Market Overview
Major developments unfolded in the crypto space as Bitcoin spot ETFs recorded $95.30 million in net outflows, Bitmine expanded its Ethereum treasury with a major acquisition, and TRON surpassed 392 million wallet addresses. Additionally, Zcash confirmed its Ironwood upgrade for late July, while New Hampshire rejected a Bitcoin-backed bond proposal.
Bitcoin Spot ETFs See $95 Million in Net Outflows
According to SoSoValue, Bitcoin spot ETFs experienced a total net outflow of $95.30 million on the reporting day. Fidelity’s FBTC led outflows with a daily net draw of $63.25 million, bringing its total historical net inflow to $10.15 billion. On the inflow side, VanEck’s HODL ETF recorded the highest daily net inflow at $5.36 million (cumulative $1.13 billion), followed by Morgan Stanley’s MSBT with $2.17 million ($377.14 million total). The combined net asset value of all Bitcoin spot ETFs now stands at $76.51 billion, with an ETF net asset ratio of 6.03% and historical cumulative net inflows of $51.19 billion.
Bitmine Acquires 20,500 ETH for $36 Million
Bitmine Immersion Technologies purchased 20,500 ETH for approximately $35.92 million via an over-the-counter transaction with Galaxy Digital, executed around July 10, 2026. The purchase price was roughly $1,752 per ETH. This acquisition pushes Bitmine’s total Ethereum treasury to about 5.7 million tokens — worth nearly $10 billion — representing an estimated 4.7%–4.8% of the entire circulating ETH supply of ~120.7 million tokens. The move signals a quiet accumulation strategy by the company.
TRON Surpasses 392 Million Accounts
TRON’s blockchain explorer confirmed the network has surpassed 392 million wallet addresses since inception. According to DeFiLlama, TRON remains the dominant platform for Tether (USDT) transfers due to fast settlement times and extremely low fees — processing up to 2,000 transactions per second at roughly 0.0003 TRX per transaction. Lookonchain reported that TRON’s Total Value Locked (TVL) has risen by approximately $1.95 billion since July 1, a gain of 7.8%.
New Hampshire Rejects Bitcoin-Backed Bond Proposal
The New Hampshire Executive Council voted down a regulatory proposal to authorize $100 million in Bitcoin-backed bonds. The initiative, pushed by the state’s Business Finance Authority (BFA) and Governor Kelly Ayotte, had passed risk assessments from Moody’s. Opposition was led by Democrat Karen Liot Hill, joined by councilors Janet Stevens and David Wheeler; officials Joseph Kenney and John Stephen voted in favor. The rejection halts the state’s attempt to introduce this financial instrument.
Zcash Confirms Ironwood Activation on July 28
Zcash core developer Sean Bowe announced that the Ironwood upgrade will activate at block height 3,428,143, expected around 8 am EST on July 28 — a one-week delay from the original July 21 target. The postponement came after Shielded Labs raised concerns that exchanges, mining pools, and wallet providers might need more time to prepare, particularly as many are transitioning from the legacy zcashd software to the Z3 stack (Zebra, Zaino, Zallet). Ironwood addresses an ‘infinity’ bug discovered in Zcash’s Orchard shielded pool, the network’s primary privacy-focused transaction system.
FAQs
- How much outflow did Bitcoin spot ETFs record? Bitcoin spot ETFs recorded total net outflows of $95.30 million. Fidelity’s FBTC saw the largest outflow at $63.25 million, while VanEck’s HODL led inflows with $5.36 million.
- How much Ethereum did Bitmine buy? Bitmine Immersion Technologies acquired 20,500 ETH for around $35.92 million through an OTC transaction with Galaxy Digital at approximately $1,752 per ETH.
- Why is TRON’s 392 million account milestone important? TRON crossing 392 million accounts highlights its growing user base and network activity, especially for fast, low-cost Tether transfers.
- What happened to New Hampshire’s Bitcoin bond proposal? The New Hampshire Executive Council rejected a proposal to authorize $100 million in Bitcoin-backed bonds, halting the initiative.
- When will Zcash activate Ironwood? Zcash plans to activate Ironwood at block height 3,428,143 on July 28, delayed one week to allow more preparation time for ecosystem participants.