Crypto markets have struggled for much of the year as weaker trading volumes, concerns over the economy and fading risk appetite weighed on digital assets. The tougher backdrop has hurt market makers, whose revenues depend largely on trading flows and providing liquidity. With spot trading volumes subdued, firms across the sector have faced pressure on profitability.

Mergers and acquisitions are expected to remain a defining theme in 2026 as digital asset firms consolidate to achieve scale, expand product offerings and meet growing institutional demand, according to industry analysts.

Exchanges, market makers, custodians and financial technology providers are looking to acquire complementary businesses to build integrated digital asset platforms, reflecting the maturation of the crypto ecosystem into a more institutional and regulated market.

SBI Financial Services, a subsidiary of SBI Holdings, acquired a 90% stake in B2C2 in December 2020, months after investing $30 million in the firm.

B2C2’s financial results are not disclosed separately. They are reported as part of SBI’s broader crypto-asset business segment. For the fiscal year ended March 31, that segment generated 89.6 billion yen ($550 million) in revenue, up 10.9% from a year earlier, while profit before tax was unchanged at 21.2 billion yen.

SBI Holdings said last month it had agreed to buy cryptocurrency exchange Bitbank for around $289 million.

The European Union (EU) extended sanctions against Russia to include four designations related to the cross-border A7 network, including its new links to Africa.

The EU is also extending its transaction ban to 14 unnamed crypto-related service platforms based in Georgia, Panama, the United Arab Emirates (UAE), the Marshall Islands, Kyrgyzstan and Belarus.

Chainalysis recently noted that on the A7 network, where the A7A5 stablecoin operates, has processed nearly $120 billion to date and that it is purposely built for Russia’s sanctions evasion.

“We’re hitting over a hundred banks and crypto operators, 40+ vessels in Russia’s shadow fleet, and several oil refineries in Russia and Belarus,” Kaja Kallas, High Representative for Foreign Affairs and Security Policy and chair of the Foreign Affairs Council, said in a statement.

The EU announced its previous package of sanctions against Russia in April, saying it was the “biggest package” of sanctions against the country in two years. In that statement, the EU said “Russia is becoming increasingly reliant on cryptocurrencies for international transactions.”

Perpetual decentralized exchange (DEX) Hyperliquid’s weekly trading volume in tokenized real-world assets (RWAs) exceeded that of all other asset categories combined for the first time.

RWAs generated $25.1 billion in trading volume from July 13 to July 19, accounting for 52% of Hyperliquid’s total weekly volume of $48.2 billion, according to Blockworks data.

“Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX,” wrote ARK Invest’s research director for digital assets, Lorenzo Valente, in a Thursday X post.

The milestone reflects growing demand for tokenized assets on Hyperliquid. Over the past month, RWA holders grew by 32% to 1.25 million users, while the total value of tokenized RWAs rose by 3.5% to $36.7 billion, according to data aggregator RWA.xyz.

Hyperliquid generated $7.6 million in revenue over the past week, according to DefiLlama. The perp DEX ranked third among crypto applications by weekly revenue, behind stablecoin issuers Tether and Circle, which generated $112 million and $45 million, respectively.

Hyperliquid: Perpetual Futures Volume, 2-year chart. Source: Blockworks

Related: Hyperliquid launches prediction markets for real-world events

Major “structural shift” for crypto markets: Circle co-founder

Crypto-native firms and traditional financial institutions have expanded tokenized asset offerings as they bring more financial assets onto blockchain networks. In March, the NYSE partnered with tokenization platform Securitize to develop blockchain-based stock trading infrastructure with 24/7 trading and settlement.

Circle co-founder and CEO Jeremy Allaire said growing RWA trading on Hyperliquid marks a “major structural shift” in crypto markets, moving “away from speculating on endogenous digital commodities,” in a Friday X post.

Earlier in July, Pantera Capital said perpetual futures could become a dominant trading instrument beyond crypto, as perps offer structural advantages over traditional derivatives, including 24/7 trading, no contract expiries, simpler position management and continuous price discovery.

Hyperliquid’s growth has drawn attention from Wall Street institutions, including NYSE parent Intercontinental Exchange (ICE), whose CEO, Jeffrey Sprecher, urged regulators to create a “level playing field” for launching 24/7 onchain perpetual futures contracts.

Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure

The crypto market continues to mature with growing institutional participation, and memecoins are paying the price.

The combined market capitalization of DOGE$0.06947 and shiba inu (SHIB), the two largest memecoins by value, has fallen to $13.27 billion, the lowest in three years and down about 2% this month alone, even though market leader bitcoin BTC$64,940.05 has risen by 10%.

A more revealing picture emerges when you measure the top two memecoins against bitcoin’s market cap of $1.30 trillion.

That ratio now stands at just 1.02%, the lowest on record. That’s a dramatic reset if considering where things stood at the peak of memecoin mania in 2021, when DOGE and SHIB together accounted for 7% of bitcoin’s market cap. In other words, for every dollar invested in bitcoin, seven cents were chasing internet joke tokens. Today that figure is just over one cent.

Bitcoin has grown substantially since 2021, meaning memecoins haven’t just lost value in dollar terms, they have ceded ground against the very asset that defines the crypto market cycle.

The crypto market is closing out the week on a constructive note, with bitcoin BTC$64,988.19 adding as much as 1.1% since midnight UTC to $65,760 as the broader market held its ground despite a macro backdrop that should be applying far more pressure.

Brent crude futures are trading at $97.66 per barrel, the highest since mid-May, as the Iran conflict shows no sign of de-escalating. While previous oil spikes have rattled risk assets including crypto, digital assets are broadly green this morning.

Ether (ETH) mirrored bitcoin’s gain, rising as much as 1.6%, while the likes of HYPE and FET rose more than 2%.

Traditional markets are muted, with S&P 500 and Nasdaq 100 index futures both marginally positive and gold holding above $4,000. The Dollar Index has edged slightly lower.

Derivatives positioning

• Market churn dominates activity: Volume increased by 11% to $165 billion in 24 hours while open interest (OI) held steady at around $116 billion. This shows a market that’s seen churn rather than positional interest.
• Bearish buildup in dogecoin: DOGE futures OI continues to rise and is nearing 16 billion tokens, the most since October. The continued gains come as DOGE’s spot price remains under pressure after falling to the lowest since November 2023 on Thursday. The combination of rising open interest alongside a drop in price is said to confirm the downtrend and signal trader interest in shorting the falling market.
• Mixed signals from ether: OI in ether futures is rising as well, currently at 14.53 million ETH, the highest since June 7. Other indicators paint a mixed picture with positive funding rates still pointing to bullish sentiment while the negative 24-hour CVD indicates that bears are leading the price aciton by shorting at market orders rather than placing limit orders.
• Broad-based bear leadership: With the exception of TRX and CRO, most tokens, including BTC, have negative 24-hour CVD.
• Volatility declines: There is good news for the bulls from the BVIV index, which measures BTC’s 30-day implied volatility. The measure has declined by 3% since midnight to 39%, halting a five-day streak of advances. Ether’s EVIV is under pressure too.
• Options cluster: In the Deribit-listed bitcoin options market, a massive $5 billion open interest cluster has formed at $70,000-$72,000 options, mainly driven by bullish bets, or call options. Volume rankings also show a bias for upside with calls at strikes $77,000 and $80,000 featuring in the list alongside other calls.

Token talk

• Hyperliquid (HYPE) led the altcoin market for the second consecutive session, rising 2.4% to $58.93 as it rebuilds with a series of higher lows since its July pullback from record highs.
• AI tokens FET and NEAR posted gains of 2.23% and 1.38%, respectively, offering tentative signs of stabilization after weeks of underperformance, while MORPHO$1.9571 added 1.89% to extend one of the more consistent runs in the DeFi sector this month.
• WLFI$0.05790 gave back 2.13% of Thursday’s 12% surge, a familiar pattern for the Trump family-linked token, which remains highly susceptible to sharp reversals due to thin liquidity.
• Lighter (LIT) fell a further 1.32%, extending a slide that has now unwound close to 20% from its July peak as profit-taking continues following its 200%-plus rally between May and early July.
• The broader 24-hour picture tells a more cautious story, with WLFI, AVAX, HBAR and SUI all down between 4% and 10% over the past day, a reminder that the intraday recovery masks lingering weakness across a portion of the altcoin market.

Brazil has registered a R$100,000 ($19,600) rural loan backed by 10 digitally identified dairy cows, creating one of the country’s first formal credit transactions using tokenized livestock as collateral.

Fazenda Engenho Velho, in Imbituva, Paraná, pledged animals valued at R$120,000 ($23,500). Target FIDC structured the transaction and registered it through Brazil’s B3 systems.

BMP Sociedade de Crédito Direto provided the funds through a financial Rural Product Note, known locally as a CPR-F. BMP later transferred the credit rights to Target FIDC. Each cow received a unique encrypted identity linked to data collected by Cowmed’s smart collars. The system records health, behavior and location information, allowing the lender to follow the collateral without relying only on scheduled inspections.

How the tokenized cattle loan works

A CPR-F allows a rural producer to raise money and repay the amount in cash at maturity. B3 explains that Brazilian law requires physical and financial CPRs to be registered with an entity authorized by the Central Bank of Brazil for validity and effectiveness. Registration confirms the note’s features and creates a record that lenders and authorized parties can check.

In this deal, the digital identity did not turn the cows into freely traded crypto tokens. Instead, it tied each animal to the credit contract and its B3 registration. Public reports did not identify a public blockchain, token standard or secondary market for the cattle records. The structure therefore uses tokenization mainly for identification, monitoring and collateral control rather than open trading.

Smart collars reduce information gaps for lenders

Cowmed’s collars monitor each cow around the clock and translate behavioral data into alerts covering health, reproduction, nutrition and heat stress. The loan model uses those records to show that an animal remains alive, located at the farm and in a condition consistent with its assigned value. This reduces the need for repeated physical checks during the financing period.

Target FIDC director Humberto Brenner said lenders have traditionally applied deep discounts to cattle because they lacked reliable information about location and condition. A cow worth R$20,000 could receive a collateral value of only R$8,000. Continuous monitoring can support a value closer to the market price, although the final lending decision and discount remain with the creditor.

The structure also aims to stop one animal from backing several loans. Each cow receives a separate code attached to the registered transaction. If an animal dies, the farmer can replace it digitally with another eligible cow. The operation includes about 20% extra animals as a buffer to maintain collateral coverage during the loan.

Tokenized collateral opens another farm credit route

Cowmed chief executive Thiago Martins said, “We take the cow, which is a real and tangible asset, and transform it into a digital asset backed by a unique code monitored in real time.” He said the model offers farmers another collateral option during a period of restricted agricultural credit. The digital record also gives the financing company a way to verify changes during the loan.

The proceeds can support working capital, equipment purchases or other farm expenses. Target FIDC is reportedly assessing four more Brazilian producers and aims to arrange R$5 million in loans through the model by the end of 2026. Those targets remain plans rather than completed transactions, and wider use will depend on lender demand, pricing and the performance of early loans.

Cowmed said the financing model could reach part of the roughly 100,000 dairy cows covered by the relevant monitoring base, with an estimated value above R$2 billion. It expects about 20% of producers in that group to consider the product, which could support close to R$400 million in credit.

Brazil expands real-world asset tokenization

The cattle deal arrives as B3 expands its role in digital asset infrastructure. As crypto.news previously reported, the exchange has outlined plans for a real-world asset tokenization platform and a Brazilian real-linked stablecoin. B3 has also developed digital registration tools for agricultural credit, including systems designed to identify collateral and reduce duplicate pledges.

Brazil’s tokenization market also includes corporate debt, investment funds and agricultural assets. Tether recently invested $20 million in Mercado Bitcoin to support tokenized assets, payments, lending and onchain capital markets. Meanwhile, crypto.news reported that tokenized real-world assets reached about $34 billion globally in 2026, led by Treasuries but increasingly covering commodities, private credit and other assets.

The cow-backed loan remains small compared with those markets. It provides a practical test of whether verified data from physical assets can improve collateral values and expand rural credit. Farmer repayment, animal replacement procedures, monitoring accuracy and enforcement during default will determine whether financial institutions adopt the model at larger scale.

Upbit has removed Taiko (TAIKO) from its trading warning list after reviewing the Ethereum layer-2 project’s explanation and response to a June security breach. 

The South Korean exchange announced the change on July 24 for TAIKO/KRW, TAIKO/BTC and TAIKO/USDT. 

The decision removes the immediate risk that Upbit could end trading support under its warning process. The exchange also plans to restore TAIKO deposits and process transfers made during the suspension in order. Upbit warned that price differences with overseas exchanges could create sharp moves when deposits reopen.

Upbit ends TAIKO review after project response

Upbit placed TAIKO under warning on June 22 after identifying a security incident involving systems used to issue, transfer or store the asset. The exchange said an unexplained or unresolved breach could expose users to losses. It suspended deposits while it reviewed the event and Taiko’s response.

In its July 24 notice, Upbit said Taiko submitted information covering the cause of the breach and its later security work. The exchange reviewed those materials and decided that “the reason for the trading warning has been resolved.” Upbit did not publish the technical documents or list the exact controls that satisfied its review. 

The review period lasted 32 days. During that time, Upbit kept three spot markets open, allowing users to trade existing balances while blocking token inflows until its security assessment ended. Bithumb followed a similar review schedule after placing TAIKO under warning on the same date.

June exploit forced Taiko to halt network activity

The warning followed an attack on Taiko’s bridge and chain-state verification system. Taiko told users to withdraw funds from bridges after crafted proofs allowed unauthorized releases from its ERC20 vault on Ethereum. The project also asked centralized exchanges to stop TAIKO deposits and halted new block production during its response.

Security researchers estimated losses at more than $1 million, while later reports placed the amount near $1.7 million. Blockaid said flawed source-signal proof checks allowed the attacker to submit withdrawal messages without matching events on Taiko. Other researchers examined whether an exposed signing key helped the attacker create proofs that the Ethereum-side verifier accepted.

Taiko contained the unauthorized withdrawals after pausing affected systems and coordinating with its Security Council and partners. The team also published attacker addresses and said it would pursue technical and legal steps. It did not immediately provide a full public timeline for restoring each affected bridge.

Deposits return as network services stabilize

Bithumb also suspended TAIKO deposits and withdrawals on June 22 because Taiko stopped block production. The exchange restored withdrawals on July 3 after the network became stable, although deposits remained unavailable while the warning review continued. Bithumb also removed its TAIKO warning on July 24 and scheduled deposits to resume.

Taiko’s public status page now shows its mainnet sequencing, batch submission, proof submission and proof verification systems as operational. That status supports the exchanges’ decision to reopen services, although it does not remove the need for continued monitoring. Upbit said transfers sent during the deposit suspension will appear after service resumes.

Upbit advised users to confirm the correct network before making new deposits. Transactions sent through unsupported networks may not reach exchange accounts. The company also said deposits made during the suspension would receive account credit in sequence once its systems reopened. 

TAIKO rises after delisting threat clears

TAIKO reacted positively after the warning ended. Upbit market data showed TAIKO/KRW trading as high as 132 won on July 24, with the pair gaining about 11% during the session. Trading volume also increased from the previous day as market participants responded to the exchange notice.

The rebound followed a difficult month for the token. TAIKO reached a record low of 90.4 won on Upbit on June 25, three days after the security incident and warning designation. Even after the July recovery, the token remained far below its June 2024 record high on the exchange.

The warning removal does not represent a guarantee against another breach or future exchange review. Upbit can place an asset under warning again if new security, disclosure, liquidity or operational concerns arise. The exchange also reminded users that crypto assets can cause a partial or total loss of invested funds.The Taiko incident formed part of a wider series of bridge attacks during 2026. As previously reported, Verus Protocol’s Ethereum bridge lost more than $11.5 million after forged transfer data passed its checks. Axelar also disabled Secret Network routes after a separate $4.7 million exploit.

Those cases show why exchanges can suspend deposits even when spot trading remains open. A compromised bridge or chain can allow attackers to send assets that lack valid backing or move stolen tokens into exchange accounts. Deposit controls give exchanges time to assess the network and prevent disputed balances from entering their systems.

Upbit’s decision closes the current warning review rather than the wider security process. Taiko still needs to maintain its bridge, proof and validator protections while supporting exchanges that reconnect deposits. Upbit advised traders to watch for rapid price moves as Korean and overseas markets reconnect.