Bitcoin ETP holdings have posted a record drawdown, K33 Research said. The firm added that rolling one-year flows have turned negative for the first time since 2023.

XRP slipped to $1.0405. The session low of $1.0116 was the weakest level since June 5.

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Vinny Lingham, co-founder of Praxos Capital, said Strategy’s financial structure is coming apart in a way he says he forecast 18 months ago. Speaking with Unchained host Laura Shin, Lingham said the company could be nearing a point where any available move worsens its position. He pointed to layers of debt and preferred securities as leaving limited room to maneuver.

An analyst cautioned investors against assuming Strategy has limited downside simply because the stock has already fallen sharply. He pointed to the company’s roughly 99.86% collapse during the Dot-com Bubble as a historical precedent. The warning argues that steep drawdowns can still deepen materially from current levels.

Some high earners pay Social Security payroll taxes for only part of the year because contributions stop after wages reach the taxable cap. With the program’s retirement trust fund facing projected depletion, some Washington lawmakers argue that structure should change. They say lifting the cap could increase the money flowing into Social Security.

A consortium of five SBI-affiliated companies has launched JPYSC, described as Japan’s first trust-based stablecoin pegged to the yen. The group includes SBI Holdings, SBI Shinsei Bank, SBI Shinsei Trust Bank, SBI VC Trade and Singapore-based Startale Group. The stablecoin is issued by SBI Shinsei Trust Bank and distributed by SBI VC Trade, according to SBI’s announcement.

A sweeping cryptocurrency bill is facing a narrowing path to passage as the Senate’s calendar fills up. Pressure is building for the chamber to take up the measure next month, but competing priorities could squeeze out floor time.