After Mid-May, Institutions Bought Over $10 Billion in ETH... 32 Times the New Issuance
Bitwise's Chief Investment Officer (CIO) Matt Hogan predicted that ETH will continue to rise due to surging institutional demand and corporate buying far exceeding new issuance. Since mid-May, ETFs and companies have purchased over $10 billion in ETH, which is 32 times the ETH issued during the same period. ETFs and listed companies are expected to buy up to 5.3 million ETH next year, which is much higher than the expected issuance of 800,000 ETH.
Ark Invest Purchases 4.77 Million Shares of Bitmain for 'ETH Acquisition'
Ark Investment, led by Cathie Wood, purchased 4.77 million shares of Bitmain, which announced its Ethereum (ETH) acquisition strategy. The purchase is worth $182 million. Bitmain stated that it plans to use the investment funds to purchase ETH.
Cryptocurrency Investment Fund 10T Holdings Rebrands to 50T
According to The Block, 10T Holdings (10T) and 1 Round Table Partners (1RT), a digital asset ecosystem investment fund founded by famous investor Dan Tapiero, have merged and rebranded to '50T'. Tapiero explained the rebranding, saying, "Initially, we expected the cryptocurrency ecosystem to grow to $10 trillion within 10 years, which is why we named the fund 10T (10 trillion), but now we anticipate it could reach $50 trillion." He also announced the formation of a new $500 million fund called '50T Fund V', focusing on blockchain and cryptocurrency investments.
Sharplake Purchases 80,000 ETH Last Week... Largest Weekly Purchase
Sharplake Gaming, a Nasdaq-listed company led by Ethereum co-founder Joseph Lubin, announced purchasing approximately 80,000 ETH last week, bringing its holdings over 360,000 ETH. The average purchase price is $3,238.
Bloomberg Analyst: "Positive Signal for BTC, ETH ETF Spot Redemption Approval"
Bloomberg analyst James Seyfarth reported a positive signal for BTC and ETH ETF spot redemption approval. Five ETFs listed on CBOE have submitted modified documents to the SEC. Seyfarth explained, "There are positive developments within the SEC, suggesting they are in the final stages of detailed coordination." Spot redemption allows direct redemption in cryptocurrency instead of cash, which is more efficient for market and tax purposes.
Kraken to Handle BNB Trading and Custody for Windtree
According to CoinDesk, Kraken will handle BNB custody, trading, and OTC for Windtree (WINT), a Nasdaq-listed biotech company that announced plans to raise up to $200 million for BNB investment. Windtree has currently raised $60 million and can potentially raise an additional $140 million.
Circle Gateway Testnet Launched
Circle launched the Circle Gateway testnet on Avalanche, Base, and Ethereum. The Circle Gateway allows users to maintain the same USDC balance across multiple chains and use it immediately on any supported chain, without relying on bridges or external liquidity.
Jito Releases 'BAM' to Improve Solana MEV
The Jito Foundation released the Block Assembly Marketplace (BAM) to improve Solana MEV. MEV refers to the intervention by block producers or validators to maximize profits in a specific manner. According to CoinDesk, BAM is designed to make transaction order transparent and verifiable, provide new revenue opportunities for developers, and reduce the negative effects of MEV. The mainnet launch is expected within a few weeks.
Hyperliquid USDC Deposits Increase Over 2x Since Beginning of Year
The Block reported that Hyperliquid's USDC deposits have increased over 2x to $4.9 billion since the beginning of the year. USDC is now the primary stablecoin on Hyperliquid. Hyperliquid's trading volume has exceeded $150 billion in July.
A16z Invests in Story-Based Data Layer 'Poseidon'
According to The Block, A16z led a $15 million seed round for Poseidon, a full-stack decentralized data layer based on Story (IP) protocol. Poseidon supports AI developers in accessing legitimate trading data using the Story's programmable IP layer and immutable IP registry.
Trend Research Estimated to Purchase 203,000 ENS
Amber CN reported that Trend Research is estimated to have purchased ENS. The day before, Trend Research deposited 1.5 million FORM on Binance and then withdrew 203,000 ENS from Binance. Trend Research's current portfolio is valued at $570 million and includes: - 108,000 ETH - 642 million NEIRO - 5.411 million UNI - 3.751 million FORM - 228,700 COMP - 203,000 ENS
Ethereum-Based Stablecoin Supply Exceeds $140 Billion
According to Waller Bloomberg, the supply of Ethereum-based stablecoins has surpassed $140 billion.
US Prosecutors Seek to Recover $7.1 Million in Cryptocurrency Related to Fraud
The Block reported that US prosecutors have filed a civil lawsuit to recover $7.1 million in cryptocurrency related to a fraud case. The defendants are accused of collecting money from victims by claiming to invest in oil and gas, and then laundering the funds through cryptocurrency.
UK: "Crypto Companies Underreporting Financial Sanction Violations"
The UK's Office of Financial Sanctions Implementation (OFSI) noted in a report that cryptocurrency companies are underreporting financial sanction violations. However, they added that most underreporting cases were unintentional. The report also warned that UK cryptocurrency companies are at high risk of being targeted by North Korean hackers.
Analysis: "ETH Correction Inevitable"
Cryptocurrency analysis firm Front Runners said that ETH has risen more than BTC for two consecutive weeks, and this trend cannot continue without adjustment. Cryptocurrency analyst Michael van de Poppe also warned that ETH could undergo a significant correction. However, some analysts anticipated further increases in ETH, mentioning whale and corporate buying.
Polymarket Considering Issuing Own Stablecoin
According to CoinDesk, decentralized prediction market Polymarket is considering issuing its own stablecoin.
Coinbase International Lists Perpetual Futures for ERA, SUSHI
Coinbase International Exchange announced the listing of perpetual futures for ERA and SUSHI.
Coinbase Adds BNKR, JITOSOL, MPLX to Listing Roadmap
Coinbase announced that it has added BNKR, JITOSOL, and MPLX to its listing roadmap.
BTC Surpasses $120,000
According to Coinnis market monitoring, BTC has exceeded $120,000. On Binance USDT market, BTC is trading at $120,037.26.
4,166 BTC Transferred... Kraken → Anonymous
According to Whale Alert, 4,166 BTC was transferred from a Kraken address to an anonymous address. The amount is worth $500 million.
2,605 BTC Transferred... Kraken → Anonymous
According to Whale Alert, 2,605 BTC was transferred from a Kraken address to an anonymous address. The amount is worth $310 million.
US Stock Indices Close Mixed
The three major US stock indices closed mixed.
S&P500: +0.05%
Nasdaq: -0.43%
Dow: +0.37%
Trump "Likely to Meet Xi Jinping Soon"
President Trump said that Xi Jinping invited him to China and he is likely to meet the Chinese president in the near future.
Trump "Powell Will Leave Anyway Soon"
President Trump said that Jerome Powell will leave anyway soon. He emphasized again that Powell is maintaining interest rates too high and that the economy is strong, so rates should be maintained at around 1%. Treasury Secretary Scott Bessent also repeatedly pressured the Federal Reserve to immediately lower interest rates.
White House to Visit Federal Reserve Headquarters on Thursday
The White House announced that it will visit the Federal Reserve headquarters on Thursday. The purpose of the visit was not disclosed.
