Following Binance’s European changes, self-custody reportedly attracted most user withdrawals, underscoring growing demand for direct crypto asset control.

Binance switched off the lights for its European users this July. Financial experts and regulators predicted that all those stranded traders would shuffle over to another regulated exchange, sign up, pass the checks, and carry on as before. That is how the story was supposed to play out according to regulators. Rules tighten, one venue closes, users file politely into the next approved CEX down the road. But that’s not what played out.

By Binance’s own count, 70% of the funds pulled off the platform did not go to another exchange at all. They went into personal wallets. Only 30% went to rival regulated venues. So when the door shut behind them, people did not look for another exchange to hold their funds, instead opting to hold their own funds.

These are Binance’s own figures, which are unaudited, so it’s best to leave a bit of room for error. But even if it’s roughly true, it says something that makes every exchange a little nervous. The uncomfortable truth for the big platforms is that most people were never loyal customers, but only felt comfortable to keep their money there temporarily.

Rewinding back a few years, buying Bitcoin and later swapping it for something on another chain (like SOL or ETH) requireda centralized exchange. It held the coins, ran the trades, and handled the messy work between blockchains that required a PhD-level understanding of cryptography. Users parked their money there because there was nowhere else sensible to store it because of a serious lack of alternatives.

But users shouldn’t fret, because more alternatives have arrived since, and they don’t require expert-level knowledge to navigate. Self-custody wallets like MetaMask turned “be your own bank” from a scary slogan into a few taps on a phone. Hardware wallets made cold storage boring, which is exactly what people want it to be. And the protocol THORChain solved the swapping part everyone assumed only an exchange could do, letting users trade one chain’s native asset for others without first handing crypto to a centralized entity. They keep custody the whole time and swap only when they actually want to.

Stack those advancements together and the old deal starts to look a bit lackluster. The main reason to leave a big balance sitting on a centralized exchange was convenience, not necessity. When trading directly from a personal wallet is this easy, keeping a permanent pile of money on someone else’s platform is merely a habit, not a requirement.

None of this makes self-custody a free lunch, and it would be dishonest to pretend otherwise. Holding keys personally means more responsibility. There is no support line to call the recovery phrase is lost and there’s no reset button. The exchange took that burden off people’s hands, and for plenty of people that trade is worth making. Convenience is a real feature in this aspect of holding funds. 

But the data from European users suggests the balance has shifted for a growing crowd. Given the choice between re-registering somewhere new and keeping their own coins, most people chose the latter. That is not in protest against any single rulebook, but was meant more as a quiet vote of confidence in tools that may not have existed when they first signed up.

The assumption was users needed an exchange and would always find their way to the next one. Post-July 1st, what was actually revealed is that the middleman was just a convenience all along, useful, popular, and, for a large share of people, no longer essential. The platforms were never as sticky as they looked. Their customers just had not been handed a reason to leave until someone finally opened the door.

SBI Group has partnered with Ondo Finance to tokenize Japanese stocks and use its yen-backed JPYSC stablecoin for settlement and collateral.

According to the companies, the agreement will bring Ondo’s tokenized financial products into SBI’s financial ecosystem while connecting Japanese assets with international markets for tokenized securities. The partnership will also use SBI’s customer network to offer the products to millions of investors.

Under the agreement, Ondo Global Markets (BVI) Limited will issue tokenized financial products linked to Japan. SBI, a long-time Ripple partner, will distribute the products through its financial platforms and introduce them to existing customers.

Both companies will also conduct joint marketing and explore distribution through strategic partners. SBI and Ondo did not disclose a launch date, the first assets planned for tokenization, or the regulatory structure that will govern investor access.

JPYSC will support settlement and collateral

As part of the partnership, SBI plans to integrate JPYSC as a settlement and collateral asset for Ondo’s tokenized products. The stablecoin is backed by the Japanese yen and is designed to support transactions within SBI’s digital asset services.

Using JPYSC could allow investors to settle purchases of tokenized Japanese assets with a yen-denominated digital currency. The companies also plan to explore its use as collateral, although they have not provided details about eligible products or collateral requirements.

For Ondo, the agreement provides access to SBI’s position in Japan’s banking, brokerage, asset management, and digital asset sectors. SBI, in turn, gains another route for offering blockchain-based securities through an issuer focused on tokenized real-world assets.

Commenting on the partnership, Ondo Finance CEO Ian De Bode described Japan as an important market for the sector.

“Japan is one of the most sophisticated capital markets in the world, and SBI sits at the center of it. This collaboration creates a path to bring Japanese assets onchain and to connect Japan with the global tokenized economy.”

SBI Chairman, President and CEO Yoshitaka Kitao described Ondo as a potential long-term partner as the Japanese financial group develops links between domestic and overseas digital asset markets.

“We believe Ondo will be a key strategic partner as SBI Group forms a global corridor for digital assets, and we look forward to rapidly advancing a wide range of initiatives together.”

SBI is building an onchain equities pipeline

The Ondo partnership follows SBI Global Asset Management’s launch of a tokenized Japanese equity fund on Solana with DigiFT, a regulated real-world asset exchange.

As reported by crypto.news, SBI Global Asset Management launched the SBI Japan High Dividend Equity Strategy Token, known as the JX token, on July 15. The token gives accredited and institutional investors blockchain-based access to a high-dividend Japanese equity strategy managed by SBI Asset Management Co.

For DigiFT, the JX token is its first onchain tokenization of a Japanese equity fund. SBI described the product as the world’s first tokenized Japanese equity fund, adding another channel for professional investors to access the country’s stock market through blockchain infrastructure.

While the JX token focuses on a managed equity strategy for qualified investors, the Ondo agreement covers tokenized financial products, distribution through SBI’s ecosystem, and JPYSC integration. Together, the two initiatives show SBI is testing separate routes for bringing Japanese securities and yen-based settlement onto public blockchain networks.

A White House teleprompter operator has been placed on paid leave after allegedly earning more than $90,000 from Kalshi bets tied to words President Donald Trump would use in his speeches.

According to an ABC News report, the Commodity Futures Trading Commission is investigating Gabriel Perez over trades placed in Kalshi’s “mentions” markets, where users bet on whether Trump will use certain words or discuss specific topics during public appearances.

Perez has reportedly worked on Trump’s speeches since the 2016 presidential campaign, giving him direct access to prepared remarks before they were delivered. Sources familiar with the investigation told ABC News that the CFTC identified bets linked to Trump’s State of the Union address.

Over three months, Perez allegedly traded contracts connected to more than a dozen presidential appearances. ABC News reported that the events included a December prime-time address, Trump’s January speech at the World Economic Forum in Davos and his March remarks at a Medal of Honor ceremony.

Kalshi froze most of the disputed profits

Kalshi flagged the activity as suspicious, froze most of Perez’s reported gains and referred the matter to the CFTC, according to ABC News. The report said Perez has acknowledged some of the trades and is cooperating with the regulator’s inquiry.

Federal prosecutors, however, declined to open a criminal investigation into the betting activity, ABC News reported. The CFTC’s review remains focused on whether Perez used nonpublic information while trading event contracts on the regulated prediction market.

White House Press Secretary Karoline Leavitt confirmed the investigation during a press briefing and said President Trump knew about the case. Describing the president’s reaction, Leavitt said he “believes it’s deeply unfortunate and, frankly, a disgrace.”

Leavitt also confirmed that Perez had been placed on paid administrative leave while cooperating with the CFTC. According to the press secretary, another operator would handle the teleprompter for Trump’s scheduled address that evening.

Prediction markets have faced another case involving alleged access to restricted government information. In April, the Department of Justice charged a U.S. soldier with using classified material to trade Polymarket contracts linked to the capture of former Venezuelan President Nicolás Maduro.

Political posts are gaining value as trading data

Trump’s scheduled remarks already had mentions of markets available, including contracts linked to whether he would reference China. Leavitt said the address would cover the administration’s findings on alleged foreign interference in the 2020 election, adding that Trump’s statements would be supported by evidence.

The investigation has emerged as political statements become a paid source of market data. As previously reported by crypto.news, Trump Media & Technology Group has introduced the Truth API, a licensed service that will send real-time Truth Social posts from high-ranking accounts to financial firms, data providers and news organizations.

Trump Media said subscribers would receive immediate access to public posts that could contain time-sensitive political, policy or market information. Interim CEO Kevin McGurn described the product as an alternative to unauthorized data scraping and said trading firms could use it to monitor influential accounts.

“Markets already move on Truth Social posts,” McGurn said.

While Trump Media expects the API to produce recurring revenue, the Perez investigation concerns a separate issue: whether someone with advance access to presidential remarks used that information to profit from Kalshi contracts.

Tokenization platform Tradable plans to bring up to $1 billion in private credit assets onto the Stellar blockchain, expanding institutional access to tokenized real-world assets (RWAs) as demand for onchain private markets continues to grow.

Tradable said Thursday that $500 million in notional value is expected to be available when the initiative launches, and it will increase the amount to $1 billion over time. The company will use Stellar’s network to support institutional functions, including compliance, investor onboarding and asset lifecycle management.

The timing of the initiative’s launch was not disclosed.

Stellar Development Foundation CEO Denelle Dixon said the agreement reflects growing institutional interest in using the network for tokenized real-world assets.

The move builds on Tradable’s existing business. The company said it has already tokenized $1.7 billion in private credit assets across nearly 30 institutional-grade private credit positions, with the Stellar integration expanding the availability of those assets.

Stellar, one of the oldest public blockchains, has increasingly focused on tokenized real-world assets. The strategy has attracted institutional partners, including the Depository Trust & Clearing Corporation, which plans to connect its tokenization service to the network.

The developments reflect broader momentum in the tokenized RWA market, where institutional adoption has helped drive the sector’s value above $34 billion, according to RWA.xyz.

The tokenized RWA market has expanded rapidly since early 2025. Source: RWA.xyz

Related: DTCC to use Chainlink to power 24/7 collateral management network

Private credit dominates the tokenized RWA market

Private credit has emerged as the largest segment of the tokenized RWA market, accounting for roughly 44% of the sector’s value, according to Bernstein analysts.

The segment has grown as financial institutions increasingly use blockchain technology to originate, service and settle private loans more efficiently. In a research note published in May, Bernstein cited Figure Technology Solutions as a key driver of that expansion, pointing to the company’s blockchain-based lending platform and loan settlement infrastructure.

Token Terminal recently highlighted the role of private credit in fueling the tokenization boom, attributing the expansion to the continued migration of traditional financial assets onto blockchain infrastructure.

Related: Securitize, Cantor target tokenized IPOs for public markets

President Donald Trump has promoted more than 20 companies, including Nvidia, Tesla and Apple, within days of purchasing their shares, according to a CNN investigation.

CNN found that several Truth Social posts announced or praised government actions that could benefit companies held in Trump’s investment accounts. The report has renewed questions about whether his financial interests conflict with decisions made by his administration.

Among the cases examined, CNN pointed to a 2025 post in which Trump announced that his administration would speed up the permits needed by Nvidia and similar companies to build artificial intelligence supercomputers in the United States.

Financial records reviewed by CNN showed that Trump had purchased between $200,000 and $500,000 worth of Nvidia shares several days before publishing the post. The investigation also linked the timing of his purchases to later public comments involving Tesla, Apple and other major companies.

CNN did not report evidence that Trump personally ordered the trades or made the related government decisions to raise the value of his holdings. However, the outlet reported that Trump has not placed his assets in a blind trust, leaving open the possibility that he could know what his investment managers are buying or selling.

White House denies Trump controls the trades

Responding to the report, White House spokesperson Anna Kelly said Trump does not manage the accounts involved in the transactions. According to Kelly, his assets are “held in fully discretionary accounts managed by independent third-party financial institutions.”

Trump has also previously said that professional fund managers control his investments, according to an earlier crypto.news report. His defense separates the timing of the trades from his own actions, although CNN noted that the arrangement does not meet the requirements of a blind trust.

Rep. Rosa DeLauro criticized the transactions after CNN published its findings. Writing on X, the Democratic lawmaker described the situation as: “Profits for him and his billionaire friends, higher prices for you.”

Neither the White House response cited by CNN nor Trump’s earlier comments addressed every company identified by the investigation. CNN also reported no finding that the trades broke federal securities law.

Stock scrutiny adds pressure to CLARITY talks

Questions over Trump’s stock holdings have surfaced as lawmakers debate whether the CLARITY Act should restrict senior government officials from participating in the crypto industry. According to the report, an ethics provision remains a key point of disagreement in efforts to secure bipartisan support for the market structure bill.

Trump’s 2025 annual financial disclosure has added to the dispute by showing that he received as much as $1.4 billion from crypto-related activities. Critics in Congress have cited those earnings while calling for rules that would limit the president’s ability to profit from digital assets during his term.

When previously questioned about his crypto income, Trump denied knowing the amount he had earned, according to CNN. He also argued that receiving the income would not be illegal even if he knew about it.

The stock investigation is expected to follow Trump into his meeting with senators on the CLARITY Act. Lawmakers have yet to resolve whether the bill will include conflict-of-interest restrictions covering the president and other senior officials. 

Bitcoin spent the past week oscillating between two realities: on-chain and fund flow signals leaned toward accumulation, while broader sentiment indicators continued to reflect caution. The split is important for traders because it suggests markets are absorbing sell pressure without fully giving way—but it also raises the question of whether the move is durable or merely a pause before the next risk event.

On July 15, data from Hyblock indicated a $925 million net buying day for Bitcoin, supported by spot and futures cumulative volume delta—an order-flow metric that tracks the balance of buy versus sell activity. The same day also brought spot Bitcoin ETF inflows of $107.7 million, extending a short rebound after $181 million of net inflows on July 14.

Key takeaways

• Hyblock’s spot and futures cumulative volume delta showed a $925 million net buying day on July 15, helping absorb the post-CPI dip in both price and open interest.
• Spot Bitcoin ETFs recorded $107.7 million in net inflows on July 15, following a positive $181 million day on July 14.
• Funding rates cooled from the prior week’s 0.10%–0.22% range down to 0.048%, aligning with leverage unwinding rather than a fresh surge in risk-taking.
• The Fear & Greed Index remains around 26 (“Fear”) even after Bitcoin rebounded about 4.4% from its roughly $62,100 low, suggesting sentiment hasn’t caught up to flows.
• Despite improving microstructure signals, longer-term positioning signals still look mixed: ETF flows remain negative for the year and a cluster of long liquidations sits about 1.5% below the current price (around $63,200).

Order flow and ETF inflows point to steadier demand

The most concrete improvement came from trading activity rather than price alone. According to Hyblock, the $925 million net buying day on July 15 reflected order flow that “absorbed” the post-CPI pullback instead of letting it cascade into heavier selling. Notably, the data suggests that the pullback in open interest and price did not translate into a sharp shift toward net liquidation behavior—an important distinction for how markets interpret volatility.

The ETF side added confirmation. On July 15, spot Bitcoin ETFs collectively recorded $107.7 million in net inflows, which marked the second consecutive day of positive demand. That continuation follows $181 million in net inflows on July 14, indicating the recent uptick isn’t just a one-day anomaly.

Funding rates cool—suggesting deleveraging, not a late long squeeze

While spot and ETF flows improved, the derivatives market looked more like a “reset” than a breakout. Funding rates spent much of the week between 0.10% and 0.22% before falling sharply to 0.048%. At the same time, open interest declined by 3.4% from Tuesday’s peak.

Those two details matter because they often differentiate between two scenarios: (1) new leverage piling in, which can fuel trending moves, versus (2) existing leverage being reduced, which can stabilize price after a volatility event. In this case, Bitcoin was down only about 1.5% over the same stretch—so the combination of lower funding and falling open interest points to longs stepping back rather than capitulating into a meaningful downside trend.

The article’s implied interpretation is that traders are adjusting their exposure after Bitcoin reached local range highs near $65,000 to $66,000. If that’s correct, it frames the recent price action as consolidation: leverage comes off, but demand signals don’t fully disappear.

Sentiment remains in “Fear” despite a bounce

Even with improving flow-based indicators, broader sentiment has not fully turned. The Fear & Greed Index is reported near 26, still in “Fear,” despite Bitcoin bouncing roughly 4.4% off its recent low near $62,100. For some market participants, this mismatch between depressed sentiment and positive demand can be a favorable setup—particularly if flows hold while fear fails to convert into selling.

However, there is an alternate interpretation that keeps the caution justified: risk-off drivers may simply be present in the background. When macro headlines remain unresolved, sentiment can stay muted even while technical and liquidity conditions briefly improve.

Macro risk and positioning signals keep the picture uneven

The week’s fundamental backdrop included renewed geopolitical and rates-related pressure, according to the article’s summary: the US war in Iran resumed, oil prices moved above $85, and projections for a Fed rate hike by September 2026 stayed above 44%. Those ingredients can limit how confidently traders chase upside, even when crypto-specific inflows improve.

More importantly for market mechanics, the article notes that the improving signals do not amount to a confirmed trend change. Several positioning markers remain mixed:

• Funding is cooling toward neutral, but that often reflects reduced leverage rather than outright bullish acceleration.
• Spot ETF flows are still negative for the year, meaning the recent daily inflow streak is not yet a full reversal in broader institutional demand.
• A cluster of long liquidations sits roughly 1.5% below the current price, around $63,200. That kind of liquidation “gravity” can add volatility if price drifts lower, even when net order flow is relatively supportive.

Taken together, these details describe a market that may be stabilizing, but not one that has clearly escaped the risk environment. The key tension is that microstructure (order flow and ETF inflows) improved while sentiment and some longer-horizon positioning indicators have not.

For the days ahead, readers should watch whether ETF inflows can continue and whether funding remains near-neutral rather than re-accelerating—those signals would help confirm whether the current stabilization is building momentum or just reflecting a temporary deleveraging phase. At the same time, the nearby long liquidation level around $63,200 remains a specific area where volatility could reappear if macro pressure intensifies or the rebound loses traction.