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Bitcoin institutional selling hits 900-hour record as Coinbase Premium stays negative
Edgen Crypto·Jul 22 2026, 14:40Share to
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[1] Institutions Have Pressured Bitcoin for 900 Hours, a Two-Year High (https://coinpaper.com/33349/institutions-have ...)[2] The Case for Bitcoin at $72,000 Just Got Stronger, but Here Is Where It Fails (https://beincrypto.com/bitcoin-price-recovery ...)[3] Bitcoin analysis eyes ‘serious volume’ after Binance sees 9K BTC daily outflow (https://cointelegraph.com/markets/bitcoin-ana ...)[4] Bitcoin's Dominance of Crypto Market Reaches Highest Level Since 2021 (https://www.investopedia.com/bitcoin-dominanc ...)[5] Bitcoin ETFs Have Won Back Just 3.3% of What They Lost (https://financefeeds.com/bitcoin-etfs-have-wo ...)
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Jul 22 2026, 16:14
Bitcoin treasury stocks sink 50% as BTC crash threatens $38B in holdings
Bitcoin fell 50% to about $63,000 from its October record of $126,000, saddling corporate treasury holders with tens of billions in unrealized losses. The token was down 2.7% in the past 24 hours as of 11:30 UTC, with 24-hour trading volume of $28.4 billion, according to CoinGecko. "The framework is in bottom-watch mode, with the low most likely a matter of months rather than weeks away," Benjamin Cowen, a member of BeInCrypto's Market Intelligence experts council, wrote in a July memo. MicroStrategy, the largest corporate Bitcoin holder with about 226,000 BTC acquired at an average cost of roughly $37,000, has seen its stock fall 66% from its November 2025 peak. The company's Bitcoin holdings, valued at about $14.2 billion at current prices, are below the estimated $18.5 billion total acquisition cost, implying an unrealized loss of roughly $4.3 billion. BMNR and BSTR, two Bitcoin-focused exchange-traded products, have each lost more than 45% of their net asset value since October. The selloff has pushed Bitcoin's market capitalization below $1.25 trillion, down from $2.5 trillion at the October peak. Bitcoin's dominance rate stands at 54.8%, according to CoinMarketCap. Analysts at NYDIG project a potential bottom near $38,000 to $39,000 in early October if historical bear-market patterns repeat, while veteran trader Peter Brandt has identified Oct. 4 as a possible turning point with Bitcoin potentially falling into the high-$40,000 range. **$38 Billion in Corporate Treasury Exposure at Risk** The combined Bitcoin holdings of publicly traded companies and Bitcoin-focused funds total roughly $38 billion at current prices, according to data from Bitcoin Treasuries. MicroStrategy alone accounts for about 37% of that total. The company's debt-financed acquisition strategy, which relied on convertible notes and senior secured debt, faces its most severe test since the 2022 bear market. Standard Chartered analysts have set a floor of $59,000 for this cycle, while Galaxy Research projects a worst-case scenario near $40,000. Three AI models surveyed by CCN produced scenarios ranging from $38,500 to $57,700, with ChatGPT's base case at $49,500 between late September and mid-October. **On-Chain Signals Point to Extended Reset** On-chain data suggests the bottoming process remains incomplete. The MVRV Z-Score, a metric that compares market value to realized value, reads 0.395, according to Glassnode. Prior cycle bottoms formed only after the metric reset below zero, implying price needs to trade beneath the realized price of about $53,000. Bitcoin's 200-week simple moving average near $63,100 has been reclaimed, but the identical break-and-reclaim sequence appeared in 2022 before the final low arrived. Cowen's framework requires two consecutive weekly closes above the 50-week SMA near $86,500 for confirmation — a level roughly 37% above current prices. ETF holdings, which peaked above 1.25 million BTC in late 2025, have since rolled over, with the decline steepening in recent weeks, according to data from CoinGlass. The marginal bid that absorbed supply during the rally has faded, leaving the market reliant on spot demand that has yet to materialize at scale. This article is for informational purposes only and does not constitute investment advice.
Jul 22 2026, 16:07
Coinbase opens SUI staking as token tests $0.78 resistance
Coinbase opened SUI staking with a one-token minimum and estimated annual rewards of 1.4% to 3.3% as Sui tested resistance near $0.78 on July 22. The yield range tracks Sui network averages compiled by StakingRewards, which showed SUI staking returns between 1.6% and 3% as of mid-2026, according to the data provider. Coinbase's staking feature requires no minimum lock-up beyond the network's native unbonding period, the exchange said. The launch makes Coinbase the largest US-based exchange by volume to offer native SUI staking, following network upgrades SIP-31 and SIP-33 that introduced instant unstaking capabilities. Sui's DeFi ecosystem has grown rapidly, with total value locked exceeding $1 billion across lending platforms, decentralized exchanges, and yield products, per DefiLlama. CME Group began listing Sui futures contracts in May 2026, adding institutional access to the token. Breaking the $0.78 resistance level could open a path toward the $0.85-to-$0.90 range, while a rejection risks a retest of $0.72 support, traders said. The staking launch gives retail investors holding SUI on Coinbase a new yield avenue, competing with liquid staking protocols such as SpringSui and Haedal that offer layered returns through DeFi strategies. This article is for informational purposes only and does not constitute investment advice.
Jul 22 2026, 15:51
Bitcoin holds at $63,700 as long-term holders tighten supply grip
**VanEck's July ChainCheck report shows Bitcoin's supply base tightening even as derivatives flash caution and miner economics hit multi-year lows.** Bitcoin traded flat at $63,700 through mid-July, sitting 14 percent below its 200-day moving average as a tightening supply base clashed with cautious derivatives positioning. "Bitcoin's consolidation reflects a tug-of-war between weak near-term flows and a structurally tightening supply base," Matthew Sigel, head of digital assets research at VanEck, said in the firm's July ChainCheck report. The report, authored by Sigel and Patrick Bush, showed long-term holders — wallets holding coins for more than a year — now control 60.8 percent of supply, up from 59.1 percent six months earlier. VanEck projects that share reaches about 62 percent in three months and nears 63 percent in six. Against that, US spot exchange-traded products shed 40,010 BTC, worth about $2.40 billion, while miner economics deteriorated to multi-year lows with daily revenue averaging $28.5 million, down 39.5 percent year over year. The divergence between tightening supply and weak demand creates conditions for a breakout, though the firm said near-term downside pressure persists until derivatives show true capitulation — a skew past 15 percentage points or funding that flips negative. Until one of those markers appears, VanEck sees below-average forward returns across the 30-to-180-day window. **Derivatives flash fear, not panic** The one-month put/call implied volatility skew widened to 11.4 percentage points, an 83rd-percentile reading since 2021, as traders paid a premium for downside protection. Total options premium fell 23 percent to $613.6 million, and the put/call premium ratio climbed to 1.49 against an average near 0.71. Perpetual-futures funding sat near 4.5 percent on a 30-day average, about half the long-run 8.4 percent, a sign that positioning remains far from bullish after a spring stretch in which shorts were paid to hold. VanEck maps both signals to below-average forward returns. It flags two markers of a true bottom that have not arrived: a skew past 15 points or funding that flips negative. **Miner economics near multi-year lows** Network hash rate held near record highs around 930 EH/s as price fell, pushing implied hashprice to about $30.6 per petahash per second per day — near multi-year lows. Daily miner revenue averaged $28.5 million, down 39.5 percent year over year, a level that puts lower-efficiency rigs at or below breakeven. Miner-held bitcoin stayed near 1.785 million, a sign of steady sales of new coins over capitulation. Publicly traded miners are pivoting toward artificial-intelligence hosting. VanEck highlighted TeraWulf's 20-year, $19 billion lease with Anthropic and CleanSpark's $6.6 billion deal as top unlevered yields. Miner equities have dropped about 42 percent from 52-week highs on higher rates, a New York pause on data-center construction, and doubt over AI returns. For patient holders, the structural picture stays constructive. A supply base where long-term holders control more than 60 percent of coins and rising has historically lined up with above-average returns across horizons in VanEck's tests. The question is whether near-term headwinds from cautious derivatives and weak miner cash flow resolve before that tightening supply forces a price adjustment. This article is for informational purposes only and does not constitute investment advice.