July rattled crypto from multiple directions. Coldcard hardware wallet security fears, Strategy’s Bitcoin liquidations, Robinhood Chain’s network growth, and the CLARITY Act all landed in the same monthly window, hitting trust assumptions across retail and institutional participants alike. The latest Santiment insights frame these events alongside two other developments that are quietly redrawing market structure: BlackRock pushing tokenized equities onto Solana, and Thailand waiving capital gains tax on qualifying crypto gains for five years.

While on-chain activity in July often felt reactive, the bigger signal may be how capital allocators are starting to reposition around infrastructure that can actually settle institutional…