The biggest sporting event on Earth has become the biggest liquidity event in prediction market history. Billions in tournament volume, a $45 billion June across the sector, one very expensive longshot trap, and a CFTC probe arriving right on schedule.

Four years ago, during the Qatar World Cup, Polymarket processed a grand total of $138,000 in tournament bets. That is not a typo missing some zeros. One hundred thirty-eight thousand dollars, roughly the price of a nice car, across the entire biggest sporting event on the planet.

This summer, the same platform blew through $5 billion in World Cup trading before the knockout rounds finished forming, with tournament totals now estimated around $6.4 billion and climbing. The flagship winner market alone has turned over more volume than many mid-cap tokens see in a month. Across the whole prediction market sector, June closed at $44.8 billion in combined monthly volume, a 75% jump from May, and Bernstein analysts project World Cup wagering could top $10 billion by the July 19 final at MetLife Stadium. Measured against its own 2022 self, Polymarket’s World Cup business grew by a factor of more than forty thousand.

Something changed between Qatar and now, and it was not football. The 2026 tournament has become the moment crypto-native prediction markets stopped being a curiosity and started operating at the scale of the industries they intend to eat. It has also, in the same six weeks, exposed exactly where the model creaks: a longshot problem hiding $1.6 billion of dubious positioning, a regulatory net closing from two directions, and an open question about what happens to all this liquidity on July 20.

The numbers, and why they are absurd

The tournament kicked off on June 11 with a format built for market makers: 48 teams instead of 32, 104 matches instead of 64, three host countries, and a brand-new Round of 32 that added an extra layer of binary, elimination-stakes events. Every match is a market. Every market is several: winner, draw, total goals, advancement. The expanded format nearly doubled the tradeable surface area of the world’s most-watched event.

The results by the numbers:

• Polymarket’s World Cup-linked contracts passed $2 billion in the group stage, $3.3 billion days later, and roughly $6.4 billion at the latest count, against $138,000 for the entire 2022 tournament.
• Kalshi, the CFTC-regulated rival, processed about $7.4 billion in World Cup trades, more than its entire March Madness, with its flagship winner market alone drawing over $832 million.
• Combined June volume across Kalshi, Polymarket, and Polymarket’s new US-regulated exchange hit $44.8 billion, up 75% from May’s $25.66 billion. Kalshi grew 87% month over month to $31.5 billion; Polymarket did $14 billion across both venues, including $3.04 billion on the US platform.
• Weekly sector volume peaked at a record $14.5 billion, with open interest holding at a record $1.6 billion for three consecutive weeks. Kalshi’s open interest alone crossed $1.16 billion.
• Reports put Polymarket’s revenue run-rate at $1 billion annualized on World Cup flow.

Individual matches show how deep the liquidity runs. A group-stage fixture between Algeria and Austria, two mid-tier footballing nations, drew $2.82 million. England versus Panama drew $1.76 million even though Panama arrived as the weakest side in the field and left without scoring a goal. Even Paraguay versus Australia, a match with all the global glamour of a Tuesday, cleared $329,000. When dead rubbers between minnows clear six figures, the order book is no longer a novelty. It is a market with depth at every rung of the attention ladder, which is exactly what market makers need before committing balance sheet.

Pricing on the big question has stayed remarkably stable through the chaos. France leads the winner market at roughly 23% to 24% implied probability, with Argentina at 20% to 21%, a rematch scenario the finalist markets take seriously: France at 39% and Argentina at 38% to reach the July 19 final. Argentina has drawn about $81 million in winner-market volume, France $77 million, Portugal $76 million, Spain $68 million, and England $61 million.

How the machine works, for the newcomers it just onboarded

Given how many of this tournament’s traders are first-timers, the mechanics deserve a plain-language pass, because they explain both the volume numbers and the regulatory fight.

A prediction market contract is a share that pays $1 if an outcome happens and nothing if it does not. France to win the World Cup trading at 24 cents means the market assigns France a 24% implied probability; buy at 24 cents and a French title returns $1 per share. Prices move with news, form, and money flow exactly like any order book, and because every share is a token settling on-chain, positions trade continuously until resolution. Polymarket runs on Polygon with markets denominated in USDC, and outcomes resolve through an oracle process, with the UMA optimistic oracle as the traditional backstop where disputes over real-world results get adjudicated by token-holder vote. Kalshi runs the same economic structure through a CFTC-regulated exchange with dollars instead of stablecoins.

President Donald Trump has denied knowing about the at least $1.4 billion in crypto income disclosed in his latest financial filing, while defending both his personal gains and his family’s involvement in the digital asset industry.

According to a CNBC interview, Trump said he was unaware of the amount of money generated from his crypto ventures, adding that he could know if he wanted to and insisting there was nothing illegal about such earnings. His comments came after the release of his 2025 financial disclosure, which has renewed scrutiny over potential conflicts of interest tied to his family’s crypto businesses.

The financial disclosure, released earlier this week, showed that Trump earned at least $1.4 billion from cryptocurrency-related activities during the reporting period. The filing attributed most of the income to licensing agreements connected to the Official Trump (TRUMP) meme coin and token sales conducted by Trump-backed World Liberty Financial (WLFI).

Earlier, as reported by crypto.news, Trump responded to questions about the disclosure by pointing to gains from the stock market rally but did not address the crypto-related income. His latest remarks are the first direct comments on the digital asset earnings disclosed in the filing.

Financial disclosure renews scrutiny of Trump’s crypto interests

The disclosure has again drawn attention to the Trump family’s expanding presence in the cryptocurrency sector. Critics have previously argued that the family’s business interests could create conflicts while Trump serves as president, particularly as his administration continues to shape U.S. digital asset policy.

Separate criticism has also focused on the launch of the TRUMP and MELANIA meme coins, with opponents alleging the projects extracted liquidity from retail investors. Meanwhile, WLFI, the native token of World Liberty Financial, was also introduced last year. All three tokens remain well below their respective all-time highs following strong declines after launch.

Despite the criticism, Trump maintained in the CNBC interview that there was nothing improper about benefiting from crypto investments. He did not indicate that he planned to distance himself or his family from their digital asset ventures.

Trump continues to push for U.S. crypto leadership

Alongside his comments on the disclosure, Trump repeated his view that the U.S. must remain the global leader in cryptocurrency development. During the interview, he argued that failing to take the lead could allow countries such as China or Japan to dominate what he described as a very large industry.

The president has repeatedly linked that position to his administration’s plan to make the United States the global center for digital assets. As part of that effort, he has urged lawmakers to approve the CLARITY Act, legislation designed to establish a clearer regulatory framework for the crypto industry.

Even so, the bill faces growing political uncertainty. According to prediction market platform Polymarket, traders currently assign a 41% probability that Trump will sign the CLARITY Act into law before the end of the year.

Ethics concerns surrounding Trump’s financial interests in cryptocurrency remain one of the main obstacles cited by Democratic lawmakers. With the Senate expected to begin its August recess in the coming weeks, the legislation now faces a narrowing window to advance through Congress before lawmakers leave Washington.

The CLARITY Act has regained momentum after Senator Bill Hagerty outlined a revised Senate timeline that points to floor action after lawmakers return from the July recess.

According to reports citing Senator Bill Hagerty, the U.S. Senate is expected to publish the final text of the CLARITY Act this weekend, giving lawmakers and the digital asset industry their clearest look yet at the legislation before debate resumes.

The updated schedule has replaced earlier expectations of a July 4 signing, with Hagerty indicating that a Senate vote is more likely after Congress reconvenes on July 13.

Although the timetable has slipped, political support for the bill has continued to grow. Bloomberg Intelligence recently estimated that the probability of the CLARITY Act passing this month has risen to about 60%, adding to optimism among crypto market participants awaiting a federal market structure framework.

Senate schedule now points to a post-recess vote

Hagerty’s latest comments have shifted attention from an immediate vote to the legislative process expected later this month. Before the Senate can consider the measure, lawmakers are expected to review the final legislative text, which could clarify several provisions that have attracted debate in recent weeks.

Passing the bill will still require at least 60 votes in the Senate. Republicans currently hold 53 seats, meaning the legislation cannot advance without support from several Democrats. During committee consideration, Democratic Senators Angela Alsobrooks and Ruben Gallego voted in favor of the bill, although both later said their committee votes should not be interpreted as commitments to support the legislation on the Senate floor.

Time also remains a factor. As previously reported by crypto.news, the Senate has limited floor time before its August recess, making the period after lawmakers return on July 13 particularly important. If the bill fails to advance during that window, its next realistic opportunity could slip into 2027.

Support from NOBLE strengthens the bill’s position

Alongside the revised timeline, the legislation has gained support from new constituencies. Senator Tim Scott recently argued that businesses innovate more effectively when operating under predictable regulatory rules. 

Scott said the CLARITY Act would establish clear standards for digital assets, improve consumer protections, and help keep financial innovation in the U.S.

Another notable endorsement came from the National Organization of Black Law Enforcement Executives (NOBLE), which became the first major law enforcement organization to publicly back the CLARITY Act, including the Blockchain Regulatory Certainty Act provisions contained in Section 604.

NOBLE’s position differs from concerns previously raised by four U.S. law enforcement organizations, which argued that Section 604 could make investigations into crypto-related financial crime more difficult by preventing certain non-custodial developers and software providers from automatically being treated as money transmitters. Supporters of the provision have maintained that developers who never control customer assets should not be regulated like financial intermediaries.

The debate expanded after the U.S. Department of Justice disputed claims that the legislation would create major enforcement gaps. As previously reported by crypto.news, the DOJ said criticism of the bill’s law enforcement provisions was inaccurate.

In its endorsement letter, NOBLE similarly argued that the legislation would not weaken existing federal criminal authorities covering money laundering, unlicensed money transmission, sanctions violations, conspiracy, and related offenses.

Industry groups have also continued lobbying lawmakers ahead of the Senate’s return. Stand With Crypto recently urged supporters to contact senators and push for a vote once Congress reconvenes.

The organization argued that prolonged delays could encourage crypto companies, investment, and jobs to move outside the U.S. while the country waits for clearer digital asset regulations.

Standard Chartered has secured a MiCA passport as the European Securities and Markets Authority has added 57 newly authorized crypto firms to its register following the end of the EU’s transition period.

According to the European Securities and Markets Authority (ESMA), its latest interim register now lists 300 authorized crypto-asset service providers, up from 243 on June 26, after a wave of approvals arrived around the July 1 Markets in Crypto-Assets deadline.

The updated list includes major banks, institutional trading firms, and digital asset companies that can now offer regulated services across the European Union under a single authorization.

Standard Chartered joins expanding MiCA register

Among the biggest additions is Standard Chartered, which received MiCA authorization from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), on June 25.

The bank also obtained an Electronic Money Institution license, allowing it to use MiCA’s passporting system to provide crypto services throughout all 27 EU member states without seeking separate approvals in each country.

Institutional crypto trading firm FalconX also entered the register after receiving authorization from Malta’s Financial Services Authority shortly before the July 1 deadline.

ESMA’s latest update further added digital asset bank Sygnum Europe, Ronin EM, and CACEIS, the asset servicing business owned by Crédit Agricole and Santander.

Separately, crypto.news recently reported that CACEIS is in exclusive talks to acquire French crypto investment platform Meria, a deal that would add a retail crypto business with about 150,000 users and roughly €350 million in assets under management. The reported discussions followed Meria’s own MiCA CASP authorization in France.

Recent approvals have also extended beyond traditional financial institutions. As crypto.news previously reported, Stripe-owned Bridge secured both MiCA CASP authorization and an Electronic Money Institution license in Luxembourg, enabling the company to provide regulated crypto services across the European Union under the same passporting framework.

MiCA deadline has reshaped Europe’s regulated crypto market

The surge in approvals followed the end of MiCA’s transitional period on July 1, 2026. During that grace period, crypto companies already operating in individual EU countries could continue serving customers while applying for full authorization.

With the transition now complete, firms that failed to obtain a MiCA license must stop onboarding new customers and begin winding down regulated operations within the bloc. ESMA’s updated register provides public confirmation of which providers have completed the authorization process.

MiCA establishes a single regulatory framework covering crypto exchanges, custody providers, portfolio managers, and crypto-asset issuers across the European Union. Under its passporting rules, authorization from one national regulator, such as Luxembourg’s CSSF or Malta’s MFSA, gives firms access to customers across the entire bloc.

The new regulatory environment has already produced visible market changes. As crypto.news reported, Tether’s $186 billion USDT no longer has a MiCA-compliant route to remain on regulated EU exchanges following the July 1 deadline.

Consequently, MiCA-authorized exchanges including Coinbase, Kraken, and Crypto.com have removed USDT trading for European users, ending the stablecoin’s presence on regulated order books despite remaining the world’s largest stablecoin by market capitalization.

For institutional investors and asset managers, ESMA’s expanding register now offers a verified reference point for identifying regulated counterparties operating under the European Union’s unified crypto framework, while passporting continues to reduce the need for firms to secure separate licenses in each member state.

Robinhood has emerged as a key platform in the rollout of the Trump Accounts program, with U.S. Treasury-backed child investment accounts scheduled to begin transfers ahead of the initiative’s July 4 launch.

According to information surrounding the program, Robinhood is expected to help facilitate the new accounts, which are designed to give eligible children access to long-term investment portfolios through federally supported savings accounts.

The transfer process is expected to open through the U.S. Treasury before the official launch, bringing brokerage firms into one of the administration’s newest financial initiatives.

Robinhood is expected to handle access to the new accounts

Under the program, children under 18 whose parents have a valid Social Security number will qualify for an account. The federal government will contribute an initial $1,000, while families and other approved contributors may add up to $5,000 per child each year through IRS Form 4547.

The framework brings together the U.S. Treasury, the Internal Revenue Service, brokerage firms responsible for custody, and retail investment companies that will offer account access. Although officials have not formally named Robinhood as the exclusive provider, the company is widely expected to play a central role in making the accounts available to eligible users.

Because Robinhood already combines stock investing with cryptocurrency trading in a single application, the arrangement could eventually allow users to manage government-backed investment accounts alongside their existing brokerage portfolios if regulators permit such functionality. The current Trump Accounts structure, however, does not include cryptocurrency investments or blockchain technology.

Speaking in an interview with CNBC’s Joe Kernen on Thursday, President Donald Trump also said he believes Elon Musk could contribute SpaceX stock to the Trump Accounts initiative, although he acknowledged he had not recently spoken with the billionaire.

Trump added that business leaders including Michael Dell and Micron have shown support for the children’s investment program. Neither Musk nor SpaceX has announced any plan to donate shares, leaving Trump’s comments as his expectation rather than a confirmed commitment.

Following those remarks, SpaceX ticker SPCX recovered from an intraday low near $155 to close about 3% higher at roughly $162 on July 3 as buyers returned after early selling pressure, as previously reported by crypto.news.

Regulators continue separating traditional investments from digital assets

While the accounts focus on conventional investment products, their launch comes as U.S. regulators continue defining the legal boundaries between securities and digital assets. The program adds another example of regulated custodial investment products becoming part of mainstream financial services, even though cryptocurrencies are not included in the current design.

Research previously published by Messari has identified retail investment applications as an important entry point for individuals investing in risk assets. If brokerages integrate the new accounts into existing investing platforms, regulated long-term investing could become more accessible to younger users through familiar financial apps.

The political backdrop surrounding the initiative remains active. As previously reported by crypto.news, President Trump’s 2025 financial disclosures showed at least $1.4 billion in crypto-related income tied to ventures including his memecoin and World Liberty Financial, prompting continued ethics discussions while lawmakers negotiate the CLARITY Act. Trump later denied knowledge of those earnings and said there was “nothing illegal” about them.

Although the Trump Accounts program currently excludes digital assets, brokerage participation and ongoing regulatory work could influence future discussions about how government-backed investment products and regulated digital asset offerings coexist within the U.S. financial system.

Solana’s SOL token climbed to a level not seen in more than 30 days, briefly trading around $83, and the move is drawing attention because it doesn’t look like a simple altcoin sympathy rally. Instead, market data points to a mix of rising tokenized-asset activity on Solana, renewed memecoin momentum, and improving flows tied to stablecoin liquidity.

The question now for traders is whether this renewed bid can push SOL back through the $90 area—or whether the market is already cooling off as leverage comes off the table. Recent derivative and on-chain indicators suggest enthusiasm may be more selective than it was earlier in the week.

Key takeaways

• SOL hit a 30-day high near $83, showing signs of decoupling from the broader altcoin market’s weakness.
• Tokenized trading activity on Solana accelerated as cumulative tokenized stock transfers surpassed $10 billion around June 23.
• Memecoins and prediction-market activity boosted short-term attention, but leveraged positioning cooled quickly.
• Futures annualized funding fell to about 3% on Friday from an 11% peak earlier, implying less appetite for chasing gains to $90.

Tokenized assets bring a new tailwind to Solana

One of the clearest narratives behind SOL’s strength is the renewed growth in tokenized asset activity on the Solana network. According to data referenced from RWA.xyz, Solana’s tokenized assets rose to a record-high $3.5 billion on Wednesday—up from $2.7 billion about one month earlier.

The same dataset also points to what’s driving that expansion. The article cites tokenization products related to corporate credit and market indexes such as the S&P 500 and the Nasdaq-100. In addition, RWA.xyz data shows Solana leading the tokenized industry by active addresses, with 294,274, compared with Ethereum’s 204,955.

On the “why it matters” side for investors and builders: when tokenized assets expand, it generally increases demand for on-chain infrastructure—settlement, custody, trading venues, and related DeFi rails. Even if tokenized flows don’t translate immediately into SOL spot buying, they can reinforce the perception that Solana is capturing practical usage, not only speculative demand.

Memecoin revival and ecosystem features support short-term momentum

Beyond tokenization, the rally also appears to have been helped by a memecoin resurgence. The article highlights the Sunday airdrop of The Black Bull (ANSEM), which launched on Pump.fun. ANSEM reportedly reached a market capitalization of $60 million by Tuesday, with the developer directing roughly 65% of the supply to Ansem’s public wallet; the launch rollout reportedly involved about 74,000 addresses over the initial three days. The distribution is described as lacking full transparency.

That kind of attention can matter because memecoin activity often spurs retail trading and related network usage—especially on ecosystems where token launches and trading are tightly integrated. In this case, multiple Solana memecoins gained, but the article notes that the biggest winner was the Pump.fun platform token (PUMP). PUMP added about 27% on the week, returning to the top 100 by market capitalization and reaching an estimated $630 million valuation. ANSEM itself reportedly extended gains on Friday, reaching an all-time high market capitalization of $112 million.

Alongside memecoins, the article also ties SOL’s renewed interest to prediction-market functionality. It cites the integration of a “World prediction markets” experience into the Phantom wallet, reporting nearly $890,000 in total value locked over two days, framed as an effort to compete with Polymarket during the World Cup betting cycle. It also mentions that Jupiter has prediction markets under beta testing, with a reference to a June 29 launch.

Leverage cools: derivatives signal traders are less willing to chase

If tokenized-asset growth and memecoins helped ignite the move, derivatives data suggests the market is no longer as eager to press higher prices. The article points to a sharp decline in bullish leveraged appetite after Wednesday, when SOL rose above $75 for the first time in 30 days.

Specifically, the SOL perpetual futures annualized funding rate fell to 3% on Friday from an 11% peak just two days earlier. The piece references Laevitas for those funding figures, and notes that under “neutral conditions,” the funding rate should typically sit in a range from 6% to 12% to balance the capital cost.

That shift is important for traders because funding rates often reflect whether longs are crowding the trade. A cooling funding environment can mean new longs are less willing to pay up for exposure to SOL, which can reduce the momentum needed to sustain a breakout attempt—especially if spot demand doesn’t keep pace.

In other words, the market may be congratulating itself on earlier gains while becoming more cautious about a further push toward $90. The article’s framing emphasizes that investors may not want to bet on SOL widening its performance gap over other altcoins based solely on temporary memecoin-driven attention. Without sustained blockchain activity that converts into durable demand—rather than short-lived hype—there may be fewer reasons for leverage to build again quickly.

What to watch next for SOL and Solana activity

For SOL to realistically challenge the $90 zone, the next signal to track is whether the tokenized-asset expansion and broader on-chain usage can offset any fading retail-driven flows. If tokenized trading volume continues to grow and prediction-market participation sustains, the narrative supporting SOL may broaden beyond memes. Conversely, if leveraged sentiment stays subdued and funding remains below the levels typically associated with healthy upside positioning, SOL may consolidate even if it remains resilient versus the rest of the altcoin market.

Shielded Labs has raised the possibility of delaying Zcash’s Ironwood network upgrade, citing readiness concerns among exchanges, mining pools and wallet providers ahead of the planned late July activation.

According to a July 3 X post on the Zcash community forum by Shielded Labs executive director Jason McGee, the network is attempting to complete two major changes at the same time. Alongside Ironwood, infrastructure providers are also expected to replace Zcash’s long-running node and wallet software, zcashd, with a new software suite known as the Z3 stack.

Key takeaways:

• Solana’s tokenized assets and memecoin revival drove SOL to a 30-day high at $83.
• Bullish leveraged appetite cooled sharply, suggesting traders are hesitant to bet on further gains to $90.

Solana’s SOL token jumped to its highest mark in over 30 days on Friday at $83, marking a decoupling from the altcoin market. SOL’s rally gained steam from a surge in tokenized trading volume on Solana, inflows of stablecoin liquidity, and an unexpected comeback in memecoin activity. Can SOL reclaim the $90 level?

Total altcoin market capitalization, USD (left) vs. SOL/USD (right). Source: TradingView

SOL’s bullish momentum ignited on June 23, coinciding with cumulative tokenized stock transfers on Solana surpassing $10 billion. The launch of SpaceX shares trading by Backpack propelled Solana’s decentralized finance (DeFi) utilization. In contrast, the broader altcoin market extended its downtrend, hitting the lowest level since December 2023.

30-day tokenized assets net flows ex-stablecoins, USD. Source: RWA.xyz

Tokenized assets on the Solana network surged to a record-high $3.5 billion on Wednesday, up from $2.7 billion one month prior. The recent boost came from corporate credit tokens and stock market indexes, such as the S&P 500 and the Nasdaq-100. According to RWA.xyz data, Solana leads with 294,274 active addresses in the tokenized industry, followed by Ethereum with 204,955.

Memecoins, prediction markets surge may push SOL toward $90

The airdrop of The Black Bull (ANSEM) memecoin on Sunday re-ignited interest in the sector. The token, launched on Pump.fun, reached a $60 million market capitalization on Tuesday. The anonymous developer directed some 65% of the supply to the crypto influencer Ansem’s public wallet. The distribution lacked transparency, but involved 74,000 addresses over the initial 3 days.

Top 7-day performances of Solana tokens. Source: CoinRanking

Multiple memecoins on Solana surged on the back of the memecoin airdrop, but the biggest winner was the Pump.fun platform token (PUMP). The 27% weekly gains were enough to send PUMP back into the top-100 crypto rankings, with a $630 million market capitalization. ANSEM memecoin extended its gains on Friday, reaching an all-time high market capitalization of $112 million.

The launch of World prediction markets integrated on Phantom wallet has created expectations for increased Solana activity. The project gathered nearly $890,000 in total value locked in two days and aims to compete with the extremely successful Polymarket amid the World Cup betting frenzy. Jupiter has also unveiled its prediction markets under beta test on June 29.

Related: US dominates Polymarket political bets despite geoblock–Report

SOL perpetual futures annualized funding rate. Source: Laevitas

The appetite for bullish leveraged positions has vastly declined since Wednesday, when SOL’s price crossed above $75 for the first time in 30 days. SOL futures annualized funding rate dropped to 3% on Friday from an 11% peak two days prior. Under neutral conditions, the indicator should range from 6% to 12% to offset the capital cost.

Investors are not comfortable betting on a SOL rally to $90 merely on the back of a temporary memecoin demand surge. Unless there is sustainable demand for blockchain activity, there are no apparent drivers for SOL to further widen its performance gap relative to the remaining altcoins.