Doppler Finance and SBI Digital Finance have formed a strategic partnership to expand institutional XRP finance in Japan. 

The companies announced the agreement on July 13, saying they will work on digital asset infrastructure for professional market participants.

The partnership combines Doppler’s tokenized capital market systems with SBI Digital Finance’s institutional network and crypto lending experience. The announcement did not disclose financial terms, launch dates, named clients or a specific product ready for release.

Partnership targets institutional XRP infrastructure

Doppler and SBI Digital Finance plan to support infrastructure for XRP and other digital assets in Japan. Their stated work areas include institutional solutions for XRP, tokenized assets and wider tokenized financial markets, subject to applicable Japanese rules. The services could target banks, funds and professional trading firms.

The companies said institutional demand now reaches beyond custody. They expect market participants to seek systems for liquidity, financing, collateral management and better use of capital. The partnership focuses on those functions rather than retail trading or a new consumer XRP service.

SBI Digital Finance brings lending experience

SBI Digital Finance operates HashHub Lending, a Japan-based service for lending crypto assets. Doppler said the company brings market relationships, risk controls and operational experience that could support products designed for institutions.

Rox, Doppler Finance’s head of institutions, said the company aims to “transform digital assets from passive holdings into productive financial capital.” The statement presents that goal as a development plan. It does not confirm that institutions can already access a new XRP lending, yield or collateral product through the partnership.

Agreement extends Doppler’s work with SBI companies

The new agreement follows an earlier link between Doppler and another SBI business. In December 2025, SBI Ripple Asia and Doppler signed a memorandum to explore XRP-based yield infrastructure and real-world asset tokenization on the XRP Ledger. The partners selected SBI Digital Markets to provide institutional custody for that initiative.

The July partnership names SBI Digital Finance, a separate lending-focused company within the wider SBI network. Doppler has not explained whether the two agreements will share products, custody arrangements or customers. Both initiatives center on regulated infrastructure intended to give institutions more ways to use XRP and tokenized assets.

SBI expands Japan’s regulated digital asset network

Japan already hosts a broad SBI-led XRP ecosystem. As previously reported, SBI companies have supported regulated prepaid tokens on the XRP Ledger, RLUSD distribution, tokenized bonds with XRP rewards and other payment and investment services. The latest partnership adds lending and capital-market infrastructure to that wider activity.

SBI has also expanded its exchange and institutional market reach. The group moved to acquire Bitbank after SBI VC Trade absorbed Bitpoint Japan. Separately, SBI led EDX Markets’ $76 million funding round for institutional trading, clearing and settlement infrastructure.

Related activity has also drawn XRP-focused firms toward Japan. As reported by crypto.news, Evernorth recently opened a Japanese-language presence while pursuing a planned public XRP treasury. SBI committed $200 million to the proposed transaction, although Evernorth did not announce a new Japanese license, office or product.

The Doppler partnership remains at the development stage. Neither company identified lending rates, supported assets beyond XRP, collateral terms, custody providers or an expected launch window. Future announcements will need to define the services institutions can use and the regulatory approvals required in Japan.

Key takeaways

• Solana (SOL) has fallen below its 50-day Exponential Moving Average (EMA), signaling increasing bearish pressure.
• The MACD has turned bearish, while the Relative Strength Index (RSI) has dropped below the neutral level.
• Key support sits at $67.50, the level that previously sparked a rebound in late June. 

Solana (SOL) remained under pressure on Tuesday, extending its recent weakness as the token slipped below its 50-day Exponential Moving Average (EMA), a technical development that points to growing bearish momentum.

At the time of writing, SOL was trading below $75.00, remaining beneath both the 50-day EMA at $76.63 and the 200-day EMA at $97.65. The inability to reclaim these key technical levels suggests sellers continue to dominate the market.

Momentum indicators turn increasingly bearish

Technical indicators are signaling that bullish momentum is fading. The Moving Average Convergence Divergence (MACD) has crossed below its signal line, producing fresh bearish histogram bars that indicate strengthening downward momentum.

Meanwhile, the Relative Strength Index (RSI) has declined to 46, slipping below the neutral 50 mark. This suggests buying pressure is weakening while sellers gradually regain control of the market.

Together, these indicators reinforce the likelihood of continued downside unless market sentiment improves.

The most important support for Solana currently lies around $67.50. This horizontal support level previously triggered a notable rebound in late June and could once again attract buyers if selling pressure intensifies.

A decisive break below $67.50 would likely increase the risk of a deeper correction and could encourage additional bearish positioning.

For Solana to improve its short-term outlook, buyers must first reclaim the 50-day EMA near $76.63, which now serves as immediate resistance.

A sustained breakout above this level could open the door for a move toward the 200-day EMA around $97.65, where stronger selling pressure is expected to emerge.

Solana remains technically vulnerable after falling below its 50-day EMA, with bearish momentum indicators suggesting sellers remain in control. As long as SOL trades beneath its major moving averages, the risk of further downside persists. 

Traders will be closely watching the $67.50 support level, while any meaningful recovery will depend on the token reclaiming the 50-day EMA and restoring bullish momentum.

US-listed spot Bitcoin exchange-traded funds (ETFs) returned to outflows, reversing the previous week’s short-lived return to positive flows.

Spot Bitcoin ETFs recorded $424.66 million in net outflows on Monday, marking their biggest single-day withdrawal in July so far, according to SoSoValue data.

The latest outflow reversed last week’s $197.4 million new inflows, which had briefly ended an eight-week run of weekly withdrawals and raised hopes that institutional demand was recovering.

The renewed selling leaves ETF demand fragile after a record outflow month in June, even as some onchain data show large Bitcoin holders accumulating.

Bitcoin ETFs log $5.8 billion in net outflows this year

US spot Bitcoin ETFs have recorded roughly $5.8 billion in net outflows so far this year, with the latest withdrawals adding to a broader period of selling pressure.

June marked the largest monthly net outflow in history, with investors pulling $4.51 billion from the funds.

Daily flows in US-listed spot Bitcoin ETFs since July 1. Source: SoSoValue

Despite ongoing selling pressure, spot Bitcoin ETFs continue to hold significant investor assets, with total net assets standing at $74.79 billion and cumulative net inflows at $50.85 billion as of Monday.

Related: Lyn Alden says Bitcoin needs no savior as Strategy sells $216M of BTC

The funds first crossed the $50 billion cumulative inflow milestone in July 2025, about 18 months after launching in January 2024.

Bitcoin ETF reversal adds to uncertainty over market bottom

The failure of US spot Bitcoin ETFs to extend last week’s inflow streak adds to signs that investors remain cautious, with market observers divided over whether Bitcoin’s downturn is nearing an end or whether more losses are ahead.

CryptoQuant analyst Sunny Mom pointed to mixed signals in the market, with nearly $10 billion in outflows from US spot Bitcoin ETFs since Oct. 11, 2025, suggesting weak institutional demand, while the number of new Bitcoin whales has continued to grow.

Source: Kyledoops

“A definitive, broad-based market bottom has yet to be confirmed,” Sunny Mom wrote in an update on Thursday, noting that whale accumulation could help limit further downside but does not yet signal a sustained recovery.

Crypto Fear & Greed Index. Source: Alternative.me

Bitcoin traded at $62,589 at publishing time, roughly 30% below its level at the start of the year, according to CoinGecko data.

Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision

Cathie Wood’s Ark Invest has increased its exposure to SpaceX with purchases worth about $52.1 million during the week ended July 10, while cutting positions in semiconductor, streaming and genomics companies as it continued adjusting its portfolios.

According to Ark Invest’s latest weekly trading disclosure, Space Exploration Technologies Corp. (SPCX) received the firm’s largest allocation by value across multiple exchange-traded funds.

Upbit will add Derive’s DRV token to its Korean won, Bitcoin and Tether markets on July 14.

Trading is scheduled to open at 17:00 Korea Standard Time, giving the onchain derivatives protocol access to South Korean traders. The details appear in Upbit’s official DRV listing notice.

The exchange said deposits and withdrawals will use the Ethereum network. Upbit also applies temporary limits on buy orders, low-priced sell orders and certain order types after new listings. These controls are designed to manage sharp price moves during the opening period.

DRV enters South Korea through three Upbit markets

The KRW pair gives local users a fiat market for DRV. The BTC and USDT pairs add two crypto-based routes for traders who already hold digital assets on the platform. Together, the markets broaden DRV access beyond its listings on international exchanges.

Bithumb also added DRV to its Korean won market on July 14, giving the token listings on two major South Korean platforms on the same day. The combined rollout increases local access, although trading volume and prices can change quickly after new markets open.

Derive grew from the former Lyra protocol

Derive previously operated as Lyra Finance, an onchain options protocol launched within the Synthetix ecosystem. The project adopted the Derive name in 2024 and moved its governance and utility token from LYRA to DRV. Eligible balances converted at a 1:1 ratio after a May 2024 snapshot.

DRV launched in January 2025. The protocol now combines options, perpetual futures and structured trading products through a self-custodial exchange. Derive runs an Ethereum rollup built with the OP Stack and uses a risk engine designed for portfolio margin and onchain settlement.

DRV supports governance, staking and token buybacks

DRV holders can stake the token to receive governance rights and delegate voting power. Derive also uses token incentives for trading and liquidity programs. Its token documentation states that 35% of protocol revenue funds DRV buybacks under the protocol’s current token funding model.

The token’s total supply now stands at 1.5 billion DRV. That figure reflects a 500 million-token strategic mint proposed in September 2025 to fund institutional partnerships, market-maker incentives and development. The earlier plan represented a 50% increase from the original one billion-token supply.

Listing follows Derive’s wider exchange expansion

The Upbit launch comes after DRV reached Coinbase in May 2026, giving the asset access to a large regulated U.S. trading platform. The Korean listings add direct won markets and place the token before one of Asia’s most active retail trading communities.

As previously reported, Synthetix proposed acquiring Derive through a $27 million token swap in May 2025. The plan would have exchanged 27 DRV for one SNX under lockup and vesting terms. The parties later abandoned the proposed merger, leaving Derive independent.

Upbit has continued adding crypto assets throughout 2026. As reported by crypto.news, the exchange introduced nine tokens to its BTC and USDT markets in June. Other Upbit listings have produced rapid changes in volume and price, but early gains have not always continued.

The DRV listing may improve liquidity by connecting fiat and crypto markets. Traders will also monitor Derive’s protocol volume, token use and supply release schedule. Those measures will show whether the Korean rollout creates sustained activity after the initial listing period.

JCB has partnered with Circle to test USDC for internal treasury transfers and merchant payments in Japan, extending stablecoin use into cross-border corporate settlement and retail transactions.

A July 14 statement from JCB said the Japanese payments company has signed a memorandum of understanding with a Circle affiliate to develop payment services using USD Coin (USDC), Circle’s dollar-backed stablecoin.

The first phase of the partnership will focus on a proof of concept for JCB’s internal cross-border treasury operations. The companies also plan to evaluate stablecoin payments at physical stores for merchants and international visitors travelling in Japan.

Alongside the pilot, the two firms said they will assess other payment services that combine Circle’s stablecoin infrastructure with JCB’s merchant network to support cross-border transactions and new payment options for businesses and consumers.

Coming days after Circle secured a key U.S. banking approval, the agreement adds another institutional payments partnership to the stablecoin issuer’s recent expansion efforts.

Earlier this month, the U.S. Office of the Comptroller of the Currency granted final approval for Circle National Trust, placing the company’s national trust bank under federal supervision. Circle said the institution will initially provide fiduciary digital asset custody services for the company and its affiliates, while future plans could include managing reserves backing USDC, although no timeline has been announced.

Outside the United States, Circle has also continued building relationships with regulated financial institutions. Standard Chartered recently introduced a service through its Dubai International Financial Centre operations that allows eligible institutional clients to mint and redeem USDC directly through the bank’s platform. BNY has also added USDC to its digital asset custody platform, enabling institutional clients to mint and redeem the stablecoin through its infrastructure.

Japan agreement follows Asia expansion

The JCB partnership comes as Circle continues pursuing new institutional relationships across Asia.

Later this month, the company will host its invitation-only Current Seoul event, bringing together executives from banks, crypto exchanges, payment companies and technology firms to discuss digital asset regulation, cross-border payments and industry partnerships.

During an April visit to South Korea, Circle co-founder and CEO Jeremy Allaire met executives from KB Kookmin Bank, Shinhan Bank, Hana Bank, Upbit, Bithumb, and several payment companies to discuss potential cooperation through the Circle Payments Network for international payments.

Competition in the stablecoin sector has also intensified in recent weeks. Open USD, a competing dollar-backed stablecoin model, launched with a revenue-sharing structure that distributes reserve income among participating members. 

However, several South Korean companies, including Samsung Electronics, Dunamu, Shinhan Financial Group, and K Bank, later told local media they had not formally agreed to join the consortium despite being listed as participants.

Cumberland has secured a Major Payment Institution licence from Singapore’s central bank, allowing its local unit to offer regulated digital payment token and cross-border money transfer services.

According to an announcement by cryptocurrency trading and liquidity provider Cumberland on X, its Singapore subsidiary, Cumberland SG Pte. Ltd., has received the Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).

The approval authorises the company to provide Digital Payment Token (DPT) services and Cross-Border Money Transfer services under Singapore’s Payment Services Act.

In its announcement, Cumberland said Singapore continues to maintain a high standard for digital asset regulation and described the country as one of the world’s leading financial centres. The company added that its team plans to continue expanding its presence in the jurisdiction.

The approval completes a licensing process that began in March, when MAS granted Cumberland SG in-principle approval for an MPI licence. At the time, the regulator said the company had satisfied the initial regulatory requirements but still needed to meet additional conditions before receiving the full licence. Cumberland had said the approval would allow it to expand compliant digital asset services for institutional clients once the licence was issued.

Cumberland is the crypto trading and liquidity arm of Chicago-based DRW and provides market-making and liquidity services to institutional clients across digital asset markets.

Cumberland’s regulatory progress also follows developments in the United States. In March, the U.S. Securities and Exchange Commission dismissed its enforcement case against the company, ending allegations that it had operated as an unregistered securities dealer. The dismissal formed part of a series of crypto-related cases dropped by the agency under its new leadership.

Singapore keeps a strict licensing standard

The latest approval comes as MAS continues to combine new licence approvals with close regulatory oversight of crypto firms operating in Singapore.

Earlier this year, the regulator revoked the MPI licence of Bsquared Technology after finding false or misleading statements, weaknesses in risk management, conflict-of-interest controls, and outsourcing arrangements during an inspection. MAS also said it was reviewing whether senior officers at the company could be held personally accountable for the breaches.

Regulatory scrutiny has also extended to firms without local authorisation. In June, MAS added Bybit Fintech Limited and its trading platform to its Investor Alert List, which the regulator says identifies entities that could be mistakenly viewed as licensed or regulated in Singapore. MAS noted that the list is a public warning tool rather than an enforcement action or operating ban.

While maintaining those compliance standards, Singapore has continued issuing licences to firms that meet its requirements. Previous approvals have been granted to crypto companies including BitGo, Coinbase, Anchorage, Gemini and OKX, reinforcing the country’s position as a regulated hub for institutional digital asset businesses.

The U.S. government has transferred nearly $300 million worth of seized Bitcoin and Ether to Coinbase Prime, according to on-chain data tracked by Arkham. The move has sparked fresh speculation that the holdings could be prepared for sale, though custody transfers do not necessarily indicate that selling is underway.

Arkham data shows that on Monday, 3,940 BTC—valued at $243.95 million—and 30,014 ETH—valued at $53.09 million—were sent to Coinbase Prime. The deposits were linked to multiple well-known U.S. government crypto seizures, including assets associated with earlier enforcement actions.

Key takeaways

• Arkham reports Monday’s transfer of 3,940 BTC and 30,014 ETH to Coinbase Prime, totaling close to $300 million.
• The assets are connected by Arkham to earlier seizures, including BTC reportedly tied to ryan farace (“xanaxman”) and a Bitcoin-related path involving the defunct BTC-e exchange.
• Ether moved to Coinbase Prime is also tied to Brian Krewson, an Oracle employee implicated in a reported $54 million crypto storage and money laundering scheme.
• Despite renewed speculation, deposits into a custody-focused venue may reflect consolidation rather than an imminent sale.
• The transfers have raised attention because a March 2025 executive order directed that seized Bitcoin should support a proposed “Strategic Bitcoin Reserve” and not be sold.

What was moved to Coinbase Prime

The key new development is the scale and timing of the transfer. In its public tracking, Arkham attributes the Monday movement to government-linked wallets feeding into Coinbase Prime custody.

On the Bitcoin side, Galaxy Research’s Alex Thorn said the coin movements were comprised of assets seized from ryan farace (“xanaxman”) and from pathways connected to the defunct BTC-e exchange. Thorn’s comment specifically addressed the Bitcoin transfers, underscoring how investigators and analysts are continuing to map seizure flows to named cases.

On the Ether side, Arkham’s tracing indicates the deposits connect to Brian Krewson, an Oracle employee implicated in what has been described as a $54 million crypto storage and money laundering scheme. While these labels do not confirm present intent, they help explain why traders and analysts are treating the transfer as more than routine operational movement.

Why the transfer reignited “sale” speculation

Transfers to trading or custody partners often prompt market observers to ask whether seized assets are being positioned for liquidation. However, the critical detail is that Coinbase Prime provides services that go beyond spot trading—custody, trading access, financing, and staking—meaning transfers can be used for multiple operational reasons.

That distinction matters because the on-chain action alone does not prove a sale is happening. Even if assets are ultimately sold, the first step could be administrative consolidation or the setup of liquidity and custody procedures ahead of later decisions.

Still, attention intensified because the move appears to run into political and policy messaging. As noted in earlier reporting, a March 2025 executive order stated that Bitcoin seized by the U.S. government should be used as part of a “Strategic Bitcoin Reserve” and should not be sold. Coverage of that conflict has also been highlighted by Cointelegraph in earlier articles, including discussion around interagency disagreement about control.

Monday’s deposits do not confirm a breach of that guidance—again, custody movements are not the same as liquidation. But they do highlight the tension between policy statements and the practical reality of managing seized crypto across custodians and operational workflows.

How this compares with prior government transfers

The U.S. government has moved crypto to Coinbase Prime before, but the Monday transfer stands out because it is described as one of the largest government-linked wallet deposits to the platform this year.

Earlier examples cited in the record include a June transfer of 98,589 LINK tokens to Coinbase Prime, with Arkham tracing the underlying holdings to assets seized from FTX and Alameda Research. In April, around 8.2 BTC tied to the 2016 Bitfinex hack was also sent to Coinbase Prime. Together, these past movements suggest the government has used Coinbase Prime as a recurring destination when managing seized digital assets.

What changes on Monday is the combined value and the fact that both BTC and ETH—rather than a single asset class—were consolidated at once. That combination may increase the likelihood that some portion of the holdings could later be deployed in whatever structured process the government uses, though the path from transfer to trading remains unconfirmed.

What remains in government-linked wallets

Beyond the immediate transfers, the larger picture is still dominated by significant residual holdings tracked under government-linked addresses. Estimates cited in the same tracking indicate that U.S. government-linked wallets hold roughly $20.6 billion in crypto, including about 325,000 BTC, 28,000 ETH, 146 million USDT, and 750 Wrappd Bitcoin (WBTC).

That inventory underscores why every major transfer draws attention: if the government is systematically consolidating assets for future decisions, it could gradually change liquidity conditions for seized-asset markets over time.

At the same time, analysts and investors should be careful not to over-interpret a single custody transfer. Until there is evidence of exchange routing, OTC execution, or other signs of liquidation, the most defensible read is that the assets have been moved into a managed environment that can support multiple strategies—custody, financing, or potentially staking—rather than automatically signaling immediate sell pressure.

For now, market participants will likely watch for the next on-chain steps from these Coinbase Prime deposits—especially any transfers out to trading venues or counterparties. The key uncertainty is not whether the assets are held with a regulated custody provider, but whether the government’s operational workflow will ultimately align with the “no sale” direction discussed in policy narratives.