GALAXY LAUNCHES $5M BITCOIN QUANTUM READINESS INITIATIVE Galaxy has launched the Bitcoin Quantum Readiness Initiative, committing up to $5 million in developer grants to help prepare Bitcoin for future quantum computing threats. The program also includes ongoing research through Galaxy Research and a Quantum Advisory Council of leading experts. While no quantum computer today can break Bitcoin’s cryptography, Galaxy argues Bitcoin’s slow, consensus-driven upgrade process means work on post-quantum protections should begin well before the threat becomes imminent. Grant funding will support quantum-resistant upgrade proposals, post-quantum signature schemes, wallet migration tools, and security audits.

NEW: Jack Mallers steps down as CEO of Twenty One. Raphael Zagury to lead company's next phase of building a Bitcoin-native operating company. XXI unveils refreshed strategic priorities focused on cash flow generation and disciplined capital allocation.

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Twenty One Capital Appoints Raphael Zagury as Chief Executive Officer

Mr. Zagury to lead company's next phase of building a Bitcoin-native operating company. XXI unveils refreshed strategic priorities focused on cash ...

Bitcoin ETFs records a second consecutive week of positive flows.

Bitcoin’s 30-day Spot Demand plunges to -170K BTC.

Bitcoin’s 30-day EMA Long-Term Holder Supply Inflow remains positive, now reading 347,700 BTC.

"We are way below what the power law would suggest. This is a massive undervaluation." @npub1h92c...qa8u joins to discuss: 🔸 How he called the muted top in 2025 🔸 Why Bitcoin rips when inflation falls 🔸 How he foresaw the Treasury Company collapse YouTube: Fountain:

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Rob Wallace | Bitcoin News • Everyone Calling For A Bitcoin Bottom In October Is WRONG | Sina Bitcoin Intelligence • Watch on Fountain

Sina, the analyst behind Bitcoin Intelligence and the man who helped popularize the power law, the quantile bands, and the momentum model, is back ...

Much debate on X over BIP-110. Soon we get hard numbers from America's largest mining pool, where miners are voting on how it signals. Our latest newsletter is out tomorrow morning:

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MARGIN DEBT HITS RECORD HIGH RELATIVE TO GDP NYSE/FINRA data compiled by Hussman Strategic Advisors shows U.S. margin debt has climbed to roughly 4.5% of GDP, the highest level on record, surpassing previous peaks seen before the 2000 dot-com crash, 2008 financial crisis, and 2021 market top. Margin debt is money investors borrow to buy stocks. Higher leverage can amplify gains during bull markets, but it also increases the risk of forced selling if prices fall. While this isn’t a market timing signal, it suggests investors are more leveraged relative to the economy than at any point in modern history.

BITCOIN’S QUANTUM RECOVERY PLAN HAS ONE MAJOR EXCEPTION: SATOSHI’S 1.1 MILLION BTC Bitcoin’s proposed defense against quantum computers just took a major step forward, but it still cannot save Satoshi Nakamoto’s coins. Quantum security startup Project Eleven has unveiled a zero-knowledge proof system designed to complement BIP-361, the controversial proposal that would freeze Bitcoin addresses vulnerable to future quantum attacks. The system would allow legitimate owners to recover their bitcoin without revealing their private keys. The proposal addresses one of the biggest criticisms of BIP-361. Under the draft, quantum-vulnerable addresses would stop accepting deposits after three years, with remaining coins frozen after five. More than 34% of Bitcoin’s supply falls into this category, including the estimated 1.1 million BTC attributed to Satoshi. Project Eleven’s approach exploits a key difference in Bitcoin’s cryptography. While quantum computers could eventually break elliptic curve signatures, they cannot efficiently reverse the one-way hash functions used by modern HD wallets. Instead of signing a transaction, users prove they know the secret key material higher up in their wallet’s derivation tree, allowing them to migrate funds to a quantum-safe address without exposing their seed. However, the recovery method only works for BIP-32 hierarchical deterministic wallets introduced in 2012. Satoshi’s coins were created years earlier using software that generated every private key independently, with no seed phrase or derivation tree. That means there is nothing for the proof system to verify. The same limitation applies to many of Bitcoin’s oldest dormant wallets. The prototype is also unaudited, supports only a subset of Bitcoin address types, and would require future consensus changes before it could be used on Bitcoin. Still, the development changes the debate around BIP-361. Rather than permanently burning quantum-vulnerable coins, the proposal could eventually allow legitimate owners to recover them. Everyone, that is, except Satoshi.

Bitcoin is doing just fine.

🇺🇸 CLARITY ACT COULD REACH SENATE FLOOR NEXT WEEK, SAYS HOUSE REP. BRYAN STEIL House Financial Services Committee Chairman Bryan Steil said he’s optimistic the Senate will bring the CLARITY Act to the floor as soon as next week, arguing the legislation would finally provide long-awaited regulatory clarity for digital assets in the U.S. Speaking ahead of today’s New York field hearing, Steil said the bill would establish a framework that protects consumers, distinguishes legitimate companies from bad actors, and helps attract both financial and human capital to the United States. He also dismissed ethics-related objections, saying those concerns are another reason to pass clear digital asset rules.

ELIZABETH WARREN DEMANDS TRUMP DISCLOSE CRYPTO HOLDINGS WITHIN ONE WEEK Sen. Elizabeth Warren is demanding that President Donald Trump voluntarily disclose his crypto earnings and holdings from Jan. 1 through July 15, giving him until July 23 to comply. In a July 16 letter, the ranking member of the Senate Banking Committee argued that Congress cannot fairly debate cryptocurrency legislation while the president’s financial exposure to the industry remains only partially disclosed. The request comes as the Senate considers the CLARITY Act, legislation that would establish a comprehensive regulatory framework for digital asset markets by defining which assets fall under SEC or CFTC oversight and creating clearer rules for exchanges and token issuers. Warren argues lawmakers need an up-to-date picture of Trump’s crypto interests before advancing legislation that could directly affect the value of those holdings. According to Warren, the concern is not simply that the president owns digital assets, but that legislation currently before Congress could materially benefit businesses and investments connected to the president while those interests remain only partially disclosed.

🇺🇸 BITCOIN STRATEGIC RESERVE SET FOR CONGRESSIONAL DISCUSSION TODAY The House’s CLARITY Act field hearing in New York will also include discussion of H.R. 8957, the American Reserve Modernization Act (ARMA), the bill that would establish a U.S. Strategic Bitcoin Reserve. The proposal would authorize the Treasury to acquire bitcoin through budget-neutral mechanisms, rather than new taxpayer spending, while requiring regular audits, secure custody standards, and transparency around the government’s bitcoin holdings. Supporters argue ARMA would treat bitcoin as a long-term strategic reserve asset alongside other national reserves, strengthening the U.S.’s position in the emerging digital asset economy. Today’s hearing is focused on how the CLARITY Act could unlock digital asset innovation, but the inclusion of ARMA on the agenda signals that congressional discussion around a federal Bitcoin reserve continues to gain momentum.

Bitcoin Fear & Greed Index raises to 27, Fear territory.

"'One more leg down' is what people always say at the bottom, right before it violently whips back." Joe Consorti & @MartyBent join to discuss: AI rotation back into Bitcoin MSTR's death spiral myth BIP 110 and the fight over what BTC is YouTube: Fountain: https://fountain.fm/episode/JB5eB9jSgfhtBfGhiOVO Spotify:

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“We’ve Hit A Tipping Point” — Nothing Is Holding Bitcoin Back Now | Joe Consorti and Marty Bent

Rob Wallace | Bitcoin News · Episode

NEW: Bitcoin to bottom around the $38-39K, per NYDIG.

NEW: Bitcoin investors led by Jeff Booth, Lyn Alden, and Ricardo Salinas raise $40M to launch a capital company called ORANGE JUICE, aiming to buy businesses and put a portion of their profits into Bitcoin.

NEW: "When Bitcoin gets down closer to $8,000 to $10,000, that’s when we have to consider some of the risks associated with our debt," says Strategy CEO Phong Le.

NEW: 🇨🇳 The People’s Bank of China injects 426.5B yuan via seven-day reverse repurchase agreements at an interest rate of 1.40%.

NEW: There is “roughly an 80% chance” 🇹🇼 Taiwan establishes a strategic Bitcoin reserve within five years and close to 100% within ten, says Taiwanese legislator Dr. Ko Ju-chun.