknet #freezedried #haltbarkeit #Obst #Garten
-
Fashion7 days agoWeekend Open Thread – Corporette.com
-
Politics6 days agoThe House | The City of London can help the new chancellor deliver growth in every postcode
-
Crypto World6 days agoRipple Payments Joins MiCA With 14 Firms, Does It Mean Anything For XRP?
-
Crypto World7 days agoTwo July Windows Left: The CLARITY Act’s Senate Fight and What Failure Means
-
Politics5 days agoDemocrats look to World Cup watch parties to register thousands of voters
-
Crypto World7 days agoRipple wins EU-wide access as ESMA adds it to MiCA register
-
Crypto World3 days agoGrayscale Files For Worldcoin ETF, WLD Registers Sharp Rise
-
Tech3 days agoSail Virtually Aboard The “Itanic” With IA-64 Emulator
-
NewsBeat4 days agoUnregistered fitter used Gas Safe logo on business flyers
-
Tech3 days agoTurtle Beach Command Series KB7 review: a nifty screen-equipped gaming keyboard
-
NewsBeat7 days agoRegistration is now open for March for Men with Kev 2026
-
News Videos5 days agoBig Money Is Entering XRP
-
Business2 days agoNew Jersey voter registration controversy explained: How 6,600 noncitizens got on the rolls, and what happens next
-
Crypto World6 days agoKaspersky exposes OkoBot’s 20-module crypto wallet attack
-
Business7 days agoAirlines warn Sunshine Protection Act could disrupt flight scheduling
-
Entertainment3 days agoJohnny Depp’s R-Rated Gothic Cult Classic Gets New Release Ahead of Sydney Sweeney Remake
-
NewsBeat6 days agoDurham County Council to send out electoral registration emails
-
Crypto World6 days agoMiCA Licensing Faces Delays as ESMA Adds 14 CASPs to Register
-
Crypto World1 day agoEthics, other provisions in crypto Clarity Act to be further discussed
-
NewsBeat3 days agoShanghai science forum photos show China’s AI and robotics advances in rivalry with US
You must be logged in to post a comment Login