Coinbase has secured an investment services authorization in the United Kingdom, enabling it to expand beyond digital assets. The approval allows the platform to introduce equities and derivatives trading alongside its existing crypto markets, broadening its product suite for UK customers.

Wintermute said weaker US nonfarm payrolls and dovish interpreted Fed remarks lifted risk assets, with crypto leading. It cited whale wallets adding over 270,000 BTC near the 200 week moving average and options flows shifting to calls at 60,000 to 70,000. Wintermute said the move looks like a relief rebound, not a new bull market.

Ethereum is probing a pivotal technical zone, with analyst Ali Martinez flagging $1,796 as the level that could shape the next major leg. Martinez says ETH is pressing against the 0.8 MVRV Pricing Band around $1,796, a threshold that has served as resistance. A daily close above it, followed by a clean retest that holds as support, would bolster the bullish setup and put focus on Ethereum's Realized Price near $2,245. On the MVRV Pricing Bands, ETH is trading just under the 0.8 band. Historically, reclaiming this level has often come ahead of stronger recoveries, while the Realized Price has tended to act as the next key upside target. Beyond $2,245, the longer-term MVRV bands are marked at $5,389 (2.4 MVRV) and $7,186 (3.2 MVRV). Several indicators converge on the same resistance cluster. Martinez notes the TD Sequential resistance trendline is also near $1,796, with the TD Sequential risk line slightly higher at $1,816. If Ethereum can clear both, traders are likely to watch the channel resistance around $1,844. A break above all three levels would materially improve the odds of a push toward the $2,245 Realized Price. As price tests resistance, institutional accumulation continues. Tom Lee-led Bitmine Immersion Technologies said it bought an additional 42,197 ETH over the past week, taking its Ethereum holdings to 5,742,237 ETH as of July 5. At an ETH price around $1,800, the position is valued at more than $10 billion and equals roughly 4.8% of Ethereum's 120.7 million circulating supply. The company said it expects to reach what Lee called the "alchemy of 5%" sometime in 2026. After ETH slipped to roughly $1,740, Bitmine's unrealized losses rose again to about $910 billion, though the company continued buying despite the recent weakness. Bitmine also reported holdings of 206 BTC, about $527 million in cash and marketable securities, and $251 million in strategic investments, including stakes in Beast Industries and Eightco Holdings. Lee has argued that Ethereum could outperform Bitcoin, particularly if the CLARITY Act is approved in the U.S., and said he believes the market is entering the early phase of a new "crypto spring." Bitmine is also putting its ETH to work. The company said it has staked 4,879,157 ETH—about 85% of its treasury—through its institutional validator platform MAVAN and partner validators. At current deployment levels, Bitmine estimates annualized staking revenue of about $235 million. If the full treasury is deployed, annual staking income could increase to around $277 million. Disclaimer: This content is for informational and educational purposes only and does not constitute financial advice. The publisher is not responsible for losses resulting from the use of any referenced content, products, or services. Readers should exercise caution before taking any action related to the company.

Crypto-related U.S. equities rallied after the U.S. stock market close, with Circle (CRCL) up 6.24% and Bitmine gaining 8.29%. Strategy (MSTR) was roughly flat amid renewed headlines about "selling coins." Bitcoin also strengthened, rising from around $62,000 and briefly nearing $65,000. The catalyst was once again U.S. President Donald Trump, whose off-the-cuff remarks have repeatedly moved risk assets. 1) One vague line, broad reaction With the official rollout of "Trump Accounts," risk appetite tied to expectations of a longer-running U.S. equity bull market resurfaced. Asked whether the Trump Accounts could eventually include bitcoin, Trump replied: "May occur." The comment contained no policy detail or commitment, yet it was enough to lift bitcoin and crypto-linked stocks in short order. The move underscores how sensitively markets respond to any hint of official recognition for cryptocurrencies. The open question is durability: sentiment-driven rallies can fade as quickly as they appear. 2) On-chain flows suggest fresh money hasn't followed Price strength does not necessarily mean new capital is arriving. Glassnode on-chain data shows bitcoin fund flows over the past 30 days remain net outflows. The uptick appears driven more by repositioning of existing capital and short covering than by sustained, long-term accumulation. That distinction matters. Rallies backed by meaningful inflows tend to be healthier and more persistent than those sparked mainly by headlines and sentiment. 3) Cycle watch: MVRV not at classic bottom signal Another indicator to monitor is MVRV (Market Value to Realized Value), a commonly used crypto cycle gauge comparing bitcoin's market value with its realized value (the average price at which coins last moved). Historically, MVRV falling below 1 has coincided with major bear-market lows. Last Tuesday, bitcoin's MVRV briefly dipped to about 1.1, its lowest level this year, suggesting prices approached but did not enter the traditional "below 1" bottom zone. Following the rebound, MVRV has moved back to around 1.2. Whether the latest bounce is a bear-market recovery phase or the start of a broader reversal remains unclear. A drop below 1 would be a stronger historical bottom signal, but it has not occurred. 4) From headline risk to a market feature A broader takeaway is that "remarks driving rallies" are becoming more embedded in market pricing. The introduction of "Trump Accounts" is described as a rare instance of a White House-linked policy tool being framed in a way that markets interpret as directly supportive of U.S. equities, connecting government support, newborn benefits, the S&P 500, and broader stock-market performance in a single narrative. Against that backdrop, even a hint that crypto could be included adds another layer of headline-driven optionality. For retail investors, this is less a signal to blindly chase moves and more a reminder of liquidity risk: when prices are being pushed by narratives and high-level soundbites, late buyers can end up providing the exit. 5) Bottom line Trump's "it could happen" comment helped push bitcoin close to $65,000 overnight, a move that is both attention-grabbing and risky. With on-chain flows still weak and cycle signals mixed, uncertainty remains elevated. The BIT platform says it offers trading access to cryptocurrencies such as BTC and crypto-linked equities including CRCL and MSTR, with 24/7 USDT deposits and near-instant settlement to respond to volatility. Disclaimer: This article is a guest contribution by an external author. All market observations, data analysis, and opinions expressed are the author's own and do not represent the official position or research of the BIT platform, nor do they constitute investment advice or a solicitation. BIT makes no express or implied warranties regarding the accuracy, completeness, or timeliness of the content. Prices and data are as of publication and may change due to market fluctuations. Cryptocurrencies and related securities are highly volatile, and investing involves the risk of losing principal. Past performance is not indicative of future results. Investors should make independent decisions and consult an independent professional adviser when necessary.

China is reviewing possible new controls that would curb overseas access to its most advanced artificial intelligence models, underscoring the deepening tech standoff between Beijing and Washington. The measures, still said to be under internal consideration, would treat frontier AI capabilities as strategic national assets—similar to how China already manages rare earth resources and sensitive manufacturing know-how. The discussion comes alongside tighter oversight of AI talent and technology. Bloomberg reported on May 26 that China broadened travel restrictions for prominent AI researchers at private firms including DeepSeek and Alibaba. Under the updated rules, affected individuals must obtain government approval before traveling abroad or surrender their passports. These steps align with Beijing's push to build "independent and controllable" AI—systems designed to avoid reliance on foreign chips, foreign training data, or other external dependencies. The U.S. has moved in parallel from the opposite direction. Washington has expanded export controls on advanced semiconductors and introduced restrictions targeting AI model weights under a new classification, ECCN 4E091. In practice, that designation treats the trained parameters that make models functional as controlled technology. No crypto tokens or blockchain projects have been directly named in connection with the policy changes. Even so, the ripple effects for the AI-crypto overlap could be meaningful. A clampdown on overseas access to leading Chinese models could reduce Chinese participation in open-source ecosystems that have benefited from domestic research. DeepSeek, for example, has released models that gained significant traction in the global AI community. At the same time, broader government scrutiny could complicate operations for decentralized AI initiatives in either jurisdiction. If model weights are treated as controlled technology in both the U.S. and China, distributing them via a permissionless blockchain becomes far more difficult from a compliance standpoint. Semiconductor export controls add another constraint. Both crypto mining operators and AI inference providers depend on advanced chips. As access to those chips becomes increasingly segmented by geopolitical lines, compute-intensive activities are likely to face higher costs.

Revolut said it will delist the stablecoin USDT for users in the European Economic Area (EEA) by Aug. 31, as platforms move to meet the EU's Markets in Crypto-Assets (MiCA) requirements. The company joins exchanges including Kraken and OKX in removing tokens that have not been approved under the new compliance framework.

The Bank of England said rapid progress in frontier artificial intelligence is amplifying risks to the stability of the financial system.

The U.S. Supreme Court issued a pair of decisions that reshape the balance of power between the White House and independent regulators, with direct implications for crypto oversight. In Trump v. Cook, decided June 29, the Court ruled 5-4 that President Trump cannot remove Federal Reserve Governor Lisa Cook at will. The decision keeps in place the "for-cause" removal protections established under the Federal Reserve Act, which set staggered 14-year terms for Fed governors. Chief Justice John Roberts wrote that allowing at-will firing would effectively erase those statutory protections. In the companion case, Trump v. Slaughter, the Court went the other way, holding that the president may dismiss commissioners leading other independent agencies without cause. The ruling overturns Humphrey's Executor, a precedent dating to 1935. The practical result: leadership at agencies such as the Securities and Exchange Commission and the Commodity Futures Trading Commission now serves at the president's pleasure, while the Federal Reserve remains uniquely insulated. The Court's narrow carve-out for the Fed, without a clearly stated constitutional principle underpinning that independence, leaves room for future litigation. Implications for crypto markets On monetary policy, the Fed's preserved independence may offer some stability. Bitcoin has often reacted sharply to shifts in rate expectations and broader policy signals. The Trump administration has previously pressed Chair Jerome Powell on interest rates, making the Court's reaffirmation of for-cause protections more than a technical point. Markets gain at least a measure of confidence that monetary policy will be less directly subject to day-to-day political turnover. Regulation is where the shockwaves could be larger. With expanded presidential authority over SEC and CFTC leadership, crypto policy could pivot faster and more dramatically. An administration seeking lighter-touch oversight can appoint like-minded leaders with fewer institutional constraints. A future administration skeptical of crypto could just as quickly install regulators inclined toward tougher enforcement. What investors should watch next When agency heads can be fired without cause, they have strong incentives to align enforcement and rulemaking priorities with the sitting president's agenda. For crypto companies operating on multi-year development timelines, that adds significant uncertainty and makes long-range planning harder. Two near-term signals matter most: whether the administration moves to replace any current SEC or CFTC commissioners now that the legal barrier has fallen, and whether the Fed's independence holds in practice or faces new forms of political pressure that stop short of removals.

The yen has drifted toward 162 per dollar, keeping Japan's currency near its weakest territory since the mid-1980s and putting official tolerance levels back in focus. Japan's Finance Minister Kogure reiterated that the government stands ready to act against excessive moves, as markets weigh the impact of intervention against the larger driver: the diverging policy paths of the Bank of Japan and the Federal Reserve. CFTC data underscore how one-sided positioning has become. As of June 30, leveraged traders' net short yen exposure in futures and options approached 138,000 contracts, the largest since 2007. The scale signals a powerful trend anchored in carry trades, but it also makes the market more vulnerable to abrupt reversals if policy surprises or official action forces crowded shorts to cover. This episode is no longer just a simple "strong dollar, weak yen" trade. Even when the dollar softens briefly, the yen has shown limited relief, suggesting investors are repricing Japan's domestic rate outlook, capital flows, and policy credibility. The key question for markets is shifting away from whether a particular level holds, toward whether authorities can disrupt carry-trade dynamics enough to unwind a crowded short. Rate differentials remain at the core. The BOJ raised its short-term policy rate to 1.0% in June, but funding costs in Japan still sit well below those in the United States and other major markets, leaving the carry incentive intact. Borrowing in low-yielding yen to buy higher-yielding assets can generate both interest-rate pickup and, if the yen keeps weakening, additional FX gains—a feedback loop that can reinforce depreciation. Around 162 has become a sensitive zone. It is not a hard line, but it sits close to multi-decade lows and overlaps with memories of Japan's past large-scale interventions, making it both a checkpoint for trend continuation and a higher-risk area for policy pushback. Positioning: 138,000 shorts mark a crowded trade The June 30 CFTC reading shows large institutions are still leaning into further yen weakness. The figure reflects conviction that the interest-rate gap and carry economics remain favorable. At the same time, crowded shorts increase sensitivity to catalysts such as direct FX intervention, a more hawkish BOJ message, or a shift in Fed expectations, any of which could trigger clustered stop-losses. The positioning extreme is not, by itself, a signal of an imminent V-shaped rebound. It is better read as evidence that the market continues to follow carry-trade logic—and that the trade is increasingly susceptible to abrupt disruption from policy signals. Intervention can jolt the market, but rarely flips the trend on its own Japan has already shown willingness to act. Ministry of Finance data show that between April 28 and May 27, authorities deployed 11.73 trillion yen in FX intervention. The move was sizable, yet pressure on the yen returned soon after. In practice, intervention tends to raise the cost and risk of holding shorts rather than permanently changing the direction of the exchange rate. Buying yen and selling dollars can force a sharp short-term pullback; verbal warnings can damp speculation temporarily. Without a change in underlying rate differentials and capital flows, markets often drift back to retest levels that officials are trying to defend. For traders, the setup has become asymmetric. Shorting yen still benefits from carry, but the nearer the market gets to extremes, the higher the risk of sudden official action. Going long yen offers short-squeeze potential, yet without a policy shift it can amount to a bet on a temporary bounce. Yen weakness is spilling into bonds and broader cross-asset pricing The yen's decline is not confined to FX. Japan's 10-year government bond yield has recently risen to around 2.8% and remains above 2.7%, and the combination of higher domestic yields and a weaker currency is drawing more scrutiny from global bond investors. Markets are watching for a potential feedback loop. Japanese long-term investors have historically been major buyers of overseas bonds. If domestic yields rise, foreign bonds become less attractive; if the yen keeps weakening, hedging costs and FX-loss risk can further reshape allocations. That could mean less steady demand for assets such as U.S. Treasuries, UK Gilts, and German Bunds, adding marginal upward pressure to developed-market yields. The yen is increasingly a cross-asset variable, not just an FX one. Regional spillovers are also in view. A weaker yen can erode the export competitiveness of economies such as South Korea and Thailand, potentially nudging regional central banks to put more weight on currency stability. For investors, that translates into higher sensitivity across Asian FX and global yield markets. What will change the trade The market focus is less about guessing the exact day Japan intervenes and more about what could alter shorts' profit structure. Another Ministry of Finance intervention could push USD/JPY lower quickly, but durability will be judged by how fast the pair retraces: if it rebounds to prior levels within days or weeks, traders are likely to treat intervention as volatility, not a regime shift. The more decisive variable is the BOJ. The carry rationale weakens only if the central bank signals a faster hiking path, less accommodation, or greater tolerance for higher short-term rates. If policy remains gradual, shorts may return after pullbacks. Positioning will be a key tell. A meaningful decline in leveraged funds' net shorts would indicate the crowded trade is cooling and short-squeeze risk is being released. If positioning continues to build while USD/JPY stays near 162, market fragility increases. The broader trend remains intact, but each official headline is more likely to amplify swings. Underlying assets: USD/JPY, yen crosses, Nikkei 225, Asian currencies, U.S. Treasury yields.