Summary
gm, WisdomTree launched its USDW stablecoin following the GENIUS Act, which allows for dividend payments on tokenized assets, while Ethena partnered with Anchorage Digital to bring its $1.5 billion USDtb stablecoin to the U.S. market. Corporate treasury building continues at pace, with BitMine accumulating over $2.1 billion worth of Ethereum in just 16 days, becoming the largest corporate ETH holder, while MEI Pharma raised $100 million to establish a Litecoin treasury. BlackRock's Ethereum ETF reached a milestone of $10 billion in assets in only 251 days, making it the third-fastest ETF to reach this threshold, further highlighting the growing institutional interest in ETH over BTC as Mike Novogratz predicted Ethereum might outperform Bitcoin in coming months.

News Headlines
🚀 SOL Aims For $240 As Staking ETF Inflows And Treasuries Soar

  • Solana is showing signs of a potential rally toward $240, supported by significant treasury building and strong inflows to the Solana staking ETF, indicating rising institutional demand.
  • DeFi Development Corp's acquisition of 141,383 SOL tokens and robust inflows to the SSK ETF since its July 2 launch underscore strong institutional interest, though Solana must maintain support above $185 to sustain its bullish momentum.

🐸 Pepe Plunges 5% on Volume Spike, but Whale Wallets Are Accumulating

  • The Pepe token has dropped 5% amid a significant spike in transaction volumes, yet large "whale" wallets are actively accumulating more tokens during the decline.
  • This contrasting behavior highlights a market dynamic where retail investors may be hesitant during price drops, while larger, institutional investors are taking advantage of lower prices to increase their positions.

🔄 NEAR Protocol Slides 5% as Altcoin Season Abruptly Ends

  • NEAR Protocol has experienced a significant 5% drop in market value, reflecting a sudden end to the recent altcoin season as market sentiment shifts.
  • This movement mirrors broader cryptocurrency market trends where alternative coins are underperforming compared to leading assets like Bitcoin and Ethereum, indicating potential caution among traders and investors.

💰 MoonPay launches Solana staking as investor demand for onchain yield grows

  • MoonPay has launched a liquid staking program for Solana offering an 8.49% annual yield, with users able to stake as little as $1 and receive mpSOL tokens with rewards distributed approximately every two days.
  • The service launches as Solana staking has surged to $53.9 billion, slightly ahead of Ethereum's $53.7 billion, with Solana offering an 8.3% annualized return compared to Ethereum's 3.2%, highlighting strong investor interest in onchain yield opportunities.

🎮 Tokyo Beast Speedruns Crypto Game Cycle, Shutting Down Just a Month After Launch

  • Tokyo Beast, a mobile combat game on Ethereum layer-2 network Immutable zkEVM, is ceasing operations on August 24, just a month after its June 9 launch due to operational cost challenges.
  • Despite plans for a $1 million prize tournament utilizing Tokyo Game Token (TGT), the token's value plummeted by 96% to $0.006 amid shutdown news, with developers planning to compensate NFT owners and eligible TGT stakeholders.

Market Metrics

Fundraising & VC
1. Bitzero (Undisclosed, $25M) - ESG-driven data centers optimized for Bitcoin mining and high-performance computing
2. Lightyear (Series B, $23M) - Commission-free investment platform
3. GaiaNet (Series A, $10M) - Decentralized computing infrastructure

Regulatory
💵 Hong Kong to Criminalize Unlicensed Stablecoins

  • Starting August 1, promoting unlicensed fiat-referenced stablecoins to retail investors in Hong Kong will be illegal, with violators facing up to $6,300 fines and six months imprisonment.
  • Only a few stablecoin licenses are expected to be granted initially as most proposals have been deemed vague by regulators.

🔒 Tornado Cash Trial Tests Developer Liability

  • The trial against Tornado Cash co-founder Roman Storm is nearing conclusion, testing whether developers are responsible for how their software is used.
  • Key testimony linked stolen funds to Tornado Cash, while defense challenges whether merely creating code constitutes a crime.

🌏 India Intensifies Crypto Tax Enforcement

  • India is using AI and international collaboration through the OECD's Crypto-Asset Reporting Framework to combat crypto tax evasion.
  • Authorities have linked tax data from crypto exchanges with income tax returns, enabling automated notices for discrepancies.

🏆 Australian Fintech Wins Court Battle Over Crypto Yield Product

  • The Australian Federal Court ruled that Finder.com's yield-generating product, Finder Earn, is not a financial instrument.
  • This landmark decision ends a three-year legal battle with regulators and tests the legal definition of debentures in relation to cryptocurrency.

🚫 Trump Bans "Woke AI" From Federal Contracts

  • President Trump signed an executive order prohibiting federal contracts with AI systems exhibiting ideological biases, particularly those aligned with DEI principles.
  • The order requires federal agencies to only use large language models that maintain ideological neutrality, with exceptions for national security purposes.

Technical Analysis
Bitcoin - Bitcoin has broken through the floor of a rising trend channel in the short term. This indicates a slower rising rate at first, or the start of a more horizontal development. The currency has met the objective at 115727 after a break of the rectangle formation. The price has now fallen, but the formation indicates further rise. The currency has support at points 110000 and resistance at points 121000. The RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum has broken through the floor of a rising trend channel in the short term. This indicates a slower rising rate at first, or the start of a more horizontal development. The currency is approaching resistance at 3750 points, which may give a negative reaction. However, a break upwards through 3750 points will be a positive signal. Positive volume balance indicates that buyers are aggressive while sellers are passive, and strengthens the currency. 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 RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The currency is overall assessed as technically neutral for the short term.