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Bitcoin sentiment nears capitulation as BTC trades near $66,000
Edgen Crypto·Jul 22 2026, 20:07Share to
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[1] Coinbase reports Bitcoin sentiment nears capitulation level in Q2 (https://cryptobriefing.com/coinbase-bitcoin-s ...)[2] ‘Major Catalyst’—U.S. Treasury Secretary Fuels Bitcoin Price Surge (https://www.forbes.com/sites/digital-assets/2 ...)[3] Bitcoin retreats from one-month high as oil tops $85, inflation concerns resurface (https://www.coindesk.com/markets/2026/07/22/b ...)[4] Alger Capital Appreciation Fund Q2 2026 Portfolio Update (https://seekingalpha.com/article/4924224-alge ...)[5] Alger Capital Appreciation Fund Q2 2026 Commentary (https://seekingalpha.com/article/4924204-alge ...)
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Jul 22 2026, 21:29
S&P Pantera index tracks 18 altcoins, excludes bitcoin for revenue
**A new S&P benchmark ranks blockchain networks by protocol revenue, excluding bitcoin entirely.** S&P Dow Jones Indices and Pantera Capital launched a digital asset index that ranks 18 tokens by protocol revenue, excluding bitcoin from the benchmark. "Bitcoin is not in there because it's really not one of those revenue generating protocols that we think belongs in this index," Kathy Clay, CEO of S&P Dow Jones Indices, told CNBC. The S&P Pantera Digital Asset Index weights constituents by adjusted market capitalization, with the largest holding capped at 35 percent and all others limited to 20 percent during quarterly rebalancing. Ether, BNB, Solana, Tron and Hyperliquid are its five largest holdings, representing blockchains that generate revenue from on-chain activity. Eligible assets must maintain a market capitalization exceeding $500 million and meet minimum liquidity thresholds before being ranked by protocol revenue over the prior two quarters using data from blockchain analytics platform Artemis. The benchmark offers institutional investors a rules-based framework for gaining exposure to revenue-generating blockchain networks, potentially serving as the foundation for future exchange-traded products. It arrives as asset managers expand crypto index offerings — Hashdex launched the first multi-asset spot crypto ETF in the US in February 2025, and Franklin Templeton followed days later with a bitcoin-and-ether index fund. **How the Index Differs From Existing Benchmarks** Other high-profile crypto indexes skew heavily toward bitcoin. The Nasdaq CME Crypto Index allocates nearly 77 percent to bitcoin and 13 percent to ether, while the FTSE Digital Asset All Cap Index gives bitcoin a 75 percent weighting. Those allocations reflect bitcoin's roughly 57 percent share of the total crypto market cap, per CoinGecko. The S&P Pantera index takes a different approach, selecting assets based on economic activity rather than market size alone. **Institutional Demand for Revenue-Based Exposure** The launch follows a broader push by traditional finance firms to develop institutional-grade crypto benchmarks. In April, MarketVector Indexes and Coinbase Asset Management launched the Coinbase Store of Value Index, combining bitcoin and tokenized gold. Bitwise chief investment officer Matt Hougan said in December that "crypto index funds are going to be a big deal in 2026" as the market grows more complex and investors seek diversified exposure. Pantera Capital, which has managed over $3 billion across three investment strategies since its first crypto fund in 2013, co-developed the index methodology with founder Dan Morehead. The benchmark's focus on protocol revenue could accelerate a rotation toward altcoins with verifiable usage, even as retail-driven altcoin season signals remain inconclusive — CoinGlass's Altcoin Season Index stood at 58 in mid-July, below the 75 threshold that confirms a broad rotation. This article is for informational purposes only and does not constitute investment advice.
Jul 22 2026, 21:01
Crypto PAC spends $1M in Michigan primary as Fairshake war chest hits $191M
An affiliate of the crypto-aligned Fairshake PAC poured nearly $1 million into Michigan's 13th congressional district Democratic primary, backing incumbent Shri Thanedar against challenger Donavan McKinney two weeks before the Aug. 4 vote. "The crypto lobby is paying my opponent back for helping Trump make over $1 billion since taking office," McKinney said in a statement Tuesday, accusing Thanedar of supporting every crypto bill brought before Congress. Protect Progress, a Fairshake affiliate, reported spending more than $986,000 on ads supporting Thanedar and opposing McKinney, according to Federal Election Commission filings. Thanedar voted for the CLARITY Act, GENIUS Act and Promoting Innovation in Blockchain Development Act while in the House. He also lost more than $600,000 in the second quarter of 2026 after investing $3.7 million of campaign funds into crypto companies, according to the Intercept. Fairshake and its affiliates reported holding $191 million to influence key elections, making the crypto industry one of the largest political spenders this cycle. The outcome in Michigan and other primaries could determine whether pro-crypto candidates secure enough seats to advance industry-friendly legislation. The spending mirrors Protect Progress' 2024 strategy, when the PAC spent about $1 million backing Thanedar, who won the Democratic primary with 54.9% and the general election with 68.6%. McKinney did not run against Thanedar in 2024 and has not made significant public statements on digital assets. Beyond Michigan, Protect Progress spent more than $100,000 on media supporting Representative Greg Stanton's reelection in Arizona's 4th congressional district. Stanton, who also voted for CLARITY and GENIUS, won his primary Tuesday with 65% of the vote. In Washington state, the Defend American Jobs PAC — another Fairshake affiliate — spent more than $65,000 supporting Republican candidate Amanda McKinney in the 4th district, who has publicly backed crypto. Representative Dan Newhouse announced in 2025 he would not seek reelection, leaving the seat open. Other industry-aligned PACs active this cycle include Fellowship, backed by Cantor Fitzgerald and Anchorage Digital, and the Blockchain Leadership Fund, a hybrid PAC backed by Anchorage and Chainlink Labs. This article is for informational purposes only and does not constitute investment advice.
Jul 22 2026, 20:59
Tesla holds 11,509 BTC steady, reports $112M impairment in Q2
Tesla held its 11,509 bitcoin treasury unchanged in Q2 and recorded a $112M impairment loss as the cryptocurrency declined 14%. "The impairment reflects the decline in the value of our digital asset holdings during the reporting period," the company said in its earnings release. Tesla has neither bought nor sold any bitcoin since 2022. Bitcoin fell from about $83,000 at the start of the second quarter to roughly $58,000 by the end of June amid broader macroeconomic uncertainty, before rebounding to around $65,840. Under current accounting rules, companies holding digital assets must recognize declines in value through earnings. The electric vehicle maker reported mixed quarterly results alongside the crypto update. Revenue came in at $28.2 billion, topping the $27.6 billion consensus estimate, while non-GAAP earnings per share of $0.33 missed analyst expectations of $0.55. Gross margin was 16.8 percent, GAAP net income totaled $1.11 billion, and the company posted negative free cash flow of $1.1 billion for the quarter. | Metric | Actual | Consensus | Beat/Miss | |--------|--------|-----------|-----------| | Revenue | $28.2B | $27.6B | +2.2% | | Non-GAAP EPS | $0.33 | $0.55 | -$0.22 | | Gross Margin | 16.8% | — | — | Tesla remains one of the largest publicly traded corporate holders of bitcoin, though its holdings are significantly smaller than those of Strategy, which has continued to aggressively accumulate the cryptocurrency. The company initially purchased $1.5 billion worth of bitcoin in early 2021 and briefly accepted it as payment before suspending the option over environmental concerns. It sold roughly 75 percent of its holdings in 2022 but has maintained its remaining 11,509 BTC since then. The unchanged bitcoin position signals management sees no urgency to adjust its crypto exposure despite the quarterly price decline. Investors will watch Tesla's Q3 delivery numbers and any commentary on bitcoin accounting changes, as the Financial Accounting Standards Board's new fair-value rules for digital assets take effect in 2027. This article is for informational purposes only and does not constitute investment advice.