WuBlockchain’s latest daily crypto news selection covered U.S. labor data, a lawsuit involving Binance-linked entities and RedotPay, Circle’s quarterly results, Arthur Hayes’ latest market thesis, ai16z founder Shaw’s statement on his project’s token, SpaceX earnings, and the planned closure of a Hashdex Bitcoin ETF.
U.S. July ADP employment comes in at 44,000
U.S. ADP employment for July rose by 44,000, below the 70,000 expected by the market and the previous reading of 98,000.
Binance-linked entities sue RedotPay co-founders in Hong Kong
Binance-linked entities Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore have filed a lawsuit in Hong Kong against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao. The complaint alleges that they breached agreements, diverted more than 470,000 Binance users to RedotPay, and caused $472.8 million in losses.
RedotPay denied the allegations and said it would respond through proper legal channels, adding that the case would not affect day-to-day operations. Chaintecs has also filed suit in Singapore against a RedotPay affiliate, with a hearing scheduled for this Friday.
Circle reports Q2 2026 results and sets a public mainnet date for Arc
Circle said USDC circulation reached $73.3 billion in the second quarter of 2026, up 19% year over year. On-chain transaction volume hit $14.8 trillion, up 151% from a year earlier.
Revenue and reserve income for the quarter came to $701 million, up 7%. Net income from continuing operations was $48 million, while adjusted EBITDA reached $143 million, up 8%.
Circle also said Arc now has more than 100 ecosystem and institutional builders and is scheduled to launch its public mainnet on Sept. 16. The network is set to support privacy, programmable finance and real-world asset tokenization.
Arthur Hayes says an AI bubble burst could bring back a Bitcoin bull market
BitMEX founder Arthur Hayes published a new essay, “Situationship,” laying out his view on how an AI bubble could feed into the next Bitcoin upcycle.
He wrote that markets broadly treat trillions of dollars in AI capital expenditure as high-growth technology investment, while he sees that spending as closer to real estate development. In his view, if financial intermediaries overbuild data centers and related infrastructure with tacit approval from the U.S. and Chinese governments, an AI bust would look more like the 2008 credit crisis than the 2000 dot-com collapse.
Hayes said that if the bubble breaks, central banks would return to aggressive money printing, which in his view would push Bitcoin and the broader crypto market back into a strong bull phase. He added that Bitcoin may trade between $60,000 and $70,000 for a period, with downside to $50,000, and said his family office Maelstrom has already bought a large amount of Bitcoin. He also said Ethereum could become the next altcoin narrative over the coming six months and set a year-end 2026 target of $5,000 for ETH.
ai16z founder Shaw says the token will go to zero and the foundation will shut down
ai16z founder Shaw said in a post that he is abandoning the token and fully separating himself from it.
According to Shaw, the team has been under pressure from legal disputes, employee departures and criticism from the community. He said he had not sold the token and lived modestly, but no longer wanted to absorb what he described as excessive blame from the community and a crypto gambling culture. He said the token would go to zero and the foundation would cease operations.
At the same time, Shaw said the team would retain the intellectual property and continue development focused on the Eliza operating system and open-source AI agents. He added that no token would be allowed near Eliza going forward.
SpaceX posts 92% revenue growth in Q2 as Bitcoin carrying value drops to $1.098 billion
SpaceX reported second-quarter 2026 revenue of $7.814 billion, up 92% from a year earlier. Net loss narrowed to $541 million from $1.008 billion in the same period last year, while adjusted EBITDA rose 191% to $3.538 billion.
In its business lines, connectivity revenue came in at $4.291 billion and Starlink users reached 12 million. AI business revenue climbed 247% to $2.561 billion, though operating loss in that segment was $1.257 billion. Capital expenditure for the quarter totaled $18.369 billion, including $15.828 billion for AI computing infrastructure.
As of the end of the second quarter, SpaceX held 18,712 BTC with a carrying value of $1.098 billion, down about 33% from the end of 2025. Cash, cash equivalents and marketable securities totaled about $100 billion, while contract backlog stood at $47.5 billion.
According to Bitget and pricing data on its stock page, SpaceX shares rose in after-hours trading after the earnings release and then pulled back. Over roughly the following hour, the stock fell 6.9% to $117.25.
Hashdex to close and liquidate Bitcoin ETF DEFI
Hashdex said it will close and liquidate the Hashdex Bitcoin ETF, which trades on NYSE Arca under the ticker DEFI. As of July 30, the fund had about $14.7 million in assets under management.
The fund will stop trading and stop accepting creation orders on Aug. 17, after which it will be delisted from NYSE Arca. Investors still holding shares are expected to receive cash liquidation proceeds on or about Aug. 28.
Hashdex said the decision was based on the fund’s size, liquidity, operating costs, investor demand and the firm’s broader product lineup. After the final trading day, the fund will sell its remaining Bitcoin holdings and complete the liquidation process.