Bitcoin Reclaims $61,000 as Long-Term Holders Accumulate

Bitcoin traded above $61,000 on Thursday, clawing back ground after sinking to a 21-month low earlier in the week. The rebound arrived even as US spot Bitcoin exchange-traded funds bled a net $296 million on July 1, extending relentless institutional selling pressure.

Glassnode analyst Chris Beamish reported that long-term holders have swung back to accumulation after prolonged distribution, with buying broadening across wallet cohorts including entities holding 100 to 1,000 BTC. For the first time this drawdown, more coins sit underwater than in profit, roughly 10.83 million against 9.22 million BTC.

Bitfinex analysts argued crypto-native sellers, not macro forces, drove the selloff, noting Bitcoin retested its cycle low near $57,800 despite falling Treasury yields and record equities. Strategy compounded pressure, authorizing up to $1.25 billion in Bitcoin sales on June 29, with MSTR now trading near 30% below its holdings.

The aggregate realized price around $53,000 sits roughly 9% below spot, a line historically marking full capitulation that Bitfinex calls the bull case's strongest structural argument. Exchange reserves hit a seven-year low near 2.21 million BTC while long-term holder supply climbed to a record 16.3 million BTC.

Robinhood Chain Launches With 24/7 Tokenized Stock Trading

Robinhood switched on the public mainnet of Robinhood Chain during a London livestream on Wednesday, unveiling an Ethereum Layer 2 built with Arbitrum technology. CEO Vlad Tenev and crypto head Johann Kerbrat framed the network as their most ambitious product vision, launching with Uniswap and Chainlink as partners.

The company simultaneously rolled out new Stock Tokens for eligible users across more than 120 countries, enabling round-the-clock trading plus lending and collateral use in DeFi. These tokenized debt securities exclude US persons, while Robinhood also added Lighter perpetual futures and prepared agentic crypto trading for American traders.

Nearly 1,700 UK Investors Sue Binance and CZ

Almost 1,700 UK investors filed a group lawsuit against Binance, founder Changpeng Zhao, and Abu Dhabi's Nest Exchange in London's High Court on June 29. KP Law, representing 1,692 claimants, alleges the exchange sold unauthorized leveraged tokens, futures, options, and margin products to retail traders from September 2019 onward.

The claim argues those sales breached the UK's Financial Services and Markets Act on both authorization and promotion grounds, seeking damages exceeding £200,000 formally. KP Law told reporters the group pursues more than £150 million total, while Binance in the UK said strict compliance remains a top priority and vowed defense.

Venice AI Raises $65 Million at Billion-Dollar Valuation

Erik Voorhees' privacy-focused startup Venice AI raised $65 million in a Series A round led by Dragonfly on Wednesday, valuing its equity at $1 billion. Coinbase Ventures, North Island Ventures, and Morgan Creek also participated in what marks the crypto-AI firm's first outside capital raise since launching.

Investors received an 8.98% equity stake, 1.5 million VVV tokens, and warrants for another 5 million tokens over eight years. Positioned as an uncensored ChatGPT rival hosting over 200 AI models, Venice will build its first data center and expand toward hundreds of millions of users.

Data of the Day

Yield-bearing stablecoin supply dropped more than $3.5 billion in the second quarter of 2026, reversing nearly three years of growth, according to CEX.IO data released Thursday. The 15% category decline saw Ethena's sUSDe lose 52% of its supply, roughly $2 billion, while Sky's sUSDS fell 16%.

Treasury-backed products moved opposite, with Ondo's USDY climbing over 66% and Circle's USYC rising nearly 16%, revealing a widening divide between asset types. The broader stablecoin market recorded its first contraction since 2023, total supply falling to $312 billion as transaction counts dropped sharply.

More Breaking News

• Trump disclosed more than $1.2 billion in crypto earnings for 2025, including over $50 million in Bitcoin and $635 million from his TRUMP meme coin royalties alone.
• Irish authorities seized another 500 bitcoins worth nearly $31 million from trafficker Clifton Collins, bringing total recovery to 1,500 BTC while roughly 4,500 BTC stays untouched.
• FBI Director Kash Patel disclosed months late a Strategy stock buy between $100,000 and $250,000, a position now down about 44% and deeply underwater.
• Ondo Finance launched tokenized BlackRock IVV and Micron shares under the SEC's third-party custodial model, the first production deployment keeping tokenized securities inside US rules.
• Standard Chartered became the first global systemically important bank letting institutions mint and redeem Circle's USDC directly, launching through its Dubai operations with payments planned later.
• American Bitcoin, founded by Eric Trump and Donald Trump Jr., set a 1-for-15 reverse split cutting shares from 1.09 billion to 73 million to keep Nasdaq compliance.
• Bitget launched US stock options trading on its Stock+ platform, opening with long call and put positions after the options market processed 15.2 billion contracts in 2025.
• Dubai's VARA granted its 50th virtual asset license to Tribe Tokenisation, surpassing Hong Kong and Singapore totals, though only 39 firms were fully operational at 2025's end.
• Kalshi and Polymarket's combined June volume surged 75% to $44.8 billion amid World Cup fever, with Kalshi jumping 87.4% to $31.5 billion month-over-month.
• OpenAI reportedly discussed granting the US government a 5% equity stake to share AI wealth publicly, an early-stage proposal that would likely require Congressional approval.

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