According to CryptoQuant, as crypto asset prices continue to be under pressure, large holders are increasing their positions in Bitcoin, Ethereum, and XRP, suggesting they may be preparing for the next market cycle. The firm believes this behavior indicates the current bear market may be entering its final stages. However, CryptoQuant also emphasizes that the market has not yet confirmed a bottom, and prices could still fall further. Julio Moreno, Head of Research at CryptoQuant, stated that the largest holders of BTC, ETH, and XRP are increasing their supply holdings as prices approach or fall below their realized prices. This shift in positioning helps reduce downward pressure and is consistent with the characteristics of the late stages of a cyclical downtrend. Data shows that, excluding exchanges and mining pools, the balance of Bitcoin whales has rebounded from a low of approximately 2.87 million BTC in December 2025 to approximately 3.06 million BTC. This data also does not include holdings by ETFs or digital asset treasury companies. CryptoQuant reports that Bitcoin whale holdings maintained a positive 30-day growth for most of 2026, with increased buying activity further intensifying when Bitcoin fell below $60,000 in June. However, current whale holdings are still below the 2025 bull market high of approximately 3.23 million BTC, indicating further room for accumulation.

Despite a net inflow of $211.5 million into the spot Bitcoin ETF on Tuesday, Bitcoin prices remained largely flat, hovering around $64,000. Analysts believe this movement is more like the market being compressed into a low-volatility state than an impending sharp decline. On the same day, the spot Ethereum ETF also recorded a net inflow of $53.8 million. In the macro market, the S&P 500 closed at a record high of 7737 points on August 4th, the Nasdaq rose 2.6% driven by AI's earnings report, while Brent crude oil fell below $80 due to easing tensions in the Strait of Hormuz. Wintermute OTC trader Jasper De Maere stated that the fact that ETF buying entered the market but failed to push up Bitcoin prices is a key signal in itself, indicating that marginal buyers in the spot market are not truly bullish. He believes that for Bitcoin to continue its recovery narrative, a clear break above $65,000 is needed in the short term. Overall, analysts are interpreting the current Bitcoin price action as a "boring bottom": there's no obvious panic selling, nor is there strong upward momentum. ETF inflows are providing support, but the price remains suppressed below key resistance, indicating the market is still awaiting a clearer directional catalyst.

According to Odaily Planet Daily, TeraWulf's high-performance computing (HPC) rental revenue grew 52% quarter-over-quarter to $31.9 million in the second quarter, continuing to expand its leading position in its traditional Bitcoin mining business. HPC rental revenue accounted for approximately 71% of TeraWulf's total revenue of $44.8 million in the second quarter, up from 62% in the previous quarter. In contrast, digital asset revenue was essentially flat quarter-over-quarter at $12.8 million, but significantly lower than the $47.6 million in the same period last year. CFO Patrick Fleury stated in the earnings call that the second-quarter results reflect that TeraWulf's financial structure is increasingly driven by long-term, contractual HPC revenue. However, the company's net loss attributable to shareholders widened to nearly $940 million in the second quarter, up from $427.6 million in the first quarter. The loss was primarily due to a $755.7 million valuation adjustment related to Google warrants, which was influenced by the rise in TeraWulf's stock price. Following the earnings release, TeraWulf's stock price fell by less than 1%, but is still up approximately 47% year-to-date. Overall, the company is further transforming from a Bitcoin mining company into an AI/HPC infrastructure platform, but its short-term financial performance remains affected by equity valuations and transformation costs.

According to Bitcoin News, Galaxy Research reports that the largest known COLDCARD theft involves 1,159 BTC, distributed across seven attacker addresses. These BTC remain untouched, with none cashed out or transferred via mixers. The theft occurred within 41 minutes, but approximately 600 attacker addresses have been flagged by law enforcement, exchanges, and blockchain analytics firms. Meanwhile, a smaller-scale attacker appears to have begun laundering funds. On-chain analysts tracked 64 BTC into a mixer, with only about 10 initially completed mixing, 54 BTC returned as change, and subsequently split into outputs of approximately 7 BTC for further mixing. Analysts note that these unusually large outputs remain easily traceable, making the laundering attempt relatively transparent.

Odaily Planet Daily reports that U.S. Senator Elizabeth Warren has requested the U.S. Department of Commerce to explain its policy toward the UAE regarding increased U.S. access to AI chips following investments by UAE entities in World Liberty Financial, a crypto project backed by the Trump family. A letter to Commerce Secretary Howard Lutnick mentions that an Abu Dhabi entity invested $500 million in World Liberty Financial in January; another UAE-related company used World Liberty's USD1 stablecoin to complete a $2 billion investment in the crypto exchange Binance. The U.S. Department of Commerce had previously reclassified the UAE as Country Group A:5, granting it more license-free exports, including advanced chips. The department also stated it would "actively review" license applications involving the export of chips and servers to MGX, the UAE entity that completed the $2 billion Binance investment. Warren stated that the Department of Commerce's actions raise significant questions about the potential impact of the president's crypto interests on institutional operations and national security. In June, several senators, including Warren, requested hearings regarding the $500 million World Liberty Financial transaction.