Chilly storage fears after Coldcard customers lose $90M in Bitcoin
After $90 million in Bitcoin was drained from Coldcard pockets customers, small hodlers desperately sought refuge on centralized exchanges and by way of various custody strategies.
Bitcoin transfers under 1 BTC climbed to their highest each day stage since 2022 on Friday, with 39,600 BTC moved, in accordance to knowledge shared by CryptoQuant head of analysis Julio Moreno on Saturday.
The determine was simply 300 BTC under the 39,900 BTC transferred on Nov. 16, 2022, days after FTX filed for chapter.
Galaxy Analysis, the analysis arm of crypto funding firm Galaxy Digital, reported Saturday that the third wave of assaults on customers of the {hardware} pockets on the weekend introduced estimated losses to 1,367 BTC ($88.6 million) throughout 4,585 addresses.
Alex Thorn, Galaxy Digital’s head of firmwide analysis, warned in an X publish on Sunday that the assault was nonetheless ongoing and urged customers to maneuver funds from Coldcard-generated addresses instantly if they’d not already achieved so. The exploit reportedly targets a flaw within the Coldcard seed technology course of, that didn’t make use of a genuinely random quantity generator.
Supply: Alex Thorn
Readability Act clock working out: No vote, or ‘no’ vote?
President Donald Trump is contemplating a revised ethics proposal for the Readability Act that was devised by Senator Thom Tillis and Senator Ruben Gallego.
The unique proposal Trump signed off on would have prevented elected officers from endorsing or cashing in on crypto initiatives and would have been enforced by the Division of Justice. The Democrats don’t belief the DoJ and wish the State Legal professional Generals to implement it.
The compromise proposal would permit the State AGs to sue the DoJ if it doesn’t correctly implement the foundations, quite than permit them to sue elected officers *cough, Trump* instantly.
With simply 5 days left on the clock, the possibilities of any sort of Senate vote on the laws are receding, a lot much less the a number of separate votes required to move the invoice. Trump’s $1.4 billion in crypto income are a specific sticking level, with Senate Minority Chief Chuck Schumer introducing a invoice (with little hope of passing) known as the Anti-Corruption Bureau Creation Act that targets “government department corruption.”
Ethics isn’t the one excellent difficulty, with the banks nonetheless up in arms over paying any sort of yield on stablecoins, and legislation enforcement teams divided over the influence of the Blockchain Regulatory Certainty Act. Designed to guard blockchain builders, some argue it could thwart investigations into cash laundering and fraud.
Adjustments to the BRCA proposed by the Nationwide Affiliation of Assistant US Attorneys and the Nationwide District Attorneys Affiliation look lifeless within the water. White Home crypto advisor Patrick Witt scoffed on the proposals and the declare they resulted from “productive negotiations.”
”This isn’t even shut,” he mentioned.
Crypto ‘no earnings’ stories
No one is making a lot cash in crypto proper now it appears, at the very least in response to this week’s company earnings stories for the second quarter.
Coinbase generated roughly $1.2 billion in web income, down 19% from a 12 months earlier. It reported a web lack of $359 million, considerably wider than analysts’ expectations for a $122 million loss. Transaction income, subscription and companies income, and adjusted EBITDA all fell in need of consensus estimates.
Technique’s behavior of smash-buying each Bitcoin prime, helped it to report an $8.22 billion loss within the second quarter, pushed virtually completely by its unrealized losses on its Bitcoin holdings. Nevertheless, the corporate additionally mentioned it has now constructed a $3.75 billion U.S. greenback reserve, which is sufficient to cowl greater than two years of most well-liked dividend funds and curiosity obligations.
On-line brokerage Robinhood is making a great deal of cash, however not a lot of it’s attributable to crypto. The agency posted report second-quarter income and earnings, at the same time as cryptocurrency transaction income fell 38% from a 12 months earlier, from $160 million to $100 million.
Crypto enters greatest consolidation section in historical past
ARK Make investments analyst Lorenzo Valente says the cryptocurrency trade is coming into its greatest consolidation section but, with income more and more concentrated amongst a handful of dominant protocols.
Valente famous that perpetual futures change Hyperliquid and memecoin launchpad Pump.enjoyable account for roughly 67% of complete crypto utility income between them. Together with artificial greenback protocol Ethena raises the highest three’s mixed share to almost 80%.
Valente added that he expects the development to speed up within the coming months, resulting in extra mergers and acquisitions, Chapter 11 bankruptcies, undertaking shutdowns and acqui-hires. Considerably surprisingly, he concluded that “that is extraordinarily bullish for the house.”
World Cup generated $20B in blockchain prediction market quantity
The 2026 FIFA World Cup drove $20 billion in blockchain-based prediction market quantity and $24 million in digital collectible trades, with greater than 400,000 wallets collaborating in blockchain-based betting, in response to a report from blockchain analytics agency Chainalysis.
The $20 billion determine consists of buying and selling earlier than and in the course of the event, with bettors putting roughly $5.7 billion in wagers over the five-week World Cup itself. World Cup-related markets accounted for about 63% of all prediction market exercise throughout that interval, the report mentioned.
Winners and Losers
On the finish of the week, Bitcoin (BTC) is down 3% to commerce at $63,350, Ether (ETH) is down 3.5% to commerce at $1,879 and XRP (XRP) is down 2.3% and is altering fingers for $1.08. The full market cap is at $2.18 trillion, in response to CoinMarketCap.
Among the many greatest 100 cryptocurrencies, the highest three altcoin winners of the week are Cardano (ADA) at 14.7%, Uniswap (UNI) at 8%, and Pi (PI) at 3.2%.
The highest three altcoin losers of the week are Secure (STABLE) at -16%, Venice Token (VVV) at -14.6% and Lido DAO (LDO) at -14.1%.
Prediction of the Week
Bitcoin could have bottomed earlier than its conventional cycle low
Crypto-focused asset supervisor Grayscale mentioned that Bitcoin’s worth could have bottomed sooner than the normal four-year cycle, which might suggest a cycle low in September or October.
Head of analysis, Zach Pandl, argued that Bitcoin (BTC) has “grown up” as an asset and is more and more pushed by macroeconomic elements.
“If the Fed forgoes price hikes and financial development holds up effectively, Bitcoin’s worth could have already got bottomed,” Pandl wrote in a report.
Nevertheless, individuals have been peddling this hopium for months now. Earlier in July, crypto brokerage K33 pointed to greater than 50% of the Bitcoin provide being held at a loss as one other sign of an imminent market backside. In June, Swan Bitcoin CEO Cory Klippsten informed Cointelegraph that the holdings of long-term traders, which reached an all-time excessive of 14.7 million Bitcoin, had been one other sign of an imminent Bitcoin backside.
In the end, somebody will probably be proper.
Prime FUD of the Week
The Russians… and the Australians… are after Telegram’s Pavel Durov
Russian authorities have positioned Telegram founder Pavel Durov on a global wished record as they escalate a legal case accusing him of facilitating terrorist exercise.
Russia’s Federal Safety Service (FSB) mentioned on Wednesday that it had charged Durov with facilitating terrorist exercise and issued a global warrant for his arrest, native information company Interfax reported.
The FSB alleged that Telegram didn’t take away channels, chats and bots that Ukrainian intelligence companies, alleged terrorist teams and extremist organizations used to coordinate assaults, recruit operatives and conduct cyber fraud.
A defiant Durov mentioned on Thursday the Russians had change into “confused about who can ban whom from the Web.”
In the meantime the Australian eSafety Commisioner has launched courtroom proceedings towards Telegram looking for civil penalties, alleging the platform didn’t take away terrorism-related content material.
Pump.enjoyable laid off employees earlier than they obtained tens of millions in PUMP tokens
Solana-based memecoin launchpad Pump.enjoyable reportedly fired staff two months earlier than they had been as a result of obtain PUMP tokens value tens of millions of {dollars}.
Based on a Friday Sandmark report, at the very least one Pump.enjoyable employee was as a result of obtain PUMP tokens value within the seven-figure vary.
The staff had been reportedly fired in April, simply two months earlier than they had been as a result of begin receiving the corporate’s tokens primarily based on agreements signed in 2025.
Trump teleprompter operator accused over Kalshi bets leaves authorities
A White Home teleprompter operator accused of utilizing inside information to revenue from prediction market bets on President Donald Trump’s speeches now not works for the federal authorities, in response to the Related Press.
Perez was accused of utilizing nonpublic info to make greater than $100,000 betting on Kalshi prediction markets tied to Trump’s speeches, in response to an earlier ABC Information report.
Greatest Journal Tales of the Week
Crypto’s fundamentals have by no means been stronger, but degens maintain chasing scorching new narratives. Behavioral finance could clarify why get-rich-quick tales proceed to beat substance.
DeFi initiatives that survived the fallout from the Terra and FTX collapses in 2022 are dying out in 2026. However analysts say it’s not a case of trade consolidation — however the reverse.
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