[News Brief] Apr 22, morning | $4 Billion Net Outflow from U.S. Spot Bitcoin ETFs in June

$4 Billion Net Outflow from U.S. Spot Bitcoin ETFs in June

PANews, citing CoinDesk, reported that U.S. spot Bitcoin ETFs saw $4 billion in net outflows in June. The funds were reportedly redirected to other investment opportunities such as artificial intelligence (AI) trading and the SpaceX initial public offering (IPO).

According to the report, Bitcoin fell about 14% in the second quarter to below $60,000, marking a third consecutive quarterly loss. ETFs such as BlackRock's IBIT are highly liquid, raising concerns that fund outflows could have a direct impact on BTC prices.

Redemption pressure also intensified in the private credit market. In the second quarter, redemption requests for business development companies (BDCs) reached $15.6 billion, with 10 out of 16 firms exceeding the quarterly 5% cap.

Fitch projected that unmet redemption requests would weigh on related firms over the coming months. QCP Capital analyzed that declining strategic petroleum reserves, Strategy’s sale of BTC to fund dividend payments, and rising private credit redemptions all signal a worsening environment for risk assets.

New Hampshire Rejects Plan to Issue $100 Million in Bitcoin-Backed Municipal Bonds

New Hampshire’s Executive Council has rejected a proposal to issue $100 million in taxable municipal bonds backed by Bitcoin.

According to Odaily, the council did not approve the proposal to issue municipal bonds using Bitcoin as collateral. The bonds were expected to be privately placed, but after failing to win approval in Wednesday’s vote, the issuing agency can no longer proceed with the process.

The proposal was put forward by the New Hampshire Business Finance Authority as part of a plan to issue $100 million in taxable municipal bonds. The market had been watching the case closely as a test of whether a Bitcoin-backed municipal bond structure could gain traction in the regulated financial system.

Vacancy at U.S. CFTC Emerges as Variable in Crypto Regulatory Bill

Vacancies among commissioners at the U.S. Commodity Futures Trading Commission (CFTC) have emerged as a variable in the passage of the Clarity Act, which is intended to establish a regulatory framework for crypto assets.

According to Odaily, the White House sent a letter to bipartisan Senate leadership rebutting Democratic criticism that the Trump administration was blocking CFTC appointments. At present, only Republican Chairman Michael Selig remains in office out of the commission’s five designated seats.

If the Clarity Act passes, the CFTC would become the primary regulator for crypto assets. The White House said it had requested lists of nominees for the SEC and CFTC from Democrats but had received no response, arguing that Democrats were delaying the staffing process.

Democrats had previously criticized President Trump for allegedly seeking to monopolize control over the CFTC. The White House also stated that, based on a recent U.S. Supreme Court ruling, the president has the authority to remove the heads of independent agencies.

Polymarket Begins Regulatory Approval Process to Offer Margin Trading in the U.S.

Polymarket has begun the regulatory approval process to offer margin trading in the United States. If approved, users would be able to participate in prediction market trading with less initial capital.

PANews, citing Bloomberg, reported that Polymarket submitted an application through its affiliate, Coming Home GBA LLC, to the National Futures Association to register as a futures commission merchant.

To provide non-fully collateralized trading, approval under relevant U.S. Commodity Futures Trading Commission rules is also required. Polymarket confirmed that it had submitted the licensing application.

Margin trading is considered an important factor in attracting institutional investors. Earlier this year, Kalshi obtained a futures commission merchant license and later launched perpetual contracts, with trading volume surpassing $5.5 billion within two weeks.

If the application is approved, Polymarket users would need to undergo additional identity verification procedures, including submitting employer information.

JPMorgan: Bitcoin’s Core Risk Is Growing Adoption of Blockchain Outside Public Chains

JPMorgan analysts said Bitcoin’s key risk may lie less in near-term selling pressure and more in the expanding adoption of blockchain systems outside public chains by the banking sector.

According to The Block, JPMorgan said that while Strategy’s recent Bitcoin sales and cash-raising plans could create temporary selling pressure, the bigger structural risk is a trend in which blockchain applications such as payments, clearing, and real-world asset tokenization shift toward internal bank systems, regulation-friendly permissioned chains, or integrated ledgers.

JPMorgan added that if tokenized deposits, SWIFT blockchain projects, and central bank digital currencies become embedded in traditional financial infrastructure, activity, liquidity, and capital inflows on public chains could weaken. It also said that if some stablecoin demand is replaced by bank-issued tokenized deposits, Bitcoin’s performance could come under additional pressure.

However, the bank noted that the spread of hybrid structures, favorable regulation for public-chain-based stablecoins, and a stronger “digital gold” narrative for Bitcoin could alter this outlook.

Ethereum Foundation Disbands Protocol Support Team

The Ethereum Foundation announced that its Protocol Support Team has been disbanded.

According to PANews, the Protocol Support Team disclosed the decision on X. The team had been responsible for coordinating Ethereum protocol development, organizing core developer calls, tracking network upgrades, and supporting the progress of Ethereum Improvement Proposals (EIPs).

Circle Refuses Prosecutors’ Request to Assist in Recovering Stolen Funds

Stablecoin issuer Circle has refused requests from prosecutors in Wisconsin and New York to help recover stolen funds, escalating tensions between the parties.

On July 10, PANews, citing Protos, reported that prosecutors had asked Circle to support recovery efforts by burning and reissuing USDC tied to fraud and hacking victims, but Circle declined, arguing that such action would undermine the immutability of blockchain transactions.

Circle said modifying the ledger would weaken USDC’s core properties and create a dangerous precedent for the industry. Prosecutors countered that, as an issuer of a regulated stablecoin, Circle should bear greater responsibility for protecting victims.

Public Companies Bought 110,000 Bitcoin in Q2 2026

Bitcoin Magazine reported that publicly listed companies purchased 110,000 BTC in the second quarter of 2026.

As a result, total Bitcoin holdings among public companies surpassed 1.26 million BTC, accounting for more than 6% of Bitcoin’s total supply.

OpenAI Fully Unveils GPT-5.6 Series and Launches ChatGPT Work

OpenAI has fully unveiled the GPT-5.6 series and launched ChatGPT Work, an enterprise agent feature, according to a July 10 report by PANews.

The GPT-5.6 series includes the flagship model “GPT-5.6 Sol,” the balanced model “Terra,” and the low-cost model “Luna.” OpenAI said the new models improve efficiency in handling complex tasks such as coding, scientific research, cybersecurity, and knowledge work.

ChatGPT Work, released alongside the models, is an enterprise feature that lets users input a goal, after which it breaks down tasks, creates a plan, and generates documents, spreadsheets, and presentations. The feature will first be rolled out on macOS and Windows desktop versions, with gradual deployment to paid-plan users.

Richard Teng: 70% of EU User Withdrawals Move to Self-Custody Wallets Instead of MiCA-Regulated Platforms

Binance CEO Richard Teng said that 70% of withdrawals by European Union users are moving to self-custody wallets rather than MiCA-regulated platforms, according to Watcher.Guru.

MiCA is the European Union’s regulatory framework for crypto assets, and the statement suggests that some users are choosing self-custody over regulated platforms.