Summary
gm, Do Kwon, creator of the collapsed TerraUSD stablecoin, pleads guilty to fraud charges after previously maintaining his innocence. Meanwhile, the Qubic community, following its 51% attack on Monero, has voted to target Dogecoin next, raising serious security concerns for proof-of-work blockchains. On the institutional front, major investors including Brevan Howard, Goldman Sachs, and Harvard University have significantly increased their Bitcoin ETF holdings, collectively investing billions, while BitMine increased its Ethereum holdings by 373,000 ETH to become the second-largest corporate holder after Strategy. Additionally, Thailand announced plans to launch a crypto payment sandbox called TouristDigiPay, allowing foreign visitors to convert cryptocurrency into Thai baht for purchases, as Japan's Financial Services Agency prepares to approve JPYC as the country's first yen-denominated regulated stablecoin.

News Headlines
📉 Bitcoin Risks New Correction as Uptrend Enters 7th Week

  • Bitcoin is entering the seventh week of its latest price discovery uptrend, with experts warning that a correction is imminent based on historical patterns that show Bitcoin typically halts its second uptrend after five to seven weeks.
  • Previous corrections in 2025 saw Bitcoin drop from approximately $110,000 to below $75,000, and analysts suggest a short-term dip might ultimately set the stage for significant Q4 growth and new all-time highs.

🏦 The 7 Largest Publicly Traded Ethereum Treasury Firms Hold 3% of Supply

  • Public companies now hold more than 3.7 million ETH worth nearly $17 billion, representing over 3% of the total ETH supply, with BitMine Immersion Technologies leading with 1.15 million ETH.
  • Other major holders include SharpLink Gaming (728,804 ETH), The Ether Machine (345,362 ETH), Coinbase (136,782 ETH), and several others, highlighting a growing trend of institutional Ethereum accumulation beyond just Bitcoin.

📈 Bitcoin Mining Profitability Rose 2% in July Despite Hashrate Increase

  • Bitcoin mining profitability increased by 2% in July as a 7% rise in Bitcoin price outpaced the 5% growth in network hashrate, according to investment bank Jefferies.
  • U.S.-listed mining firms contributed 26% of the total network hashrate (up from 25% in June) and mined 3,622 bitcoin. Revenue per exahash rose to approximately $57,000 per day in July, up from about $56,000 in June.

🐋 Michael Saylor's Strategy Buys Another $51M in Bitcoin During Market Dip

  • Michael Saylor's Strategy has purchased an additional 430 BTC for $51.4 million, raising its total Bitcoin holdings to 629,376 BTC valued at more than $74.2 billion, with the company reporting a 60% increase on its Bitcoin investment.
  • Over the past nine months, Strategy has dramatically increased its Bitcoin purchases, amassing 376,726 BTC compared to just 252,220 BTC over the prior four years, with Saylor expressing confidence in Bitcoin despite the rise of competitors.

🤖 Former Twitter CEO Parag Agrawal Launches AI Startup Parallel Web Systems

  • Parag Agrawal has launched Parallel Web Systems, with its first product Deep Research API reportedly outperforming both humans and leading AI models like GPT-5 in certain research tasks.
  • The startup has secured $30 million in funding, employs 25 people, and already supports millions of research tasks daily. Agrawal predicts that AI agents will dominate internet usage with individuals potentially deploying multiple agents to work on their behalf.

Market Metrics

Fundraising & VC
1. Capital B (Undisclosed, $2.57M) - Euronext-listed Bitcoin treasury company
2. Main Street (Undisclosed, $400K) - Yield-bearing synthetic dollar
3. Archax (Strategic, Undisclosed) - UK’s first regulated RWA exchange, custodian and broker and registered crypto exchange

Regulatory
💹 SEC Delays Decisions on Multiple Crypto ETFs

  • The SEC has postponed rulings on three major crypto ETFs, including Truth Social's Bitcoin and Ethereum ETF, 21Shares' Solana ETF, and the Core XRP Trust until October.
  • The delays come despite the SEC previously approving spot Bitcoin and Ethereum ETFs, suggesting a more cautious approach to altcoin investment vehicles.

💰 US Treasury Begins Implementation of GENIUS Stablecoin Act

  • The US Treasury has opened a 60-day public comment period regarding methods to detect illicit activity in cryptocurrency as directed by the recently enacted GENIUS Act.
  • The department is seeking input on innovative strategies that financial institutions could implement to combat risks such as money laundering within digital assets.

⚖️ South Korea's Jeju City Targets Crypto Holdings of Tax Evaders

  • Tax officials in Jeju City have begun freezing and seizing cryptocurrencies from individuals suspected of tax evasion, following legislation passed in 2021.
  • Authorities identified 49 alleged tax dodgers holding cryptocurrency valued at 230 million won ($166,269) out of 2,962 individuals in arrears.

🔍 Illinois Governor Signs Two Crypto Consumer Protection Bills

  • Illinois Governor JB Pritzker has signed two bills aimed at enhancing consumer protections for cryptocurrency users in the state.
  • The first bill empowers state regulators to oversee digital asset exchanges and requires platforms to maintain substantial financial resources and security protocols.

⚠️ Hong Kong Warns of Fraud Risk After New Stablecoin Rules

  • A Hong Kong Securities and Futures Commission official has raised concerns that the new local stablecoin regulatory framework has heightened the risk of fraud.
  • The SFC and Hong Kong Monetary Authority released a statement referencing market volatility tied to corporate announcements related to stablecoin licensing.

Technical Analysis
Bitcoin - Bitcoin has broken the floor of the rising trend channel in the short term, which indicates a weaker initial rising rate. The currency has met the objective at 116746 after a break of the inverse head and shoulders formation. The price has now fallen, but the formation indicates further rise. The currency is approaching support at 113500 points, which may give a positive reaction. However, a break downwards through 113500 points will be a negative signal. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum is in a rising trend channel in the short term. This shows that investors over time have bought the currency at higher prices and indicates good development for the currency. The currency has support at points 3870 and resistance at points 4770. The currency is assessed as technically positive for the short term.