Hashdex is winding down its US spot Bitcoin fund after gathering only about $14.7 million in assets, with holders given until August 17 to exit before liquidation. Observers pinned the failure less on Bitcoin's drawdown than on timing: the fund launched well after the rest of the field, a brutal position for an independent issuer in any ETF category. Separately, wallets linked to Strategy moved another 1,030 BTC, and Russia's president signed a law setting out domestic crypto regulation.