Key takeaways: BlackRock's iShares Bitcoin Trust (IBIT) led the latest wave of inflows, signaling renewed institutional demand. Grayscale expects the current Bitcoin bear market to potentially persist into September or October if the four-year cycle plays out. On-chain data suggests whales reduced long exposure during the recent rebound. US spot Bitcoin ETFs have posted net inflows for seven straight days—their first streak of that length in nine months—as Bitcoin stabilizes above $65,000 and briefly pushes beyond $66,000. Santiment: Seven-day inflow run adds nearly $1B Market intelligence firm Santiment reported that US spot Bitcoin ETFs have recorded seven consecutive days of net inflows since July 14. The products collectively brought in about $981 million as BTC moved back above $66,000, marking a clear reversal from the heavy outflows seen in May and June. Santiment said the last inflow streak of comparable duration occurred in early October 2025, when Bitcoin was nearing its $126,000 all-time high. The firm added that continued inflows could help propel BTC toward $70,000, while cautioning that an unusually large single-day inflow may reflect excessive FOMO and the formation of a local market top. On Wednesday, July 22, spot Bitcoin ETFs took in $69 million in net inflows. BlackRock's IBIT accounted for the largest share, with net inflows of 589 BTC valued at $38.78 million, according to Farside Investors. IBIT also posted roughly $900 million in trading volume during the session. Do ETF inflows signal the bear market is ending? Despite the pickup in institutional buying, market participants remain divided on whether the broader downtrend has fully reversed. Crypto asset manager Grayscale said Bitcoin's current bear market could continue until September or October under its four-year-cycle thesis. Grayscale noted that prior Bitcoin bear markets typically bottomed around one year after the peak, historically involving drawdowns as deep as 80%. Over the past year, BTC is down about 50% from its $125,000 all-time high. Grayscale also emphasized a macro-driven framework, arguing that Bitcoin has matured into an asset class increasingly tied to economic growth and interest-rate dynamics. The firm said a resilient US economy would be important for Bitcoin's performance, with attention turning to upcoming Federal Reserve rate decisions. Whales reduce long exposure during rebound Crypto analyst Justin Bennett said Bitcoin may be showing signs of distribution rather than accumulation. Pointing to on-chain indicators, he said whales have pared back long exposure relative to retail traders. Bennett added that the repositioning does not necessarily imply an imminent selloff, but he urged caution. While many traders are targeting a move toward $67,300 and $69,000, he said the current rally may lack sufficient fuel to sustain momentum. He flagged $66,240 as a key support level, arguing the uptrend remains intact on the 4-hour timeframe and above as long as BTC holds that line.

Crypto exchange-traded products continued to attract fresh money, with U.S. spot Bitcoin funds extending their inflow run to seven consecutive trading sessions as of July 23, 2026, while Bitcoin held near the $66,000 level. Research firm Santiment said Bitcoin-linked products have recorded positive net flows in every session since July 14, estimating total inflows of $981.2 million over the period. During the same stretch, Bitcoin traded as high as $66,300. The recovery in demand followed heavy ETF withdrawals in May and June, a phase that weighed on institutional participation. Market participants view sustained ETF inflows as a useful gauge of regulated, institution-facing demand. A multi-day streak is typically treated as more meaningful than a single strong day, as repeated subscriptions can signal steady allocation rather than a one-off portfolio rebalance. At the same time, the flow data does not reveal who the buyers are or how long they intend to hold, and daily figures can shift as funds finalize settlements and data providers adjust classifications. SoSoValue's spot ETF dashboard also showed positive daily demand, though totals can differ from Santiment's due to varying reporting windows and update schedules. Bitcoin's price action remained constructive but not decisive. CoinMarketCap placed BTC near $66,000 during the period, still below the $70,000 area Santiment flagged as the next key recovery test. CME Group data showed front-month Bitcoin futures around $66,105 on July 22, broadly in line with spot pricing, suggesting limited distortion between derivatives and cash markets and little evidence of an outsized futures premium tied to leveraged positioning. Flows alone do not confirm a cycle turn. Santiment cautioned that an unusually large one-day inflow can sometimes reflect overheated demand that precedes a local top rather than sustained gains. Issuer disclosures underscored the scale and concentration of U.S. spot ETF demand. BlackRock's iShares Bitcoin Trust reported $48.82 billion in net assets as of July 22, and the fund's official page listed a $37.67 closing price for July 21. The product is structured to provide Bitcoin exposure through an exchange-traded vehicle and is marketed as reducing custody and operational complexity versus direct ownership. Concentration among major issuers can support liquidity, but it can also amplify market impact if large funds shift from inflows to redemptions. U.S. spot Bitcoin exchange-traded products were approved by the Securities and Exchange Commission on Jan. 10, 2024, after then-Chair Gary Gensler said a federal appeals court ruling had influenced the agency's position. The approval broadened regulated access through brokerage accounts, without changing Bitcoin's inherent volatility and market risk. Grayscale, meanwhile, said the macro backdrop could mean Bitcoin has already put in a bottom, but it left room for a prolonged bear-market path under its cycle-based framework. In an analysis outlining two competing lenses, the asset manager said its four-year cycle model would allow for a bottoming window in September or October 2026, noting prior downturns often troughed about a year after market peaks and that historical average drawdowns were near 80%. Grayscale said it currently places more weight on a macroeconomic model than strict cycle timing, arguing that Bitcoin has become increasingly sensitive to economic growth, real interest rates, and broader financial conditions. Under that view, a bottom may already be in place if the U.S. economy remains resilient and the Federal Reserve avoids further rate hikes. For markets, the immediate signposts are Bitcoin's behavior around $70,000 and upcoming daily ETF flow reports. Continued inflows could reinforce the recovery attempt, while a return to net withdrawals would undermine the recent price structure.

Huoxing Finance reported that on July 23, market data showed BitMEX's platform token BMEX plunging 92% after the exchange said it will officially cease operations on Sept. 23. BMEX was last quoted at about $0.005, with a market capitalization near $480,000. BitMEX has provided little additional guidance on the token and has not announced any compensation or special arrangements. In its shutdown notice, the company said only that all staked BMEX has been immediately unstaked and returned directly to holders' accounts. In a prior statement, BitMEX described BMEX as a utility-only platform token rather than equity, debt, or any asset with promised returns. The disclaimer said BMEX is intended solely for on-platform use, including fee discounts, staking rewards and similar functions, and does not constitute an investment or carry any obligation for refunds or exchanges.

Vanar, a Layer 1 blockchain project, said it will migrate its infrastructure to Base, according to ME News on July 23 (UTC+8). Current VANRY holders will be able to swap their tokens on a 1:1 basis, keeping the same token amount. Vanar also said VANRY's total supply will expand from 2.4 billion to 10 billion tokens, with about 62% expected to be locked at the time of migration. Once the migration is completed, validator staking on Vanarchain will be discontinued. (Source: BlockBeats)

$BMEX token plunged nearly 100% following the platform's shutdown announcement.

Crypto derivatives exchange BitMEX, founded by Arthur Hayes, said it will permanently wind down operations on Sept. 23 at 04:00 UTC after completing a strategic review. The platform has stopped accepting new user registrations and is urging existing clients to close open positions and withdraw funds before the deadline. At its peak, BitMEX handled $16 billion in daily trading volume and more than $1 trillion annually. Hayes and his co-founders stepped down in 2020 after facing U.S. criminal charges.

JPMorgan says the AI rally is starting to fracture, and the next few weeks could determine whether the market is seeing a normal rotation or the early signs of a more serious unwind. In a recent note, JPMorgan strategist Jason Hunter pointed to a widening gap between AI chip and infrastructure names and the large "hyperscalers" spending heavily to build out AI capacity. The Philadelphia Semiconductor Index is up 87% year to date through early July 2026. Over the same stretch, Meta shares are down 5% and Microsoft is down 18%, with Microsoft logging its worst monthly decline since 2000 in June. Hunter also drew a parallel to the late 1990s, when hardware and infrastructure stocks surged while the companies footing the bill for that infrastructure began to falter. Spending expectations remain enormous. Four hyperscalers—Meta, Microsoft, Amazon, and Alphabet—are projected to spend a combined $725 billion on AI-related capital expenditures in 2026. In a separate estimate, JPMorgan put 2026 capex for five major hyperscalers at about $697 billion. For the summer, Hunter urged investors to focus on the stock charts of individual hyperscalers. The message is simple: if Meta, Microsoft, Amazon, and Alphabet can stabilize and show signs of recovery before autumn, the broader market is more likely to stay intact. Morgan Stanley struck a somewhat more constructive tone in early July 2026, suggesting a shift may already be underway from semiconductor momentum toward hyperscalers. Crypto traders may want to watch this dynamic closely even though JPMorgan's note did not address digital assets. A sharp correction in AI equities could spill over into broader risk appetite, which often matters for crypto. In particular, hyperscaler earnings guidance over the next few weeks could prove pivotal. If the market is rotating toward hyperscalers rather than breaking down, it would signal that the AI theme is still intact—with investors simply changing where they want exposure.

Coinbase CEO Brian Armstrong is urging the U.S. Senate to move the CLARITY Act to a full floor vote, arguing that negotiations have concluded and lawmakers should "finish the job." He said the current U.S. regulatory status quo "isn't working."

The Federal Trade Commission has secured permanent bans against three founders of bankrupt crypto lender Celsius, barring them from key crypto activities such as taking deposits, facilitating withdrawals, and enabling trading. The restrictions attach to the individuals and follow them across companies, making them far more consequential than the monetary penalties. Under the orders, former CEO Alexander Mashinsky and co-founder Shlomi Daniel Leon are prohibited from advertising, marketing, promoting, offering, distributing, or otherwise supporting products or services used to deposit, exchange, invest, or withdraw assets. Mashinsky's ban applies broadly to assets, while Leon's explicitly covers cryptocurrencies as well as banking and financial assets. The prohibitions extend to actions carried out directly or through intermediaries. A separate injunction targets co-founder Hanoch "Hank" Goldstein, focused on retail cryptocurrency businesses. He is barred from promoting or selling retail products or services related to buying, selling, depositing, withdrawing, distributing, or trading cryptocurrencies, and from assisting others in sales or marketing of such offerings. All three orders also prohibit material misrepresentations about products and services. They further bar the use of false, fictitious, or fraudulent statements to obtain or attempt to obtain customer information from financial institutions, including bank account details, login credentials, private keys, and wallet information. Mashinsky and Leon must obtain explicit, informed consent before disclosing consumers' nonpublic personal information. The measures align with allegations in the FTC's 2023 complaint, which said Celsius was promoted as safer than banks, promised instant withdrawals, and advertised yields as high as 18.63%. The FTC also alleged that Celsius claimed it had sufficient reserves on June 7, 2022, then froze withdrawals and transfers five days later. Celsius filed for bankruptcy on July 13, 2022. To support enforcement, the founders must submit reports and maintain records over the coming years to provide the FTC with monitoring information and to give courts a basis to police compliance. The FTC set a combined monetary obligation of $16.5 million. Court documents indicate Goldstein's assessed amount is $2.014 million, with the remaining amounts attributed to Mashinsky and Leon. Mashinsky's $10 million obligation may be satisfied through eligible U.S. Department of Justice forfeitures. Leon's $4.1 million obligation and Goldstein's $2.014 million obligation may be offset by payments or releases tied to the Celsius bankruptcy proceedings. As a result, the penalties may be fully covered by assets previously seized by the Department of Justice and by funds flowing through the bankruptcy process, meaning the founders could potentially pay nothing out of pocket. The FTC said any funds it ultimately receives may be used for consumer restitution or related relief; amounts not used for relief would be deposited into the U.S. Treasury. The actions do not, on their own, guarantee additional recoveries for Celsius creditors.