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Bitcoin beats semiconductor stocks by 25% as Sigel sees path to $100,000
Edgen Crypto·Jul 23 2026, 19:52Share to
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[1] Bitcoin Outpaces Semiconductor Stocks by 25% as VanEck's Matthew Sigel Sees Path Back to $100,000 (https://www.benzinga.com/crypto/cryptocurrenc ...)[2] Trading the close market recap - 07/22/2026: Earnings volatility, tech-yield disconnect & SMCI rally (https://www.msn.com/en-us/money/markets/tradi ...)[3] Crypto catches its breath as bitcoin settles into a holding pattern amid July rally (https://www.coindesk.com/markets/2026/07/23/c ...)[4] Bitcoin defies recent tech stocks sell-off: Are bulls eyeing $70K rally? (https://cointelegraph.com/markets/bitcoin-def ...)[5] Bitcoin Analysts Pinpoint Key Levels As Crypto Fluctuates Near $65,000 (https://www.forbes.com/sites/digital-assets/2 ...)
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Jul 23 2026, 20:43
Smarter Web sells 177 BTC to repay $11.7M note, diluting BTC per share
The Smarter Web Company sold 177.89 Bitcoin at $65,762 each to repay an $11.7 million convertible note early, a transaction that reduced Bitcoin per share by 6.18% despite eliminating 7.7 million potential shares. "The conversion price had not been met, and management chose to simplify the capital structure," CEO Andrew Webley said on X, describing the instrument as more akin to debt than equity in the company's treasury analytics. The UK-listed firm held 2,878 BTC before the July 23 repayment and now holds 2,700.11 BTC, a 6.18% decline. The Smarter Convert instrument, launched in August 2025 with a $21 million subscription, gave TOBAM Group the option to convert at £2.0475 per share — about seven times the current 29.20p market price — or take settlement in Bitcoin or fiat. SWC chose to repay in cash, extinguishing the claim two weeks before its Aug. 5 maturity. The repayment removed a Bitcoin-linked obligation but left the company with a tougher capital-allocation test. SWC's existing $30 million Coinbase facility carries no fixed maturity but is secured against Bitcoin, meaning a material price decline could require additional collateral. The company's mNAV of roughly 1.06 times leaves a narrow cushion for any equity raise before dilution enters the BTC-per-share calculation. On a per-share basis, the math was negative under both relevant denominators. Gross Bitcoin exposure fell 6.18% per legally issued share to 725.90 sats, and 4.17% per management-defined fully diluted share to 750.41 sats, according to CryptoSlate calculations. The company's own Quarterly Gross BTC Yield for the third quarter came in at negative 4.35%, which Webley attributed primarily to the convert repayment. The original structure required at least 98% of the subscription proceeds to be deployed into Bitcoin, and SWC deployed 100%. The repayment therefore corresponded to the full 177.89 BTC acquired with the instrument. SWC sold those coins and paid $11,698,540 in cash rather than transferring Bitcoin in kind. The next challenge for SWC is replacing the capital. Equity works best for a Bitcoin treasury company when shares can be sold at a sufficient premium to the Bitcoin value per share. Near or below net asset value, issuance can increase nominal Bitcoin while reducing exposure per share. Recent examples in the sector — including a B Treasury Capital preferred-share offering that left 47.7% of its shares unfilled and Satsuma's proposed Bitcoin sale and delisting — illustrate the pressure on treasury wrappers to find efficient financing. This article is for informational purposes only and does not constitute investment advice.
Jul 23 2026, 20:40
Bitcoin drops to $64,000 as tech earnings spark broad crypto sell-off
Bitcoin fell to $64,000 on July 23 as disappointing technology earnings triggered a broad sell-off across crypto markets. The decline dragged Ethereum, XRP and Dogecoin lower, with the Crypto Fear & Greed Index retreating into Fear territory. "$64,000 is the key support level to watch in the short term," Julio Moreno, head of research at CryptoQuant, said. "This level has been a reliable support during this bear market." The sell-off followed weaker-than-expected earnings from major technology companies, which weighed on equity markets and spilled into crypto. The Nasdaq 100 futures declined 0.3% on the session, while the S&P 500 futures fell a similar margin, leaving crypto without a macro tailwind. The US five-year Treasury yield rose to 4.33%, reflecting expectations that the Federal Reserve may maintain tighter policy for longer, a headwind for risk assets. Bitcoin's futures open interest slipped to 743,000 BTC from over 760,000 BTC earlier in the week, suggesting an unwinding of long positions rather than fresh short entries, per Coinglass data. The 30-day implied volatility index for Bitcoin, BVIV, rose for a fifth straight day, a pattern that has historically correlated with near-term price weakness since the launch of spot ETFs. The $64,000 level represents the lower boundary of a range that has held for the past week, with resistance at $66,800. A sustained break below $64,000 could open the door toward the $60,000 support zone, according to multiple analysts. The Federal Reserve's July 28-29 meeting looms as the next major catalyst, with traders watching for any shift in rate expectations that could determine whether the range holds or breaks. **ETF flows offer a counterweight** Despite the price weakness, spot Bitcoin ETF inflows remained positive for a seventh consecutive day on July 22, with $68.99 million in net inflows, according to SoSoValue data. The continued accumulation by institutional investors suggests long-term demand remains intact even as short-term macro uncertainty weighs on prices. Strategy, formerly MicroStrategy, raised $263 million through a stock sale in the prior week, easing concerns about potential Bitcoin sell pressure from its balance sheet. Bitcoin's options market showed demand for the $70,000 call option expiring Aug. 7 on Deribit, even as some traders simultaneously picked up longer-duration puts as a downside hedge. **Key levels to watch** Bitcoin's 50-day exponential moving average sits at $65,163, a level that bulls must reclaim to stabilize price action. The 100-day EMA at $68,063 represents the next resistance, while the 200-day EMA at $74,348 marks the broader recovery target. The Relative Strength Index stands at 52, above the neutral 50 threshold, indicating that bearish momentum has not fully taken control. On the upside, Maxime Seiler, co-founder and CEO of STS Digital, identified $70,000 to $72,000 as the zone to watch into month-end. This article is for informational purposes only and does not constitute investment advice.
Jul 23 2026, 20:12
XRP holds above $1.13 breakout as analyst targets $6.40 and $30
XRP traded at $1.13 as of 14:30 UTC on July 23, holding above a multi-year breakout level that a veteran analyst said could fuel a rally to $6.40 in the near term and $30 over the long run. "The breakout retest is complete — holding $0.85 to $0.88 is the key," Egrag Crypto, a technical analyst with more than 100,000 followers on X, said. "Reclaiming $1.23 and $1.65 opens the path toward $3 to $3.50." The analyst identified the $0.85-$0.88 range as the critical support zone, encompassing the bottom of a multi-year symmetrical triangle, the White Bridge pattern, and the expected retest level. Sustained monthly closes below that range would invalidate the bullish setup. On the upside, the first measured-move target sits at $6.40, with a macro projection of $30 contingent on acceptance above prior highs. The bullish structure is reinforced by on-chain data showing whale accumulation accelerating and XRPL daily payments exceeding 500,000 transactions. However, XRP ETF inflows have cooled from a $131.94 million peak in May to just $12.43 million so far in July, signaling that institutional demand may be fading even as retail and whale activity strengthens. **Golden Cross and Cup-and-Handle Bolster Technical Setup** XRP's price action has produced two bullish chart patterns in recent weeks. A golden cross formed when the 50-day moving average crossed above the 200-day moving average, a signal historically associated with improving medium-term momentum. Separately, a cup-and-handle pattern has been developing since early July, with the handle forming as XRP consolidates near $1.13. The 20-day exponential moving average sits at $1.11130, providing immediate support, while the 50-day EMA at $1.14479 acts as nearby resistance. Bollinger Bands place the middle band at $1.11091 and the upper band at $1.16209, suggesting a breakout above $1.16 could accelerate buying pressure. On the downside, a drop below $1.13 exposes $1.12, then the $1.09 support zone. **Whale Accumulation Offsets Cooling ETF Demand** On-chain data reveals a notable shift in holder behavior. Whale selling pressure has dropped to its lowest level since 2025, according to blockchain metrics, while large holders have been increasing their XRP positions. XRPL daily payment activity has climbed above 500,000 transactions, marking one of the strongest levels of network utilization in recent months. The divergence between on-chain strength and institutional flows presents a mixed picture. XRP ETF inflows have declined for three consecutive months, from $131.94 million in May to $59.46 million in June and $12.43 million in July, per available fund data. The Hodler Net Position Change metric, which tracks whether long-term holders are adding or trimming coins, has also turned lower since July 19, easing from about 231 million to roughly 226 million XRP. **Key Levels to Watch** XRP's immediate hurdle sits at $1.15, the 0.618 Fibonacci retracement level. A clean break above that level would put the cup neckline near $1.16 in play, with $1.18 and $1.21 opening up as the next targets. Above those, the analyst-identified levels of $1.23 and $1.65 represent the next major resistance zones before the $3.00 to $3.50 range. On the downside, a sustained move below $1.13 exposes $1.12, then the $1.09 support. A fall below $1.05 would void the cup-and-handle pattern entirely. The $0.85 to $0.88 range remains the ultimate support floor for the macro breakout thesis. This article is for informational purposes only and does not constitute investment advice.