Cryptocurrencies: “A Challenging Environment”
Cryptocurrencies remain under pressure. ETF outflows, uncertainties surrounding the Clarity Act in the U.S., and a new cyberattack are preventing a rebound. Key interest rates are also playing a very important role.
August 6, 2026. FRANKFURT (Deutsche Börse). Bitcoin continues to trade sideways. “The macroeconomic environment remains challenging for risk assets,” explains Dovile Silenskyte of WisdomTree. The combination of persistent inflation, expectations of higher interest rates for a longer period, and the continued strength of the U.S. dollar is weighing on sentiment.
Further Bitcoin sales by Strategy founder Michael Saylor—an “icon” of the Bitcoin scene—are also not being well received. Most recently, a hacker attack has caused concern: “cold wallets” belonging to the Canadian company Coinkite were compromised, and cryptocurrencies worth around 75 million euros are reported to have been stolen. Bitcoin has been hovering around $62,000 since early June; on Thursday morning, it stood at $64,776. Compared to its all-time high in October, its value has thus roughly halved. Ethereum and Solana have lost even more value since their peaks.
“Many Are Fed Up with Stock Market Volatility”
WisdomTree reports continued net outflows from listed Bitcoin trackers in the U.S. for July. Since the beginning of the year, these outflows have totaled $5.2 billion. In Europe, however, inflows continued in July, albeit at a low level. According to WisdomTree, this has resulted in a net increase of $1 billion since the start of the year.
Janis Völker of Lang & Schwarz notes that interest in trading Bitcoin ETNs has picked up again compared to the spring. “But the crypto market is no longer as interesting to many traders—the volatility in the stock market is enough for them,” he remarks. Overall, he observes trading activity in both directions. “Bitcoin and Ethereum are the focus.” Things remain quiet at ICF Bank. Recently, for the first time in a long while, a Bitcoin ETN reappeared on ICF’s top ten trading volume list: the WisdomTree Physical Bitcoin (GB00BJYDH287)—with almost exclusively sales. Currently, a Ripple ETN is also being sold in large volumes: the 21Shares XRP (CH0454664043). Trading on the Deutsche Börse is dominated by Bitcoin ETNs, such as those from WisdomTree, iShares (XS2940466316), or 21Shares (CH1199067674).
Concerns Over Tax Plans
Federal Finance Minister Lars Klingbeil’s plans to change the taxation of crypto gains are causing a stir in the crypto community here in Germany. Currently, anyone who holds cryptocurrencies for more than one year is not required to pay taxes on capital gains. For shorter holding periods, the personal income tax rate applies. This means Bitcoin is currently taxed in a similar way to gold, classic cars, and works of art. In the future, crypto gains are to be taxed like stock proceeds—that is, with a flat withholding tax of 25 percent, plus the solidarity surcharge and church tax, if applicable.
“More Stable Than AI Stocks”
André Dragosch of Bitwise even views the recent price performance positively. Cryptocurrencies have shown remarkable resilience in light of the sharp price declines in AI stocks. “The Philadelphia Semiconductor Index corrected sharply in July and at times traded more than 23 percent below its highs,” he notes. Overall, Dragosch expects Bitcoin to remain heavily dependent on the macroeconomic and liquidity environment in the short term. In the medium term, however, crypto-specific fundamentals are improving. “In the long term, the combination of real-world use, institutional infrastructure, and on-chain processing could become the key driver of growth.”
Inflation as a Spoilsport?
Jacob Lindberg of Valour sees two possible scenarios: Declining inflation, stable bond yields, and continued ETF inflows could support Bitcoin and Ethereum. “Persistent inflation, rising energy prices, or a geopolitical escalation, on the other hand, could once again trigger a defensive market move,” he explains.
Adrian Fritz of 21shares believes that the Federal Reserve’s future communication regarding key interest rates will be crucial. If indications of a rate hike in September intensify, higher bond yields and a stronger U.S. dollar are likely to keep pressure on Bitcoin. “A more cautious outlook, on the other hand, could boost investors’ risk appetite.”
Question Marks Surrounding the Clarity Act
Fritz also turns his attention to the Clarity Act, which aims to establish a more comprehensive legal framework for digital assets in the U.S. and, in particular, to more clearly delineate the respective jurisdictions of the SEC and CFTC. “The window of opportunity for a vote before Congress’s August recess is getting smaller and smaller,” he notes. If an agreement isn’t reached soon, the bill might not be passed before the U.S. midterm elections. “Any further delay would show that the political consensus is more fragile than previously assumed.”
Adrian Fritz
By Anna-Maria Borse, August 6, 2026, © Deutsche Börse AG
About the Author
Anna-Maria Borse is a finance and business editor specializing in financial markets, the stock market, and economic issues.
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