Kazakhstan, one of the world’s largest Bitcoin mining hubs, approved a new framework for large-scale crypto mining that links access to electricity with contributions to a state-backed digital asset reserve.

The government approved rules for strategic digital mining on July 18, Kazakhstan-based news outlet Zakon.kz reported Wednesday, citing Government Resolution No. 638 published in the PRG.kz legal database.

The rules define strategic digital mining as a framework that gives miners access to electricity quotas at regulated tariffs in exchange for transferring part of their mined crypto assets to Astana Hub, a government-backed technology cluster.

Kazakhstan ranked fifth globally by Bitcoin mining activity in the Cambridge Digital Mining Industry Report published in April 2025.

New rules set higher bar for strategic miners

Under the new framework, miners seeking strategic status must meet strict infrastructure requirements before receiving approval.

According to Zakon.kz, applicants need to own a digital mining data center with at least 150 megawatts (MW) of capacity and use mining hardware where each unit has a minimum computing power of 150 terahashes per second (TH/s).

Kazakhstan ranked fifth globally by Bitcoin mining activity. Source: Cambridge Centre for Alternative Finance.

The rules also require miners to have qualified technical staff, repair facilities at their data centers, multiple internet service contracts and be up to date on required tax and other payments. The government resolution will enter into force on Aug. 1, 2026, according to Zakon.kz.

Miners must transfer part of mined assets

Approved miners must sign agreements with Astana Hub’s autonomous cluster fund and buy electricity from eligible power-generating companies under the new framework.

The rules require miners to transfer part of their mined crypto assets to a reserve mechanism, but they do not specify the share. Local media reports cited a 10% transfer rate, though Cointelegraph could not independently verify that figure.

Source: National Business Kazakhstan/Telegram

The new mining rules build on Kazakhstan’s broader push to develop state-backed digital asset infrastructure. In September 2025, Kazakhstan launched the Alem Crypto Fund, a state-backed vehicle focused on long-term digital asset reserves, with its first investment involving BNB through a partnership with Binance Kazakhstan.

Related: Kazakhstan president signs decree to accelerate crypto adoption

The country has also moved toward wider crypto adoption through regulated financial services. In July 2026, Alatau City Bank and Binance Kazakhstan launched Crypto Pay, a service allowing users to make crypto payments through QR codes and point-of-sale terminals connected to the bank’s acquiring network.

Magazine: Peter Brandt predicts the exact day Bitcoin’s bear market will be over

BitMEX, a landmark crypto derivatives exchange that helped popularize perpetual swaps, is shutting down its trading services. The company says it will stop exchange operations on Sept. 23, 2026, at 04:00 UTC, urging users to close positions and withdraw funds before the deadline.

BitMEX’s owner and operator, HDR Global Trading Limited, decided to close the exchange following a strategic review. In an announcement shared with users, BitMEX said it wants to reassure customers that their assets remain “fully safe and under your control during this transition period,” while declining to provide additional details on the reasons behind the decision.

Key takeaways

• BitMEX will cease trading services on Sept. 23, 2026 at 04:00 UTC, after stopping new account registrations immediately.
• Risk limits introduced on Aug. 26, 2026 will prevent opening new positions while allowing users to reduce existing exposure.
• BitMEX says it will close remaining open positions at shutdown time to wind down markets in an orderly way.
• Users who don’t withdraw by the end will still be able to access wallet balances and historical transaction records after trading stops.
• The closure comes amid recent executive departures, with Peter Wilkinson stepping in as CEO.

Shutdown timeline: from account freeze to forced closes

BitMEX said it stopped accepting new account registrations immediately, but will continue operating normally until the scheduled closure date. The exchange then plans to tighten trading conditions ahead of time: on Aug. 26, 2026 it will implement risk limits designed to stop users from opening additional positions while still permitting them to close or reduce existing positions.

At the moment trading shuts down, BitMEX says it will force-close any remaining open positions. The exchange framed this as part of an “orderly wind-down” process intended to bring derivatives markets to a close cleanly rather than leaving positions active without a functioning trading venue.

BitMEX also advised users to withdraw their funds before Sept. 23, 2026. The exchange noted that while wallet balances and historical transaction records will remain accessible after trading services end, users should not assume they will be able to continue interacting with the exchange as they have in the past.

Withdrawal warnings and proof-of-reserves process

In its user communication, BitMEX warned about potential phishing attempts and fake withdrawal offers, emphasizing that it does not offer an expedited withdrawal service. BitMEX also indicated it may apply additional withdrawal reviews and network restrictions during the transition period if withdrawal activity spikes.

The exchange further stated that its proof-of-reserves and liabilities process shows user assets exceed liabilities. While BitMEX did not add new performance metrics or third-party verification details in the available text, the company’s decision to reference this process suggests it wants users to understand the basis of its solvency assurances as it transitions out of operations.

What led to the closure: strategic review and leadership change

BitMEX’s shutdown follows a leadership transition and a decision by HDR Global Trading Limited to close the business after a strategic review. The exchange did not disclose further factors behind the decision, and it did not provide additional comments beyond the user-facing assurances.

According to BitMEX, CEO Stephan Lutz, chief financial officer Ina Steiner, and chief growth officer Raphael Polansky departed last month. Peter Wilkinson—previously BitMEX’s general counsel and chief operating officer—has taken over as CEO.

The timeline matters for market participants because leadership departures often coincide with shifts in risk posture, product strategy, or operational priorities. In this case, however, BitMEX did not connect the leadership changes directly to the closure rationale, leaving users to interpret the strategic review in the context of a broader industry transition.

BitMEX’s role in derivatives—and why the shutdown lands now

BitMEX launched in 2014 and became widely known for introducing the 100x leverage perpetual swap—an instrument that enables traders to speculate on crypto prices without a fixed expiry date. Over time, BitMEX said the product became one of the most traded in the crypto industry and was adopted by thousands of users and other exchanges.

The exchange’s exit reflects a market reality that has been shifting for some time: decentralized derivatives platforms are capturing increasing attention and liquidity relative to traditional centralized venues. The available report notes that, according to CoinGecko’s Q2 2026 Crypto Industry Report, CEX perpetual futures volume fell 10% to $12.7 trillion during the quarter, while decentralized platforms continued gaining ground.

Within that decentralized growth narrative, Hyperliquid is highlighted as a leading decentralized perpetual exchange. CoinGecko’s report ranks Hyperliquid second by open interest behind Binance. This kind of data point underscores why BitMEX’s closure may resonate beyond its user base: it’s the winding down of a pioneering CEX derivatives venue at a time when traders increasingly have competitive decentralized alternatives.

How users should think about the end of trading

For BitMEX customers, the most practical takeaway is timing: the exchange will block new position creation starting Aug. 26 and will close remaining positions at the shutdown moment, while also urging users to withdraw ahead of Sept. 23. In the final stretch, users should also be alert to withdrawal-related social engineering, especially given BitMEX’s explicit warning about fake withdrawal offers and phishing.

Looking ahead, the key uncertainty for market participants is not whether balances and records will remain available—BitMEX says they will—but how the wind-down will be experienced by individual traders with open exposure, and whether broader liquidity continues flowing to other venues as BitMEX exits. With decentralized perpetuals still expanding their footprint, users should watch how open interest and order flow redistribute in the weeks following the account-freeze and risk-limit milestones.

Bitcoin (BTC) is “finally showing signs of a bottom,” but the next bull market will have a different source.

Key points:

• TradFi integrations, particularly Hyperliquid and Robinhood, will drive the next crypto bull market, says Bitwise’s Matt Hougan.
• The resulting tide should “lift” the largest cryptocurrencies with it, including Bitcoin and Ether.
• Apparent demand for BTC is already showing signs of reversal, per Bitwise data.

Hyperliquid, Robinhood catalyst to “lift most of” crypto sector

In a blog post on Wednesday, Matt Hougan, chief investment officer at crypto asset manager Bitwise, revealed his picks for what will “lift” BTC price action going forward.

BTC/USD is gaining ground against US stocks, Hougan notes, but investors should look elsewhere for the next long-term crypto comeback.

“So how should you start positioning for the new bull market?” he queried. 

“By looking at two entities that are leading this convergence from opposite sides: Hyperliquid (HYPE) and Robinhood (HOOD).”

For Hougan, the bull market will depend on crypto-focused integrations that bring the market’s inherent benefits, such as 24/7 trading, to the TradFi realm.

“Today, nearly half the volume on Hyperliquid is in conventional assets like oil, silver, and the S&P 500. It’s expanding into spot commodities, prediction markets, and options,” he said about Hyperliquid.

HYPE/USDT one-day chart. Source: Cointelegraph/TradingView

Hougan also sees competition from traditional financial players, like the Robinhood Chain layer-2 network, as a key catalyst to bring about a broader crypto renaissance.

“I suspect the coming bull market will be big enough to lift most of the sector,” he said. 

“I’m bullish on the majors—Bitcoin, Ethereum, Solana, etc.—and on crypto equities. But there are two types of investments I think are particularly well positioned.”

HOOD/USD one-day chart. Source: Cointelegraph/TradingView

The Bitwise executive has remained optimistic on Bitcoin and the wider market throughout 2026, in February predicting that the end of crypto winter would come “sooner rather than later.”

“Here’s the good news: We’re closer than you think,” he wrote at the time.

Bitcoin apparent demand reverses higher

As Cointelegraph reported, Bitcoin traders broadly agree that while some bottom signals are already flashing, the bear market has several months or more left to run.

Related: Bitcoin analysis eyes ‘serious volume’ after Binance sees 9K BTC daily outflow

Spot demand remains weak and has become a key talking point, even on shorter time frames. Here, however, Bitwise also sees a potential shift underway.

In an X post on Thursday, European head of research, Andre Dragosch, described “re-accelerating” apparent demand.

Apparent demand measures the difference between newly-mined BTC and the supply inactive for at least one year. 

Bitcoin apparent demand data. Source: Andre Dragosch on X.com

The crypto market is consolidating on Thursday, with bitcoin BTC$65,751.27 a modest 0.62% lower since midnight UTC at $65,674 as it settles into a range between $64,000 and $66,800 that has held for the past week.

The price action reflects a market catching its breath. Bitcoin has rallied more than 13% since its July 1 low of $57,750, and after failing to convincingly break above the $66,000 level of resistance on Tuesday, the path of least resistance in the short term appears to be sideways rather than sharply in either direction.

Traditional markets are offering little direction. Nasdaq 100 and S&P 500 futures are both marginally lower by around 0.3%, the dollar index (DXY) is broadly flat, and gold and silver are both pulling back after yesterday’s safe haven rally, leaving crypto without a clear macro catalyst to lean on in either direction.

Derivatives positioning

• Period of stasis: The crypto futures market appears to be in a state of stasis, with 24-hour trading volumes down just 1% at $147 billion and open interest (OI) holding steady around $111 billion. The 24-hour long-short ratio, which tracks taker volume, is nearly balanced. Taker volume refers to buy and sell trades executed immediately at ongoing market prices, and the current equilibrium suggests a lack of aggressive directional conviction among traders.
• Open interest shifts in major assets: Bitcoin’s futures open interest has slipped back to 743K BTC from the highs of over 760K BTC seen early this week. This decline indicates an unwinding of existing bets as the price rally stalls and valuations pull back slightly. A potential silver lining for bulls is that the drop in OI suggests the price weakness is being driven by long liquidations rather than the entry of fresh shorts betting on a deeper decline. In contrast, ETH’s OI has ticked up during the overnight price drop. However, the price action is still being led by buyers using market orders rather than passive limit orders, as evidenced by ETH’s positive 24-hour OI-adjusted cumulative volume delta (CVD).
• Mixed sentiment in altcoins: The broader market shows a split in aggressive leadership. Several coins, including ZEC, HBAR, LTC, AVAX, and SUI, are currently posting positive CVDs, indicating taker-buy pressure. However, there are just as many prominent names on the opposite side of the fence showing negative CVDs, including BTC, XLM, DOGE, and SHIB, signaling that aggressive sellers remain active in those specific markets.
• Rising volatility signals potential caution: Bitcoin’s 30-day implied volatility index, BVIV, has now increased for the fifth straight day. Traders may want to keep a close eye on this metric because, since the launch of spot ETFs, the correlation between Bitcoin’s spot price and the BVIV has been consistently negative. Under this regime, an upswing in the BVIV often serves as a warning of an impending price drop. Meanwhile, ether’s volatility index, EVIV, remains relatively stable.
• Options flows and evaporating fear: Flows across the Deribit exchange and the OTC desk Paradigm featured notable demand for the BTC $70,000 call option expiring Aug. 7. While some traders were positioned for upside, others simultaneously picked up longer-duration puts as a downside hedge. Ethereum options have also seen a general demand for upside exposure. Broadly speaking, market fear appears to be evaporating as put-call skews for both BTC and ETH slip toward zero. Notably, ETH’s one-week skew briefly turned negative yesterday, marking a temporary bullish shift in sentiment where calls became more expensive than puts.

Token talk

• WLFI$0.06311 was the standout mover on Thursday, surging 12.18% to $0.063. The Donald Trump family-linked token has now recovered to a $2 billion market cap, though it remains deep in the red from its all-time high.
• MORPHO$1.9912 extended its recent run, rising nearly 4% to $1.989, keeping it among the more consistent AI outperformers of the past fortnight.
• Ethena (ENA) added 2% to $0.092, continuing a quiet rehabilitation that has seen it outperform most DeFi peers over the past week despite sitting more than 90% below its September 2025 peak.
• Lighter (LIT) continued to slide, falling 2.96% as profit-taking weighs on the token for a third consecutive session following its 200%-plus rally between May and early July.
• CoinMarketCap’s altcoin season indicator holds at 51/100 as the market waits for bitcoin to make a decisive move.

Galaxy Digital has launched a planned $3.5 billion high-yield bond sale to help finance the expansion of its Helios data center campus in West Texas.

According to a Bloomberg report, the digital assets and AI infrastructure company intends to use the proceeds from its first junk bond offering to finance part of the Helios Data Center Campus in Dickens County, Texas, while also funding debt service reserves tied to the project.

The planned issuance adds Galaxy to a growing list of infrastructure developers using the U.S. high-yield debt market to fund large artificial intelligence projects. Bloomberg data shows developers have already raised about $28 billion through U.S. junk bond offerings this year to finance AI-focused data center construction.

The transaction is expected to price on July 23, according to a person familiar with the matter cited by Bloomberg. Morgan Stanley and Goldman Sachs are leading the sale, while the source said the offering consists of five-year notes issued by a Galaxy subsidiary.

Under the proposed structure, the issuing entity will begin repaying 4% of the original principal each year starting 10 months after construction is completed, according to the same source, who requested anonymity because the information is not public.

CoreWeave contract supports long-term expansion

Earlier this month, Galaxy said CoreWeave had signed 15-year agreements to lease computing capacity at the Helios campus. According to the company’s previous announcement, those contracts are expected to generate more than $1 billion in annual revenue once operational.

The company also said the first phase of the Helios project has already been completed. Construction on the next phase is expected to begin in 2027 as Galaxy continues expanding the campus for artificial intelligence and high-performance computing workloads.

Located in Dickens County, roughly 60 miles east of Lubbock, the Helios campus has regulatory approval for up to 1.6 gigawatts of power dedicated to AI and high-performance computing, according to Galaxy’s previously released figures.

The financing plan follows another large AI infrastructure transaction completed last month. Bloomberg data shows an Applied Digital subsidiary raised approximately $1.59 billion in the U.S. junk bond market to expand computing capacity for CoreWeave at a North Dakota facility.

Before pursuing the current bond offering, Galaxy had primarily relied on convertible note offerings to raise capital for its operations.

AI infrastructure becomes a larger part of Galaxy’s business

Originally known for its digital asset businesses, Galaxy has steadily increased its investment in artificial intelligence infrastructure during 2026 alongside its cryptocurrency operations.

The Helios campus has become one of the company’s largest long-term infrastructure projects as demand for AI computing capacity continues to grow. Its partnership with CoreWeave places the site among several facilities being developed to support large-scale AI training and cloud computing services.

Galaxy has also tied the project to regional partnerships in West Texas. Last week, the company signed a 15-year agreement with Texas Tech University to rename the school’s football venue Galaxy Stadium beginning with the 2026 season.

According to Galaxy’s announcement at the time, the agreement also made the company Texas Tech Athletics’ official digital assets and data center partner. Besides stadium naming rights, both parties said they plan to collaborate on artificial intelligence initiatives, workforce training programs and opportunities involving student-athletes’ names, images and likenesses, although financial terms were not disclosed.

The university partnership links Galaxy’s existing data center operations in Dickens County with one of the region’s highest-profile athletic programs, further strengthening its presence in West Texas as development of the Helios campus continues.

Crypto business continues expanding alongside AI

Even as Galaxy increases spending on AI infrastructure, it has continued expanding other parts of its digital asset business.

Earlier this week, the company introduced a $5 million Bitcoin Quantum Readiness Initiative to support developers working on technologies designed to prepare the Bitcoin network for future quantum computing risks.

According to Galaxy, the grant program will fund research into quantum-resistant signature schemes, wallet migration tools and independent security audits. The company also said it hopes universities, companies and other institutions will contribute funding and technical expertise to accelerate work on post-quantum cryptography.

Galaxy cited research from CryptoQuant estimating that about 6.9 million Bitcoin, worth roughly $461 billion at current prices, could become exposed if future quantum computers become capable of breaking Bitcoin’s existing cryptographic protections. While the company acknowledged that such machines are not expected to pose an immediate threat, it argued that preparing the ecosystem would require years of coordination across developers, exchanges, wallet providers and infrastructure operators.

The company has also expanded its regulated financial services business this year. In May, Galaxy secured both a BitLicense and a Money Transmission License from the New York State Department of Financial Services through its subsidiary GalaxyOne Prime NY, allowing it to provide regulated digital asset trading and custody services to institutional clients in New York.

Earlier in 2026, Galaxy also announced plans to launch a $100 million hedge fund focused on cryptocurrency tokens alongside financial services companies expected to benefit from digital asset adoption and regulatory developments.

With the planned $3.5 billion bond sale, Galaxy is adding another financing milestone to its expanding AI infrastructure business while continuing to invest across digital assets, institutional services and Bitcoin network development.