Today's news highlights:
SBI Holdings denies submitting a dual ETF application for Bitcoin and XRP.
The U.S. SEC and Ripple end their legal dispute: both sides drop their appeals, and the XRP-related ruling remains unchanged.
Vitalik expresses support for the 'Ethereum Asset Reserve Company' but warns against excessive leverage.
The pSTAKE Foundation launches a $50 million AI-Web3 Innovation Fund, now open for applications.
A certain whale/institution has accumulated over 170,000 ETH in the past 4 days, valued at approximately $670 million.
The total net inflow for Ethereum spot ETFs yesterday was $222 million, continuing a three-day net inflow.
Fundamental Global plans to issue up to $5 billion in securities to purchase more Ethereum.
Animoca Brands cooperates with Standard Chartered Bank and others to establish Anchorpoint, applying for a stablecoin issuance license in Hong Kong.
Macro
SBI Holdings denies submitting a dual ETF application for Bitcoin and XRP.
According to SBI Holdings representatives, the company has not submitted any ETF applications related to crypto assets. Previous reports claimed that SBI had submitted two ETF applications, including a dual ETF for gold and crypto assets and a dual ETF for Bitcoin and XRP, but its financial report did not explicitly confirm this information. SBI stated that relevant plans are still in the preliminary stage, and applications will be made after legal revisions are completed by Japanese financial regulators. The Japanese Financial Services Agency (FSA) previously proposed to include specific crypto assets under the Financial Instruments and Exchange Act (FIEA), but the specific timetable has not yet been determined. Future applications will be submitted by SBI Holdings' subsidiary, SBI Global Asset Management, with an initial focus on individual investors, aiming to promote the popularization of alternative investments.
The U.S. SEC and Ripple end their legal dispute: both sides drop their appeals, and the XRP-related ruling remains unchanged.
According to The Block, a significant legal dispute in the crypto industry seems to be nearing its end. The U.S. Securities and Exchange Commission (SEC) and Ripple Labs' lawyers jointly agreed to withdraw their appeal in the Second Circuit Court. The joint motion to dismiss submitted on Thursday shows that both parties will bear their own costs. Previously, Ripple Labs CEO Brad Garlinghouse announced in June that the company intended to withdraw its cross-appeal, stating it wanted to 'turn the page and focus on building a value internet.' Now both sides have dropped their appeals, and Judge Analisa Torres' mixed ruling from 2023 will become the final judgment. This ruling found that Ripple Labs' sale of hundreds of millions of XRP to institutional investors constituted illegal securities sales, but she supported Ripple Labs on the 'dark pool' sales issue to retail investors.
Trump signs executive order to stop unfair treatment of the crypto industry by financial institutions.
According to The Block, on Thursday, U.S. President Trump signed an executive order aimed at preventing federal regulators from targeting financial institutions that do business with the crypto industry. The White House briefing states that the digital asset industry has become an unfair target for 'debanking,' such actions erode public trust in banks and regulatory agencies, affect livelihoods, freeze wages, and impose heavy economic burdens on law-abiding Americans. The order removes 'reputational risk' as a justification for regulatory tightening, although it is not specifically aimed at cryptocurrency, it has been previously indicated as targeting the industry. Previously, cryptocurrency businesses and individuals complained about unfair account closures by banks, and Trump promised to end 'Operation Choke Point 2.0.' Trump received support from Republican lawmakers after signing the order. House Financial Services Committee Chairman French Hill called it an important step, and Senator Cynthia Lummis praised the order for bringing transparency and accountability to the industry.
Binance collaborates with Spain's BBVA to allow customers to hold assets outside the exchange.
According to the Financial Times, Binance is partnering with Spain's BBVA to allow customers to hold assets in the bank rather than on the exchange. This move comes after Binance faced a record $4.3 billion fine from U.S. authorities in 2023, as part of efforts to reassure investors. BBVA, Spain's third-largest bank, has recently begun providing services for Binance as one of the few independent custodians. This aims to alleviate investor concerns about the safety of exchanges, particularly following the 2022 FTX bankruptcy incident. BBVA's brand recognition surpasses that of Binance's existing partners, which may enhance user trust. Under the partnership, traders' funds will be held in the form of U.S. Treasury bonds at BBVA, while Binance will accept these assets as trading margin.
Animoca Brands cooperates with Standard Chartered Bank and others to establish Anchorpoint, applying for a stablecoin issuance license in Hong Kong.
According to official news, Animoca Brands has established a joint venture with Standard Chartered Bank (Hong Kong) and Hong Kong Telecommunications (HKT) in Hong Kong—Anchorpoint Financial Limited—aiming to build a business model focused on issuing and promoting licensed stablecoins. Anchorpoint has officially expressed its intention to the Hong Kong Monetary Authority, planning to apply for a stablecoin issuer license when the stablecoin regulations come into effect on August 1, 2025.
Trump nominates pro-crypto Stephen Miran to a seat on the Federal Reserve Board.
According to The Block, U.S. President Trump nominates pro-crypto economist Stephen Miran to the Federal Reserve Board. Miran currently serves as Chairman of the Economic Advisory Council and has previously proposed simplifying cryptocurrency regulations. The seat was previously held by Adriana Kugler, who announced her resignation last week; Miran will fill this vacancy, with a term ending on January 31, 2026. Additionally, Miran was a senior strategist at investment firm Hudson Bay and has worked at the U.S. Treasury and Fidelity Investments. Notably, Trump has publicly clashed with Federal Reserve Chairman Powell over interest rate issues in recent weeks, and Miran has also criticized Powell.
Opinions
Analysis: Bitcoin's short-term oversold conditions may indicate a potential rebound; if it falls below the $112,000 support level, it may drop to the $106,000 range.
Matrixport's latest weekly report (Matrix on Target) analyzes that Bitcoin has recently entered an adjustment phase, with market momentum weakening, trading volume shrinking, and funding rates remaining low, indicating a loosening market structure. With seasonal disruptions in August coupled with external uncertainties, short-term sentiment has significantly turned cautious. Technically, the $112,000 support level had previously played a role in initial corrections, but the rebound was insufficient, and this support level may face another test; if lost, market attention may shift to the $106,000 range. The report further indicates that a repricing of growth expectations in the U.S. economy could be a key factor for a rebound in Bitcoin's volatility. Currently, some sectors of the U.S. economy are facing substantial slowdowns, with the ISM Manufacturing Index remaining in contraction territory and non-manufacturing indicators showing limited expansion, and recent employment data has also been significantly revised downwards. The market's expectations for a 'potential rate cut in September' by the Fed are gradually strengthening, but no clear signals have been released yet, which may prolong the consolidation trend. Additionally, the report mentions that some publicly listed companies holding large amounts of Bitcoin have seen their net asset values (NAV) shrink, potentially weakening their ability to raise funds through new stock issuance to increase Bitcoin holdings. In the short term, oversold technical indicators may suggest a potential rebound, but the report holds reservations about the sustainability of such rebounds, leaning towards the belief that prices will continue to consolidate sideways. Investors need to patiently wait for clear bottom signals or a resurgence in market momentum.
Vitalik expresses support for the 'Ethereum Asset Reserve Company' but warns against excessive leverage.
According to Cointelegraph, Ethereum co-founder Vitalik Buterin expressed support for the 'Ethereum Asset Reserve Company' during an interview on the Bankless podcast, while issuing a warning about risks. He noted that publicly traded companies buying and holding Ethereum would allow more investors to access the token, providing different choices for individuals with varying financial situations through investments in the Ethereum Asset Reserve Company rather than holding directly. However, Buterin cautioned that Ethereum's future should not come at the cost of excessive leverage. He worries that a price drop could trigger a forced liquidation chain reaction, leading to further price declines and damaging credibility. But he also expressed confidence that Ethereum investors possess enough self-discipline to avoid such collapses.
CryptoQuant: Bitcoin has entered a cooling period in the bull market, signaling a pause in its upward trend.
According to The Block, on Thursday, on-chain analysis company CryptoQuant shared a report showing that Bitcoin, after reaching a historic high of over $123,000 last month, currently shows signs of short-term consolidation or mild downward risk. Bitcoin has entered a cooling period in the bull market, with the bull market index falling from 80 to 60; although market conditions remain positive, upward momentum has weakened; the index drop reflects profit-taking after Bitcoin's recent historic high and a seasonal slowdown in summer trading activity. If Bitcoin's price weakens further, this indicator could fall into the negative territory, causing the bull market index to drop below 40—this would be the first formal bearish signal since April 2023. Multiple on-chain indicators confirm the decline in upward momentum, with stablecoin liquidity stagnating turning negative, and new fund inflows drying up; at the same time, on-chain profitability signals turning negative, traders taking profits. CryptoQuant states that Bitcoin's further rise may require new bullish catalysts; its research director believes that a Fed rate cut in September could be a key factor, as the market has anticipated this.
Project dynamics
Binance Alpha will launch Baby Shark Universe (BSU) on August 9.
Binance announces that its Alpha platform will launch Baby Shark Universe (BSU) on August 9. Eligible users can claim airdrop rewards using Binance Alpha Points on the Alpha Events page after trading begins.
Binance Alpha will list SatLayer (SLAY) on August 11.
Binance Alpha announces it will become the first trading platform to list SatLayer (SLAY) on August 11. Eligible users can claim airdrop rewards using Binance Alpha Points on the Alpha events page after trading opens.
Base announces the launch of a content revenue-sharing mechanism for creators on the Base app.
Base announces on platform X that creators can earn income when users interact with their content on the Base app. Each time a post is bought or sold, creators receive fees directly into their wallets. Starting today, Base will support creators in this new global economy by collecting minting content. Furthermore, Base specifies that this series is not intended for investment gains and does not constitute financial advice, reminding users to conduct their own research. Base plans to hold related tokens indefinitely, without trading or selling, firmly believing that creators should be compensated directly for their creativity and use this to demonstrate profitable content pathways.
Upbit will list IP tokens in KRW, BTC, and USDT markets.
According to an official announcement, South Korean crypto exchange Upbit will list IP tokens in KRW, BTC, and USDT markets.
The pSTAKE Foundation launches a $50 million AI-Web3 Innovation Fund, now open for applications.
According to an official blog, the pSTAKE Foundation announces that its $50 million AI-Web3 Innovation Fund is now officially open for applications. The project aims to accelerate research, development, and collaboration in the cutting-edge fields of generative artificial intelligence and decentralized networks. The fund focuses on five strategic areas: 1. Decentralized Generative Agents: fully on-chain autonomous AI entities; 2. On-chain provenance: transparent ownership of datasets, models, and agent outputs; 3. Market layer for AI assets: valuation, exchange, and collateralization agreements; 4. Programmable creative engines: AI channels for dynamic multimedia; 5. Secure and composable infrastructure: secure and scalable building blocks for interoperable AI-Web3 systems.
The Ethereum Foundation will donate an additional $500,000 for the legal defense of Roman Storm.
Ethereum Foundation co-executive director Hsiao-Wei Wang expressed in a post on X that the foundation will donate an additional $500,000 for the legal defense of Tornado Cash founder Roman Storm. Wang emphasized, 'Privacy is the norm, and writing code is not a crime.' Previously yesterday, it was reported that Tornado Cash founder Roman Storm was convicted of unlicensed money transmission, but the jury did not reach a consensus on money laundering and sanctions charges.
Animoca Brands launches RWA trading platform NUVA in collaboration with ProvLabs.
According to Cointelegraph, Animoca Brands and Provenance Blockchain developer ProvLabs have jointly launched the RWA trading platform NUVA. The NUVA marketplace will leverage Provenance Blockchain's existing RWA ecosystem, which currently holds assets worth approximately $15.7 billion. The first two tokenized products to launch are the U.S. interest-bearing stablecoin security YLDS and the fixed-rate home equity credit pool HELOC. NUVA employs a 'vault' structure to simplify the investor participation process, allowing holders of nuYLDS or nuHELOC tokens to receive corresponding underlying asset income. ProvLabs CEO stated that this model can provide on-chain trading possibilities for traditional illiquid assets. Animoca co-founder pointed out that the current RWA market is constrained by cross-chain fragmentation, and NUVA aims to enhance the accessibility of institutional-grade assets through a unified multi-chain ecosystem.
Pump.fun launches the Glass Full Foundation to inject liquidity into specific ecosystem tokens.
Pump.fun announces on platform X the launch of the Glass Full Foundation, injecting liquidity for specific ecosystem tokens. The team states that multiple projects have already received support and plans to deploy more projects, but specific allocation details have not yet been disclosed.
Sygnum announces it will provide custody, trading, staking, and other services for institutional users of SUI.
Digital asset bank Sygnum announces it will provide custody, trading, and loan solutions for SUI, further expanding access for professional and institutional investors to the Sui ecosystem. Sygnum became the first Swiss bank to fully integrate SUI into its regulated banking platform in July, offering services including custody, spot and derivatives trading, staking, and SUI mortgage loans. Previously, Swiss crypto bank AMINA launched trading and custody services for SUI tokens, planning to offer SUI staking services.
Bithumb will list TREE tokens in the Korean won market.
According to an official announcement, South Korean crypto exchange Bithumb will list TREE tokens in the Korean won market.
The ResearchHub Foundation proposes to introduce a token burn mechanism for RSC tokens.
The DeSci project ResearchHub Foundation states on platform X that a new governance proposal (RIP-23) will introduce a token burn mechanism for RSC tokens. If the proposal is approved, the transaction fees collected by the ResearchHub Foundation will be automatically burned 100% weekly. Full details will be announced on Snapshot soon.
Important data
A certain whale/institution has accumulated over 170,000 ETH in the past 4 days, valued at approximately $670 million.
According to on-chain analyst Yu Jin's monitoring, a certain whale/institution has accumulated 171,015 ETH (worth up to $670 million) through six addresses in the last four days. Just in the past hour, they received 23,424 ETH (worth $9.165 million). They created a wallet through BitGo with the address 0x0c3...40e, then purchased and received ETH from institutional business platforms like FalconX, Galaxy Digital, and BitGo. They have now created six wallets that have received a total of 171,015 ETH ($670 million), with an average price of $3,669.
The total net inflow for Ethereum spot ETFs yesterday was $222 million, continuing a three-day net inflow.
According to SoSoValue data, yesterday (Eastern Time, August 7), the total net inflow for Ethereum spot ETFs was $222 million. The highest single-day net inflow was for BlackRock's ETF ETHA, with a single-day net inflow of $104 million, bringing ETHA's historical total net inflow to $9.593 billion. The second highest was Grayscale's Ethereum Trust ETF ETH, with a single-day net inflow of $34.609 million, bringing ETH's historical total net inflow to $1.134 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $21.804 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) reaching 4.66%, and historical cumulative net inflow reaching $9.355 billion.
The total net inflow for Bitcoin spot ETFs yesterday was $281 million, with IBIT's net inflow of $157 million leading the way.
According to SoSoValue data, yesterday (Eastern Time, August 7), the total net inflow for Bitcoin spot ETFs was $281 million. The highest single-day net inflow was for BlackRock's ETF IBIT, with a single-day net inflow of $157 million, bringing IBIT's historical total net inflow to $57.426 billion. The second highest was Fidelity's ETF FBTC, with a single-day net inflow of $43.445 million, bringing FBTC's historical total net inflow to $11.997 billion. The largest single-day net outflow was from Ark Invest and 21Shares' ETF ARKB, with a single-day net outflow of $388,500, bringing ARKB's historical total net inflow to $2.381 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $150.972 billion, with an ETF net asset ratio (market value as a percentage of Bitcoin's total market value) reaching 6.47%, and historical cumulative net inflow reaching $54.023 billion.
A Pendle multi-signature wallet transferred 900,000 PENDLE to Binance, valued at approximately $4.65 million.
According to on-chain analyst Yu Jin's monitoring, 25 minutes ago, a multi-signature Pendle wallet transferred 900,000 PENDLE (approximately $4.65 million) to Binance.
Whale @AguilaTrades has again increased its long position to $223 million.
According to on-chain analyst Yu Jin's monitoring, whale @AguilaTrades has continued to increase positions through TWAP after opening a long position yesterday afternoon. His long position is now valued at $223 million. The trader previously encountered losses after continuously increasing his position to $400 million. Currently, his position has an unrealized profit of $4.76 million: 40x leverage long on 1,277 BTC, valued at $150 million, opening price at $115,968, liquidation price at $112,932; 25x leverage long on 18,833 ETH, valued at $73.64 million, opening price at $3,774, liquidation price at $3,600.
Financing
The crypto derivatives trading application Euphoria based on MegaETH completes $7.5 million in seed round financing.
According to The Block, the crypto derivatives trading application Euphoria based on MegaETH has announced the completion of $7.5 million in seed funding, which includes $2.5 million in a pre-seed round in November 2024 and $5 million in a seed round from February to July 2025. The seed round is led by Karatage, with follow-on investments from Figment Capital and Robot Ventures. Other participants include Bankless Ventures, First Commit, Hash3, Comfy Capital, and Kosmos Ventures, along with over 100 angel investors. The project is developing a mobile 'click trading' interface to reduce user barriers by simplifying options, perpetual contracts, and other derivative operational processes. Euphoria plans to launch the MegaETH mainnet within the year, and its business model will reference Hyperliquid, profiting from market-making and trading fees. The team currently has 8 members and plans to add 3-5 engineering and product positions. The long-term roadmap includes the issuance of a native token.
Web3-based AI project Perle completes $9 million in seed round financing, led by Framework Ventures.
According to The Block, Web3-based AI project Perle has announced the completion of $9 million in seed round financing, led by Framework Ventures, bringing the total funding for the startup to $17.5 million. The project aims to utilize blockchain technology and crypto-economic incentives to optimize the quality of AI training data. Perle plans to launch Perle Labs, using blockchain technology to record data contributions and incentivize users to provide high-quality feedback to improve AI model training. Its CEO stated that decentralized data labeling can reduce bias and enhance model performance. Previously, Perle completed an $8.5 million Pre-Seed round led by CoinFund in October 2024.
Scenius Capital completes $20 million fundraising for a new fund focused on supporting emerging crypto VC.
According to Blockworks, Scenius Capital has announced the completion of a slightly oversubscribed $20 million new fund focused on investing in emerging crypto venture capital funds. The company stated that the fund will support early-stage managers with domain, regional, or ecosystem advantages. ParaFi has strategically invested in Scenius Capital and will provide funding support for its expansion of business lines and token capital market consulting. Scenius Capital claims that despite a difficult market environment, it still received support from multiple crypto-native LPs and will continue to focus on small, first-round, or second-round managers.
Institutional holdings
Bitcoin Treasury Company BSTR completes $65 million in financing, plans to hold over 30,000 BTC after business merger.
According to the latest announcement from The Bitcoin Standard Treasury Company (BSTR), the company has completed an additional $65 million in funding, equivalent to approximately 555 bitcoins (based on the current price of $116,750). These funds will officially be activated after the completion of the merger between BSTR and CEPO. The merged company will be traded under the ticker 'BSTR' and plans to hold 30,021 bitcoins. Previously, it was reported that BSTR had reached a final business merger agreement with Cantor Equity Partners I, Inc. (Nasdaq: CEPO), a special purpose acquisition company initiated by an affiliate of Cantor Fitzgerald. The merged company will also have access to up to $1.5 billion in private equity investment post-IPO PIPE financing, making it the largest PIPE financing related to Bitcoin reserves in a SPAC merger to date, and this SPAC will contribute approximately $200 million in additional funds depending on redemption conditions.
Publicly traded company Sharplink Gaming increases its ETH holdings again, raising its position to 568,000 ETH.
According to on-chain analyst Yu Jin's monitoring, as of now, the publicly traded company Sharplink Gaming has received a total of 21,959 ETH (approximately $83.96 million) today. SharpLink (SBET) has accumulated 568,000 ETH since early June by using a micro-strategy operational model, currently valued at $2.215 billion, with an unrealized profit of $433 million.
Fundamental Global plans to issue up to $5 billion in securities to purchase more Ethereum.
According to Coincentral, Nasdaq-listed Fundamental Global Inc. (FGF) has submitted an S-3 registration to the SEC, intending to issue up to $5 billion in securities. Most of the raised funds will be used to purchase Ethereum, with the remaining funds supporting company operations. FGF plans to issue securities in batches and flexibly adjust the size, pricing, and terms based on future circumstances. This submitted prospectus includes a base prospectus and an At-The-Market (ATM) prospectus, intending to issue up to $4 billion in common stock. These issuances will occur according to a new agreement with ThinkEquity, LLC. The company may sell shares in phases or batches depending on market dynamics. If no shares are sold under the ATM agreement, the full $5 billion can be issued through other means. All sales must comply with SEC guidelines and depend on the latest market capitalization thresholds.
Block increased its Bitcoin holdings by 108 in Q2, raising its total to 8,692 Bitcoin.
According to HODL15 Capital, Jack Dorsey's payment platform Block, Inc. (XYZ) has added 108 bitcoins in the second quarter, bringing the company's total holdings to 8,692 bitcoins.
Publicly traded company Oblong announces it has staked $8 million in Bittensor (TAO) tokens.
According to The Block, Nasdaq-listed Oblong has announced that it has staked all of its $8 million Bittensor (TAO) tokens to support network operations and incentivize AI innovators. Oblong shifted to a 'decentralized AI treasury' strategy in June, focusing on accumulating TAO. The company previously raised $7.5 million through stock subscriptions to advance this strategy. In addition to Oblong, companies like xTAO and TAO Synergies have also recently purchased and held large amounts of TAO. The current token price of Bittensor is $354.67, with a total market value of approximately $3.4 billion.
