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Steak ’n Shake, a U.S. fast-food chain, attributed a 16% year-over-year increase in July same-store sales partly to its adoption of Bitcoin as a payment method. However, the company has not disclosed key data points, such as the actual number of Bitcoin transactions, total sales volume processed in Bitcoin, or the exact amount saved on payment processing fees. This lack of detailed information makes it difficult to isolate Bitcoin's direct impact on sales growth from other contributing factors like marketing campaigns, menu updates, promotional discounts, and operational changes. While the brand highlights the cost advantage of Bitcoin transactions—estimated to be about 50% cheaper per transaction than credit card fees—it has not provided evidence that a significant volume of sales actually uses this payment method. Steak ’n Shake’s parent company, Biglari Holdings, had already reported strong sales growth earlier in the year, driven by factors such as product upgrades and operational improvements, with no mention of Bitcoin in prior shareholder communications. The article questions whether the primary value of Bitcoin for Steak ’n Shake lies more in its public relations and branding benefits—attracting crypto enthusiasts and generating media attention—rather than in tangible business gains. To validate Bitcoin's role as a genuine growth driver and provide a replicable model for other merchants, the company would need to share comprehensive data, including Bitcoin transaction share, customer retention metrics, and detailed cost savings, allowing for a clearer analysis of its true contribution to revenue.

A significant options expiry on July 17 saw 19,000 Bitcoin contracts (notional value $1.2B) and 123,000 Ethereum contracts ($230M) expire. Bitcoin's put-call ratio was 0.9 with a max pain point of $63,000, while Ethereum's elevated put-call ratio of 1.61 indicated stronger bearish hedging sentiment. BTC has been range-bound between $60K-$65K, with key gamma exposure levels at $64K and $70K. ETH's gamma is more dispersed between $1,825 and $2,000. Current market positioning shows caution, with traders using small, out-of-the-money bets and no clear directional conviction. In short-term price action, Bitcoin, trading near $62,777, faces immediate support around $62,631 and resistance near $62,859. A breakdown could push it below $62.5K. Ethereum, down over 5% to ~$1,825, risks falling toward $1,782 support, with further downside potentially below $1,700. A bullish reversal for ETH would need to break through the $1,867 zone to target above $1,900. Overall, market sentiment remains subdued amid broader equity corrections.

Bitcoin is showing signs of potentially forming a market cycle bottom, according to Fidelity. Analyst Zack Wainwright notes that long-term holders now possess a near-record 15 million BTC, with over 40% of this supply held at a loss—a level historically associated with bottoming phases. Data shows the supply in loss recently climbed to 50% as Bitcoin fell below $63,000, mirroring patterns seen at past cycle lows like the 2022 bottom near $16,000. However, recovery may face headwinds. U.S. spot Bitcoin ETF demand remains muted, with significant institutional outflows persisting, particularly from giants like BlackRock and Fidelity. Analysts suggest any sustained price recovery requires a reversal in this institutional selling pressure. Options market activity reflects caution, with high trading volumes for put options (bearish bets) targeting $62.5K and $56K, indicating hedging against further downside. While there is also call option interest at higher prices, signaling potential for a sideways range between $55K and $70K, the overall sentiment suggests $60K is a critical support level. Analysts warn that despite bottoming signals, sharp moves below $60K are possible amid ongoing macroeconomic and geopolitical pressures.

**English Summary:** Despite garnering minimal support (less than 1% from miners and around 14.6% of nodes), the controversial BIP-110 proposal is poised to enter its "forced activation" window in early August. Proposed in December 2025 by Dathon Ohm and backed by Bitcoin Core developer Luke Dashjr, BIP-110 aims to temporarily restrict non-monetary data (like Ordinals and Bitcoin NFTs) in transactions for one year to reduce network "spam" and refocus Bitcoin on its monetary function. The proposal's contentious mechanism means that supporting nodes will enforce the new rules starting at block height 965,664 (late August/early September), even without reaching the 55% activation threshold. This will likely cause a chain split between nodes enforcing BIP-110 and the main chain. **Supporters**, led by Luke Dashjr and his Ocean mining pool, view BIP-110 as a necessary correction to stop what they consider an "attack" on Bitcoin—the use of block space for data storage, which they argue drives up transaction fees and burdens nodes. They believe the stricter BIP-110 chain could eventually become the longest chain. **Opponents**, including figures like Adam Back, Jameson Lopp, and Michael Saylor, argue that BIP-110 fails to solve core issues while creating new risks. Their concerns include stifling future innovation (e.g., hindering BitVM), compromising Bitcoin's censorship-resistant and decentralized ethos, introducing potential chain-split uncertainties like double-spend risks, and fracturing the ecosystem's resources and consensus. They maintain the proposal addresses a cultural problem with a flawed technical solution and are confident it will fail economically. Potential outcomes post-activation range from the BIP-110 chain stalling due to insufficient miner support, to a sustained minority chain that struggles to attract economic activity, potentially leading to a permanent hard fork—an outcome Luke Dashjr currently opposes. Most analysts and prediction markets assign a low probability (around 10%) to BIP-110 successfully becoming the dominant Bitcoin chain.

Bitcoin has fallen below $63,000, highlighting that its sensitivity to broader market risk persists despite increased institutional adoption via ETFs. The sell-off is linked to a defensive shift away from growth assets, including technology stocks, which often impacts crypto rapidly due to its 24/7 trading. Traders are now focused on whether Bitcoin can stabilize around the key $60,000-$61,500 support zone. A clean break below this psychological level could worsen sentiment, though it wouldn't necessarily negate Bitcoin's longer-term bullish thesis. While ETF inflows provide structural demand, they cannot fully shield Bitcoin from short-term macro pressure. The current price action is a test of whether underlying buyers will step in to prevent a deeper correction or if caution will prevail.