Daily Update - 26 Jul 2026

MARKET SNAPSHOT

BTC / USD
$64,668

24H CHANGE
+0.8%

ALL-TIME HIGH
$124,749

FROM ATH
-48.2%

◎	NEWS 5 STORIES TODAY

Oil near $100 puts Fed and peers back on inflation watch

Crude’s move back toward $100 a barrel is pushing the Federal Reserve, Bank of England and Bank of Japan back into focus as markets reassess how much energy-driven inflation is still in the pipeline. For Bitcoin, the read-through is straightforward: if oil keeps inflation sticky, the global rates backdrop stays less supportive for liquidity-sensitive risk assets.

Rates Macro Geopolitics

BitMart wind-down deepens exchange shakeout as BMX crashes on closure

BitMart said it will halt all trading on Aug. 26 and fully cease operations on Jan. 31, 2027, sending its BMX token sharply lower and prompting a rush to withdraw funds. Coming days after BitMEX also announced a shutdown, the closure reinforces the theme of exchange consolidation and shrinking room for mid-tier venues.

Regulation Macro

Dormant Bitcoin movement drops to four-year low as OG selling eases

Dormant Bitcoin activity and coin days destroyed both fell to their lowest levels since Q3 2022, according to data highlighted by Galaxy’s Alex Thorn. The signal suggests long-term holders have slowed distribution after heavier profit-taking in 2024 and 2025, easing one potential source of spot sell pressure.

On-chain

Sberbank targets December launch for Russia’s regulated crypto trading rails

Russia’s largest bank plans to build crypto trading infrastructure and a digital depository by Dec. 1 as the country’s new framework for licensed trading, custody and settlement comes into force. The move shows Moscow continuing to pull crypto deeper into the regulated banking system even as domestic payment use remains banned.

Regulation Macro

Bitcoin and Ether ETF flows turn mixed as outflows return

U.S. spot Ether ETFs snapped a five-day inflow streak with $70.6 million in Friday outflows, while Bitcoin ETFs posted a second straight day of redemptions. Even so, both categories still logged a third consecutive week of net inflows, suggesting institutional demand has stabilized but remains fragile.

ETF Macro

≡	COMMENTARY VOICE FROM THE NETWORK

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Adam Livingston

@AdamBLiv

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This is VIOLENTLY BULLISH: Bitcoin just spent 9 months transferring 3.4 MILLION BTC into a new cost-basis floor.

The 53% drawdown was less “death spiral” and more a foreclosure auction where the house somehow ends up owned by people who plan to die in it.

Since the $124,728 ATH close:

• Supply in the two cost-basis bands surrounding today’s price rose from 29.96% to 46.87%

• 1+ year dormant supply rose from 60.64% to 62.52%

• 90-day Coin Days Destroyed fell 44.1%

That means an enormous amount of supply changed hands, then stopped moving.

3.4 million BTC migrated into the current cost-basis zone. That is 26.6× more Bitcoin than miners created during the same period.

Even during June’s plunge, the concentration kept growing. The floor did not break. It moved downstairs.

A market with nearly half its supply clustered around the current range, rising dormant supply, and collapsing old-coin spending is not structurally identical to a market where everyone bought much higher and is staring at the “sell” button like a divorced dad staring at the self-checkout screen at Menards.

Bitcoin has cemented it's thickest bear market floor yet: