Weekly Wrap: Bitcoin Holds Firm As Stocks Post Losing Week

Bitcoin has outperformed stocks over the past week despite rising market volatility caused by corporate earnings and higher oil prices. BTC was trading at $64,115 U.S. on the afternoon of July 24 and basically flat on the week even as equity markets declined.

The benchmark S&P 500 index was on pace for a weekly drop of about 1% as crude oil prices rose above $100 U.S. for the first time since late May and amid uneven second-quarter financial results from leading companies such as Alphabet GOOGL, Tesla TSLA, and American Express AXP.

Geopolitical turmoil also continues to weigh on markets as fighting between the U.S. and Iran intensifies and President Donald Trump announced new tariffs on the imports of 60 countries around the world, including new 50% duties on products from neighbouring Canada. Despite pulling back from its high for the week of $66,800 U.S., Bitcoin showed some resilience in the face of the current upheaval in the broader market.

Here’s what else happened with cryptocurrencies over the last five days…

Strategy Leaves Bitcoin Holdings Unchanged: Strategy MSTR left its holdings of Bitcoin unchanged for a second consecutive week as it continues to build-up its cash reserves. The world’s largest corporate owner of Bitcoin raised its cash reserves by $225 million U.S. over the past week after selling some common stock, bolstering its liquidity. Strategy’s U.S. dollar reserves now stand at $3.23 billion U.S. while the company’s Bitcoin stack remains steady at 843,775 BTC worth $54.5 billion U.S.

Kalshi Adds Three Million New Users: Prediction market Kalshi said that it added three million new users during the FIFA World Cup soccer tournament that concluded on July 19. Kalshi brought in three million new users over the course of the tournament and more than $1.2 billion U.S. was traded on its prediction market during the World Cup, a record for a sports betting platform. During the World Cup, Kalshi made several moves to boost its brand, including serving as the “official prediction market sponsor” of the tournament.

Hut 8 Announces New Data Centre Deal: The stock of Hut 8 HUT rose 11% on July 20 after the company announced a new artificial intelligence (A.I.) data centre deal. Hut 8 said that it agreed a 15-year $9.8 billion U.S. lease at its Beacon Point data centre campus in Texas. Management at Hut 8 said the new contract comes from an existing data centre tenant, which it refused to name. However, Hut 8 reiterated that the tenant is a high-investment-grade company and that it has doubled its contracted computing capacity to 704 megawatts.

Galaxy Digital Moves To Protect Bitcoin: Galaxy Digital GLXY has established a $5 million U.S. fund to help developers protect Bitcoin from threats posed by quantum computing. Grants administered through the fund will focus on developing quantum-resistant signature schemes, crypto wallet migration tools, and security audits. Analysts say it is only a matter of time before powerful quantum computers are able to attack the blockchain of Bitcoin, leading to security problems.

Kalshi Opens Betting On U.S. Midterm Elections: Prediction market Kalshi opened betting on the outcome of the U.S. congressional elections taking place this November. The midterm elections will decide which political party, Democrats or Republicans, control the U.S. House of Representatives and Senate. Kalshi is allowing people to bet on the outcome of the elections that are scheduled to take place on Nov. 3.

Crypto Exchange BitMEX Shuts Down: BitMEX, the cryptocurrency exchange that invented perpetual swaps (perps), announced that it is shutting down. The exchange, co-founded by investor Arthur Hayes in 2014, announced that it will cease operations on Sept. 23 of this year.

The decision to shut down comes after BitMEX lost perpetuals business to competing rivals and a new wave of decentralized derivatives markets that have sprung up in recent years. The wind-down ends an 11-year run for BitMEX.

Goldman Sachs CEO Supports Clarity Act: The Clarity Act legislation that aims to regulate cryptocurrencies has gotten a vote of confidence from Goldman Sachs GS CEO David Solomon. Solomon has thrown his support behind the crypto bill despite reservations among many U.S. banks over worries that digital assets will intrude on their business. Solomon said the Clarity Act will provide much-needed regulatory certainty for cryptocurrencies such as Bitcoin.

Bitcoin Miner Poolin Files For Bankruptcy: Poolin Technology, a Singapore-based company that was one of the world's largest Bitcoin mining pools, has filed for Chapter 11 bankruptcy protection in the U.S. The bankruptcy filing comes after Poolin’s Texas Bitcoin mining operations shutdown on July 10 of this year. The filing, which seeks to protect Poolin from its creditors, lists estimated debts of as much as $500 million U.S. versus assets of $10 million U.S. In the bankruptcy filing, Poolin says that its creditors are owed $173.1 million U.S.

Hyperliquid Adds Decentralized Prediction Market: Hyperliquid CRYPTO:HYPE announced plans to add decentralized prediction markets to its platform as it diversifies into new revenue streams. Going forward, anyone will be able to offer a prediction market on Hyperliquid’s platform, subject to approval from validators. The prediction market sector is dominated by Polymarket and Kalshi.

Wrench Attacks Cost Victims $124 Million: Cryptocurrency “wrench attacks” cost victims around the world $124 million U.S. in losses over the past six months, according to blockchain security firm CertiK. Wrench attacks are violent, real-world attacks on people who own cryptocurrencies such as Bitcoin. CertiK verified 52 incidents in which criminals used violence or threats of force to get people to hand over their crypto in the first half of 2026. In all, the wrench attacks this year cost victims $124.1 million U.S. in losses. The average amount of crypto stolen per attack rose to $2.39 million U.S. from $270,000 U.S. a year ago.