Top News Highlights
1. Ethereum Leads Market Rally
• Ethereum has jumped ~8% today and has briefly surpassed $4,700, driven by robust inflows into spot ETH ETFs, including over $1 billion in net raises—the biggest ever for ETH ETFs   .
• A major crypto investment firm also announced aggressive ETH purchases, fueling further gains  .
2. Bitcoin Nears $120K on Fed & ETF News
• Bitcoin remains close to $120K, buoyed by softer-than-expected U.S. inflation data, which boosted optimism for Fed rate cuts   .
• On August 11, Bitcoin ETFs attracted $178 million, mostly into BlackRock’s IBIT  .
• The global crypto market cap has now exceeded $4.1 trillion, with Bitcoin dominance at nearly 59%, according to Coin World .
3. XRP: Profit Taking and ETF Buzz
• XRP has retraced slightly—hovering around $3.20–$3.30—as traders took profits following its July surge  .
• Despite this, whale wallets scooped up 130M+ XRP, suggesting bullish sentiment tied to potential spot ETF approvals and legal clarity  .
4. Do Kwon Pleads Guilty
• Terraform Labs co-founder Do Kwon has pleaded guilty to federal charges in New York, admitting fraud related to the collapse of TerraUSD. The plea deal includes up to 12 years in prison and forfeiture of >$19 million in assets     .
5. New Crypto Exchange IPO: “Bullish”
• Bullish, which owns CoinDesk, debuted on the NYSE today under the ticker BLSH, raising its IPO price to $37 and valuing itself at $5.6 billion. It holds around $2 billion in crypto and is targeting institutional investors .
6. Hedge Fund Spotlight: Tephra Digital
• Crypto hedge fund Tephra Digital delivered a 9% return in July, with nearly 23% YTD gains, backed by institutional demand and rising BTC/ETH prices 
