A house cost 50 BTC in 2020. Today it costs 5.

A U.S. house costs 5 BTC today. It cost 50 in 2020. Bitcoin ETFs slipped back to outflows. And a trader turned $800 into $1 million on Robinhood Chain. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Thursday, July 9, 2026   A typical U.S. home cost more than 50 BTC in 2020. Today it costs just 5. The house didn’t get cheaper — the dollar got weaker. That reframe from Fidelity Digital Assets is the clearest articulation yet of bitcoin’s long-term debasement hedge case, even as the near-term picture remains muddier. Bitcoin ETFs slipped back to outflows on Wednesday — $85 million out after three days of inflows — while ether ETFs extended their positive streak to five sessions. Ether has been the outperformer of the past two weeks, backed by its own Lean Ethereum roadmap narrative and returning ETF demand. Meanwhile Robinhood’s blockchain, launched July 1 to tokenize real-world assets, has produced its first viral hit: a memecoin called CASHCAT that turned an $800 buy into over $1 million. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $62,596 +0.54% ETH $1,740 +1.20% SOL $79.40 +3.00% XRP $1.10 −0.45% Prices approximate. Visit coindesk.com/price for live data. A message from Ledn Better Rates. Same Gold-Standard Protection. Earn up to 6.5% APY on USDC Earn up to 4.0% APY on BTC Get a BTC-backed loan in minutes Your assets, always 1:1 backed Trusted by 100,000+ clients across 130+ countries. ledn.io Find out more What matters today Markets   Story 1 of 3 Pricing houses in bitcoin exposes the dollar’s loss of value. The price of a family home in the U.S. tells two very different stories depending on how it’s measured. Priced in dollars, a typical home has gained more than $100,000 since 2020 — a gain that generates a positive wealth effect, making homeowners feel richer and prompting more spending and borrowing. But price the same house in bitcoin and the narrative shifts sharply: what required more than 50 BTC in 2020 now costs just 5 BTC, a 90% decline. The house didn’t get cheaper — the dollar got weaker. “What appears to be appreciation in housing is more accurately a reflection of an erosion of fiat currency. The issue lies with the unit of account — not the asset itself,” Fidelity Digital Assets analyst Zack Wainwright wrote. Decades of monetary expansion have stoked inflation above the Fed’s 2% target for more than five years, diluting the dollar’s value. Bitcoin, with its fixed supply of 21 million coins and transparent issuance schedule, serves as a neutral yardstick that exposes this debasement. Near-term recovery in BTC’s price depends on the return of sustained ETF demand, particularly from BlackRock’s IBIT — which has pulled in over $200 million this week after a record streak of outflows — but that trend needs to continue. The U.S. 10-year real yield (TIPS) has risen to 2.30%, its highest since January 2025, adding 58 basis points since the Iran war began in late February, raising the opportunity cost of holding non-yielding assets like BTC. SK Hynix is gearing up for a blockbuster IPO on July 10; China’s Changxin Memory begins book-building July 15. Both AI-linked IPOs could pull capital away from crypto. Read more → Markets   Story 2 of 3 Bitcoin ETFs slip back to outflows while ether funds extend their streak. U.S. spot bitcoin ETFs lost a net $85 million on Wednesday, ending a three-day inflow run that had pulled in roughly $509 million. The outflow was broad: BlackRock’s IBIT shed around $59 million, Grayscale’s GBTC lost nearly $64 million, and Fidelity’s FBTC gave up about $15 million. The only fund in the green was Grayscale’s mini BTC product at nearly $53 million. Total bitcoin ETF assets fell to around $75 billion. Ether ETFs, by contrast, took in roughly $70 million — a fifth consecutive session of inflows — led by Fidelity’s FETH at $69 million. Ether ETF assets stand at around $9 billion. The divergence matches the price tape: bitcoin traded near $62,300 and ether near $1,740, both down roughly 3% on Wednesday, but ether has outperformed over the past two weeks as the Lean Ethereum roadmap and sustained ETF inflows gave it a narrative bitcoin has lacked. Bitcoin is still up about 6% in July; ether is up more. The TIPS real yield at 2.30% raises the hurdle for non-yielding assets and is a structural headwind until it reverses. Sony received conditional approval to establish a U.S. national trust bank subsidiary to issue dollar stablecoins. A former Bank of Japan official warned that the BOJ may need to accelerate rate hikes to above 2%, which could tighten the rate differential with the Fed and ease yen weakness — a potential headwind for the carry-trade-driven Japanese corporate BTC buying tracked earlier this week. Read more → Tech   Story 3 of 3 A CASHCAT trader turned $800 into over $1 million on Robinhood’s brand new blockchain. Robinhood launched its Arbitrum-based blockchain on July 1 to move stocks and bonds onchain. The first breakout hit is a cat-themed memecoin. CASHCAT — named after the mascot Robinhood used before it rebranded — has surged several hundred percent in two days, reaching a peak market cap of around $145 million before pulling back to roughly $105 million. One early buyer spent $838 on 15 million tokens and has since realized approximately $917,600 in sales, with his remaining position worth around $133,700: a return of about 1,250 times the original stake. A second wallet turned $85 into a $1.2 million paper position plus $687,700 in realized gains. The top five wallets have banked close to $3.7 million combined — every dollar sourced from the other side of roughly 12,300 sell orders from later buyers. The token carries a market cap of ~$105 million against just $6.6 million in Uniswap pool liquidity, meaning it cannot absorb even a fraction of its holders exiting at once. Robinhood did not create CASHCAT; its own website calls it “fan fiction with a ticker” whose utility “is cat.” On July 2, CEO Vlad Tenev told CNBC that memecoins were “largely a dead end.” By July 7, as CASHCAT climbed, he posted on X that Robinhood Chain “works great for memes too” and followed the token’s account. Pump.fun has since added Robinhood Chain support, letting users trade CASHCAT without bridging. The frenzy gives Robinhood’s new chain the transaction volume and wallet activity it needs early on — at the cost of complicating its real-world asset positioning. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

Polymarket got banned, raided, and is back anyway

Polymarket is back in the U.S. — and spending big to be forgiven. Japan's yen collapse is pushing companies into bitcoin and XRP. And only two platforms pass the real test for equities on crypto rails. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wednesday, July 8, 2026 Polymarket bets on U.S. marketing blitz to win back trust after 4-year ban Polymarket is mounting an aggressive U.S. comeback following a four-year effective ban imposed after the CFTC fined the platform $1.4 million in 2022 and federal agents raided CEO Shayne Coplan's home in 2024. The company has launched a U.S. mobile app for real-money sports betting and is now running a major marketing campaign to rebuild brand recognition and consumer trust with American users. Polymarket's U.S. return comes as the prediction market sector is drawing intense competitive interest — Meta's Arena app is in development, Kalshi has CFTC-approved crypto perpetuals, and Robinhood has expanded into event contracts. The platform still dominates global prediction market volume at over $4 billion in monthly trading, but U.S. users have been locked out since the CFTC settlement. The marketing blitz is a signal that Polymarket views the regulatory environment as permissive enough to compete head-on — and that it can't afford to cede the American market to newcomers much longer. Read more → Research · Sponsored by Binance Equities on crypto rails: a platform comparison Getting access to U.S. equities on blockchain is easy — dozens of platforms now offer tokenized stocks. The harder test is on-chain composability: can the tokenized shares actually interact with DeFi protocols, be used as collateral, or move freely across chains? CoinDesk Research evaluated the leading platforms and found only Binance and Backpack clear both bars — and only Binance does it at scale. The report maps the full competitive landscape at a moment when SpaceX's IPO has made tokenized equities one of crypto's hottest growth markets. Read more → Live Markets Bitcoin drops to $62,000, stocks slide, oil soars as Iran ceasefire collapses The yen has fallen to a 40-year low against the dollar, and Japanese companies are responding by diversifying reserves into bitcoin and XRP as a hedge against continued currency devaluation. Hedge funds are the most bearish on the yen since 2007, with short bets of nearly 138,000 contracts as of June 30. Metaplanet — Japan's largest publicly traded bitcoin holder — has added aggressively to its position this year, and XRP is seeing elevated demand from Japanese corporates given Ripple's deep ties to the country's banking system. The trend is a reminder that crypto treasury adoption isn't purely an American phenomenon, and that yen weakness could keep Japanese institutional demand elevated well into the second half. Read live updates → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.

😅 Two inflation signals and one ceasefire collapse

Trump declared the Iran ceasefire over. Oil surged. Bitcoin dropped to $62K. And U.S. consumer inflation expectations just hit their highest since 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Wednesday, July 8, 2026   Bitcoin’s inflation story just got more complicated. The bond market’s inflation expectations had dropped below the Fed’s 2% target — a bullish signal — but U.S. consumers are now expecting inflation at 3.7% over the next year, the highest reading since September 2023. Then the ceasefire collapsed. Trump told NATO leaders it’s “over,” after the U.S. struck more than 60 IRGC boats in the Strait of Hormuz and Iran retaliated against Kuwait and Bahrain. Oil surged more than 5%. Bitcoin fell back to $62,000. The CoinDesk 20 dropped 2.9%. Altcoins took the worst of it — $350 million of the $450 million in total liquidations came from altcoin pairs. Marex says the FOMC minutes due today are the “pin” for overcrowded longs. Watch it. Read today’s full report → Market snapshot As of 8:30am EST Asset Price 24h BTC $62,092 −1.94% ETH $1,638 −2.20% SOL $77.00 −3.80% XRP $1.10 −2.60% Prices approximate. Visit coindesk.com/price for live data. A message from Ledn Better Rates. Same Gold-Standard Protection. Earn up to 6.5% APY on USDC Earn up to 4.0% APY on BTC Get a BTC-backed loan in minutes Your assets, always 1:1 backed Trusted by 100,000+ clients across 130+ countries. ledn.io Find out more What matters today Markets   Story 1 of 3 Bitcoin’s inflation quagmire gets stickier as renewed MidEast conflict sends oil soaring. Bitcoin sits at an unusually complex intersection of conflicting inflation signals. On one hand, inflation breakevens — the bond market’s forward-looking expectations — have dropped sharply and are at or below the Fed’s 2% target at the short end, weakening the case for further rate hikes and providing a tailwind for BTC. On the other hand, a Federal Reserve Bank of New York survey released Tuesday shows U.S. consumers expect inflation to reach 3.7% over the next year — the highest reading since September 2023 — and 3.3% over three years, the highest since June 2022. The Fed itself tends to trust breakevens over consumer surveys because they reflect institutional capital allocation, while survey respondents are frequently influenced by volatile everyday prices like gasoline and food. The case for falling breakevens being bullish for BTC still holds. But the central bank may not entirely dismiss Main Street sentiment, particularly if energy prices re-accelerate. And they just did. The U.S.–Iran ceasefire has collapsed. Trump told NATO leaders the ceasefire is “over” after the U.S. struck more than 60 IRGC boats in the Strait of Hormuz and Iran retaliated with attacks on Kuwait and Bahrain. Oil benchmarks jumped roughly 5%. BTC fell back to $62,000. The FOMC minutes from the June meeting are due later today — Marex analysts call it “the pin” for overcrowded longs, warning that a hawkish read could flush leverage on a market where longs are crowded and funding rates still elevated. Meanwhile, Japan’s yen sits near four-decade lows — around 162 per dollar — and hedge funds are the most bearish on the yen since 2007. SBI VC Trade reports that Japanese companies are accumulating BTC and XRP on their balance sheets to diversify reserves away from a depreciating currency. Read more → Markets   Story 2 of 3 Japan’s collapsing yen is pushing companies into bitcoin and XRP. The yen is trading near its weakest level in four decades — around 162 per dollar — and Japanese companies are moving crypto onto their balance sheets to escape it. SBI VC Trade, the crypto arm of Tokyo-based SBI Holdings, reported Tuesday that corporate demand for BTC and XRP is climbing as the currency’s slide pushes firms to diversify reserves beyond cash. The exchange’s registered accounts have passed 2 million, roughly double its 2025 count, with growth driven in part by companies that distribute bitcoin or XRP through shareholder-perk programs. Hedge funds are the most bearish on the yen since 2007, having boosted short bets to nearly 138,000 contracts as of June 30 per CFTC data. The driver is the rate gap between a hawkish U.S. Fed and a Bank of Japan still far behind it — the same gap that makes holding yen cash a losing position and drives firms into harder assets. Meanwhile, South Korea’s Kospi has fallen roughly 20% from last month’s peak, entering a technical bear market, with SK Hynix and Samsung each down more than 5% Wednesday as AI-infrastructure spending doubts deepen. Bitcoin traded near $62,650 — down 0.6% on the day but still up 6.1% on the week. Robinhood Chain topped $100 million in total value locked just one week after its Arbitrum L2 debut, with $89.8 million held on Morpho powering the new Robinhood Earn product and $13 million on Uniswap. U.S. consumer inflation expectations hit their highest since September 2023, at 3.7% for the next 12 months per the NY Fed survey. Read more → Markets   Story 3 of 3 Crypto and stocks tumble after Trump declares the ceasefire ‘over’ following Iran strikes. Crypto markets fell sharply Wednesday after fresh U.S.–Iran hostilities sparked a broad risk-off move. The CoinDesk 20 Index dropped 2.9% since midnight UTC, with all but one token declining. Trump told NATO leaders the ceasefire is “over” and called negotiating with Iran a “waste of time,” after U.S. Central Command hit more than 60 IRGC boats in the Strait of Hormuz and Iran retaliated with strikes on Kuwait and Bahrain. BTC and ETH each fell more than 2%. The Dollar Index (DXY) rose as reignited tensions stoked inflation concerns. Altcoins bore the brunt: $350 million of the $450 million in total liquidations came from altcoin pairs, with JUP, ETHFI and PUMP each losing more than 5%. Solana wiped out its entire July rally, trading back near $77 after hitting $84 on Monday. Nasdaq 100 and S&P 500 futures tumbled as much as 1.5%. On the derivatives front, BTC open interest fell from 740K to 730K BTC — suggesting traders are not aggressively shorting the decline. However, the one-week options skew on Deribit jumped to nearly 20% in favor of puts from 16% a day earlier, and implied volatility indexes BVIV and EVIV both rose for a second straight day. The only notable green token: MORPHO, up 4% as TVL on the Morpho protocol hit a record 4 million ETH. Several altcoins have also dipped back into oversold territory, with average RSI falling to 40/100 from 47/100 Tuesday — a level that has historically preceded short-term bounces. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences