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Crypto PAC spends $1M in Michigan primary as Fairshake war chest hits $191M
Edgen Crypto·Jul 22 2026, 21:01Share to
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[1] Crypto PAC Pours $1M into Michigan Democratic Primary Race (https://cointelegraph.com/news/crypto-pac-mic ...)[2] Crypto PAC pours $1M into Michigan Democratic primary race (https://cointelegraph.com/news/crypto-pac-mic ...)[3] Dark money group emerges to bankroll pro-Stevens ads in Senate race (https://www.msn.com/en-us/news/politics/dark- ...)[4] Crypto PAC pours $1M into Michigan Democratic primary race - LCX Exchange (https://lcx.com/en/cryptonews/crypto-pac-pour ...)
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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, 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.
Jul 22 2026, 20:07
Bitcoin sentiment nears capitulation as BTC trades near $66,000
**Coinbase's Q2 2026 report shows Bitcoin sentiment approaching a capitulation threshold, historically associated with selling exhaustion and market bottoms.** Bitcoin sentiment neared capitulation in Q2, Coinbase's report showed, as BTC traded at $65,832.86, down 0.9% in 24 hours. "Bitcoin investor sentiment is approaching levels historically associated with capitulation, characterized by extreme fear and heightened volatility," Coinbase said in its Q2 2026 institutional report published July 22. The report comes as BTC retreated from a one-month high above $66,000 reached on July 21. Bitcoin's 30-day implied volatility index rose to 40% from 37.5%, indicating traders are pricing in more turbulent price action ahead, Coinglass data shows. Open interest held steady at about $116 billion, while the long-to-short ratio tightened to 50.59% long versus 49.41% short, reflecting indecision after the recent rally. Capitulation sentiment typically signals selling exhaustion that can precede a price bottom or reversal, though it may also trigger further short-term selling pressure. The report could influence both retail and institutional positioning as traders weigh whether extreme fear marks an entry opportunity or a reason to stay on the sidelines. The broader macro environment added to the cautious tone. WTI crude topped $85 a barrel for the first time since June 12 as the Iran conflict escalated, reviving inflation concerns that have weighed on risk assets for much of the year. Bitcoin's dominance climbed to 59% as capital rotated from altcoins and stablecoins into the relative safety of the largest token, CoinMarketCap data shows. Despite the near-term caution, options activity suggested some traders were looking past the current weakness. BTC call options dominated 24-hour volume on Deribit, with activity concentrated in the $70,000 and $72,000 strike prices, indicating demand for bullish exposure at higher levels. The Clarity Act, a long-awaited crypto market structure bill, has emerged as a potential trigger for the next leg higher. Traders on Kalshi put the odds of the bill passing into law before April 2027 at 61%, up from 33% last week, after Treasury Secretary Scott Bessent said lawmakers were at the "1-yard line." The bill would split oversight of the crypto market between the Securities and Exchange Commission and the Commodity Futures Trading Commission, opening the market to Wall Street institutions for the first time. This article is for informational purposes only and does not constitute investment advice.