The trigger wasn't price. It was the $292M Kelp bridge exploit back in April. Since then, issuer after issuer has quietly re-routed their cross-chain rails to Chainlink's CCIP, capped by BitGo moving WBTC ($7.3B).

When the bridge breaks, everything built on top starts hunting for safer rails. One exploit is redrawing entire cross-chain trust map.

Most holders had never heard of Kulipa. That's the catch: you don't choose the company that actually issues your crypto card. A handful of invisible issuers power the cards you use every day: MetaMask (Baanx), Phantom (Bridge), Ledger, Bitget Wallet, and more.

And the layer is consolidating fast: Stripe bought Bridge ($1.1B), Mastercard bought BVNK ($1.8B). The strong get acquired — the weak, like Kulipa, brick their partners' cards and disappear.

Your card is only as alive as its issuer. Here's who's really behind them 👇

Its Unified Trading Account (UTA) is the industry's first to pool crypto, 100 tokenized US stocks (rTokens) and RWA into one shared margin account; 370+ assets, a single collateral pool.

That means one tokenized stock like rNVDA does four jobs at once: hold your exposure, earn dividends in USDT, back your futures margin, and pledge it for a stablecoin loan.

It's the third generation of the trading account, and $100M+ flowed in within the first month.

Some are already registered with the SEC. Others are shaping the rules from the inside.

We mapped the RWA players doing both — including Lumia, advised by two former US Congressmen, one from each side of the aisle 👇

Institutional activity stayed fairly quiet, with only a few notable corporate treasury moves, while ETF flows remained relatively light across both Bitcoin and Ethereum.

Corporate Treasuries

- BitMine acquired 10,399 ETH (~$19.2M), increasing its holdings to 5.8M ETH.

- Strategy sold 1,638 BTC to boost its USD reserve to $4B and repurchase $81M of STRC, reducing its Bitcoin holdings to 842,138 BTC.

Outside of these moves, public companies made no other major Bitcoin or Ethereum purchases during the week.

ETF Flows

Bitcoin ETFs recorded $61.5M in net outflows.

Ethereum ETFs posted mild net inflows of $10M.

A firmware build-error made Coldcard seeds reproducible from public data, letting an attacker drain ~$88,6M (1,367 BTC) remotely, without ever touching a device.

Zoom out and the pattern is clear: every earlier "hack" either needed physical access (Trezor) or was just a data leak (Ledger). Coldcard is the first to break cold storage remotely, at scale.

The stablecoin issuer is quietly becoming a conglomerate. Behind USDT sit $115B in US Treasuries, 146 tons of gold and ~99K BTC, plus a growing portfolio of stakes: media (Rumble), data centers (Northern Data), agriculture (Adecoagro, 70%), Bitcoin mining (Bitdeer), royalties (Elemental Altus) and even football (Juventus).

One company. ~200 people. An empire in the making.

A full list of Major Upcoming Events, to be updated

July 2026 had 31 calendar days. Crypto got hacked on 17 of them, totaling $172.7M lost across 25 incidents. A late $38M Coldcard exploit on the 31st capped a top-heavy month, together with AFX Bridge ($24.15M), Ostium ($23.75M) and BonkDAO ($21.3M), the four biggest hits made up over 60% of the damage.

The market may have slowed down, but the pace of building hasn’t. This week brought another wave of infrastructure upgrades, regulatory progress and institutional expansion, showing that the industry’s long-term direction continues to strengthen even without major market moves.

🔎 Recent Updates & Developments

- BNY moves its $8.6T transfer-agency business onchain

- Morgan Stanley launches spot ETH & SOL ETFs with industry-low fees

- Samsung brings native stablecoins to Samsung Wallet

- SK Group & NVIDIA expand their $500B+ AI partnership

- Base launches Verify Onchain to stop Sybil attacks

- Securitize becomes a fully SEC-registered investment adviser

- World raises $52.5M to expand World ID adoption

- Binance US plans a CFTC license for prediction markets