“Digital assets are becoming an increasingly important component of diversified investment portfolios,” Amy Oldenburg, head of digital asset strategy at Morgan Stanley, said in a press release. “As client interest in digital assets continues to grow, we’re focused on providing a range of digital asset solutions that allow investors to diversify their portfolios across traditional and decentralized asset classes while also adhering to Morgan Stanley’s standards for governance, infrastructure and risk management.”

Both products charge a 0.14% expense ratio — the lowest on the market — and plan to stake a portion of their ether or SOL holdings, with any staking rewards passed through to investors rather than kept by Morgan Stanley.

The products build on the Morgan Stanley Bitcoin Trust (MSBT), which debuted earlier this year and had gathered more than $381 million in assets under management through July 16. The bitcoin fund tracks the CoinDesk Bitcoin Benchmark Rate.

BlackRock, which owns the largest spot bitcoin ETF on the market, recently brought its first crypto income ETF to the market, as clients are increasingly looking for steady income from their long-term bitcoin investments.

Morgan Stanley also enters the market with a built-in distribution advantage. Its wealth management business includes roughly 16,000 financial advisors overseeing more than $9 trillion in client assets, while its ownership of E*TRADE gives the firm a direct line to millions of self-directed investors.

But evidence points away from exploitation, a CoinDesk Research report found in July. If someone had minted counterfeit ZEC, the obvious next step would be to move it out and sell it, which would show up as funds leaving the pool. However, Orchard’s balance grew steadily through the four years the flaw was open, including through last year’s price rally, when cashing out would have been most profitable.

Developers patched the bug within days, but the patch could not account for the four years it was open. A zero-knowledge proof reveals nothing beyond the facts that it verified, so the chain holds no record of whether any Orchard transaction actually moved, and nobody can prove counterfeit coins were never created.

The turnstile is an answer to that. Money crossing into or out of a shielded pool is public even when the transactions inside are not, so the network already knows how much ZEC went into Orchard and will not release more than that. Any counterfeit coins sitting inside are stuck there.

As of press time, 1,500 ZEC have already moved into the new pool, according to a tracker.

Ironwood also launched with two protections Orchard never had. The record each coin leaves on the chain is built to stay recoverable if quantum computers eventually break the cryptography now securing it, a property specified under ZIP 2005 and in place from the first block.

Crypto market volatility and regulatory developments are driving interest in cloud mining platforms like EX DeFi as investors explore alternative digital asset strategies.

Recently, the US Clarity Act continued to advance. The market generally believes that a clearer regulatory framework for digital assets will help improve long-term transparency in the industry and create a clearer regulatory environment for institutional participation.

Bitcoin nearly fell below $63,000 during last night’s sell-off, while Ethereum dropped to $1,860, with 24-hour trading volume more than doubling.

According to Coinglass data, over $670 million was liquidated in the cryptocurrency market in the past 24 hours, including $533 million in long positions being wiped out.

Amidst increased market volatility, more and more investors are seeking diversified participation methods beyond simply holding cryptocurrencies, hoping to hedge against market volatility risks through stable cash flow.

Amid market volatility, cloud mining has regained attention

Since July, major digital assets such as Bitcoin, Ethereum (ETH), and XRP have been fluctuating around key price levels, making investors increasingly eager for stable returns. The emergence of the EX DeFi cloud mining platform has injected new options and vitality into the market.

Compared to traditional mining, which requires purchasing mining rigs and incurring electricity and equipment maintenance costs, cloud mining lowers the barrier to entry. Users do not need to deploy specialized equipment and can participate in digital asset mining through the platform’s computing power services, even during market volatility, and obtain substantial returns. This is one of the key reasons why more and more investors have been paying attention to cloud mining in recent years.

As a digital asset cloud mining platform, EX DeFi supports major cryptocurrencies such as BTC, ETH, DOGE, and XRP. Through intelligent mining and computing power allocation, it helps users achieve stable returns of up to $50,000 per month.

Why are more and more investors joining EX DeFi?

As the digital asset market matures, more and more investors are placing greater emphasis on long-term participation experiences, rather than just focusing on short-term price fluctuations.

EX DeFi, through cloud deployment and automated computing power management, helps users avoid the complex processes of mining machine procurement, equipment maintenance, and mining farm operation, enabling more ordinary users to participate in digital asset mining.

With this unique core advantage, EX DeFi is rapidly gaining favor among global cryptocurrency investors — whether they are complete beginners or seasoned investors seeking long-term, stable returns, they can all obtain a low-cost, high-efficiency, and sustainable source of passive income here.

Key advantages of EX DeFi:

1. Energy Efficiency: The platform uses clean energy sources such as solar, wind, and hydropower to power its data centers, improving energy utilization efficiency while reducing the energy consumption of traditional mining, providing stable support for computing power services.

2. Payment Methods: Supports cryptocurrencies and cryptocurrencies within cryptocurrencies, including BTC, ETH, DOGE, SOL, XRP, USDC, LTC, and USDT.

3. Affiliate Program: The affiliate program offers a 3% + 2% profit margin and referral bonuses up to $50,000.

4. Compliance and Transparency: Security and transparency of mining and energy information ensure reliable and stable data and services.

5. Security and Stability: The platform utilizes Cloudflare enterprise-grade network protection, McAfee® security system, and two-factor authentication (2FA) to further enhance account and data security, and provides 24/7 support.

How to earn mining rewards through the EX DeFi Platform?

1. Go to the EX DeFi website and create an account and automatically receive a $17 bonus.

2. Choose a mining contract that matches your budget and contract duration. (Minimum deposit $100)

3. Once mining begins, your earnings will be automatically credited to your account within 24 hours.

Featured Mining Contracts

BTC (Beginner Trial Contract): Investment of $100, Term: 2 days, Daily Yield: $4, Total Profit: $100 + $8

DOGE (Golden Shell Mini Dogecoin Pro): Investment of $500, Term: 6 days, Daily Yield: $6.5, Total Profit: $500 + $39

BTC (Canaan-Avalon-A1466): Investment of $1,000, Term: 10 days, Daily Yield: $13.4, Total Profit: $1,000 + $134

LTC (Bitmain Antminer L7): Investment of $5,000, Term: 20 days, Daily Yield: $73.5, Total Profit: $5,000 + $1,470

BTC (Bitmain S19K-Pro): Investment of $10,000, Term: 30 days, Daily Yield: $161, Total Profit: $10,000 + $4,830

BTC/DOGE/LTC (ANTSPACE-HK3): Investment of $50,000, Term: 37 days, Daily Yield: $870, Total Profit: $50,000 + $32,190

Visit the official website for more information on the potential returns of EX DeFi contracts.

Summary

The continued progress of the Clarity Act has brought positive expectations for establishing a clearer regulatory framework for the US digital asset market. However, in the short term, cryptocurrency prices are still affected by multiple factors such as the macroeconomy, geopolitics, and market sentiment, and have not continued to rise despite regulatory progress.

In an environment where market volatility remains high, EX DeFi provides investors with a safe, low-cost, and high-return way to participate. This cloud mining model not only reduces short-term risks but also provides a stable cash flow, with monthly returns up to $50,000, making it an optimal choice for investors seeking sustained growth.

For more information, visit the official website.

Morgan Stanley Investment Management has launched exchange-traded products tracking Ethereum and Solana, expanding the Wall Street bank’s digital asset lineup beyond Bitcoin.

Morgan Stanley launches MSSE and MSOL

Morgan Stanley Investment Management announced the launch of the Morgan Stanley Ethereum Trust and Morgan Stanley Solana Trust on Tuesday. The products trade on NYSE Arca under the tickers MSSE and MSOL, respectively.

MSSE seeks to track the performance of Ether, while MSOL follows SOL, the native asset of the Solana network. Both products charge an annual management fee of 0.14%, placing them among the lowest-cost US crypto exchange-traded products.

The launch followed the completion of the funds’ registration and listing process. NYSE Arca approved the products after Morgan Stanley submitted the required filings to the US Securities and Exchange Commission.

Although commonly described as ETFs, Morgan Stanley officially classifies MSSE and MSOL as exchange-traded products. Like spot crypto ETFs, they hold digital assets and allow investors to gain price exposure through traditional brokerage accounts without managing wallets or private keys.

Staking adds another source of returns

Both products can stake a portion of their holdings to earn blockchain rewards. Staking involves committing tokens to help validate transactions and secure a proof-of-stake network.

Regulatory filings show that MSSE plans to stake between 50% and 80% of its Ether. MSOL may stake up to 100% of its Solana holdings. Figment, Galaxy’s blockchain infrastructure business, and Coinbase Canada are listed among the staking providers.

Service providers and custodians will retain up to 5% of the staking rewards, with the remaining rewards allocated to the funds. However, returns will still depend largely on ETH and SOL price movements, while staking introduces additional operational, liquidity, and network risks.

Morgan Stanley’s entry could increase fee pressure across the US crypto fund market. Its 0.14% charge is below the management fees attached to many competing Ethereum and Solana products, although investors must also consider tracking differences and how each issuer distributes staking income.

US investors gain bank-backed crypto access

MSSE and MSOL are the first Ethereum and Solana exchange-traded products issued by an asset manager affiliated with a US bank. Their arrival gives US investors another regulated route to gain crypto exposure through taxable brokerage and eligible investment accounts.

Morgan Stanley entered the market earlier this year with the Morgan Stanley Bitcoin Trust, which trades under the MSBT ticker. The Bitcoin product held about $392 million in net assets as of July 24, according to the asset manager’s product page.

The bank has also expanded direct crypto access through E*TRADE, allowing customers to buy and sell Bitcoin, Ethereum, and Solana through accounts linked to crypto infrastructure provider Zerohash. Morgan Stanley has separately applied to establish a national trust bank focused on digital assets.

Its role in institutional crypto markets also extends beyond its own products. LMAX Group recently appointed Morgan Stanley and KBW to examine a potential sale or public listing that could value the trading company at up to $5 billion. LMAX is considering a direct sale, a special purpose acquisition company merger, or an initial public offering, with a Nasdaq listing reportedly its preferred route.

Crypto ETF flows remain uneven

Morgan Stanley’s launch comes during an uneven period for US crypto funds. Bitcoin ETFs have recorded three consecutive sessions of net outflows following a seven-day inflow streak, according to SoSoValue data.

Ethereum funds have posted net inflows on six of the past eight trading days. Solana products recorded four inflow days over the same period, alongside two sessions with no net flows.

Those mixed figures coincide with renewed weakness across the crypto market. Bitcoin pulled back after retesting the $65,000 level, while ETH and SOL also faced selling pressure as traders reduced exposure to risk assets.

The launch nevertheless broadens Morgan Stanley’s crypto offering during a period when traditional financial companies continue building digital asset products despite weaker prices. Initial trading volumes and asset inflows into MSSE and MSOL will show whether the bank’s brand, low fee, and staking structure can attract investors from established rivals.

Perpetual futures have become one of crypto’s defining financial products, but DRW CEO Don Wilson says much of what people think they know about them is wrong.

In a series of posts on X, Wilson argued that perpetual futures — or “perps” — are simply futures contracts without an expiration date. The features often associated with crypto perpetuals, such as high leverage, auto-deleveraging (ADL) and around-the-clock trading, are characteristics of how some crypto exchanges chose to implement the products, not the contracts themselves.

“Most of what people think they know about ‘perps’ … has nothing to do with the contract itself,” Wilson wrote.

His comments come as interest in bringing perpetual futures into regulated U.S. markets continues to grow. Several exchanges and market participants have explored launching perpetual futures beyond crypto, though questions remain over how the products should be regulated and whether they fit within existing futures or swaps frameworks. Kalshi, which saw perps trading explode shortly after launching, recently submitted a proposal with regulators to expand its offerings to precious metals.

Unlike traditional futures markets, crypto exchanges like Hyperliquid operate continuously, use digital collateral and can calculate margin requirements in real time. Those technological differences allowed exchanges to offer products with higher leverage and alternative liquidation mechanisms, including ADL, which automatically reduces winning positions when losing traders cannot cover their losses.

Wilson said those design choices should not be confused with perpetual futures themselves.

“I’m not a fan of ADL,” he wrote, adding that there is “no reason it needs to be used for perps.”

Instead, Wilson argued that digital payment rails create opportunities to improve risk management. Traditional clearinghouses generally calculate margin once a day, with market participants often having until the following business day to post additional collateral. Because markets can move significantly during that window, clearinghouses require relatively large initial margin buffers.

With real-time settlement, however, exchanges can recalculate margin continuously and require traders to post collateral immediately, reducing the need for large upfront margin requirements while maintaining the same level of protection, Wilson said. Whether exchanges choose to translate those efficiencies into higher leverage is a business decision, not a defining feature of perpetual futures.

Wilson said the real innovation of perpetual futures is that they eliminate the need for investors to repeatedly roll expiring contracts, reducing transaction costs, market impact and roll slippage while allowing positions to more closely track the front of the futures curve.

He also urged regulators to focus on economic substance rather than legal labels.

“There’s no reason to treat perpetuals as swaps simply because they don’t expire,” Wilson wrote. “Economically, they’re futures.”

Wilson concluded by calling for perpetual futures to be available across a broader range of markets, including commodities, securities and crypto, arguing that they should be viewed as another tool for price discovery and risk management rather than as a crypto-specific innovation.

Bitcoin slipped to ten-day lows at the opening of Wall Street on Tuesday, extending a broader risk-off move that followed a sharp sell-off in Asia-linked equities. As traders digested renewed pressure on global technology and AI supply chains, BTC trading weakened alongside US market futures before and during the start of US hours.

Crypto positioning also took a hit. Liquidation data indicates long positions were forced out quickly, with CoinGlass reporting more than $510 million wiped out over roughly 24 hours as the decline accelerated. Meanwhile, key benchmarks in semiconductor-heavy markets fell hard—underscoring how strongly crypto is still reacting to traditional market stress.

Key takeaways

• Bitcoin’s move to ten-day lows coincided with a US equities sell-off after steep declines in Asian markets.
• Semiconductor stocks led the reversal in Asia, with South Korea’s KOSPI closing down 10.8% in a day.
• Crypto derivatives liquidations for long positions surpassed $510 million over 24 hours, according to CoinGlass.
• BTC/USD dipped below $63,000 for the first time since July 17, setting up fresh levels traders will watch for follow-through.
• Analysts point to uncertainty around hyperscaler AI capex returns and intensifying competition from open-source AI.

Semiconductors trigger a wider risk-off swing

Tuesday’s pressure on Bitcoin was not isolated to crypto. Semiconductor losses spilled from Asia into US trading, amplifying the day’s bearish tone. In South Korea, the KOSPI Index finished down 10.8% in the session, with SK Hynix dropping 14.8%—a move that signals how quickly investors are repricing expectations for memory and chip-related demand.

The weakness wasn’t confined to one market. Japan’s Kioxia Holdings fell 18.3% on the day, highlighting a broader reset across parts of the semiconductor supply chain rather than a single company-specific issue.

In the US, the Nasdaq Composite was down more than 1% at the time of writing, as tech exposure dragged. Micron Technologies also reflected the intensity of the sell-off: the stock fell by over 10% at the open, then failed to sustain a rebound and reached its lowest levels since May 22.

AI infrastructure spending meets sharper scrutiny

A core theme behind the equity drawdown appears to be intensifying questions over the durability of hyperscaler capital expenditure. Investors are increasingly focused on whether the economics of large-scale AI infrastructure builds can justify the magnitude and pace of spending.

Coverage cited in the source notes that combined 2026 capex guidance from major hyperscalers—Alphabet, Microsoft, Amazon, and Meta—was tracking toward roughly $725–730 billion, with Wall Street projections suggesting it could rise toward $900 billion in 2027. Additional detail referenced alongside this is that Alphabet reported its first cash burn on record in the second quarter, totaling $5.9 billion, even as its cloud unit posted 82% growth.

For crypto traders, the implication is straightforward: if equities react to doubts about AI spending returns, high-beta assets like Bitcoin can face correlated selling pressure—especially when leverage is already elevated in crypto markets.

At the same time, the competitive narrative around AI is adding another layer of uncertainty. The source points to Moonshot AI’s Kimi K3 open-source model, launched two weeks prior to the report’s timeframe and benchmarked against leading proprietary systems from firms such as Anthropic and OpenAI. The argument being circulated is that if similar model capabilities can be achieved at lower cost, parts of the return assumptions for Western hyperscaler spending may be less certain.

Bitcoin breaks key levels as liquidations mount

Crypto didn’t escape the macro pressure. TradingView data referenced in the source shows BTC/USD dipping below $63,000 for the first time since July 17 as the day’s sell-off expanded into US hours.

As spot price weakness drew in leveraged participants, derivatives flows accelerated. CoinGlass liquidation data cited in the article indicates long liquidations cleared in excess of $510 million over 24 hours—an outcome consistent with sharp downside moves where stop-losses and margin calls cascade quickly.

On the risk side, the source includes commentary from CoinAnk warning of a potential long liquidation cascade below $64,700. CoinAnk noted that “extremely large long liquidity has accumulated below this level,” and added that upward movement may face less immediate resistance, with the $65,800 to $66,200 band described as a “major short liquidation zone.”

This framework matters for market participants because it ties price action to the mechanics of liquidation-driven volatility. When large clusters of orders sit near defined technical levels, the market can shift rapidly—not only because of new information, but because positioning unwinds.

What to watch next

Bitcoin’s next move will likely depend on whether the broader equity stress stabilizes or intensifies, especially as investors continue to reassess hyperscaler spending and AI infrastructure return assumptions. For traders and risk managers, the immediate focus should be on whether BTC can reclaim levels above recent breakdown points or whether liquidation dynamics extend further through the zones highlighted by CoinAnk and the broader long liquidations tracked by CoinGlass.