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In July 2026, only 153 unique venture capital firms participated in disclosed crypto funding rounds, marking the lowest monthly count since November 2020. This figure represents an 87% decline from the peak of 1,177 firms in 2022. Overall, the first seven months of 2026 saw crypto projects raise approximately $11.78 billion across 481 rounds. This crypto VC contraction contrasts sharply with the broader venture capital landscape, where global VC investment reached a record $560.4 billion in H1 2026, heavily fueled by major AI company financings. This shift in capital allocation has drawn funds away from the crypto sector. Within crypto, funding is highly concentrated. Trading platforms, prediction markets, and payment sectors absorbed 53% of the total capital. While early-stage deals remain frequent, the largest sums flow to a few late-stage rounds and mergers & acquisitions, which surged to $7.23 billion in Q2 2026. The market is consolidating around top funds like a16z crypto and Dragonfly, which successfully raised new multi-billion dollar funds, while many smaller firms have retreated. Analysts describe this as a "great extinction" for crypto VCs, where capital is becoming more selective, favoring proven business models and assets over early-stage speculation. This raises the bar for project quality, funding efficiency, and viable exit paths.

Title: What Happens to Crypto Markets if the CLARITY Act Fails This Week? – Insights from Bitwise CIO If the CLARITY Act fails to pass the U.S. Senate before its August recess, it will enter a "zombie state," lingering with low passage odds and prolonging institutional investor uncertainty. However, the crypto industry will continue advancing regardless. SEC Chair Paul Atkins has indicated the SEC is prepared to issue rules addressing the same issues as the CLARITY Act, potentially offering a more innovation-friendly path in the short term. The industry's momentum is now irreversible: major financial institutions are adopting crypto and blockchain technology, global jurisdictions are passing supportive laws, and financial activity is rapidly moving on-chain. While congressional delay is frustrating, history shows that such policy lags (like with the 1990s telecom bills) do not halt technological progress. Crypto has already become an integral part of the global financial infrastructure and will continue reshaping finance for decades, irrespective of Washington's immediate legislative outcomes.

Santiment reports significant net outflows of two altcoins from exchanges: Chainlink (LINK) and Pepe (PEPE). Over 24 hours, approximately $1.26 million worth of LINK left exchanges, marking its largest daily outflow since June 29. For PEPE, around 4.54 trillion tokens were withdrawn, the largest daily net outflow since November 14, 2024. This reduction in exchange supply for both assets is seen as a signal that investors are moving tokens to private wallets, decreasing the amount readily available for immediate sale. This can reduce the risk of sudden, intense selling pressure in the short term. While a decreased sell-side supply can create a more positive outlook, it does not guarantee a price increase. For LINK, developments in institutional adoption and infrastructure are noted. For PEPE, market watchers are observing potential ETF-related developments and memecoin market rotation. The activity indicates shifting investor holding patterns but is not a definitive bullish signal.

Institutional cryptocurrency trading is increasingly shifting towards dark pools and over-the-counter (OTC) desks, with data from sFOX showing such venues accounted for 15% of total monthly volume by June, up from negligible levels in April. In July, 77.7% of institutional capital on sFOX's platform was routed through OTC desks, while only 18.4% went to public exchanges. A key driver is institutions' need to conceal large orders to avoid revealing trading patterns, preventing front-running and minimizing price impact. Firms like Jane Street and Citadel use dark pools and order-splitting across multiple venues to execute trades discreetly. This structural shift mirrors earlier developments in equities and forex markets. As a result, public order books now reflect only a fraction of actual market activity, eroding the once-significant advantage retail traders had in tracking large wallets and exchange flows. The proliferation of prime brokers and aggregation platforms is also rapidly closing simple arbitrage opportunities. The market may evolve toward a brokerage model for retail, similar to traditional stocks. Two scenarios emerge: an optimistic one where retail gains from narrower spreads and better order routing, and a pessimistic one where transparency declines faster than benefits trickle down, leaving smaller investors in the dark. Regardless, traders must adapt by not relying solely on exchange volume, comparing total execution costs, and using limit orders in thin markets. While reduced volatility from hidden large trades may seem positive, it comes at the cost of obscured market signals and institutional intent.

Shares of Bullish surged about 13% in early trading Thursday after the institutional-focused crypto exchange and owner of CoinDesk reported a 62% year-over-year rise in Q2 adjusted revenue and a more than threefold increase in adjusted EBITDA. Adjusted revenue reached $92.6 million, up from $57 million a year earlier. Adjusted EBITDA jumped to $29.5 million from $8.1 million, and adjusted net income was $14.3 million, a swing from a $6 million loss in the prior-year quarter. Subscription, service, and other revenue hit a record $62.7 million, helping offset lower exchange activity. Quarterly trading volume was $179.6 billion, down from $197.4 billion a year ago. Bullish also received regulatory approval from Gibraltar's Financial Services Commission to trade tokenized securities on secondary markets, expanding its regulated on-chain asset activities. The company raised its annual forecast, expecting subscription, service, and other revenue between $225 million and $245 million, citing strong first-half results and increased predictability.