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Castle Labs released a report stating that since the beginning of the year, crypto protocols have generated approximately $7.42 billion in revenue, but most token prices have failed to reflect the fundamentals of the protocols. The report analyzes six protocols, including Aave, Hyperliquid, PumpFun, and Uniswap, finding that they collectively generated about $726 million in revenue in the first half of 2026. However, after accounting for token issuance, unlocks, and incentives, the net value inflow for token holders turned negative for some projects.The report points out that Hyperliquid has burned over 47 million HYPE tokens, and PUMP has completed over $315 million in buybacks, yet the token is still down about 60% from its issuance price. Protocol revenue does not necessarily translate into token value, and investors should also pay attention to factors such as value return mechanisms, token unlock pressure, and equity structure.

CryptoQuant analyst Darkfost stated that the scale of BTC long-term holders transferring their holdings to trading platforms has recently risen to a high level. Currently, long-term holders contribute 5.1% of the total Bitcoin inflow to trading platforms. This ratio is close to the historical record, only having been higher than the current level in 2020, approaching 5.5%. This change occurred after a significant drop in Bitcoin prices.Since a 90-day moving average is used, this indicator has a certain lag, and changes will not immediately reflect the latest market dynamics. In the future, this trend is likely to gradually stabilize, but based on current data, the trading activity of long-term holders has clearly become more active recently.

According to DWF Labs, the number of tokenized stock holders has increased by 92% to 752,000 within 30 days. Among them, Robinhood has accumulated 328,000 holders since its launch on July 1, accounting for 44% market share, but its total value of tokenized stocks is only $44 million, significantly lagging behind xStocks' $487 million and Ondo's $857 million.According to data from rwa.xyz, the average holdings per person across five platforms show extreme polarization. Securitize and Figure are biased towards institutional investors, with average holdings of $4.9 million and $1.03 million, respectively, with only 50 and 186 holders; Robinhood is biased towards retail, with an average of only $134; xStocks and Ondo combine both types of users through strategic integration and cooperation, with average holdings of $1,900 and $5,900, respectively.

Renowned trader Killa stated that during the last Bitcoin bull market, about 80% of the cycle top indicators were never triggered, and similar situations may occur with future bottom indicators, so one should not mechanically rely on historical signals to determine market bottoms. He pointed out that the supply of long-term holders currently in a loss state has exceeded the levels during the FTX collapse and is approaching the levels seen during the 2018 bear market.Bitcoin's realized price is currently around $50,000, and in past cycles, the price has tested the realized price of long-term holders, so there is still a possibility of returning to that area. However, Killa indicated that it should not be assumed that Bitcoin will necessarily fall back to this level. Many top indicators in the last cycle failed to trigger, and some bottom indicators may also fail in the future. In any case, the current level of market losses is similar to that during the FTX incident and the 2018 bear market.

CryptoQuant analyst Darkfost stated that there has been a noticeable increase in on-chain activity from the oldest group of Bitcoin holders recently. Data shows that the daily UTXO (Unspent Transaction Output) movement for BTC holders with holding periods of 5 to 7 years and 7 to 10 years has exceeded 5000 BTC multiple times.Darkfost pointed out that the spending of UTXOs does not necessarily mean selling. Long-term holders typically move Bitcoin for two main reasons: one is for security considerations, such as changing wallet addresses which leads to the transfer of UTXOs from the original address; the other is to sell assets. However, current on-chain data does not show a significant flow of funds to exchanges, indicating that these long-term holders are not currently engaging in large-scale selling of BTC. It is noteworthy that this behavior occurs as Bitcoin tests the $60,000 mark again, similar to market trends observed from February to March this year. The market will continue to monitor whether the activities of long-term holders will further impact the supply and demand dynamics of BTC.

According to the analysis by the crypto venture capital firm 1kx (@1kxnetwork), on-chain fees in the second quarter of this year decreased by 33% year-on-year, with DEX fees dropping by $625 million (-57%), mainly dragged down by Meteora, Raydium, and PancakeSwap, which together generated $1.5 billion in fees in the first half of last year; blockchain and MEV fees decreased by $362 million (-40%); launch platform fees fell by 57%, with Pump.fun contributing nearly half of the decline.Some sectors achieved counter-cyclical growth: perpetual contract and prediction market fees increased by 22% year-on-year, led by edgeX and Hyperliquid, with Polymarket contributing nearly $100 million in a single quarter; the lending and asset management sectors continued to grow, with Morpho, USDai, and Maple Finance each increasing by $9 million to $19 million; Canton Network added $179 million in L1 fees, but most of this was driven by incentives. Despite the overall decline in industry fees, token holder distribution returns remained stable, with Binance burn still accounting for a significant share, and protocols like Hyperliquid have incorporated buybacks and burns into their regular policies.

Cryptocurrency payment infrastructure company Moonpay has supported payments from the U.S. card network Discover, allowing Discover Network cardholders to buy and sell cryptocurrencies through the Moonpay platform. Discover Network becomes the third major card brand supported by Moonpay in the U.S., alongside Visa and Mastercard. Moonpay stated that this support covers over 500 of its business partners, including wallets, exchanges, and applications. Moonpay also supports Apple Pay, Google Pay, PayPal, Venmo, bank transfers, and regional payment channels. Founded in 2019, Moonpay serves over 30 million customers across 180 countries and holds a BitLicense from New York, a limited purpose trust license from New York, multi-state money transmission licenses in the U.S., and MiCA authorization in the European Union.

The on-chain data analysis platform Bubblemaps posted on platform X, stating that investors who participated in the MEGA token presale and chose to lock their tokens for additional rewards are currently facing a paper loss of about 50%.Data shows that this group of investors has invested a total of 28.3 million dollars, and the current value of their holdings has dropped to 13.6 million dollars. The related tokens will not be unlocked until April 2027.

CryptoQuant analyst Darkfost stated that data shows short-term holders (holding periods of no more than 155 days) have been in a state of realized losses for about nine consecutive months, a characteristic that is typically more aligned with a bear market environment.It is estimated that the cost basis for short-term holders is around $68,800, so they are still facing some pressure overall. Currently, as Bitcoin attempts to stabilize above $65,000, short-term holders are expected to continue selling at a loss of about 4%.

According to BBX data, yesterday the global digital infrastructure and cryptocurrency reserve companies welcomed significant developments in capital operations, technology security, and treasury clearing. The core content is as follows:Satsuma shareholders overwhelmingly approved the liquidation of Bitcoin and delisting: Shareholders of Satsuma Technology, the second-largest publicly listed Bitcoin reserve company in the UK, voted with a high approval rate of 90% to approve the sale of all 668 BTC (fair value approximately $43.5 million), return capital to investors, and delist from the London Stock Exchange (LSE). According to the timeline, the company is expected to cancel its listing on September 14, 2026, with fund clearing and CREST transfers to be completed by September 28. The company's Bitcoin treasury strategy lasted less than a year, and its stock price has fallen over 99% from its peak.Ionic Digital received SEC approval for direct listing on July 28: Digital infrastructure company Ionic Digital officially announced that its S-1 registration statement has been formally approved by the U.S. SEC and is expected to begin trading its Class A common stock on the Nasdaq Global Select Market on July 28, with the stock ticker "IOND." This listing will adopt a direct listing model, and the company will not publicly offer any new shares. Ionic Digital's core business focuses on providing next-generation data center solutions for AI and high-performance computing (HPC).Galaxy launches a $5 million "Bitcoin Quantum Readiness Initiative": Digital asset giant Galaxy announced the launch of the "Bitcoin Quantum Readiness Initiative," intending to invest up to $5 million in developer funding to promote the evolution of the Bitcoin network towards quantum attack resistance. The initiative consists of three core components: first, funding the development of post-quantum cryptography (PQC) solutions; second, conducting specialized research on quantum computing and network security by Galaxy Research; third, forming an expert advisory committee to advance academic discussions on the underlying roadmap.

According to BBX data, yesterday global top asset management institutions, listed consortiums, and industry data giants disclosed the latest developments in positioning and rebalancing within the digital asset ecosystem. The core information is as follows:Ark Invest adjusts its holdings by increasing SpaceX and reducing Robinhood: Ark Invest, led by Cathie Wood, completed its latest position adjustment yesterday, increasing its holdings by 170,634 shares of SpaceX stock (worth approximately $20.5 million), while reducing its holdings by 41,322 shares of internet brokerage giant Robinhood Markets, Inc. (NASDAQ: $HOOD) stock (worth approximately $4.1 million).Hanwha Group becomes the largest shareholder of tokenization giant Securitize: South Korea's Hanwha Group has officially become the largest shareholder of the real-world asset (RWA) tokenization platform Securitize, holding a total of 15,689,500 shares, with a shareholding ratio of 9.6%, surpassing Blockchain Capital (6%) and co-founder Carlos Domingo (5.4%). Hanwha Group currently holds 5.9%, 3.1%, and 0.6% through its private equity fund, Hanwha Systems (KRX: 272210) subsidiary H Foundation, and Hanwha Investment & Securities (KRX: 003530), respectively.The Tie completes the acquisition of Staking Rewards business: Digital asset institutional information service provider The Tie announced that it has successfully acquired the data and platform business of the staking data analysis platform Staking Rewards from Finrate AG. The staking and yield datasets of Staking Rewards will be fully integrated into The Tie's platform and API; at the same time, The Tie will also reverse integrate proprietary datasets such as on-chain analysis and news into the Staking Rewards platform.

According to market news, Bitcoin Treasuries.NET posted on platform X that shareholders of the UK Bitcoin treasury company Satsuma Technology, supported by Mark Moss, have voted to sell all of their remaining 668 BTC, return capital to shareholders, and close the company.

Capital Group increased its holdings in Metaplanet to 136 million shares, with a stake valued at $203.2 million, becoming the largest shareholder of Metaplanet.Capital Group currently holds 10.63% of the voting rights in the company.

Hanwha Group has become the largest shareholder of the U.S. RWA project Securitize, holding a total of 15.6895 million shares, accounting for 9.6% of the shares, surpassing Blockchain Capital's 6% and co-founder Carlos Domingo's 5.4%. Hanwha Group currently holds 5.9%, 3.1%, and approximately 0.6% of the company's shares through its private equity fund, Hanwha Systems subsidiary H Foundation, and Hanwha Investment & Securities, respectively.Hanwha Investment & Securities has invested a total of 58 billion won this year in projects such as the blockchain data platform Xangle, Web3 infrastructure company Kresus, and the institutional-level blockchain network Canton Network operated by Digital Asset, and has additionally invested 597.8 billion won in Dunamu, the parent company of South Korean cryptocurrency exchange Upbit, increasing its shareholding ratio to 9.84%.

The Solana Q2 2026 Token Holder Report published by Blockworks states that the trading volume of on-chain tokenized assets reached a new high this quarter, totaling $5.8 billion, a 114% increase compared to Q1. Among them, tokenized stock trading amounted to $4.8 billion, accounting for 97% of the total tokenized equity trading volume on the network, with institutional RWA demand becoming the core growth driver.Affected by the decline in meme coin market conditions, Solana's real economic revenue fell by 43% quarter-on-quarter to $51 million, and DEX spot trading volume dropped to $160.8 billion. However, the funding situation remained robust, with a net inflow of $120 million into SOL spot ETPs and a total staking amount of 427 million tokens, accounting for two-thirds of the total supply. Solana will subsequently implement the Alpenglow upgrade and SIMD-related proposals to adjust inflation and token burn rules, enhancing SOL's value capture capability.

Cryptocurrency analyst Amr Taha pointed out that the dynamics of the Bitcoin holder community have recently shown a clear divergence, with large whales continuously accumulating, while medium-sized wallets are selling off at an increasingly rapid pace. Specifically, wallets holding 1,000 to 10,000 BTC have seen a net increase of approximately 66,700 BTC over the past 60 days, nearing the level of 68,000 BTC reached on June 16.In contrast, wallets holding 100 to 1,000 BTC have a net sell-off of about 77,800 BTC, marking one of the most aggressive selling periods in the current data. Historical data shows that the behavior of wallets holding 100 to 1,000 BTC aligns with significant short-term market turning points. On April 25, this group had a net increase of over 92,000 BTC. About 10 days later, Bitcoin entered a short-term correction, ultimately declining by approximately -29%. Amr Taha believes that the continued accumulation by large holders will reduce the immediately available supply, especially during periods when smaller groups are actively distributing Bitcoin. While group data alone cannot determine future price trends, the current shift in supply towards large wallets may signal positive indications for Bitcoin in the medium term.

CryptoQuant analyst Darkfost stated that the Bitcoin bear market has lasted for about 9 months, affecting both short-term and long-term holders. The cost basis of short-term holders has fallen below that of long-term holders and has been confirmed for 3 days, triggering a "bear market nearing its end" signal. This indicator excludes BTC held for more than 7 years when calculating the cost basis of long-term holders to more accurately reflect the economically active long-term positions.Darkfost emphasized that this signal does not mean the bear market is immediately over, nor does it indicate that the market bottom has been established; rather, it suggests that the market may be entering the final phase of the bear market, during which adopting a dollar-cost averaging strategy may be more reasonable. He stated that if the cost basis of short-term holders subsequently breaks back above the cost basis of long-term holders, it can be seen as a confirmation signal for the beginning of a bull market phase and can serve as a reference for ending dollar-cost averaging. Currently, the cost basis of short-term holders has fallen from $112,500 to $69,000.

Crypto market analyst gaah cited CryptoQuant data, stating that the holding ratio of long-term holders (LTH) to short-term holders (STH) of BTC has risen to a 30-month high. This metric is used to measure the distribution of Bitcoin supply between long-term holders and short-term holders.The analysis points out that extreme highs in this metric typically do not occur at the peak of market euphoria, but rather during a reaccumulation phase. Historically, bull market peaks often happen when this metric starts to decline from a high point, rather than when it reaches a new high. Currently, with BTC prices still about 50% lower than the last historical peak, long-term holders continue to absorb circulating chips in the market.

According to a post by Galaxy Research research director Alex Thorn (@intangiblecoins), indicators related to long-term Bitcoin holders have set new historical records:The supply ratio of coins held for ≥ 10 years has reached 17.7%, the amount held by long-term holders is 16.75 million coins, the market value realized by long-term holders has reached 836.4 billion USD, and the average holding cost for long-term holders is 50,000 USD. The above data indicates that a large number of coins are firmly locked by long-term holders, who refuse to sell even though the average price has reached 50,000 USD. The actual circulating supply in the market continues to tighten, and the behavior of long-term holders is building a solid bottom support for Bitcoin prices.