Tokenized equities firm Dinari is bringing its blockchain-based U.S. stock offering to eligible domestic investors, marking an expansion of the custodial tokenization model into the U.S. market.

The company said Tuesday that investors can buy and sell 724 tokenized U.S. stocks, including every company in the S&P 500, using Circle’s USDC stablecoin through self-custody wallets. The stock tokens are available across Ethereum, Arbitrum, Base and Avalanche, with support for Solana and Sei coming “soon,” the firm said.

The offering runs through Dinari’s regulated broker-dealer and transfer agent infrastructure and launches with partners including Circle (CRCL), Stripe-owned Privy, Para and Monaco.

The move comes as tokenized equities emerge as the next battleground in real-world assets. After tokenized U.S. Treasury funds became the first major institutional use case, firms are increasingly turning to public equities, betting blockchain technology can modernize trading, settlement and shareholder recordkeeping. Citi projects tokenized securities could grow into a $5.5 trillion market by 2030.

Competing tokenization models

The space is also splitting into competing models. Robinhood (HOOD) and Kraken parent Payward have expanded tokenized stock offerings outside the U.S. using offshore structures that mirror publicly traded shares.

Crypto infrastructure firm BitGo (BTGO) is set to replace LayerZero with Chainlink as the exclusive cross-chain provider for wrapped bitcoin (WBTC). The move pushes the value covered by announced LayerZero-to-Chainlink migrations to nearly $15 billion.

The move forms part of a migration wave that started following the $292 million exploit of Kelp DAO’s LayerZero-powered bridge earlier this year, which increased scrutiny of LayerZero bridge configurations. Various other projects, including Mantle, Kelp, Lombard, Solv Protocol, Virtuals, Re and Kraken have since announced moves to Chainlink’s CCIP.

WBTC is a tokenized representation of bitcoin designed to track its value. Unlike native bitcoin, it can be used in decentralized finance applications on other blockchains for trading, lending and collateral.

WBTC currently has a market capitalization of about $7.4 billion, according to CoinMarketCap. Adding it to the $7.24 billion covered by earlier migration announcements takes the total funds moving their cross-chain infrastructure to CCIP to roughly $14.6 billion.

BitGo said it will standardize WBTC deployments using Chainlink’s Cross-Chain Token standard and use CCIP by default for future assets it issues.

Texas is moving to scrutinize and potentially slow the expansion of data centers connected to the state’s power grid, a policy shift that could reshape near-term opportunities for some Bitcoin mining operators—but not necessarily disrupt miners with already-approved power arrangements.

On Monday, Governor Greg Abbott directed the Public Utility Commission of Texas and the Electric Reliability Council of Texas (ERCOT) to audit data center projects seeking grid interconnection, according to the governor’s office and reporting from The Texas Tribune. The audit’s duration was not specified, but the move comes as public concern grows about the pace of data center build-out in the state.

Key takeaways

• Abbott ordered an ERCOT and PUCT audit of data center interconnection efforts, with the audit timeline left open.
• Bernstein analysts said most Texas Bitcoin miners are likely insulated because many already hold contracts for approved electric capacity.
• The policy may cool “speculative” data center pipeline activity, potentially increasing the relative value of miners with longer-running infrastructure and community presence.
• Bernstein flagged CleanSpark, Cipher Digital, and Core Scientific as potentially more exposed if future grid-expansion approvals face additional political resistance.

Abbott’s data center audit targets grid connections

The directive issued by Governor Abbott calls for an audit of data centers looking to connect to Texas’s electric grid system. The Public Utility Commission of Texas and ERCOT are the entities tasked with carrying out the review, the governor’s office said. The Texas Tribune reported that the audit follows mounting public backlash related to the speed and scale of data center development across the state.

For the Bitcoin mining industry, the practical question is how much the audit and any resulting moratorium-like effect could delay new interconnection capacity, or complicate the path from pre-development plans to fully grid-connected power.

Why Bernstein expects limited disruption to existing mining contracts

In a note to clients Tuesday, Bernstein analysts said Bitcoin miners operating in Texas are not expected to be materially impacted by the audit and associated approval constraints because most are already covered by agreements for electric capacity that has been approved.

Bernstein’s research team, led by Gautam Chhugani, also argued that even if day-to-day mining operations are largely protected, the audit could still change the investment landscape. The analysts wrote that the process “throttles” the speculative data center pipeline while making “genuine sites with development history more valuable.”

That framing matters because mining economics are highly sensitive to power availability and timing. A pipeline slowdown can increase the scarcity value of projects that already have progress, permitting, and power-related approvals—especially when future grid connection steps become politicized.

Miners Bernstein says may face higher exposure to public opposition

While Bernstein described many existing operations as insulated, it highlighted particular miners it believes could be more affected if political resistance intensifies during ERCOT’s process for converting pipeline assets into grid-connected power capacity.

According to Bernstein, the local operations of Cipher Digital, Core Scientific, and CleanSpark could face the most exposure to future public opposition—particularly in scenarios where ERCOT’s approval path becomes slower or more difficult for projects attempting to turn pipeline capacity into grid-connected power.

Bernstein pointed to the idea that as new moratoriums or state directives reduce fresh capacity entering the approval pipeline, the value of already approved megawatts (MWs) can rise. In that context, the analysts cited IREN as a notable example, stating that its operations are fully ERCOT grid approved. Riot Platforms was also mentioned by Bernstein as having operations that are already ERCOT grid approved.

In other words, the distinction Bernstein emphasized is less about whether mining can continue today, and more about which companies have the most defensible position when approvals are contested and interconnection capacity becomes harder to secure for new or expanding projects.

Investor reaction and company updates as the policy shift lands

The market response to Bernstein’s framing appears to be playing out in trading. Shares of Cipher Digital were down more than 7% in Tuesday’s premarket trading, based on Yahoo Finance data.

Separately, Cipher Digital reported second-quarter 2026 business updates earlier Tuesday, according to the company’s investor communications. In that update, the miner reported a loss of $0.65 per diluted share, widening from a loss of $0.12 per diluted share in the prior year period. While those results are not directly tied to Texas’s grid audit in the coverage, they provide additional context for why investors may be scrutinizing mining operators’ paths to capacity and operational resilience.

What to watch next in Texas’s grid approval process

With Abbott’s directive now in motion, the key variable for investors and operators will be what the audit changes in ERCOT and PUCT decision-making—especially around timelines and the approvals required to move from pipeline plans to grid-connected power. As public pressure remains a live factor in Texas, companies dependent on future capacity expansion may be more exposed than those already secured under approved electric capacity contracts.

Joint currency interventions in the yen by Japan and the US could ultimately benefit Bitcoin and risk assets. 

Key points:

• The first joint intervention in the yen between Japan and the US since the late 1990s could set a precedent for future moves.
• A liquidity crisis tied to the yen carry trade poses questions for Bitcoin (BTC) and risk assets as the two countries attempt a juggling act to stabilize the currency without impairing US Treasury markets.
• Japanese two-year bond yields rose above 1.57% on Monday.

Bessent signals new era of US yen involvement

Washington’s growing coordination with the Bank of Japan (BoJ) points to a potential boost in global dollar liquidity — even as it runs up against a yen carry trade unwind that could squeeze liquidity if it deepens further.

Last week, the US and Japan conducted a rare joint intervention to prop up the yen, which had slid to 40-year lows of 164 per dollar — the first of its kind since 1998. The New York Federal Reserve Bank sold euros, rather than dollars, on behalf of the US Treasury. The sales involved the Exchange Stabilization Fund, or ESF, a stockpile of foreign exchange reserves.

USD/JPY one-day chart for Tuesday. Source: Cointelegraph/TradingView

Subsequently, US Treasury Secretary Scott Bessent publicly placed emphasis on meeting with BoJ Governor Kazuo Ueda at the forthcoming G20 gathering of finance ministers in North Carolina at the end of August.

“Japan’s economy continues to perform well under Prime Minister Takaichi, Governor Ueda, and the Bank of Japan Board, which has demonstrated a strong commitment to monetary and financial stability. We continue to enjoy a strong relationship and close coordination,” he said.

The BoJ is one of the few central banks with access to the Federal Reserve’s Foreign and International Monetary Authorities (FIMA) repo facility, which allows access to dollar liquidity without selling US Treasuries. Japan, as the largest holder of Treasuries, could push up yields should sales accelerate, which would in turn increase borrowing costs for the US government, corporations and consumers alike.

In a subsequent post, Bessent drew attention to FIMA, calling for the facility to be expanded.

“The FIMA Repo Facility is an important backstop. We would encourage it to be upsized in the coming months. We strongly support Japan’s decisive market and monetary steps to correct the substantial undervaluation of the yen,” he continued.

FIMA use sees the Fed provide dollars to foreign institutions, which use Treasurys as collateral, with the result that the facility is positive for dollar liquidity, as it increases the supply of dollars outside the US.  

Bitcoin may rise from the yen carry trade’s ashes

Reactions to the move were mixed, with economist Mohamed El-Erian noting that the US government was now bound into coordination with the BoJ going forward.

“Washington has now signed onto a strategy whose ultimate success doesn’t rest in its own hands. Instead, as discussed in previous posts, it hinges on a comprehensive policy alignment in Tokyo among the Bank of Japan, the Ministry of Finance, and the Prime Minister’s Office,” he said.

In Bitcoin circles, too, there were misgivings about the long-term implications of ongoing yen interventions — even if these inadvertently boosted the BTC bull case. Expectations have long anticipated the disintegration of the yen carry trade as the BoJ shifts away from past decades of low interest rates. 

This outcome is being spurred on by other aspects of Japan’s own domestic fiscal policy. High government spending has helped government bond yields hit multi-decade highs, and this in turn makes yen funding mechanisms less attractive.

Japan two-year bonds, one-day chart. Source: Cointelegraph/TradingView

Japanese two-year bond yields rose above 1.57% on Monday, a signal that low-interest-rate conditions were coming to an end in advance of market expectations. Japanese investors repatriating capital to take advantage of this sea change in the domestic economy adds to the risk of the carry trade unwinding further.

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Bitcoin may have already erased half of its market cap, but veteran crypto investor Michael Terpin says the asset still has further to fall before hitting rock bottom.

“We still have more pain to go,” Terpin tells Cointelegraph on the Trade Secrets show. Terpin believes that Bitcoin will ultimately fall “66%” from its October 2025 all-time high of $126,100. “I think that brings us down into the 40s, and I think that’s about where we’re gonna go,” Terpin says. 

To be precise, a 66% drop from the ATH would see Bitcoin changing hands for $43,500, a price the asset has not seen since early February 2024. The 68-year-old investor, often referred to as the “Godfather of Crypto,” has seen Bitcoin plunge enough times to know what a true bottom feels like. 

The ‘defining hallmarks’ of a Bitcoin bottom

Terpin doesn’t think markets have seen true capitulation yet. “One of the defining hallmarks of the bottom is that it doesn’t pop back,” Terpin says.

Michael Terpin spoke to Cointelegraph on the Trade Secrets show. Source: Cointelegraph

Terpin points out that greed is invariably why most traders fail to time market cycles correctly. He points to Bitcoin’s previous cycle top in November 2021, when the asset reached around $69,000 before entering an extended consolidation period. “You had quite a bit of time to get out over $60,000. But then everybody thought it was going to $100,000,” Terpin says, “remember the laser eyes?”

Terpin wasn’t confident back then that Bitcoin would reach $100,000. “I thought there was a possibility it could go to a hundred, but I thought the sweet spot was going to be eighty-five. And it obviously underperformed that because of all the bad macro,” Terpin says.

“We’ve had two cycles in a row now with bad macro. And you would have expected good macro from Trump, but the tariffs, and some of the other things that allowed a lot of manipulation,” Terpin says.

Bitcoin ultimately reached $100,000 in December 2024, just a month after Donald Trump won the US presidential election.

Terpin worked with Ethereum in its early stages

Terpin was an early investor in the crypto industry and is the founder and CEO of blockchain advisory firm Transform Ventures. 

Through his company, he worked with several projects during their early development stages that went on to become major names in the industry, including Ethereum, Tether, and WAX. He was also an advisor to Mastercoin, the world’s first initial coin offering (ICO) in 2013. It later became known as Omni Layer.

Terpin claims he was the first crypto investor to relocate to Puerto Rico, which is known for its crypto-friendly tax policies. Since moving, he has also invested in and helped fund several startups based on the island. 

Michael Terpin says four-year cycle is not over

He is convinced that Bitcoin is still following its traditional four-year cycle, despite the industry debate in 2025 that institutional adoption and the launch of spot ETFs may have changed the market’s usual boom-and-bust pattern.

Bitcoin is up 1.67% over the past 30 days. Source: CoinMarketCap

“I think we’re still following the halvings. This whole argument that, you know, we’re only going up from here because institutions don’t sell is garbage, right? Institutions absolutely sell.”

Terpin is also cautious about companies built around Bitcoin exposure, including Strategy and its executive chairman Michael Saylor’s aggressive Bitcoin accumulation strategy.

Buying Strategy stock or Bitcoin?

While acknowledging Saylor’s success, Terpin says investors should understand the risks of investing in a corporate structure rather than owning the underlying asset.

“I mean historically, you’ve done better if you buy Strategy at the bottom and then sell it at the top than if you buy the Bitcoin,” Terpin says. “Whether he’s [Michael Saylor] able to keep that going, and you know, he avoided being wrecked in 2022 when he was actually underwater with his Bitcoin.” But Terpin would personally “rather bet on Bitcoin than a single company.”

And indeed, investors looking for a low maintenance approach should also bet on Bitcoin rather than chasing altcoins, which require far more active management.

“You only have to look at your portfolio like a couple times during the four-year cycle,” Terpin says.

“When we’re getting near the bottom, see if it’s time to buy. And when we’re getting near the top, see when it’s time to sell. And the rest of the time you can just be on the golf course. Whereas with altcoins, you gotta be, you gotta be on it,” Terpin says.

What’s the way forward?

Key takeaways

• AAVE is holding above its 50-day EMA at $90.80 as its near-term recovery continues.
• Deposits in Aave V3 on Monad increased by more than $500 million over the past month.
• Aave V4 deposits reached a record high above $350 million.

Aave (AAVE) is extending its mild recovery on Tuesday, trading above the 50-day Exponential Moving Average at $90.80.

The recovery comes amid increased adoption of Aave’s lending protocols. Aave V3’s deployment on the Monad Layer 1 blockchain attracted more than $500 million in deposits over the past month, alongside more than $215 million in active loans.

Despite the rise in protocol activity, weak derivatives data and bearish momentum indicators continue to cloud AAVE’s price outlook.

Aave V4 deposits reach record high

Deposits in Aave V4 have surpassed $350 million, establishing a new record after increasing by more than $100 million over the past 30 days.

The growth suggests rising adoption and may be partly driven by an attractive USDC borrowing offer. Holders of cbBTC, WBTC, WETH and wstETH can reportedly access a borrowing rate of negative 0.2%.

The increase in deposits across Aave V3 on Monad and Aave V4 highlights growing use of the protocol, even as demand for the AAVE token remains subdued among retail traders.

AAVE is losing momentum in the derivatives market despite the growth in protocol deposits.

Futures open interest declined by more than 6% over the previous 24 hours to $302.15 million, according to CoinGlass. The drop reflects a contraction in the value of outstanding futures contracts and suggests traders are reducing their exposure.

AAVE’s funding rate also fell below zero to negative 0.0046%. Negative funding indicates a bearish tilt, with short-position holders paying traders holding long positions.

Meanwhile, the 24-hour long-to-short ratio declined to 0.9372, showing that active short positions outnumber longs and reinforcing the cautious market outlook.

AAVE technical outlook: Could the price fall to $70?

AAVE is hovering above $90 at the time of writing on Tuesday, maintaining a mildly constructive near-term position above its 50-day EMA at $90.80.

However, the token remains well below its 200-day EMA at $112.75, suggesting that its broader recovery potential remains limited.

The Moving Average Convergence Divergence indicator continues to decline below its signal line, reflecting persistent bearish momentum.

The Relative Strength Index stands near 49 and is trending lower while AAVE’s price forms a modest upward trend. This bearish divergence suggests that buying momentum is weakening despite the recent price recovery.

The 50-day EMA at $90.80 is the key immediate support level. A decisive daily close below this moving average could accelerate selling pressure and trigger a roughly 20% decline toward the June 18 low of $70.65.

The psychological $100 level represents AAVE’s first major resistance. This area sits close to the May 10 high of $103.51, creating a broader resistance zone between $100 and $103.51.

A sustained break above this region would strengthen the bullish case and could allow AAVE to target the 200-day EMA at $112.75.