Summary
gm, U.S.-based Bitcoin ETFs recorded over $1 billion in inflows for two consecutive days, pushing Bitcoin to an all-time high above $118,000. In the altcoin space, Solana gained momentum as Nasdaq-listed firm Upexi secured $200 million in financing to expand its SOL treasury position, while XRP surged over 12% alongside record-high open interest of $7.2 billion. Meanwhile, memecoin platform Pump.fun completed a remarkable $500 million ICO in just 12 minutes at a $4 billion valuation, and the GMX DeFi protocol recovered $40 million from a hacker who exploited a security flaw but subsequently returned funds. On the regulatory front, Grayscale is challenging the SEC over delays in ETF approvals, claiming these postponements harm investors and violate statutory deadlines.

News Headlines
🔄 LetsBonk stuns Solana memecoin launchpad rankings

  • The newly created launchpad LetsBonk has unexpectedly overtaken Pump.fun in daily revenue, generating $1.04 million compared to Pump.fun's $533,412, marking the first time Pump.fun has lost its top position in the Solana memecoin launchpad rankings.
  • This development has positively impacted the BONK memecoin, which saw an increase of approximately 52% in value, though Pump.fun still dominates on the monthly chart with over $37 million in revenue.

🐳 XRP Whales Surge To New Highs As Price Jumps 10%

  • The number of crypto wallets holding at least 1 million XRP has reached a record high of 2,743 wallets, coinciding with a 26% increase in XRP's price over the past week and a 10% surge in the last 24 hours to $2.80.
  • These wallets collectively hold 47.32 billion XRP tokens, suggesting significant accumulation by large investors as the cryptocurrency outperforms amid a broader market trend that may indicate the beginning of an altcoin season.

💱 Stellar (XLM) Jumps 6% as PayPal Plans to Bring Stablecoin to Network

  • Stellar's XLM surged 6% to $0.3880, leading the top 20 cryptocurrencies following PayPal's announcement that it plans to launch its stablecoin, PayPal USD (PYUSD), on Stellar's network pending regulatory approval.
  • PayPal Senior Director Ian Burrill highlighted Stellar's capabilities for handling low-cost and fast transactions, which will enable PYUSD to be accessible in over 180 countries and improve cross-border payments through an emerging financing mechanism called PayFi.

💡 BitVM3 promises cheaper Bitcoin bridges — but not yet

  • BitVM3, the latest iteration of the Bitcoin programmability framework, aims to reduce on-chain fraud proof costs by approximately 1000 times by using garbled circuits instead of SNARK verifiers, though it remains in the research phase due to unresolved security issues.
  • Meanwhile, BitVM2 continues to progress with recent launches and testing focused on supporting Bitcoin-backed assets on other chains, highlighting ongoing development toward layer-2 scaling solutions for Bitcoin despite the technical challenges.

🏦 Tether to End USDT Redemptions on Bitcoin Cash, Algorand and Beyond

  • Tether will cease USDT support on five blockchains (Bitcoin Cash SLP, Omni Layer, Kusama, EOS, and Algorand) effective September 1, freezing remaining assets on these networks as it shifts focus to more active and scalable blockchains.
  • USDT holders on affected chains must redeem their tokens or request issuance on supported networks before the deadline, as Tether aims to optimize its infrastructure toward layer-2 networks and developing blockchain ecosystems with higher developer activity.

Market Metrics

Fundraising & VC
1. PumpFun (Public Token Sale, $500M) - Solana-based memecoin launchpad
2. Aspecta (Strategic, Undisclosed) - Universal price discovery infrastructure

Regulatory
⚖️ House Democrats Split on Crypto Legislation

  • Democrats are divided on upcoming "Crypto Week" votes on the GENIUS Act and CLARITY Act, with some members linking the bills to Trump's financial interests.
  • The absence of clauses preventing Trump from profiting from crypto ventures is a key concern, though polling suggests the CLARITY Act might still pass with reduced Democratic support.

🏢 BlockFi and DOJ Settle $35M Crypto Lawsuit

  • BlockFi's bankruptcy administrator and the US Department of Justice have settled a $35 million lawsuit over the transfer of crypto assets linked to a fraud case.
  • Under the court-approved agreement, the case is dismissed with prejudice, preventing it from being refiled and allowing BlockFi to continue addressing claims related to its insolvency.

💰 Trump's Family Linked to Binance-Created Stablecoin

  • Binance reportedly assisted in developing the USD1 stablecoin issued by World Liberty Financial, associated with the Trump family, raising conflict of interest concerns.
  • 90% of USD1 coins from a significant Abu Dhabi investment firm transaction remained in Binance's wallets, potentially earning substantial interest for the Trump family.

🏦 Asia Leading Global Tokenization Revolution

  • Japan and Hong Kong are emerging as leaders in real-world asset tokenization, with regulatory clarity drawing Western capital and institutional investment eastward.
  • The growth of tokenized bonds and ETFs in Japan is democratizing markets for retail investors while enhancing transparency and streamlining fund administration processes.

🔎 France Investigates X for Algorithmic Manipulation

  • French prosecutors have launched a criminal investigation into X (formerly Twitter) for alleged algorithmic manipulation and potential foreign interference.
  • The probe, led by France's cybercrime unit, will examine claims that X's algorithms were tampered with to promote Elon Musk's political views, raising implications for his crypto ambitions in Europe.

Technical Analysis
Bitcoin - Bitcoin has broken up from an approximate horizontal trend channel in the short term. This signals a continued strong development, and the currency now meets support on possible reactions down towards the ceiling of the trend channel. The price has risen strongly since the positive signal from the rectangle formation at the break through resistance at 107710. The objective at 115727 is now met, but the formation still gives a signal in the same direction. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately 109000 points. RSI is above 70 after a good price increase the past weeks. The currency has strong positive momentum and further increase is indicated. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum has broken the rising trend up in the short term. This signals an even stronger rate of growth, but the positive development may result in corrections down in the short term. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately 2760 points. The short term momentum of the currency is strongly positive, with RSI above 70. This indicates increasing optimism among investors and further price increase for Ethereum. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically positive for the short term.