Kalam Crypto #181: Is Bitcoin losing its famous volatility?

Progress is not in enhancing what is, but in advancing toward what will be. — Kahlil Gibran

Ahlan wa sahlan! Welcome to the latest edition of Kalam Crypto, your weekly lens on the evolving digital asset landscape across global markets and the MENA region.

This week, the financial world sees significant institutional movements. We are watching the lines between traditional banking, digital infrastructure, and mainstream payments completely blur. From a potential multi-billion dollar fintech mega-merger reshaping global payments to groundbreaking local partnerships cementing blockchain's role in Islamic finance, the momentum is impossible to ignore.

Here are this week's key market updates 👇

🌍 Global Market Pulse

🏦 Stripe and PayPal in Talks for Historic $53.4 Billion Merger

Stripe and Advent International have made a $53.4 billion cash offer to acquire PayPal, with fintech firm Block contributing to the $17 billion equity portion. PayPal’s board has moved to evaluate the offer, with early indications showing resistance over the current valuation, which represents a 28% premium on the company's shares. If approved, this historic merger will combine the world’s two largest online payment platforms, processing an estimated $3.7 trillion in annual payment volume. The deal would significantly accelerate mainstream digital currency adoption. It connects Stripe's advanced stablecoin infrastructure with PayPal's base of over 400 million active consumers, creating a unified global payment powerhouse.

🇺🇸 FTX to Begin Fifth Creditor Payout Round Totaling $900 Million

The FTX Recovery Trust has announced its fifth distribution round, which will allocate approximately $900 million to eligible creditors starting on July 31. Under the recovery plan, convenience claims under $50,000 will receive a 120% reimbursement, while other claimants will receive between 103% and 105%. Funds are projected for distribution through designated accounts according to the trust's structural timeline. This upcoming payout brings the total amount distributed by the trust to roughly $10 billion since the exchange filed for bankruptcy protection in November 2022.

🇪🇺ESMA Adds 14 Crypto Providers to MiCA Register as Licensing Pace Slows

The European Securities and Markets Authority (ESMA) has added 14 new Crypto-Asset Service Providers (CASPs) to its interim Markets in Crypto-Assets (MiCA) register, bringing the total number of licensed entities to 294. The new entries include Ripple Payments Europe, alongside traditional financial institutions like Portugal’s Bison Bank, Croatia’s state-owned bank HPB, and two German cooperative banking networks. This update signals a slower licensing pace following an initial post-deadline surge on July 3, when 37 providers were added. Meanwhile, ESMA reported no changes to its electronic money token (EMT) or asset-referenced token (ART) registers, keeping the EMT issuer count at 21 and the ART issuer count at zero.

🔷Ethereum Ranks Near Bottom for Energy Intensity in Cambridge Study

A new study by the Cambridge Centre for Alternative Finance reveals that Ethereum ranks near the lower end of energy intensity among major proof-of-stake (PoS) blockchains. The network consumes an estimated 7.87 gigawatt-hours (GWh) of electricity annually. When adjusted for market capitalization, Ethereum uses roughly 33 kWh per $1 million of market value, marking the second-lowest energy intensity among the assessed PoS networks, just behind BNB Chain. In comparison, Solana recorded the highest consumption at 13.48 GWh per year, which translates to an energy intensity 8.5 times higher than Ethereum's. The report offers a detailed look at Ethereum’s environmental footprint since its September 2022 transition to PoS, an upgrade that successfully reduced its total energy consumption by 99.96%.

🇬🇧HSBC Joins Bank of England’s Digital Securities Sandbox

The Bank of England has approved HSBC to operate its digital assets platform, HSBC Orion, within the UK’s Digital Securities Sandbox (DSS). As the first company cleared to go live in the sandbox, HSBC Orion will act as a digital securities depository to issue, service, and settle digital bonds. The platform will support the UK's upcoming digital sovereign bond, the Digital Gilt Instrument (DIGIT), with the inaugural transaction projected for Q1 2027. To facilitate investor access to the pilot, HSBC and the London Stock Exchange Group have partnered to establish the necessary market connectivity.

📌 Regional Highlights

🇸🇦Oumla and CIBAFI Partner to Advance Islamic Finance Blockchain

Saudi blockchain provider Oumla has partnered with the General Council for Islamic Banks and Financial Institutions (CIBAFI) to accelerate digital innovation and smart contract adoption across the Islamic finance sector. The collaboration focuses on developing compliant digital asset infrastructure and tokenization for institutional financial services. This agreement builds on Oumla’s regional momentum, which includes launching the first Saudi-hosted Layer 1 blockchain and executing nine blockchain-enabled Islamic repo transactions worth over $29.4 million with Saudi banks. By leveraging CIBAFI’s global network of over 140 members, the partnership aims to scale efficient and Shariah-compliant financial applications across the MENA region.

Keep an eye on 👀

🟠 Bitcoin Realized Volatility Drops to 43% as Asset Matures

Bitcoin's rolling 1-year annualized volatility of daily returns has dropped to 43.2%, according to recent market data from Onramp. This metric is down significantly from over 130% during the digital asset's early trading years. The steady, multi-year decline highlights Bitcoin's ongoing transition into a more mature financial asset. Increased institutional liquidity and broader market adoption continue to stabilize daily price movements over longer time horizons.

CoinMENA News 🗞️

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Post Of The Week 🐥

Quiz Corner ✅ 

Last week’s question: Which stablecoin reached a record monthly adjusted transaction volume of $1.79 trillion in June 2026?

 The answer:   B) USDC

This week’s question is: According to the recent Cambridge University study, which blockchain network exhibited an energy intensity roughly 8.5 times higher than Ethereum?

A) BNB Chain

B) Solana

C) Cardano

D) Avalanche See the answer in next week’s newsletter. Or check out our learning platform https://university.coinmena.com/