News & Research

Ethereum (ETH) has gained on optimism over the potential passage of the U.S. stablecoin regulatory bill, the GENIUS Act, according to 10x Research analyst Markus Thielen in an interview with CoinDesk. Thielen said the bill could further strengthen ETH’s position in the digital asset market. He also pointed to Ethena (ENA), issuer of the synthetic dollar USDe, which maintains a delta-neutral strategy by shorting an amount of ETH equal to user collateral. This accounts for 4% of ETH’s total open interest and has exerted downward pressure on the token’s price. However, Thielen noted the market may be viewing the dynamic differently, as ENA is rising alongside ETH amid higher funding rates.

Binance CEO Richard Teng said in an interview that the cryptocurrency market is entering a new phase as institutional participation increases following regulatory shifts in the U.S. and the approval of spot Bitcoin ETFs, according to Mastercard’s official website. Teng noted that the market, once dominated by retail investors and marked by high volatility, has matured significantly with institutional involvement. He added that with crypto still in the early stages of institutional adoption, the industry’s outlook remains highly optimistic.

The hacker responsible for the $27 million breach of crypto exchange BigONE has converted the stolen assets into 120 BTC ($14.15 million), 23.3 million TRX ($7.01 million), 1,272 ETH ($4 million) and 2,625 SOL ($428,000), according to on-chain data from Lookonchain on X.

In June, trading volumes on top centralized exchanges like MEXC, KuCoin and Upbit declined over 39%, pointing to reduced retail engagement in Asia. According to BeInCrypto, citing a report by Wu Blockchain, Binance also saw a 22% drop, while MEXC, KuCoin and Upbit posted steeper declines of 44%, 42% and 39%, respectively. The report attributes the downturn to market corrections, geopolitical uncertainty and a shift of capital toward decentralized exchanges (DEXs).

Blockchain security firm SlowMist reported on X that BigONE Exchange was exploited for more than $27 million. The attacker breached the platform’s production network and modified the logic of servers handling accounts and risk controls, allowing unauthorized withdrawals. SlowMist added that the platform’s private keys were not exposed. In response, BigONE said that user assets remain safe and that it will cover all losses. The exchange stated that trading and deposits will resume shortly, with withdrawals to follow after security upgrades.

Hyperliquid trader James Wynn expects an altcoin rally to emerge within the next one to two months as Bitcoin nears a potential short-term peak. In a post on X, he said Bitcoin could reach $145,000 by the end of July before experiencing a sharp correction to $110,000. He noted that altcoins are beginning to show strength after an extended period of Bitcoin dominance and predicted the rally would be driven by market FOMO. Wynn added that if the Federal Reserve cuts interest rates in the fourth quarter (Q4), Bitcoin could resume its uptrend and reach between $160,000 and $240,000. He recently returned to trading after reportedly taking a break following a $100 million loss on Hyperliquid.

Matt Mena, crypto research strategist at 21Shares, told Cointelegraph that a sharp short-term decline in Bitcoin (BTC) is unlikely, citing surging demand and tightening supply. He noted that OTC desk supply is at a record low, while spot BTC ETFs have already absorbed several times the amount of BTC expected to be mined this year. Corporations also continue to accumulate BTC. However, Mena cautioned that U.S. President Donald Trump’s potential tariff policies and delays in Federal Reserve rate cuts could trigger a broader correction in risk assets, including BTC. He added that BTC’s resilience during a seasonally weak and illiquid period suggests upside momentum may resume after summer.

Peter Thiel, PayPal co-founder and prominent venture capitalist, has acquired a 9.1% stake in BitMine Immersion Technologies, a Bitcoin (BTC) mining company listed on the New York Stock Exchange, according to the U.S. Securities and Exchange Commission’s (SEC) website. BitMine holds 163,142 Ethereum (ETH), valued at about $500 million.

Trend Research, a secondary investment arm of crypto firm LD Capital, deposited 5,000 ETH ($15.71 million) to Binance about 10 minutes ago, according to on-chain analyst @EmberCN on X. This brings today’s total exchange deposits to 22,289 ETH ($68.55 million). LD Capital has been bullish on Ethereum (ETH) since the $1,450 level, with an average entry price of $2,250, and is estimated to currently hold 182,000 ETH.

SharpLink Gaming, a Nasdaq-listed company with an Ethereum (ETH)-focused treasury strategy, announced on X that it raised $413 million through its at-the-market (ATM) program from July 7 to 11. Of that, $156 million has been invested in ETH, with $257 million remaining for future purchases. As of July 16, it holds 285,894 ETH, making it the largest corporate holder of ETH.