Key crypto developments over the past 24 hours
ChainCatcher’s latest roundup tracked a broad set of developments across regulation, Bitcoin governance, ETF flows, on-chain activity, exchange volumes, and token-specific controversies.
IPO market for crypto firms slows as bankers point to a later reopening window
According to CoinDesk, Christian Lopez, head of blockchain and digital assets at Cohen & Company Capital Markets, said the market for crypto IPOs has slowed sharply as investors rotate capital into other sectors and macro uncertainty continues to weigh on appetite for risk.
Lopez said the successful listings of Circle and Bullish had once lifted expectations for crypto IPO activity in 2026. Those expectations faded as market conditions weakened, trading volumes fell, and some recently listed companies underperformed after going public. Payward, the parent company of Kraken, along with Consensys, Ledger, and Grayscale, has delayed IPO plans while waiting for better conditions. Blockchain.com and FalconX are still moving ahead.
He said uncertainty around interest rates and global deleveraging pressure is making investors more cautious on high-beta assets such as crypto. In his view, the listing window for crypto companies may not reopen in a meaningful way until next year. He also said regulatory clarity is no longer the top obstacle for crypto firms seeking listings, with access to capital and business diversification now carrying more weight.
Coinbase defends the CLARITY Act as Senate timing tightens
Bitcoin.com reported that Coinbase chief policy officer Faryar Shirzad responded on X to criticism of the CLARITY Act from U.S. Senator Elizabeth Warren, saying the bill would not weaken national security and would instead bring digital asset platforms under stronger regulation. Warren had said the current draft could create opportunities to evade sanctions.
Shirzad said the bill would require crypto platforms to follow stricter national security standards and would allow platforms to freeze suspicious transactions when requested by law enforcement. Senator Cynthia Lummis had previously said the CLARITY Act includes 16 safeguards against illicit finance and warned it may be Congress’s last major chance to pass comprehensive digital asset rules before 2030.
Separately, The Hill said the bill is entering a critical legislative window. Bipartisan talks have not reached agreement on issues including ethics rules for government officials and illicit finance provisions. If the measure does not advance before the August recess, there would be little time left before the midterm elections, raising the risk that the process resets. Republican leadership is targeting the week of July 20 for Senate floor action, but at least seven Democratic senators would need to support it.
Forbes selects 10 cryptocurrencies worth investing in
Forbes said it screened 10 cryptocurrencies based on utility or store-of-value characteristics, while also considering seven-day performance and 24-hour trading volume. All selected assets have market capitalizations above $5 billion: BTC, ETH, BNB, XRP, SOL, TRON (TRX), HYPE, RAIN, LEO, and Zcash (ZEC).
Forbes said Bitcoin and Ethereum are widely regarded as the crypto market’s “gold and silver,” with market capitalizations of about $1.289 trillion and $216.47 billion, respectively. Together they account for about 68% of the total crypto market. In its methodology, Forbes excluded stablecoins, wrapped crypto assets, liquid staking tokens, and meme coins, focusing instead on assets with a clear investment case and room to appreciate as adoption and utility rise.
CryptoQuant says short-term Bitcoin holders still show stronger buying pressure
CryptoQuant analyst Axel Adler said the firm’s new “Bitcoin short-term holder real pressure model” shows that both buy and sell pressure from short-term holders have eased slightly, but buyers remain in the lead. The model compares realized buying pressure with realized selling pressure among short-term holders to measure shifts in market balance.
Adler said the indicator can act as a contrarian signal during bear markets. Buyers tend to be more active near local lows, while selling pressure rises near local highs. Over the past 24 hours, the model has not flashed a trend-switch signal. The latest hourly reading showed a buy pressure score of 28.57, down from 28.98 a day earlier, and a sell pressure score of 22.62, down from 22.68. Buyers still lead sellers by about 5.94 percentage points.
He also said conditions in the Bitcoin ETF market have improved slightly. After eight straight weeks of outflows, the segment recently recorded about $197.4 million in net inflows. Adler said that amount is not enough to confirm a reversal in institutional demand. The 30-day ETF flow momentum remains deeply negative at about -$4.73 billion, and cumulative assets have fallen from a peak near $62 billion to around $51 billion.
Adler expects several events next week to shape markets, including developments in the Middle East, the impact of an escalation in U.S.-Iran tensions on energy supply, earnings from major U.S. banks, remarks from Fed Chair Warsh, June CPI, the University of Michigan consumer sentiment index, retail sales, and housing data.
Coinglass reports $76.96 million in liquidations
Coinglass data showed total crypto liquidations of $76.9595 million over the past 24 hours. Long liquidations accounted for $30.1516 million, while shorts made up $46.8079 million.
Bitcoin long liquidations came to $5.5866 million and Bitcoin shorts to $5.5497 million. Ethereum long liquidations reached $4.4148 million, while Ethereum short liquidations were much larger at $21.0224 million. A total of 45,677 traders were liquidated worldwide in the period, and the single largest order was on Hyperliquid’s ETH-USD pair at $2.4857 million.
New claims emerge in the Qian Zhimin 60,000 BTC case
Caixin reported that hearings in the Qian Zhimin 60,000 BTC case were held from July 7 to July 9, 2026, over three days. Blue Sky Geri entered the dispute through a litigation receiver, turning the fight over the Bitcoin from a two-sided battle into a three-sided contest.
The three positions are now clear. The U.K. prosecution service, or DPP, says the assets should be confiscated by the state. Chinese victims argue they hold proprietary interests traceable to the Bitcoin, which has risen sharply in value. The litigation receiver for Blue Sky Geri says the Bitcoin is substitute property created after Qian Zhimin misappropriated company funds.
The report said the Bitcoin in question was valued at about 427,000 yuan per coin in July this year, up 152 times from Qian’s 2014 purchase cost of 2,815 yuan per coin. If applicants successfully establish proprietary claims, recovery may extend beyond original losses to include the appreciation in Bitcoin.
The receiver for Blue Sky Geri argues that the Bitcoin was transformed from misappropriated company property and can therefore be traced. The DPP continues to argue that Chinese law should apply. Lawyers leading the victims’ case presented four legal arguments designed to work together: applying English law because the Bitcoin is in the U.K.; treating the investment contracts as fraudulent and rescinded, which would restore beneficial ownership to the victims; applying the tracing mechanisms in POCA Sections 305 and 306; and using a hybrid structure rather than choosing only Chinese or English law.
ZachXBT renews allegations over LAB token selling
On-chain investigator ZachXBT said on X that an entity originally funded by the LAB team deposited 18.4 million LAB, worth about $18.3 million, to Aster and sold on the DEX spot market, contributing to another 54% drop in LAB from $1.2 to $0.55.
He said the entity transferred LAB to three Aster deposit addresses between July 10 and July 11 and still holds about 81.5 million LAB. He added that the entity received more than 196 million LAB from the LAB team in April 2026, later sent tokens to Bitget addresses, and withdrew them from Bitget to 10 addresses between May 11 and May 12.
ZachXBT has repeatedly questioned LAB over alleged market-making manipulation and insider supply issues. He also said one of the LAB multisig signers had funding links to addresses tied to RIVER manipulation, and noted that nearly 226 million LAB was deposited to Bitget between March and April.
Weekly volume on South Korea’s five largest exchanges falls below 10 trillion won
Digital Asset reported that weekly trading volume across South Korea’s five largest crypto exchanges has now declined for five straight weeks. From July 3 to July 10, total weekly volume came to about 9.9676 trillion won, down 25.75% from roughly 13.4 trillion won a week earlier. It was the first drop below 10 trillion won in nearly two years and nine months, since the last week of September 2023, when volume was about 9.6 trillion won.
The report said weekly volume has weakened steadily since June, with readings of 17.7 trillion won, 15.4 trillion won, 14.6 trillion won, and 13.4 trillion won. Compared with the first week of June, volume has fallen about 43.5% over the past month.
Upbit remained the leader with a 63.02% market share, down 3.95 percentage points from the previous week. Bithumb rose to 29.51%, up 2.38 points. Coinone increased to 6.66%, up 1.46 points. Korbit and Gopax stood at 0.78% and 0.03%.
Two hacker-linked addresses buy a combined 6,454 ETH with DAI
On-chain analyst Ember said two hacker-linked addresses both made large ETH purchases using DAI on the same day. One address tied to funds stolen from Coinbase users bought 4,049.7 ETH with 7.378 million DAI in early trading, at an average price of about $1,822.
The second address, described as one that withdrew ETH from Tornado Cash last November and converted it into DAI, bought 2,405 ETH with 4.34 million DAI two hours earlier, at an average price of about $1,804. Together, the two addresses bought 6,454 ETH.
Ripple once considered shutting down and distributing XRP, Garlinghouse says
Ripple CEO Brad Garlinghouse said that after the SEC sued the company in 2020, he and co-founder Chris Larsen seriously considered shutting the company down and distributing its XRP holdings to shareholders.
Garlinghouse said they chose to fight the SEC instead. He said that decision preserved hundreds of jobs but cost Ripple about $150 million in legal fees over four years. Ripple later prevailed after a federal judge ruled that XRP itself is not a security. The case was settled last year after a leadership change at the SEC, whose new leadership took a looser stance on crypto.
Custodia asks the U.S. Supreme Court to review Fed master account dispute
Custodia Bank has filed a petition with the U.S. Supreme Court asking it to determine whether regional Federal Reserve bank presidents have the authority to deny institutions access to master accounts. Custodia had repeatedly sought a Fed master account and was rejected in 2023 on the grounds that its novel business model and crypto-focused plans posed significant safety and soundness risks.
Custodia later appealed to the Tenth Circuit, which sided with the Federal Reserve Bank of Kansas City in 2024. The Supreme Court is set to decide in October whether it will hear the case.
Singapore police and centralized exchanges stop more than $4.2 million in potential fraud losses
Bitcoin.com reported that Singapore police, through a six-week anti-scam operation from April 16 to May 31, 2026, worked with Coinbase, Coinhako, Gemini, Independent Reserve, OKX, StraitsX, and Upbit. Using blockchain analysis tools from Chainalysis and TRM Labs, they identified potential scam victims and carried out more than 145 targeted interventions by phone and in person, preventing more than $4.2 million in potential losses.
Coinbase Singapore said on X on July 10 that its cooperation with Singapore police helped stop losses of more than $4.2 million affecting over 145 people. Singapore police said they will continue to work with crypto exchanges and other private-sector partners to fight cybercrime.
Hyperliquid whale positioning totals $5.118 billion
Coinglass data showed whales on Hyperliquid currently hold positions worth $5.118 billion. Long positions account for $2.494 billion, or 48.72%, while shorts total $2.625 billion, or 51.28%. Unrealized PnL on longs is -$24.1209 million, compared with -$76.3876 million on shorts.
Among the tracked positions, whale address 0x082e..88 is fully long HYPE at 5x leverage from an entry price of $38.6755 and currently shows unrealized profit of $39.4312 million.
Saylor and Adam Back oppose BIP 110 as miner support falls to zero in the current cycle
Blockstream co-founder Adam Back said in a post about the Bitcoin community’s debate over BIP 110 that he understands and sympathizes with supporters who dislike spam transactions and want to protect the network. He said the proposal is, at its core, an effort to monitor other people’s activity and would erode Bitcoin’s decentralization, security, and neutrality, putting it at odds with Bitcoin’s principles.
Michael Saylor reposted the comment and said, “There are 110 things more dangerous to Bitcoin than spam. BIP 110 turns a spam dispute into a consensus change and would invalidate some currently valid, fee-paying transactions. That precedent is the real danger. Energy should be spent on actual threats.”
Earlier, David Bailey, chairman of Bitcoin treasury company Nakamoto and chairman of Bitcoin Magazine, said the failure of the long-running “BIP-110” dispute is “extremely bullish” for Bitcoin and shows the network’s resistance to attack and fragmentation.
Separately, the proposal is approaching an early August deadline. Miner support is below 1%, and in the current cycle it stands at 0, with no major mining pool backing it. BIP 110, formally titled a proposal to reduce data through a temporary soft fork, would limit OP_RETURN data capacity over a one-year period, block most arbitrary data writes above 256 bytes, and restrict some script formats mainly used for data storage.
The proposal uses a user-activated soft fork model with a 55% miner signaling threshold. Nodes running BIP 110 software are still in the single digits as a share of the network and come mainly from Bitcoin Knots users. The current signaling cycle is set to end near block height 959,615, with a voluntary lock-in period expected in early August and activation planned around September. If broad support still does not appear, a minority chain split could follow.
Polymarket revenue jumps, while ETH and BTC liquidation levels stay in focus
DeFiLlama data showed that Polymarket generated $11.46 million in revenue during the week of July 6 to July 12, the highest weekly figure of 2026. Its total value locked is about $374 million, annualized revenue is about $188 million, and 30-day trading volume is around $4.936 billion.
Coinglass data showed that if ETH rises above $1,889, cumulative short liquidation intensity across major centralized exchanges would reach $718 million. If ETH falls below $1,710, cumulative long liquidation intensity would reach $551 million.
For Bitcoin, a move above $67,030 would bring cumulative short liquidation intensity to $769 million on major exchanges. A drop below $61,090 would put cumulative long liquidation intensity at $687 million.
Coinbase Bitcoin Premium Index stays negative for 55 straight days
According to Coinglass, the Coinbase Bitcoin Premium Index has now remained in negative territory for 55 consecutive days, from May 19 to the present, with the latest reading at -0.0072%.
The previous longest negative streak this year lasted 40 days, from January 16 to February 24, which had been the longest stretch since the indicator was introduced. That also exceeded the roughly 30-day negative streak seen during the “1011 crash.” Historical data in the report said sustained negative premiums often coincide with U.S. institutional capital moving out of the market.
Turkish prosecutors indict alleged $850 million crypto laundering network
Hürriyet Daily News reported that Turkish prosecutors have filed charges against a large money laundering network linked to the Grand Bazaar, with nearly 40 billion Turkish lira involved, or about $850 million.
The indictment lists 504 suspects accused of using shell companies, bank accounts, foreign exchange offices, POS terminals, and crypto transactions to conceal illicit proceeds. Prosecutors also said the suspects converted stolen funds into crypto and transferred them abroad, while luring victims into fraudulent investment schemes with promises of high returns. Prosecutors are seeking sentences of up to 34.5 years for alleged ringleader Türker Ak and up to 31 years for alleged network manager Murat Dönmezoğlu.
Analysts continue to track bear-market signals in Bitcoin and stablecoins
CryptoQuant analyst Darkfost said Bitcoin has now traded below the short-term holder cost basis for more than nine months, a pattern that has historically aligned with bear-market phases in which short-term holders stay underwater for extended periods. He put the current short-term holder cost basis at about $70,700 and said it continues to act as resistance. In May, BTC climbed to around $82,000 to test that zone and then pulled back quickly.
CoinDesk also reported that the stablecoin market posted its largest monthly retreat in years in June, with total market capitalization falling by $7.7 billion. It was the biggest one-month drop since the Terra-Luna collapse in May 2022. Since the May peak, the market has shrunk by about $10 billion. USDT market cap fell by about $6 billion from roughly $190 billion in May to $184 billion, while USDC dropped by about $7 billion from nearly $80 billion in March 2026 to around $73 billion.
Even so, the pullback remains smaller than the cumulative decline of more than 26% seen during the 2022 crypto winter. Citi had previously estimated that the global stablecoin market could reach $1.9 trillion by 2030 in a base case and as much as $4 trillion in a more optimistic scenario.
In another market outlook, a CoinMarketCap post on X cited Standard Chartered head of digital asset research Geoff Kendrick as saying that announcements related to traditional financial institutions entering DeFi could increase by 10 to 20 times over the next three to 12 months.
Cointelegraph reported that Real Vision chief crypto analyst Jamie Coutts said Bitcoin may be entering the later stage of the bear market and that downside momentum is starting to slow. Coutts said Bitcoin’s volatility is down about 50% from the previous cycle, though he added that trend indicators are still clearly bearish overall. He said some early bullish divergences are appearing on longer-term momentum measures, suggesting negative momentum is easing rather than that the bear market has already ended.
Brazil court orders Coinbase to return nearly $100,000 to user
A court in São Paulo state ordered Coinbase to return nearly $100,000 to a user who said funds deposited into Coinbase Wallet disappeared in unauthorized transactions.
Coinbase argued that the wallet’s private keys were fully controlled by the user, but it did not prove that the wallet owner initiated the transactions, nor did it show security measures that could have prevented the outcome. The court based its ruling on consumer protection law and ordered Coinbase to return the full amount plus statutory interest.
Single-chip Bitaxe miner finds full Bitcoin block
Bitcoin News reported that a Bitaxe ASIC miner equipped with only a single chip mined Bitcoin block 957,382 and received the full block reward of 3.1382 BTC, worth about $200,580.
The machine runs at roughly 1 TH/s and was the only device at that address. Because it mined through a public pool with a 0% fee, the owner kept 100% of the block reward and transaction fees. The block’s mining difficulty came in at 294.14T, more than 2.2 times the required difficulty of 133.87T. At 1 TH/s, the odds of finding a block are estimated at roughly once every 16,000 years on average.
Meme token leaderboard and reading picks
GMGN market data showed that as of 10:54 on July 13, the top five trending ETH-based meme tokens over the past 24 hours were ASTEROID, LINK, ADI, USDG, and PNKSTR. On Solana, the top five were ANSEM, febu, HOME, CASHPIGGY, and POINTLESS. On Base, the top five were ELSA, SOSO, BNKR, LMTS, and LBM.
ChainCatcher also highlighted several long-form reads, including a SemiAnalysis piece on Anthropic, a market note on Hong Kong short squeezes and U.S. AI momentum trades, a summer global markets risk outlook, and an analysis of the implications of Circle National Trust receiving final OCC approval.