Filecoin (FIL) crashed 5.6% in the 24-hour trading session from July 14 10:00 UTC to July 15 09:00 UTC, sliding from $2.66 to $2.51, according to CoinDesk Research’s technical analysis model.

The model shows that the token posted a volatile 7.52% intraday movement.

The slump in token of the decentralized storage network came as the wider crypto market also fell, with the broader market gauge, the CoinDesk 20, recently down 3.8%.

Filecoin recently announced a partnership with blockchain Avalanche, aimed at optimizing smart contract handling and data storage.

In recent trading, FIL was 5.6% lower over 24 hours, trading around $2.51.

Technical Analysis:

• Price tumbled from $2.66 to $2.51, posting 5.6% decline
• Resistance solidifies at $2.66 level with support forming around $2.50.
• Heaviest selling pressure hits July 14, 14:00-03:00 UTC window as price cascades from $2.65 to $2.46.
• Volume patterns show elevated activity during decline phases, particularly July 15, between 02:00-03:00 UTC, with volumes topping 6.3 million.
• Two-phase movement pattern features initial consolidation followed by upward momentum starting 09:01 UTC.
• Institutional interest emerges at lower levels with volumes exceeding 71,000 at 09:19 UTC.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Crypto infrastructure firm Function has closed a $10 million seed round led by Galaxy Digital (GLXY), with participation from Antalpha (ANTA) and Mantle, the company said in a press release on Tuesday.

The round positions Function, formerly known as Ignition, at the forefront of a growing effort to unlock institutional yield opportunities from bitcoin (BTC), which remains the largest yet least-utilized digital asset in decentralized finance (DeFi).

Function’s flagship product, FBTC, a fully reserved and composable bitcoin representation, has already amassed $1.5 billion in total value locked (TVL), the company said.

Function is positioning FBTC as the gateway for institutions and corporate treasuries to productively deploy bitcoin while maintaining full custodial control and 1:1 asset backing.

The firm is entering the market as momentum builds around the institutional adoption of bitcoin, not just as a store of value, but as a yield-generating instrument.

With Mike Novogratz’s Galaxy joining as both an investor and core contributor, Function gains a heavyweight partner in scaling FBTC’s institutional reach. Galaxy’s involvement includes liquidity provisioning, governance and risk framework design, and strategic oversight.

“By 2026, treating bitcoin as a passive treasury asset may no longer be enough. The new standard will be actively earning yield” said Thomas Chen, CEO of Function, in emailed comments.

“We’re evolving from wrapped assets to functional infrastructure that’s programmable and institutional-grade to transform bitcoin into a productive asset class. Sophisticated allocators will demand their bitcoin work as hard as their cash. Those slow to adapt will underperform; forward-looking firms will win the next era of bitcoin yield.” Chen added.

Read more: The Open Platform Becomes First TON Unicorn Following $28.5M Raise

Bitcoin’s (BTC) volatility could continue to fall as mainstream acceptance grows and the cryptocurrency is adopted by companies, retail investors and governments, Deutsche Bank said in a research report on Tuesday.

Excitement over upcoming legislation in the U.S. has spurred bitcoin’s recent rally, the german lender said, but it is notable that the crypto’s rise has also been accompanied by a historic decline in volatility levels.

The world’s largest cryptocurrency has risen nearly 75% since mid-November, driven by a mix of favorable regulations, growing institutional adoption, and global macroeconomic shifts, the report said.

The rally coincides with “Crypto Week” in Washington, DC, highlighting increasing government and corporate engagement with digital assets. This week the House of Representatives is set to vote on the CLARITY Act, a crypto market structure bill, and the GENIUS Act, which regulates stablecoins in the U.S.

Deutsche Bank suggests the drop in volatility signals a maturing market, where regulatory clarity, broader adoption, and long-term investment behaviors are stabilizing performance.

As bitcoin gains legitimacy through regulation and integration into traditional portfolios, it may continue to shed its speculative image and evolve into a more stable, strategic asset, the report added.

As volatility decreases and regulatory certainty increases, bitcoin is becoming more appealing for pension funds, sovereign wealth funds, and other long-term allocators.

Read more: CLARITY Act Could be a Game Changer for Institutional Adoption of Crypto: Benchmark