The Bank for International Settlements (BIS) warned that the rapid expansion of stablecoins risks fragmenting the global monetary system and weakening sovereign monetary control, urging central banks and the financial industry to accelerate the development of tokenized forms of central bank and commercial bank money as a safer alternative.

In its Annual Economic Report published Sunday, the Basel-based institution delivered a sharp assessment of the approximately $316 billion stablecoin market, arguing that tokens pegged to fiat currencies lack the institutional features required to serve as safe, reliable money at scale.

BIS pointed to structural vulnerabilities in reserve asset management and warned that a significant migration from commercial bank deposits into private digital tokens could reduce bank funding and constrain credit to the real economy.

The report also provides a signal to policymakers that the current regulatory approach to stablecoins may prove insufficient if private digital currencies continue expanding. Rather than positioning stablecoins as a durable foundation for the future monetary system, BIS said that tokenized commercial bank deposits, combined with tokenized central bank money operating on regulated infrastructures, offer a more robust path toward modernizing payments while preserving monetary stability.

Demand for foreign stablecoins connects FX markets with crypto ecosystem. Source: BIS Annual Economic Report 2026.

The report focuses particular attention on “stablecoin dollarization,” that is, the growing use of dollar-denominated stablecoins in economies with weaker domestic currencies. According to BIS, this trend could weaken monetary sovereignty, erode the effectiveness of domestic monetary policy, reduce bank intermediation and increase exposure to volatile cross-border capital flows, particularly in emerging market economies.

Related: BIS Project Agorá shows tokenized payments can settle in seconds

BIS raises fresh concerns about public blockchains’ limits

The report also delivers one of BIS’s strongest critiques yet of public permissionless blockchains such as Bitcoin and Ethereum as a foundation for the monetary system. It argues that decentralized networks relying on distributed validation and lacking a central governance structure struggle to meet the requirements for scalability, legal accountability and settlement finality expected of systemically important financial infrastructure.

BIS raises concerns on rising fragmentation across layer 1 and layer 2 networks.
Source: BIS Annual Economic Report 2026.

At the center of BIS’s critique is the economics of decentralized consensus. The report argues that public permissionless blockchains compensate validators through transaction fees that rise as network activity increases, making congestion, longer confirmation times and higher costs structural features of the system rather than temporary technical shortcomings. According to BIS, these characteristics undermine the efficiency and network effects that are essential for a unified monetary system.

The Basel-based institution further argues that permissionless blockchains lack the clear governance and accountability frameworks required for institutional finance. Without an identifiable entity responsible for maintaining the integrity of the system, resolving disputes or ensuring compliance with financial integrity standards, BIS contends that such networks face significant obstacles to supporting large-scale regulated financial activity.

Rather than rejecting tokenization itself, BIS advocates a “unified ledger” architecture that combines tokenized central bank money, tokenized commercial bank deposits and tokenized financial assets on programmable platforms operating within regulated legal and institutional frameworks.

By preserving the benefits of tokenization, including programmable transactions and faster settlement, while maintaining the institutional foundations of the existing monetary system, BIS said that financial markets can improve efficiency without sacrificing monetary stability, financial integrity or public trust.

Related: Why stablecoins and SWIFT may have to coexist

TLDR:

• Pi2Day 2026 expands Pi Network with AI development tools and new ecosystem participation features.
• Pi Launchpad introduced the SLICE Testnet token to improve launch testing before Mainnet releases.
• The Vibe Coder Campaign encourages AI developers to build and distribute applications through Pi App Studio.
• Pi Network says more than 60 million engaged Pioneers continue supporting ecosystem growth initiatives.

Pi Network has marked Pi2Day 2026 with new ecosystem initiatives focused on AI applications, developer participation, and product testing. The updates expand existing tools while encouraging broader community involvement before the latest campaign concludes. 

Pi Network is also promoting new opportunities for builders and users to contribute to ecosystem growth. The latest releases continue the project’s focus on utility, application development, and platform engagement.

Pi Network Expands Pi2Day 2026 With AI Apps and Pi Launchpad

Ahead of Pi2Day, Pi Network encouraged Pioneers to participate in two ecosystem initiatives before June 28. According to the Pi Core Team, the programs focus on expanding application utilities and collecting community feedback.

One initiative centers on the Vibe Coder Campaign. The campaign invites community members to introduce AI developers to Pi App Studio and its distribution network for applications built with artificial intelligence.

According to Pi Network’s official blog, participants can share information about Pi App Studio across online developer communities. Eligible participants may also enter a raffle for Pi merchandise after submitting qualifying posts through the Pi mining application.

Pi Community highlighted Pi2Day by pointing to several ecosystem additions. The community account referenced Pi App Studio, Pi Launchpad, built-in payments, digital identity, and more than 60 million engaged Pioneers participating across the network.

Pi Launchpad Introduces SLICE Testnet Token Before Pi2Day

Pi Network also expanded testing through the second Pi Launchpad Testnet token, known as SLICE. The official blog said the release follows lessons learned from the platform’s first Testnet launch.

The project stated that SLICE exists only on Testnet and will not move to Mainnet. The token allows users to experience the Launchpad process while providing practical feedback on participation mechanics.

According to Pi Network, participants can access the Launchpad through the Pi Browser. Users review the issuing project, commit Test-Pi, and interact with the connected Slice of Pi application during the testing period.

The updated Launchpad flow also introduces a fair-access hold mechanism alongside participation commitments. 

Pi Network said community engagement and feedback will help refine the product before future Mainnet token launches while strengthening ecosystem development around new applications.

TLDR:

• Hyper Foundation committed about $10 million to support USDH migration across affected ecosystem projects.
• Eligible builders must complete migration or orderly shutdown activities before the end of July deadline.
• USDH holders can swap tokens for USDC through supported HyperCore and HyperEVM migration pathways.
• Grant allocations depend on deployment costs or affected USDH total value locked across supported protocols.

Hyper Foundation has introduced a grant program worth approximately $10 million to support projects affected by the USDH sunset. The initiative targets builders migrating away from the stablecoin or winding down USDH-dependent services before the end of July. 

Eligible teams have already been contacted as the network moves through an organized transition process. The funding aims to reduce migration costs while helping maintain continuity across the Hyper ecosystem.

Hyper Foundation Unveils $10M USDH Migration Grant Program

Hyper Foundation said the grants will support builders whose products relied on USDH before its retirement. According to the foundation, eligible recipients include HIP-1 spot deployers, HIP-3 perpetual deployers, HyperEVM protocols, dedicated USDH: USDC bridge operators, and Native Markets.

The grants fall into two categories. Migration grants support teams replacing USDH with USDC, while wind-down grants assist projects ending USDH-related operations. The foundation noted that wind-down grants remain smaller than equivalent migration awards.

According to Hyper Foundation, every recipient has committed to completing migration or orderly shutdown activities before the end of July. The program seeks to minimize disruption while encouraging structured transitions across supported applications.

Grant calculations also differ between ecosystem participants. HIP-1 and HIP-3 recipients receive allocations based on auction deployment costs, while HyperEVM protocol grants depend on the amount of USDH total value locked affected by the sunset.

USDH Holders Receive Migration Options as Ecosystem Shifts to USDC

Hyper Foundation also outlined the migration process for users holding USDH. The organization encouraged users to follow instructions directly from the protocols where their assets remain deployed.

Users can exchange USDH for USDC through the HyperCore spot order book. The foundation also confirmed that HyperEVM users can swap USDH for USDC at a one-to-one ratio through Across without paying transaction fees.

Wu Blockchain highlighted the announcement shortly after the grant program became public. The report noted that the funding package covers both migration expenses and wind-down costs for affected ecosystem participants.

Hyper Foundation also acknowledged the contribution of builders, users, and Native Markets throughout the USDH rollout. The organization credited community participation and direct coordination with helping the migration process progress smoothly during the transition period.

Bitcoin is set up for a tense July after June delivered the token’s weakest monthly performance since mid-2022. BTC is down roughly 18.5% for the month and has struggled to defend the $60,000 psychological level.

Analysts are split between two forces: downside pressure tied to Bitcoin’s technical weakness, and a potential “liquidity magnet” effect that has historically coincided with sharper rebounds. Traders watching July closely will likely focus on whether BTC can reclaim key long-term indicators before any mean-reversion bounce plays out.

Key takeaways

• June’s drawdown puts pressure on Bitcoin’s ability to hold support near $60,000, with further weakness possible if longer-term trend levels fail.
• Liquidation data referenced by analyst Fleh points to a large short-liquidation concentration near $67,600, which could act as a magnet on a rebound.
• CoinGlass data cited in the coverage suggests Bitcoin has historically posted an average gain of about 7.6% in July, after a weak June.
• Seasonality in midterm-election years has been stronger for BTC, with an average July return of roughly 10.3% in those years.
• Another technical risk factor is Bitcoin trading below its 200-week simple moving average region near $62,445, a condition that preceded deeper weakness in 2022.

Liquidity heatmap points to a potential “magnet zone”

One of the more constructive arguments for July comes from liquidation positioning. In a post shared by analyst Fleh, the trader highlighted Binance BTC/USDT liquidation heatmap levels indicating heavy short-liquidation liquidity above current price.

The largest cluster referenced sits around $67,645. The charting data shown in the report cites approximately $247.39 million in liquidation leverage and roughly $2.26 billion in cumulative short liquidation leverage in that area, according to CoinGlass heatmap figures.

In markets, large concentration zones like this are sometimes described as “magnet zones.” The logic is straightforward: if price rises toward areas where leveraged short positions are concentrated, those shorts can be forced to exit through liquidation. Closing shorts generally requires buying Bitcoin back, which can amplify upward momentum and increase the odds of a sharper move than spot flows alone would suggest.

Fleh’s outlook, as quoted in the original coverage, is that BTC may bottom near $60,000 “for now,” targeting a rally toward $75,000 before any further downside risk materializes.

Seasonality and historical July performance

Beyond liquidation dynamics, the bullish case is also supported by historical calendar behavior—though this is not a guarantee. According to CoinGlass data highlighted by analyst CGT_Trader, Bitcoin has delivered an average gain of about 7.6% in July. The same dataset shows June has been weaker on average, with an average June return around -1.40%.

The key practical takeaway for traders is that July has often started with a rebound after a soft June. The report notes that even in bear-market years, July has still produced positive performance—for example, BTC gained 20.96% in July 2018 and 16.8% in July 2022.

More recent examples cited include a 2.95% rise in July 2024 and an 8.13% gain in July 2025, which the authors frame as further evidence that the seasonal pattern can persist through different regimes.

A separate midterm-election-year seasonality view referenced in the coverage shows Bitcoin averaging a 10.3% gain in July during those years—its strongest monthly return in that subset. That statistic contrasts with an average June loss of about 17% in midterm-election years, strengthening the “post-sell-off bounce” narrative.

Using the report’s current-price assumption near $60,000, a 7.6% average July gain implies a move toward roughly $64,500. The stronger 10.3% midterm-year average suggests a potential stretch toward about $66,100. If Bitcoin repeats the more dramatic bear-market rebounds seen in 2022 and 2018, the upside range suggested in the coverage lands between $70,000 and $72,500. A more aggressive “2020-style” July rally would be consistent with Fleh’s $75,000 target.

Technical pressure: risk grows if BTC can’t reclaim long-term support

While the upside thesis leans on liquidity and seasonal mean reversion, the downside case remains anchored in Bitcoin’s longer-term technical picture. The original analysis notes that BTC is still trading below its 200-week simple moving average, with that long-term reference around $62,445.

That matters because losing long-term moving-average support often increases the odds that rallies fail and price remains heavy until a deeper correction runs its course. The report draws a parallel to 2022: it states that a similar loss of long-term moving-average support preceded additional weakness before Bitcoin eventually formed a bottom.

In the coverage, this backdrop is described as a “bear flag breakdown,” with the expectation that unless BTC quickly reclaims the 200-day SMA area, downside risk in July could extend toward $55,000. The same article links to earlier coverage about capitulation risk near $50,000, underscoring that the technical narrative for this cycle has included concerns about sustained liquidation-driven selling pressure.

For investors, the practical distinction is timing. A liquidity-magnet rebound near $67,600 would require BTC to first stabilize around the $60,000 region and begin reclaiming higher levels. If instead price continues to slip below the long-term moving-average zones highlighted in the analysis, the short-term liquidation “magnet” argument could be delayed or invalidated by renewed downside momentum.

What to watch next in July

Heading into the month, the most important signals are whether BTC can hold near $60,000 and whether it reclaims the long-term moving-average region cited near $62,445. If it does, the $67,600 liquidity cluster could become a focal point for short-liquidation-driven buying; if it doesn’t, the reported $55,000 risk scenario may gain credibility and further weaken the odds of a quick mean-reversion bounce.

TLDR:

• Bitcoin approaches a rare weekly death cross as traders monitor long-term market direction closely.
• Strategy’s mNAV has dropped below 1.0 for the first time during this market cycle.
• Michael Saylor hinted at more Bitcoin discussions despite growing valuation concerns.
• Technical signals and institutional buying remain key factors shaping Bitcoin sentiment.

Bitcoin could soon print a rare weekly death cross as bearish technical signals return to the market. At the same time, Michael Saylor has hinted that Strategy may continue accumulating Bitcoin despite growing pressure on its valuation. 

The two developments have reignited discussion around Bitcoin’s price outlook and institutional demand. Investors are now watching technical charts alongside corporate buying activity for the next major market signal.

Bitcoin Weekly Death Cross Raises Fresh BTC Price Concerns

Crypto Rover shared that Bitcoin is approaching a weekly death cross, a technical pattern that appears when the long-term moving average falls below the shorter trend. The account noted that the previous weekly death cross preceded another 28% decline in Bitcoin’s price.

The same post highlighted Bitcoin’s historical four-year market cycle. According to Crypto Rover, another extended correction could align with the later stages of the current cycle if previous patterns repeat.

The signal has attracted attention because weekly chart formations appear far less often than daily indicators. Traders typically monitor them for broader market direction rather than short-term volatility.

Despite the technical setup, the pattern alone does not determine future price action. Market participants continue weighing macroeconomic conditions, liquidity, and institutional demand alongside historical chart behavior.

Michael Saylor Hints at More Bitcoin Buying Despite Strategy Valuation Pressure

While bearish technical signals circulated, Michael Saylor posted that more charts would be needed, a familiar response that often precedes fresh Bitcoin discussions. His comment followed renewed debate surrounding Strategy’s ability to continue funding Bitcoin purchases.

Wise Advice pointed to Strategy’s market value relative to its Bitcoin holdings. The account noted that the company’s modified net asset value, or mNAV, has fallen below 1.0 for the first time during the current market cycle.

According to the same discussion, Strategy previously suggested that issuing new equity below roughly 1.22 times mNAV could reduce shareholder value. That threshold has prompted questions about whether additional equity-funded Bitcoin purchases remain practical under current market conditions.

Even so, Saylor’s brief response has kept attention on Strategy’s long-standing Bitcoin accumulation strategy. 

Investors now await any official filings or announcements that could clarify whether another Bitcoin purchase is approaching while the company navigates changing market dynamics.

TLDR:

• Forbes estimates CZ’s fortune at $110B, placing the Binance founder ahead of Bill Gates in the latest rankings.
• Binance ownership remains the largest contributor to CZ’s wealth despite past regulatory settlements and leadership changes.
• Forbes says Bill Gates’ continued philanthropy has reduced his personal fortune while keeping him among top billionaires.
• CZ noted crypto wealth changes rapidly because private company valuations and digital asset prices fluctuate daily.

Changpeng Zhao, widely known as CZ, has moved ahead of Bill Gates on the latest Forbes billionaire rankings. The shift reflects the growing value of Binance alongside rising digital asset markets. 

CZ’s estimated fortune now stands at $110 billion, placing him above the Microsoft co-founder in Forbes’ published list. The milestone also highlights how crypto infrastructure has become a significant source of global wealth.

CZ Tops Bill Gates as Binance Valuation Lifts Net Worth

Forbes estimates CZ’s net worth at $110 billion. Bill Gates follows with an estimated $108 billion. The updated rankings place CZ at No. 17 globally, while Gates ranks No. 19.

The largest contributor to CZ’s fortune remains his ownership stake in Binance. Forbes estimates that he still controls roughly 90% of the world’s largest cryptocurrency exchange. 

The value of that stake has increased alongside stronger activity across digital asset markets. CZ also holds substantial personal cryptocurrency investments. 

Previous public statements indicate that most of his personal assets remain invested in crypto, including Bitcoin and Binance Coin. Forbes factors those holdings into its overall wealth calculations.

CZ acknowledged the published ranking after its release but noted that billionaire estimates can change rapidly. He pointed to crypto market volatility, saying real-time valuations often differ from published figures because private company values and digital assets fluctuate continuously.

Binance Recovery Strengthened CZ’s Position

Binance remained the world’s largest cryptocurrency exchange despite major regulatory challenges over the past several years. 

After stepping down as chief executive following a U.S. settlement in 2023, CZ retained his reported ownership stake in the company.

According to Forbes, Binance’s business recovered as trading activity stabilized and the exchange maintained a leading share of global crypto trading volume. That recovery significantly increased the estimated value of CZ’s equity.

Posts shared by DeFiTracer on X highlighted the updated Forbes rankings, describing CZ as the richest individual in the cryptocurrency industry. The discussion quickly spread across the crypto community as investors compared traditional technology fortunes with wealth created through digital asset infrastructure.

The rankings also reflect Bill Gates’ long-term philanthropic strategy. Forbes notes that Gates has continued transferring substantial assets to charitable causes through the Gates Foundation, reducing his personal fortune over time while remaining among the world’s wealthiest individuals.

The latest billionaire list illustrates how ownership of crypto infrastructure can rival wealth generated through traditional technology companies. 

While token prices influence personal fortunes, Binance’s business valuation remains the largest driver behind CZ’s estimated net worth, according to Forbes. The figures also serve as a reminder that billionaire rankings change frequently as private company values and cryptocurrency markets continue to move.