Deutsche Bank Sees Gold at $4,700, But the Real Story is What Comes Next

Strategy has completed its third Bitcoin sale of 2026, raising its USD reserves to $4 billion while maintaining one of the largest Bitcoin treasuries globally with 842,138 BTC. Executive Chairman Michael Saylor clarified that this treasury adjustment doesn't signal abandonment of Bitcoin, showcasing continued confidence in the digital asset.

This strategic move comes at a critical time for the crypto market, where major institutions are balancing their Bitcoin exposures. Strategy demonstrates a prudent approach, increasing dollar liquidity while maintaining a significant BTC position, positioning itself to capitalize on future market opportunities and volatility.

Bitcoin and Ether prices are declining as the Coldcard exploit, a vulnerability affecting hardware wallets, enters its fifth consecutive day. Despite the significant losses from the hacked wallet and the erosion of confidence in cold storage, the cryptocurrency price drop appears restrained, suggesting unexpected market resilience.

The Coldcard incident raises serious questions about cold storage security, considered the gold standard for digital asset protection. Investors and users are now reassessing their storage strategies, while analysts watch whether this will be a temporary dip or the beginning of a broader downward trend in the cryptocurrency market.

10x Research suggests Bitcoin may confirm a bear market bottom in August with a monthly close above $63,000. The cryptocurrency closed July below this threshold needed to confirm a technical bottom, but was trading at $63,140 when the analysis was prepared, meaning a relatively small gain could trigger the reversal signal. 10x Research, led by founder Markus Thielen, continues to favor long positions but would shift to a neutral stance if Bitcoin broke key support levels and moving averages. The report also highlights that rising Treasury yields could force the Fed to raise rates in September, a factor that could impact the cryptocurrency market. Confirmation of a technical bottom would be a positive signal for Bitcoin investors.

Bitcoin futures' once-rich carry has collapsed, with yields now trailing two-year U.S. Treasuries since February, marking a dramatic shift in the crypto derivatives market. This sharp decline in Bitcoin futures 'carry' indicates shrinking arbitrage opportunities and a significant change in market dynamics for the world's largest cryptocurrency.

This development reflects the maturation of the Bitcoin futures market, as participants become more sophisticated and less prone to excessive premiums. The falling futures yield suggests improved price efficiency and reduced hedging needs for Bitcoin holders, potentially signaling a new phase of stability for the digital asset as it gains mainstream acceptance.

The US Treasury and Bank of Japan have executed a rare joint intervention to support the yen, sending shockwaves through global markets and creating immediate volatility risks for crypto traders. This coordinated action, the first since 1998, directly impacts carry trade strategies and poses significant liquidity challenges for the entire cryptocurrency ecosystem.

The intervention comes as the yen hit 34-year lows against the dollar, forcing monetary authorities to act decisively. For crypto markets, this translates to potential sell-offs and increased correlation with traditional assets. Traders should closely watch the USD/JPY movement and liquidity flows, as historical events of this magnitude have triggered chain reactions across all risk assets, including Bitcoin and altcoins.