Japan Moves to Cut Crypto Taxes, and Bitcoin ETFs Snap an Eight-Week Bleed

Japan’s parliament is moving to slash crypto taxes from up to 55% to a flat 20%. Bitcoin ETFs just ended their longest outflow streak since launch. And the CLARITY Act has a hard Senate deadline approaching.

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Market-Moving News

Three stories are reshaping the demand picture for the back half of 2026. None of them are about today’s price. One unlocks a retail investor base that has been locked out of crypto for a decade.

One signals that the institutional exodus that defined June may finally be over. And one sets a binary legislative outcome that reprices an entire category of tokens depending on which way it goes.

All three are in motion right now.

TradFi

Robinhood Chain Hits $3.1B DEX Volume in First Week

Robinhood Chain pulled about $3.1 billion in decentralized exchange volume during its first seven days, pushing the network into the top five chains by DEX activity. The chain went live on July 1 and quickly moved beyond a quiet tokenized-stock launch. 

More than 65,000 users now hold about $13 million in tokenized stocks and $300 million in stablecoins on the network. One daily snapshot showed Robinhood Chain ranking third by 24-hour DEX volume at $809 million.

Brokerage Meets DeFi Speed

Robinhood is not just putting stocks on-chain. The sharper move is turning brokerage distribution into on-chain trading infrastructure. Tokenized equities, stablecoins, lending, and perpetual futures are starting to sit inside the same network.

That gives Robinhood a different path from crypto exchanges. It can bring retail familiarity into DeFi while making tokenized assets usable as collateral and trading fuel.

Early Volume Needs a Filter

The first-week numbers are strong, but not clean enough to overread. Early activity included memecoin trading, so the $3.1 billion should not be treated as pure demand for tokenized stocks. The better signal is whether liquidity sticks after the launch burst.

DeFi TVL crossed $100 million within 15 days, giving Robinhood a second metric to demonstrate that the chain has more than just short-term volume.

Take: For you, Robinhood Chain is the test of whether brokerages can turn tokenized assets into live DeFi markets instead of static wrappers. If volume and TVL hold after the early rush, traditional investing apps may become serious on-chain venues.

Policy

U.K. Launches 54-Firm Tokenization Push

The U.K. launched a 54-firm task force to move tokenized wholesale markets from pilot talk into live financial use cases.

The government-backed report brings in major banks and asset managers, including BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley, HSBC, and UBS. 

The first 12 months will focus on areas such as repo, fixed income, and OTC derivatives. A pilot issuance of the Digital Gilt Instrument is targeted no later than the first quarter of  2027.

Wholesale Rails Get the Test

Tokenization has spent years trapped between big forecasts and small pilots. The U.K. is now trying to force a more practical phase.

Instead of scattered experiments, the taskforce is built around market plumbing where settlement speed, collateral movement, and operating costs can actually be tested.

Repo and fixed income are not flashy, but they are exactly where wholesale finance feels outdated.

The Prize Gets Bigger

The report says tokenized assets were only 0.01% of investable assets in 2025, or about $30 billion globally. By 2035, the same market could reach $88 trillion, or about 16% of global investable assets.

For the U.K., faster adoption could add up to £33 billion in annual economic output and £14 billion in annual tax revenue.

Those numbers explain the urgency. Tokenization is becoming a fight over where the next version of financial-market infrastructure gets built.

Take: The U.K. is telling you tokenization is no longer a side experiment for crypto firms.

If the taskforce can turn repo, bonds, and digital gilts into working markets, the next tokenization cycle may be led by wholesale finance instead of retail speculation.

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Corporates

BitMine Nears 5% ETH Goal With $11.3B Treasury

BitMine said its crypto, cash, marketable securities, and “moonshots” holdings reached $11.3 billion, anchored by 5,770,038 ETH.

The company now owns 4.8% of the total ETH supply of 120.7 million tokens. It also added 27,801 ETH over the past week, pushing it 96% of the way toward its “Alchemy of 5%” target.

BitMine also holds 206 BTC, $482 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $69 million stake in Eightco.

ETH Treasury Gets a Yield Engine

BitMine is not only holding ETH. The company has 4,917,189 ETH staked, worth about $9 billion at $1,820 per ETH. That equals roughly 85% of its ETH holdings.

Management said current projected annualized staking revenue is $242 million, based on a 2.70% seven-day annualized yield. That makes the treasury strategy more active than simply parking tokens on the balance sheet.

Five Percent Becomes the Line

The 5% target is the story investors are meant to track.

BitMine was added to the Russell 1000 on June 26, giving the company another public-market channel as it builds the largest ETH treasury. Its 5-day average dollar volume was $475 million as of July 10, ranking No. 215 among U.S.-listed stocks.

Take: BitMine puts you in front of a different treasury race, not just who owns ETH, but who can turn it into yield, liquidity, and public-market demand.

If the 5% target moves within reach, corporate ETH treasuries may start looking less like passive bets and more like operating balance sheets.

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Future Forward

Tomorrow is the start of Crypto Week in the US House, the single most important legislative window crypto has had since the GENIUS Act passed last year. Beyond that, two significant conferences run through the week, and an important airdrop campaign closes in four days.

Crypto Conferences:

💎 Asia Onchain Finance Summit (This week — Hong Kong, RWA and institutional compliance focus)

💎 AI x Crypto Expo (This week through next week — Silicon Valley)

Active Airdrop Programs:

🎁 GRVT Booster Campaign (Closes in four days, 1.5M GRVT tokens allocated on TGE day)

🎁 Hyperliquid Season 2 (Live through Q3, est. $600M)

🎁 Jupiter Jupuary Season 2 (Live now, est. $120M)

Regulatory Milestone:

🏛️ CLARITY Act Senate floor vote before August 7 recess

🏛️ US CPI data (This week, key input for Fed rate expectations and ETF flows)

Crypto Know-How: What the Authorized Participant Mechanism Actually Is and Why It Matters for Bitcoin Price

You have seen Bitcoin ETF inflow and outflow data discussed in every newsletter for months. Here is the mechanical reason those numbers move the actual Bitcoin price rather than just reflecting it.

A spot Bitcoin ETF holds real Bitcoin in a regulated custody account. When you buy shares of a spot Bitcoin ETF through your brokerage, your money does not go directly to buy Bitcoin.

It goes to the ETF issuer, and the price of the share tracks Bitcoin’s price through a separate mechanism involving an intermediary called an authorized participant.

Authorized participants, typically large broker-dealers like Goldman Sachs or Jane Street, are the only entities allowed to create or redeem ETF shares directly with the fund.

When demand for ETF shares increases, an authorized participant deposits Bitcoin into the fund in exchange for newly created shares.

When demand falls, an authorized participant hands back shares and receives Bitcoin from the fund, which it then sells on the spot market to get its cash back.

This is the transmission mechanism. When investors sell ETF shares at the retail level, the pressure eventually flows through to authorized participants redeeming shares from the fund, and the fund custodian, typically Coinbase for most major Bitcoin ETFs, must sell Bitcoin on the open market to fund the redemption.

That is why eight consecutive weeks of ETF outflows translated directly into sustained downward pressure on Bitcoin’s spot price. The selling was not discretionary. It was mechanical.

The reversal works the same way in the opposite direction. When inflows return, authorized participants must buy Bitcoin to deposit into the fund to create new shares. That buying is just as mechanical as the selling was.

One week of $281.8 million in combined inflows is the first mechanical reversal of that pressure since early May.

Everything Else

• AI-driven stock screening is gaining traction, as investors look for a faster way to process filings, fundamentals, catalysts, and money-flow data before the opening bell.

• T. Rowe Price’s first active crypto ETF received SEC approval to list on NYSE Arca, giving one of Wall Street’s largest active managers a regulated exchange-listed route for a diversified multi-asset crypto product and confirming the SEC’s continued willingness to approve new crypto investment vehicles under Chair Atkins. 

• The Bonzo lending protocol on the Hedera network lost approximately $9 million and 77% of its TVL in a single oracle manipulation exploit, the latest in a string of DeFi security incidents that have cost the sector close to $1 billion year-to-date across more than 120 confirmed attacks. 

• Bitcoin and Ethereum ETFs collectively drew $281.8 million in net inflows in the week ending Friday, ending eight consecutive weeks of outflows that had drained approximately $9.46 billion from the two asset classes combined, with Monday producing the largest single-session inflow at $265.69 million. 

• Cantor Fitzgerald and BSTR are renegotiating the terms of their Bitcoin treasury company deal after existing private placements were said to no longer be required to close, turning the planned institutional Bitcoin treasury launch into a live test of demand at current market prices. 

• EDX Markets raised $76 million in a funding round led by SBI Holdings to expand its regulated institutional crypto trading infrastructure across the US and international markets.