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ENS DAO Sunsets Public Goods Working Group After 4.5 Years of Ecosystem Grants

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ENS DAO Sunsets Public Goods Working Group After 4.5 Years of Ecosystem Grants

The working group’s final term committed $450,000 in USDC and 72.5 ETH to Ethereum infrastructure projects including Vyper, Argot Collective and Remix Labs before it was wound down.

The ENS DAO Public Goods Working Group has been sunset after four and a half years of funding Ethereum infrastructure, working group lead Simona Pop said on X Thursday morning.

The group’s final term committed $450,000 in USDC and 72.5 ETH, worth roughly $123,000 at current prices, across Builder Grants, Strategic Grants and advocacy work, according to Pop and the working group’s term 6 report posted to the ENS governance forum. Strategic Grants alone totaled $375,000 USDC in the term, co-funded with the Ethereum Foundation at roughly a 1-to-1.2 ratio.

Recipients included Vyper, the alternate smart-contract language whose deployments secure $2.3 billion in TVL across 23 chains, Argot Collective, the group of 25 former Ethereum Foundation employees now independently maintaining Solidity and Sourcify, and Remix Labs, the team behind the Remix IDE used to deploy more than 12 million contracts.

Pop credited BuidlGuidl founder Austin Griffith with building the rolling, milestone-based platform that let Builder Grants run continuously rather than in seasonal rounds. She framed the closure against ENS’s own origin: ENS founder Nick Johnson secured a $1 million grant from the Ethereum Foundation in 2018 to build what became ENS, work that spun out into True Names Ltd.

Pop argued the DAO is walking away from a larger opportunity. ENS holds one of the largest treasuries in crypto and was positioned to become one of the ecosystem’s “other heroes,” a term Ethereum co-founder Vitalik Buterin has used, she wrote.

The sunset lands amid a broader restructuring of ENS DAO’s governance and treasury. The DAO recently opened a temp-check vote on handing treasury and day-to-day authority to the ENS Foundation, following delegate disputes over a separate foundation proposal and a push to dissolve the DAO after Johnson blocked a security council renewal.

No new funding round has been announced to replace the working group’s grants pipeline.

Bitcoin (BTC) price bounces as memory, semiconductor stock trade starts to cool

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Bitcoin (BTC) price bounces as memory, semiconductor stock trade starts to cool

In recent days, there have been signs of a reevaluation.

The Roundhill Memory ETF has fallen roughly 25% from its June 22 record high, while VanEck Semiconductor ETF has dropped 12%. Bitcoin, which dipped below $58,000 on July 1, is back trading above $61,000.

The AI-related selling pressure accelerated on Wednesday after Bloomberg reported that Meta Platforms (META) is creating a business unit called Meta Compute, which will sell excess GPU (graphic processing unit) computing capacity to third parties.

The news rattled companies that have benefited from the AI compute boom, particularly “neocloud” providers that lease GPU infrastructure to AI developers. That includes former bitcoin miners that have pivoted their computing resources to support the emerging industry with high-performance computing (HPC) and GPU hosting services. IREN (IREN), Cipher Digital (CIFR) and TerraWulf (WULF) have each fallen at least 20% from their all-time highs.

It is too early to call the move a sustained rotation, but after months of capital flowing into AI infrastructure at the expense of crypto, the recent pullback in semiconductor leaders alongside bitcoin’s rebound could be the first indication that investors are beginning to rebalance risk back towards digital assets.

RBI Backs Crypto Containment as India Prepares Policy Report

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RBI Backs Crypto Containment as India Prepares Policy Report

The Reserve Bank of India (RBI) reportedly backed a containment strategy for digital assets to shield banks and other financial institutions from exposure to crypto and privately issued stablecoins, as lawmakers prepare a report on the country’s digital asset policy. 

According to a report by The Economic Times, RBI Deputy Governor Rohit Jain and Executive Director P. Vasudevan presented the central bank’s position to the Parliamentary Standing Committee on Finance on Thursday.

In a background note submitted to the panel, the RBI reportedly said prohibition remained a recognized policy option and recommended preventing the use of crypto in payments and settlements while restricting banking-sector exposure.

The central bank reportedly warned that applying traditional regulation to crypto could legitimize speculative assets and create a false perception of safety among users. However, it urged policymakers to distinguish crypto from tokenized government securities, corporate bonds and other regulated financial instruments so that restrictions would not hinder tokenization. 

Chainalysis’ 2025 Global Crypto Adoption Index. Source: Chainalysis

India ranked first in Chainalysis’ 2025 Global Crypto Adoption Index, although the RBI reportedly challenged the methodology behind private-sector adoption rankings.

RBI renews push to isolate crypto from banking

The RBI’s latest reported proposal echoes an approach it took in 2018, when the central bank directed regulated financial institutions to stop dealing in crypto or providing services to individuals and businesses involved in them.

The approach effectively cut off crypto exchanges from India’s banking system without prohibiting individuals from owning or trading crypto.

India’s Supreme Court overturned the circular in March 2020, following a challenge brought by exchanges and the Internet Mobile Association of India. The court recognized the RBI’s authority to take preventive action but found that the measure failed the test of proportionality, noting that the central bank had not shown harm suffered by entities it regulated. 

Related: India arrests Darwin Labs co-founder in GainBitcoin scam probe

In May 2021, the RBI clarified that banks could no longer cite the invalidated circular when cautioning customers against crypto transactions. However, it said regulated institutions could continue applying know-your-customer, anti-money laundering and foreign-exchange compliance requirements. 

Magazine: Bitcoin decouples from tech stocks, Ether eyes ‘selling wave’: Market Moves 

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Binance pushes back on reports that EU regulators tried to block it

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Binance pushes back on reports that EU regulators tried to block it

The HCMC did not immediately respond to a CoinDesk request for comment regarding Binance’s MiCA licensing process.

“As the person who led the license application, there’s nothing that I have been made aware of that there was any issue with the application,” Lynch added. “In fact, I was told the complete opposite.”

Lynch also argued that Europe’s crypto market loses more than just its largest exchange if Binance remains outside the MiCA framework. She said Binance provides liquidity and market infrastructure that benefit the wider crypto ecosystem, adding that regulation should strengthen the industry rather than exclude companies that have invested heavily to meet its standards.

Lynch declined to speculate on reports that political intervention played a role in the delays. Instead, she said the focus is now on helping users through the transition period while preparing a new licensing strategy.

“We’re very committed to being in Europe and very committed to being regulated,” she said.

Despite Binance’s experience, Lynch described MiCA as a positive step for the industry. She said the regulation has helped bring crypto into the financial services system by providing firms with clear rules and consumers with greater protection.

“I fundamentally believe the crypto industry is maturing. Regulation brings maturity,” she said. “The industry is here to stay, and it’s part of the financial services ecosystem.”

More bitcoin is now held at a loss than at a profit

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More bitcoin is now held at a loss than at a profit

Roughly 10.83 million BTC are currently held at a loss, meaning their holders paid more than today’s price, against 9.22 million still in profit, according to Glassnode data. It is the first time loss-making supply has overtaken profitable supply since the current cycle began and reflects how deep the correction from bitcoin’s $109,000 January peak has cut.

Historically, these crossovers have landed near periods of peak financial stress and capitulation among newer buyers. They have also marked the point at which coins migrate from weaker hands to stronger ones, since only holders with high conviction tend to sit on losses rather than sell. Long-term holder accumulation and rising wallet-cohort balances across several size brackets have run alongside this latest deterioration in profitability.

Bitcoin traded at $61,361 on Thursday, up 0.7% on the day and 2.5% on the week, still roughly 44% below January’s all-time high, per CoinDesk data. Ether added 4.2% to $1,702, and Solana led the majors at 18.6% on the week to $80.44, with volume running above $3.6 billion.

Whether the supply crossover marks a bottom depends on what follows. In 2018-19 and 2022, similar readings preceded months of basing before a sustained recovery. The chart does not resolve on its own. ETF flows returning and macro pressure easing are what convert the accumulation signal into a price signal.

ShapeShift’s Voorhees Defends Venice Token Terms After Critics Call Deal Underpriced

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ShapeShift’s Voorhees Defends Venice Token Terms After Critics Call Deal Underpriced

Erik Voorhees pushed back on X against critics who said Venice’s $65M Series A undervalued VVV tokens, saying the deal could bring in $131M for 6.5 million tokens locked four years.

Erik Voorhees defended the token terms behind Venice’s $65 million Series A on Thursday, telling critics on X that investors could ultimately pay $131 million for 6.5 million locked VVV tokens if they exercise an attached option. The founder pushed back a day after announcing the round at a $1 billion equity valuation.

Series A backers received a vesting grant of 1.5 million VVV plus an option to buy 5 million more, all locked for four years, according to Voorhees’ original thread. Exercising the option would cost investors an additional $66.5 million, bringing potential total proceeds to roughly $131 million, a figure Voorhees reiterated in a reply to a critic who argued the structure undervalued the tokens.

Napkin Math

The critic had suggested Venice could have raised the same $65 million by selling 8.1 million tokens at around $8 each rather than locking up equity and token warrants. Voorhees rejected that framing, writing on X that “we would never offer such a thing,” and that the actual deal nets Venice up to $131 million for 6.5 million tokens if fully exercised, not $65 million for roughly 8 million.

He argued the OTC buyers are taking on illiquidity risk that no existing VVV holder carries, since both their equity and token allocations remain locked while the token trades openly on exchanges. VVV was changing hands around $13.48 on Thursday, down 1.2% over the previous 24 hours, while BTC gained 2.5%, according to CoinGecko.

Locked Up Twice

In a separate reply, Voorhees clarified that the 5 million optioned tokens are not sold until investors actually exercise and pay Venice the $66.5 million, at which point the shares vest over four years. “So if they exercise and pay Venice then yes they will have been sold,” he wrote, addressing a separate question about whether the option counts as a completed sale.

The Series A, announced Wednesday with Dragonfly leading, marked Venice’s first outside capital since the AI platform launched in May 2025. Voorhees said the company, which he also founded after leaving crypto exchange ShapeShift, hit profitability in the first quarter and holds more than 30 million of the roughly 80 million VVV tokens in circulation.

Any VVV granted or optioned to Series A investors stays locked for a year before unlocking linearly over three additional years, meaning the earliest tokens would not reach the market until roughly two years after Venice’s token launch. Voorhees has framed the sequencing, selling equity and token warrants after 18 months of open VVV trading, as the reverse of the pre-sale model used by most crypto projects.

Bitcoin Holds Weekly Gains After US Jobs Data, AI Sector Weakness

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Bitcoin Holds Weekly Gains After US Jobs Data, AI Sector Weakness

Key takeaways:

  • Soft US jobs market data triggered a rotation of capital from overheated AI stocks into Bitcoin and gold.
  • Bitcoin onchain indicators hint at seller exhaustion while the decline in oil prices opens room for monetary expansion.

Bitcoin reclaimed the $61,000 mark following a disappointing US job market report. Traders grew less certain of a near-term interest rate hike from the US Federal Reserve (Fed) given the worsening labor data. The tech-heavy Nasdaq index sold off, fueling hopes of a capital rotation favoring Bitcoin.

Nasdaq 100 Index futures (blue) vs. Bitcoin/USD (orange). Source: TradingView

The Nasdaq 100 Index erased gains from the three prior days, while Bitcoin distanced itself from Wednesday’s $57,750 low. US non-farm payrolls increased by only 57,000 in June, missing the 113,000 expected, according to Yahoo Finance. The US Labor Department also revised data for April and May downward by 74,000 jobs.

Gold prices reacted positively on Thursday, hinting at potential bullish momentum for scarce assets. The weak economic data prompted investors to cut odds of Federal Reserve interest rate hikes by September to 54% from 64% the prior day, according to the CME FedWatch Tool. Meanwhile, crude WTI oil prices stabilized below $70, opening the door for possible economic stimulus measures

Gold/USD (red) vs. Crude WTI oil (teal). Source: TradingView

Oil prices dropped after the Qatar Foreign Ministry cited “positive progress” in the latest round of discussions between US and Iranian representatives on Wednesday. Gold recovered some of the 8% losses accumulated over the prior two weeks, a possible sign that investors anticipate a less tight monetary policy and further FED balance sheet expansion.

US Federal Reserve total assets, USD millions. Source: FED St Louis

The Federal Reserve balance sheet stagnated at $6.73 trillion, although its mandate allows for $40 billion monthly purchases in short-term Treasuries and bonds. Weak job market data and reduced inflationary pressure are widely seen as catalysts for accelerated liquidity injection, creating incentives to invest in scarce assets, including gold and Bitcoin.

Overheated AI stocks clash with Bitcoin flashing a bottom

Weakness in the AI sector, especially among chipmakers, has led traders to anticipate capital shifting toward alternative assets. Shares of SanDisk, Seagate, Western Digital, and Applied Materials saw intraday losses of 9% or higher on Thursday. In contrast, Bitcoin is showing signs of seller exhaustion two months after rejection at $82,500.

Related: Bitcoin tops $60K amid Fed inflation talks–Is bull trap or $65K next?

Source: X/gaah_im

Onchain analyst and CryptoQuant author gaah_im said that Bitcoin’s realized profit-to-loss ratio has hit its lowest level since 2022. The net percentage of supply in profit relative to the total supply has turned negative, which historically has marked cycle bottoms with “extreme precision,” according to the analyst. In essence, onchain data hints at further Bitcoin upside.

Part of Bitcoin’s recent weakness stems from traders’ disappointment with Strategy. Despite a healthy 8% net leverage and $56.8 billion in enterprise value, holders faced dilution from accelerated MSTR share issuance used to buy back some debt and cover dividends on preferred stocks.

If weakness in the AI sector accelerates, some of that money will likely rotate into gold and Bitcoin, making a near-term recovery to $70,000 possible.

Warren Pushes to Bar Trump Family From Crypto Profits After $1.4B Disclosure

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Warren Pushes to Bar Trump Family From Crypto Profits After $1.4B Disclosure

Senator Elizabeth Warren is pushing to add a provision to pending Senate crypto legislation barring President Trump, his family and senior officials from profiting off digital assets, after a disclosure showed his crypto ventures made more than $1.4 billion last year.

Senator Elizabeth Warren is pushing to add a provision to pending Senate crypto legislation that would bar President Trump, his family, and other senior officials from profiting off the digital asset industry. The push follows a financial disclosure showing Trump’s crypto ventures generated more than $1.4 billion in his first year back in office.

“The crypto legislation heading to the Senate floor must prevent the President, Vice President, senior administration officials, members of Congress, and their families from profiting off the crypto industry,” Warren, the top Democrat on the Senate Banking Committee, said in a statement after Trump’s disclosure was released. “If it does not, it will only turbocharge Donald Trump’s brazen crypto corruption.”

Disclosure Numbers

Trump’s annual financial disclosure, released Tuesday by the Office of Government Ethics, showed the president was paid roughly $2.2 billion in total income last year, with crypto ventures making up the largest single slice. World Liberty Financial, the Trump family’s venture with Middle East envoy Steve Witkoff, brought in more than $500 million from governance token sales, while CIC Digital LLC generated more than $600 million from Trump-branded meme coins launched days before his second inauguration, according to the Guardian.

Warren’s Escalation

Warren followed up Thursday with a sharper post on X, writing that “Donald Trump is using the Trump family crypto businesses to make himself richer” and that “any crypto bill must ban Trump and his family from profiting off crypto.” She warned that without the restriction, “Congress is turbocharging corruption.”

The legislation Warren referenced is the crypto market-structure bill working through the Senate, which The Defiant reported was already the subject of ethics-related negotiations between a White House official and Senate Democrats as of late June, ahead of a planned floor vote.

Trump’s Response

Asked about the disclosure figures, Trump waved off the scrutiny. “I made a lot of money before I became president,” he told reporters, according to the Guardian. The White House has maintained that Trump’s businesses are run by his adult sons and walled off from his official duties.

Warren is not alone in pressing the point. Other Democrats, including California Governor Gavin Newsom and Minnesota Governor Tim Walz, criticized the disclosure this week, though neither holds a vote on the pending Senate bill.

A floor vote on the crypto market-structure legislation has not been scheduled. Whether Warren’s proposed restriction survives into the final bill will depend on the ethics negotiations already underway between Senate Democrats and the White House.

Bitcoin rises above $61,000 as U.S. jobs data for June disappoints

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Bitcoin rises above $61,000 as U.S. jobs data for June disappoints

The U.S. added 52,000 jobs in June, according to the government’s Nonfarm Payrolls Report. Economist forecasts had been for 110,000 and May’s gain was 129,000, revised down from an originally reported 172,000.

The unemployment rate, however, did dip to 4.2%, against forecasts that it would remain flat at 4.3%. That decline occurred alongside a sizable drop in the labor force participation rate to 61.5% from 61.8%.

Up sharply ahead of the data, bitcoin remained at 61,300 immediately following the report, ahead about 4% over the past 24 hours.

U.S. stock index futures were on the rise following the soft print, the Nasdaq higher by 0.7%. The 10-year Treasury yield dipped about four basis points to 4.46%, and the 2-year yield fell five basis points.

ChatGPT developer OpenAI reported to discuss offering U.S. government a 5% stake

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ChatGPT developer OpenAI reported to discuss offering U.S. government a 5% stake

OpenAI has explored the idea of granting the U.S. government a 5% equity stake as part of efforts to strengthen ties with the Trump administration and broaden public participation in the benefits of artificial intelligence, the Financial Times reported on Thursday.

The proposal, which remains in the conceptual stage, was reportedly raised by OpenAI CEO Sam Altman during early discussions with U.S. officials, the FT said, citing two people familiar with the talks.

The idea would see leading U.S. AI companies contribute similar shares of equity to a public investment vehicle, drawing inspiration from Alaska’s Permanent Fund, which distributes returns from state investments to residents.

The initiative is intended to address growing political scrutiny of the industry by giving the public a direct financial stake in the sector’s long-term growth. Discussions reportedly involved senior Trump administration officials, including Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, although any such arrangement would likely require Congressional approval.

It’s unclear whether other companies with interests in AI, including Anthropic, Google (GOOG) and Meta (META), would support the proposal, the FT said.

OpenAI, the developer of ChatGPT, declined to comment to the FT. CoinDesk has reached out to OpenAI for further comment.

The San Francisco-based company confidentially filed draft IPO paperwork with the U.S. Securities and Exchange Commission (SEC) in June. The company has since indicated it has not committed to a listing timeline. Recent reports suggest advisers are weighing a delay until 2027.

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