- Bitcoin holds near $64,598 as total crypto market cap stays flat at $2.22T.
- BNB Chain completes 36th burn, destroying tokens worth roughly $932 million.
- Ostium suspends trading after a suspected $18-24 million vault exploit hits.
Bitcoin traded near $64,598, roughly flat over the past 24 hours but up 4.22% for the week, while Ethereum outperformed with a 2.22% daily gain to trade around $1,919, up nearly 11% weekly. XRP held near $1.11, Solana traded at $76.87, and Hyperliquid’s HYPE token eased to $66.01.
Total crypto market capitalization stood at $2.22 trillion. The Fear & Greed Index climbed to 36, still in “fear” territory, while the Altcoin Season Index eased to 44.
Trending Searches Today
The Bull Cat led US trending searches, jumping more than 15% over 24 hours to trade near $0.0007573. Cash Cat also drew heavy attention, despite falling 34.9% on the day to $0.09441. Bitcoin, XRP and Ethereum also made it to the list of top five trending coins today.
Clarity Act Talks Reach a Critical Meeting
Trump is scheduled to meet Thursday afternoon with a small group of Republican senators, including Bernie Moreno and Cynthia Lummis, along with White House crypto adviser Patrick Witt and Chief of Staff Susie Wiles, to resolve the bill’s ethics provisions.
Solana Policy Institute President Kristin Smith called the meeting “hugely positive,” saying the goal is to secure Trump’s sign-off on proposed ethics language limiting how officials can profit from digital assets while in office. Senate Majority Leader Thune is aiming for a full floor vote before the August recess.
Security Incidents Hit DeFi Protocols
Perpetual DEX Ostium suspended all trading after its OLP Vault was drained of an estimated $18 million to $24 million, with the attacker using a compromised price oracle forwarding contract to fabricate trading profits before routing funds through Tornado Cash.
Separately, DeFi platform Summer.fi announced it will shut down entirely following a July 6 exploit that drained roughly $6.04 million from its Lazy Summer Protocol vaults, with its frontend remaining available only until August 31.
BNB Chain Advances Its Deflationary Model
The BNB Foundation completed its 36th quarterly burn, destroying more than 1.6 million BNB worth approximately $932 million, part of a long-term plan to reduce total supply from roughly 133 million to 100 million tokens.
Institutional and Corporate Developments
BlackRock disclosed its digital asset AUM fell to $48.8 billion, down nearly 39% year-over-year, despite $15.1 billion in net inflows offset by market depreciation. The firm reaffirmed a $500 million annual crypto revenue target by 2030 and said it aims to make crypto, stablecoins, and traditional assets available natively within digital wallets. Anthropic is reportedly preparing pre-IPO investor meetings, with a potential listing as early as October.
DTCC advanced a tokenization initiative for equities and US Treasuries alongside JPMorgan, BlackRock, Goldman Sachs, and nearly 40 other institutions, while Aave launched its V4 protocol on Avalanche, marking its first expansion beyond Ethereum.
Market Outlook Remains Mixed
NYDIG said Bitcoin is down nearly 30% year-to-date, making it the worst-performing major asset, and warned that a full replay of the 2022 correction pattern could push prices toward $38,000-$39,000.
Strategy CEO Phong Le said the company will keep buying Bitcoin regardless, adding that debt concerns would only arise if BTC fell to the $8,000-$10,000 range. BlackRock CEO Larry Fink struck a more upbeat tone, saying leverage flush-outs have left the crypto market more stable and that he remains “very optimistic” about the next 12 months.
Related: Is Congress Ignoring Digital Assets and the Clarity Act?
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
