The crypto trading platform, ranked fifth on CoinGecko, stopped accepting new registrations on Sunday and plans to shut down all remaining positions by Dec. 31.
Nevertheless, the drop in crypto prices seems restrained given the magnitude of losses in the wallet hack and the erosion of confidence in cold storage.
ARP Digital’s Yusuf Fakhro said bitcoin’s weakness reflects stalled participation more than forced selling, with ETF flows turning negative, CME open interest back at 2023 levels and Strategy idle for a fifth straight week.
Bitcoin futures’ once-rich carry has evaporated, with quarterly basis yields trailing two‑year U.S. Treasuries since February, a sign of shrinking arbitrage and a maturing market.
Oil and Treasury yields fell after fresh U.S.-Iran talks eased inflation fears, but bitcoin and ether failed to catch a bid as fresh Coldcard-linked sweeps pushed observed losses to nearly $89 million.
Wallets tied to the Truth Social parent now hold about as much bitcoin as the company previously pledged as note collateral, making its next 10-Q the key test of whether recent Crypto.com transfers were custody moves or sales.
Michael Saylor’s company, Strategy, is now closely monitoring bitcoin’s 200-week moving average, a key long-term support level that the cryptocurrency has historically respected.
The Senate is going on its summer break in a week, leaving next to no time left to sort out its remaining priorities in August. And obviously, the fate of Clarity is one of those priorities.
Revenue fell from $80 million to $20 million in the bear market. OTC lending at $260 million outstanding is the fastest-growing line, targeting $1 billion by year-end.
Alex Fine said standalone crypto payment rails are becoming obsolete as platforms shift toward unified funding flows that abstract away blockchain complexity for users.
The Coldcard vulnerability has smaller bitcoin holders moving funds onto exchanges for safety, according to blockchain analytics firms. This is opposite of the trend seen following the FTX collapse in late 2022.