coverage endedJul 24, 2026, 9:00 PM
Michael Saylor's Strategy — under continued pressure in this crypto bear market — released a new set of metrics to judge company performance.
Bitcoin falls below $64K (CoinDesk)Cardano, Sui, Near lead crypto declines as bitcoin stabilizes around $64,000
Bitcoin (BTC) trimmed some of its earlier losses to edge back above the $64,000 level by the U.S. afternoon, though it remained down about 1% over the past 24 hours.
The pullback was broad across the crypto market. Nearly every asset in the CoinDesk 20 Index traded lower, with Sui (SUI), Cardano's ADA and NEAR leading declines at 3%-4%. Solana (SOL) fell about 2.5%.
Decentralized exchange Uniswap's UNI bucked the trend, rising 1.5% to stand as the index's lone gainer.
Chipmakers, data center names in the red as Nasdaq hovers at 11-week low
A mid-day check on markets show the Nasdaq 100 modestly bouncing after falling to its weakest level since early May in the mornings session, still 0,4% lower in the day.
Weakness in chipmakers, a bellwether of the artificial intelligence trade, dragged the tech index down, as the iShares Semiconductor ETF (SOXX) fell 2.7% in the session.
That weighed on data centers names as well: IREN, Cipher Mining (CIFR) and TeraWulf (WULF) all nursed 4%-5% losses.
The S&P 500 held up better, gaining 0.4% through the day so far.
Among digital asset-related stocks, crypto-friendly broker Robinhood (HOOD) led declines with 6% loss. Coinbase (COIN) was 2% lower, while bitcoin treasury Strategy (MSTR) slid 1%. Stablecoin issuer Circle (CRCL) and tokenization specialist Securitize (SECZ) posted modest gains.
Oil slumps on report of possible new Iran peace talks
Reuters is reporting that Pakistan is “exploring a path to resuming U.S.-Iran peace talks.”
The news has lifted stocks and crypto just a bit, but the larger impact is in oil prices, with WTI crude oil slumping 4.3% to $88.25 per barrel.
The 10-year Treasury yield has pulled back by five basis points to 4.65%.
Another big dividend hike for STRC seems likely
“There’s not a lot of faith in you out there in the business community,” Grama to Worm — Rounders.
Over the past month, Michael Saylor and Strategy have: 1) Lifted the dividend on their preferred stock STRC by 50 basis points to 12.0%; 2) Raised cash reserves on which to pay those dividends to $3.225 billion — enough for nearly two years of payments; 3) Explicitly stated their intention to do whatever it takes — bitcoin sales included — to pay that dividend in perpetuity.
STRC also — as noted by Michael Saylor minutes ago — is the top holding in three leading preferred ETFs: BlackRock’s PFF, Van Eck’s PFXF, and Virtus’ PFFA. Combined, according to Strategy, the three hold more than $750 million in STRC.
And yet, STRC continues to trade at levels the Street might typically describe as highly distressed. At the current $86, STRC has an effective yield for new buyers of nearly 14%.
There’s still a week left in July, but the current price suggests Saylor and team — if following the pattern of other months — might well hike STRC’s dividend by another 50 basis points to 12.5% to entice new investment.
Nvidia's Huang posts to X for first time, urging open AI models
“AI will transform every industry, power every company, and be built by every country,” said Nvidia CEO Jensen Huang in his first-ever official X post, sharing an open letter signed by his comapny, among others.
“Open models strengthen safety and cybersecurity, accelerate innovation and diffusion, and enable sovereignty. The world needs both frontier closed models and frontier open models.”
Bitcoin pulls back below $64,000 as stocks give up gains
U.S. stocks have given up an early futures gain, the Nasdaq turning down 0.6% shortly after the open on Friday.
Up more than 10% at one point last night following second-quarter earnings, Intel (INTC) is down 4%. Micron is lower by 6%, and SanDisk by 7%.
The weak action in the AI momentum trade is feeding through to crypto, where bitcoin — after nearly rising to $66,000 hours ago — has slid to $63,900, down almost 2% over the past 24 hours. Ether (ETH) is down 3% over that same time frame.
Investors skeptical as Saylor and Strategy come up with a new set of metrics
“One integrated view of Strategy’s Bitcoin balance sheet and capital structure,” wrote Michael Saylor after his company last night released a whole new set of metrics on which to judge performance. “The MSTR-BTC dashboard brings gross and net reserves, per-share economics, valuation, duration, floor, breakeven, hurdle, yield, and gain into a single framework.”
With bitcoin remaining mired in a bear market and Strategy’s stock down about 80% year over year, the company’s revised metrics were unsurprisingly met with harsh skepticism.
“More acronyms and made up metrics to confuse and fleece the retail crowd,” wrote one poster. “A masterclass in grift.”
Markets steady as oil slides and treasury yields retreat
In Friday pre-market trading, the Invesco QQQ is edging 0.18% higher, while bitcoin drifts slightly lower near $65,000.
Brent crude has fallen more than 3% over the past 24 hours to around $97 a barrel. Gold is finding modest support above $4,000 an ounce, while U.S. Treasury yields are retreating, with the 10-year yield slipping below 4.7%.
Bitcoin ETF outflows snap seven-day inflow streak
Bitcoin exchange-traded funds (ETFs) broke their seven-day inflow streak, recording $225.1 million in outflows on Thursday. BlackRock's IBIT accounted for the majority of the outflows, with $202.5 million of those.
Bitcoin's price is being propped up by traders, not fresh capital, CryptoQuant says
Demand for bitcoin from long-term holders and institutions is falling quickly, according to CryptoQuant. Speculative activity in the futures market is still positive but sits below earlier levels.
The read is that bitcoin's price near $65,000 is being held up by traders rather than by fresh capital coming in. That kind of support tends to be quicker to reverse than the long-term accumulation that drove past uptrends, leaving the current level resting on shorter-term positioning.
Bitcoin traded near $65,400 on Friday, down 0.6% in the past 24 hours.
Japan inflation accelerates as 10-year bond yield climbs above 2.8%
Japan’s headline inflation rate year-over-year accelerated to 1.7% in June, from 1.5% the previous month, marking its highest level since December. Core inflation, which excludes food and energy, rose to 1.6% from 1.4%. However, both measures remain below the Bank of Japan’s 2% target, where they have been since the beginning of 2026.
However, Japanese government bonds continued to sell off, pushing the 10-year yield above 2.8%, up more than one percent over the past 24 hours.
Strategy’s once-substantial bitcoin premium has completely eroded
Strategy’s (MSTR) multiple to net asset value (mNAV), which once carried a substantial premium, has gradually eroded and now stands at 1.0. The metric divides MSTR’s share price by its net bitcoin per share, indicating whether the stock trades above or below the value of its bitcoin holdings after accounting for debt and preferred-stock claims.
The company’s 843,775 BTC are worth approximately $58.46 billion, broadly equal to its enterprise value, calculated as the market capitalisation of all basic shares outstanding, plus debt and preferred stock, less its USD reserve.
MSTR is trading at around $95, down 47% year to date.
Dogecoin and ether lead a quiet pullback as crypto consolidates before the Fed
Dogecoin fell 4.5% and ether dropped 2.5% on Friday, leading a broad but shallow retreat across the majors as the market consolidated a strong week, per CoinDesk data. XRP and Solana each slipped about 2.5%, while bitcoin held up better, down 0.6% to around $65,400.
The pullback barely dented the weekly picture. Bitcoin is still up 3% over seven days, ether 1.8%, and most majors remain green on the week, with Hyperliquid the exception at down 3.5%.
There was no single catalyst behind Friday's move, more a pause after the run-up than a reversal.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Jul 22, 2026
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
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