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Bitcoin fell 3% to $63,350 last week. And that price drop was probably the least alarming thing that happened in crypto over those seven days.
The biggest shock came from Coldcard. A total of 1,367 BTC — worth roughly $88.6 million — was compromised across 4,585 addresses after attackers exploited a flaw in the wallet’s seed generation process. Galaxy Digital’s research division said the core problem is that Coldcard’s seed generation doesn’t use a truly random number generator. Alex Thorn from Galaxy Digital told users to move their funds immediately. Panic spread fast among smaller holders, and the data showed it. Transactions below 1 BTC hit 39,600, nearing levels last seen in November 2022, per Julio Moreno, head of research at CryptoQuant. Those users basically ran — toward centralized exchanges, toward alternative storage, toward anything that wasn’t a compromised hardware wallet.
Not a great week to be a Coldcard holder.
Coinbase, Robinhood, and Strategy All Bleed
Corporate earnings didn’t help the mood. Coinbase posted $1.2 billion in net revenue for Q2, a 19% decline from the prior year, and logged a net loss of $359 million. Robinhood’s cryptocurrency transaction revenue dropped 38%. Strategy — the company known for piling into Bitcoin aggressively — recorded an $8.22 billion loss in Q2, driven almost entirely by unrealized losses on its Bitcoin holdings. It’s a brutal number. Still, Strategy said it’s sitting on a $3.75 billion reserve, enough to cover financial obligations for more than two years. So it won’t collapse tomorrow. But that Q2 figure is hard to ignore.
Lorenzo Valente from ARK Invest said crypto’s consolidation phase is underway, with Hyperliquid and Pump.fun pulling ahead as dominant revenue generators. Fewer protocols, more concentration. Whether that’s healthy long-term probably depends on who you ask.
Altcoins moved in opposite directions. Cardano climbed 14.7%. Something called Stable dropped 16%. The source didn’t specify what triggered either move.
Clarity Act Stalls, Pump.fun Fires Staff Before Token Payouts
On the legislative side, the Clarity Act — pushed by President Donald Trump — hit a wall in the Senate with only five days left to hold a vote. The bill aims to stop officials from profiting off crypto projects. A revised version, put together by Senators Thom Tillis and Ruben Gallego, would let state attorneys general sue the Department of Justice over enforcement failures. But the whole thing got tangled up in disputes over stablecoin yields and the Blockchain Regulatory Certainty Act. Some law enforcement groups, including the National Association of Assistant US Attorneys, have pushed back on that act, arguing it could block money laundering and fraud investigations. Their proposed amendments are stalled. No resolution in sight.
The Clarity Act’s delay matters. Crypto companies have been waiting for clearer federal rules for years, and every week without a vote is another week of legal uncertainty.
Pump.fun had its own mess to deal with. The Solana-based memecoin launchpad reportedly dismissed employees shortly before those workers were set to receive major payouts in PUMP tokens — tokens that were part of agreements made in 2025. No official explanation was given. The timing looks bad, and it’s the kind of story that probably won’t go away quietly.
Zach Pandl weighed in on Bitcoin’s broader trajectory, saying macroeconomic factors are increasingly driving Bitcoin’s value. Grayscale’s analysis went further, suggesting Bitcoin may have already hit its cycle low earlier than the market expected. That’s a more optimistic read than the week’s headlines might warrant, but it’s out there.
The 2026 FIFA World Cup gave blockchain prediction markets a serious boost — $20 billion in total volume, according to Chainalysis, plus $24 million in digital collectible trades. That’s a big number for a market that didn’t exist at scale just a few years ago. Prediction markets had a strong event cycle.
Pavel Durov isn’t having a good stretch either. Russian authorities put the Telegram founder on an international wanted list, accusing him of facilitating terrorist activities by failing to remove certain content from the platform. It’s a significant escalation. Telegram sits at the center of a lot of crypto communication, and any legal pressure on Durov ripples through that world whether or not the charges are directly crypto-related.
And then there’s the White House angle. A former teleprompter operator for Donald Trump was reportedly caught using inside knowledge of upcoming presidential speeches to trade prediction markets for personal gain. The source didn’t name the individual. But the implication is clear — someone with access to pre-speech information used it to front-run prediction market outcomes. It’s the kind of insider trading story that would get wall-to-wall coverage in traditional finance. In crypto, it’s one item in a very long weekly list.
Cardano’s 14.7% gain stands as the week’s lone bright spot for most retail holders. Bitcoin closed at $63,350.
Frequently Asked Questions
How much Bitcoin was stolen in the Coldcard exploit?
A total of 1,367 BTC worth approximately $88.6 million was compromised across 4,585 addresses due to a flaw in Coldcard’s seed generation process.
What caused Coinbase’s revenue decline in Q2?
Coinbase reported $1.2 billion in net revenue for Q2, a 19% drop from the prior year, alongside a net loss of $359 million, amid broader crypto market consolidation.
