[News Brief] Jul 16, morning | BTC Falls Below $64,000

BTC Falls Below $64,000

BTC dropped below $64,000, down 2.18% on a daily basis.

According to PANews, citing OKX market data on the 16th, BTC fell below $64,000 and is currently trading at $63,999.

U.S. Spot Bitcoin ETFs See $4.5 Billion in Net Outflows in June

U.S. spot Bitcoin ETFs recorded $4.5 billion in net outflows in June, according to Odaily. This marked their weakest monthly performance since launch in January 2024.

Bitcoin fell 20.48% in June and dropped as low as $58,190 on July 1, marking its lowest level in 21 months.

Citi lowered its 12-month Bitcoin target price from $112,000 to $82,000. It had previously reduced the target from $143,000 to $112,000 on March 17. Citi also cut its 12-month Ethereum target price from $3,175 to $2,240.

Strategy sold 32 BTC worth about $2.5 million between May 26 and May 31. This was its first sale since December 2022. As of May 31, it held 843,706 BTC, and its board approved a plan to sell up to $1.25 billion worth of Bitcoin.

Open interest in leveraged Bitcoin futures fell from about $31.3 billion around May 30 to about $21.6 billion in early June. Meanwhile, major holders reportedly accumulated more than 270,000 BTC over the past two weeks.

Whale Alert: 500 Million USDT Transferred From Tether Treasury to Binance

According to Whale Alert, 500 million USDT, worth about $499.56 million, was transferred from the Tether Treasury to Binance at around 7:03 p.m. on the 16th.

Large stablecoin inflows to exchanges are often interpreted as a sign of increasing sidelined buying power, though the actual purpose of the transfer has not been confirmed.

Coinbase Chief Policy Officer Says He Is "Very Confident" About Passage of the U.S. CLARITY Act

Coinbase's chief policy officer said on Fox that “the policy change has already happened” regarding the U.S. CLARITY Act, adding that “the CLARITY Act is an opportunity to make it permanent in law.”

Source: Bitcoin Magazine. He said he is “very confident” the bill will pass. The CLARITY Act is intended to clarify the regulatory framework for digital assets in the United States, and the industry is watching closely to see whether it reduces regulatory uncertainty.

U.S. Military Neutralizes Iran-Linked Tanker Near Kharg Island

Foreign media reported that the U.S. military neutralized an Iran-linked tanker near Iran's Kharg Island.

The move came as the United States strengthens enforcement of its maritime blockade against Iran.

Iranian Foreign Ministry: "No Current Plan for Negotiations... Focused on Defense"

According to Odaily, an Iranian Foreign Ministry spokesperson said the country currently has no plan for negotiations and is focused on defense.

The spokesperson said any aggression against Iranian territory would inevitably be met with a response at the same level.

The spokesperson also added that a memorandum of understanding is a collection of mutual commitments, and if the other party violates its obligations, Iran may also suspend its implementation.

Bybit Officially Launches Local Platform in Indonesia Under Financial Regulator Oversight

Bybit has officially launched its local platform, Bybit Indonesia, under the supervision of Indonesia's Financial Services Authority (OJK), according to Wu Blockchain.

The launch follows Bybit's acquisition of a majority stake in Indonesian crypto platform PT Enkripsi Teknologi Handal (formerly Nobi).

In its initial phase, Bybit Indonesia will support more than 500 trading pairs and provide institutional-grade liquidity, market surveillance, and risk management systems designed to meet local regulatory requirements and global standards.

The company also plans to gradually introduce additional products in line with regulatory requirements while enhancing disclosures and user protection measures.

Revolut Receives In-Principle Approval From Dubai VARA

British fintech firm Revolut has received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to pursue virtual asset-related business in the UAE, according to Odaily.

The scope of approval includes broker-dealer services, asset management and investment, and virtual asset exchange services. Revolut plans to eventually allow UAE users to buy, sell, and hold digital assets through the Revolut app and the Revolut X trading platform.

This approval is a preliminary step ahead of full licensing and is expected to serve as a foundation for expanding Revolut's virtual asset services in the Middle East.

Bithumb Designates AZIT, CUDIS, FANC, TEMCO, EGG, and STAT as Investment Warning Assets

Bithumb designated AZIT, CUDIS, FANC, TEMCO, EGG, and STAT as investment warning assets starting on the 16th, according to Odaily.

The reason for the designation was that their combined domestic and overseas market capitalization and trading volume failed to meet the required standards.

Bithumb suspended deposits for the tokens starting at 4:00 p.m. on the same day. Whether the designation will be extended, lifted, or result in delisting will be announced in the third week of October.

Celestia Labs Acquires Sovereign Labs

According to Odaily, Celestia Labs announced that it has acquired Sovereign Labs, a developer of high-performance blockchain frameworks.

Sovereign Labs has been active in the Celestia ecosystem since 2021 and has supported core technologies behind a cross-chain bridge relay protocol and Bullet, a high-performance perpetual futures trading platform.

Through the acquisition, Celestia Labs plans to expand its layer-1-focused technical capabilities into the execution and application layers, while broadening its business scope as a custom blockchain development partner for enterprises.

Companies including Hyperliquid, Polymarket, and Robinhood have previously chosen to build their own chains, and demand for full-stack enterprise blockchain infrastructure is said to be increasing.