May Weekly Update #1

April 27th to May 3rd Recap

▫️Strategy acquired an additional 3,273 BTC for $255M at $77,906 per BTC

▫️Tether posted $1.04B Q1 2026 profit as reserve buffer hit record $8.23B

▫️BTC's correlation to U.S. equities (0.6) began rising towards levels last seen in 2023, suggesting a renewed coupling with broader risk markets

▫️Meta launched stablecoin payouts for creators using Stripe

▫️Western Union announced plan to launch stablecoin next month, alongside 'Stable Card' for global consumers

▫️Goldman Sachs reported that ~90–95% of the decline in prices / volume has already been seen comparing to past cycles

▫️Bloomberg analysis revealed that most Polymarket users are losing money to a small group of potentially automated bots, with over 100K accounts losing at least $1,000 since early 2025

▫️Sam Bankman-Fried’s motion for new trial was rejected by US judge

▫️MoonPay acquired crypto security startup Sodot for $100M in an all-stock deal

▫️Crypto onboarding startup Fun raised $72M in Series A round led by Multicoin Capital & SignalFire

▫️Solana Ventures led $18M round in Squads to scale its stablecoin platform Altitude

▫️Tether led Belo's $14M raise to expand stablecoin payments across Latin America

▫️Bitmine acquired 101,745 ETH worth over $237M taking total holdings to 5.18M ETH & $13.1B of crypto + cash

▫️Data from GSR Research showed that B2B payments account for the largest share at approximately $226B annually, or about 60% of total stablecoin payment volume

▫️Data from Token Terminal showed that Yield-bearing assets account for ~10% of the stablecoin market

▫️LayerZero committed 10,000 ETH to DeFi United effort

▫️SOL's quarterly transactions surpassed 10B for the 1st time

▫️Data from Dune showed that about $2.7B in RWA tokens are actively deposited across DeFi lending markets; around 10% of the $27B in tokenized AUM

▫️Ethereum Foundation's recent ETH sales to Tom Lee's Bitmine hit $47M after latest 10k ETH deal


⏫ Bitcoin Weekly High: $78,686
⬇️ Bitcoin Weekly Low: $75,432

⏫ Ethereum Weekly High: $2,333
⬇️ Ethereum Weekly Low: $2,234

May 4th to 10th Upcoming Events

May 5 - ENA, $17M token unlock 🔓
May 6 - HYPE, $18M token unlock🔓


*Nota Bene

The crypto market maintained a period of range-bound trading this past week, as BTC closed out just shy of the $80k mark. The broader sentiment remained cautious as geopolitical tensions continue to weigh on global markets.

This specifically applies to the lack of positive breakthroughs on the U.S.-Iran front after President Trump confirmed the continuation of the blockade in the Strait of Hormuz, citing an unsatisfactory peace proposal from Iran.

Despite some selling pressure in the latter half of the week, institutional demand showed resilience as U.S. BTC ETFs recorded another week of positive net flows totaling $163M, while ETH ETFs saw a contraction worth $83M. Globally, Germany saw $43.8M of inflows, while Canada saw $16.0m. Switzerland lagged behind somewhat with $5.2M worth of inflows.

Looking ahead, with the primary catalysts of AI-fueled corporate earnings now largely settled & both the Nasdaq & S&P 500 sitting at all-time highs, monitoring for potential profit-taking in equities could be prudent, which could put pressure on crypto markets given their status as & ongoing high correlation with other risk assets.

May Weekly Update #2

May 4th to 10th Recap

▫️Strategy signalled potential BTC sale to fund dividends obligation

▫️Wall Street giant DTCC announced plans for tokenized securities platform with July pilot, October launch

▫️CME Group announced crypto futures & 24/7 trading will start May 29 & the BTC Volatility Futures Contracts launch

▫️Crypto exchange Bullish struck $4.2B deal for global transfer agent Equiniti in tokenization push

▫️Sequans sold 1,025 BTC to fund debt redemption & buybacks as revenue drops 24.8%

▫️Prediction markets grew to the 4th largest category in crypto by revenue, generating $25.1M in the last 30 days

▫️Google Cloud, Solana Foundation rolled out new pay-as-you-go system for AI agents

▫️a16z crypto raised $2.2B for 5th fund, promotes CTO to general partner

▫️Crypto investor Haun raised $1B for new funds, expands to AI agents

▫️Kraken acquired Reap, Asian based stablecoin infrastructure company, for $600M

▫️MoonPay acquired SOL trading infrastructure platform DFlow in $100M all-stock deal

▫️Bitmine slowed ETH acquisitions as total holdings hit 5.21M ETH & $13.4B of crypto + cash

▫️Data from Artemis showed that the supply of Coinbase wrapped BTC continues to trend higher, sitting at 90k BTC; representing 30% of the market

▫️Data from Token Terminal showed that stablecoin holder growth has been ~3× higher than governance token holder growth over the past 5 years

▫️Hyperliquid Strategies posted $165M net loss for 9 months ended March 31 as HYPE treasury grows

▫️Arbitrum DAO approved $70M ETH release for Kelp DAO recovery

▫️Data from ARK Invest showed that total network REV declined ~34% quarter-over-quarter to ~$307M, the lowest since 2022

▫️Data from Token Terminal showed the market cap of tokenized U.S. Treasuries on ETH approached $8B, hitting a new ATH

▫️Data from DeFillama showed ETH's market share of DeFi TVL has fallen below 54%, the lowest level since May 2025


⏫ Bitcoin Weekly High: $82,660
⬇️ Bitcoin Weekly Low: $79,315

⏫ Ethereum Weekly High: $2,416
⬇️ Ethereum Weekly Low: $2,269

May 11th to 17th Upcoming Events

May 12 - US inflation announcement 🇺🇸
May 12 - AVAX, $17M token unlock🔓
May 15 - CONX, $18M token unlock🔓
May 16 - ARB, $13M token unlock🔓

*Nota Bene

Last week proved to be productive for both crypto & traditional US equities. This was highlighted by BTC trading at $81,400 up 3.3% WoW at the time of writing, while the S&P 500 & Nasdaq both hit new all-time highs. This positive momentum was bolstered in part by geopolitical developments, as the market monitored the response to the US peace proposal presented to Iran.

Institutional interest remained robust, with US BTC ETFs & ETH ETFs netting $631M and $70M in weekly inflows, respectively. Globally, Germany & Switzerland saw the most significant inflows worth $50.6M & $21.1M respectively.

Looking forward, even as crypto markets remain below their own historic peaks, potential profit-taking in the equities space could trigger broader market spillover resulting in heightened volatility in the week ahead.

Lastly, the US Senate Banking Committee will meet on May 14 to discuss the latest CLARITY Act mark-up which should be followed closely as news around regulatory clarity has historically triggered market activity.

May Weekly Update #3

May 11th to 17th Recap

▫️Strategy acquired an additional 535 BTC for $43M at $80,340 per BTC

▫️Digital Asset Market Clarity Act passed the Senate Banking Committee with bipartisan support

▫️CME Group announced launch of Nasdaq CME Crypto Index futures

▫️Strategy announced intention to repurchase $1.5B of 2029 convertible bonds using cash or BTC sales

▫️Data from Glassnode showed if $60k holds as the BTC cycle low, this bear market will be the shallowest on record

▫️Charles Schwab launched spot BTC, ETH trading to select retail clients

▫️CFTC issued blanket no-action letter on prediction markets, relieving swap data reporting duties

▫️JPMorgan announced launch of tokenized money market fund on ETH

▫️BlackRock, Janus Henderson tokenized funds added instant redemptions with new $1B facility

▫️Hana Bank bought $670M stake in Upbit exchange operator Dunamu

▫️Circle raised $222M from a16z Crypto, Apollo, ARK Invest, & BlackRock in ARC token presale valued at $3B

▫️Deutsche Bank, Nasdaq Ventures back crypto firm Elliptic in $120M round

▫️Gemini secured $100M strategic investment from Winklevoss Capital

▫️Telecom giant KDDI announced plan to acquire 14.9% stake in Coincheck Group in $65M deal

▫️Bitmine acquired 71,672 ETH worth over $157M taking total holdings to 5.28M ETH & $12.6B of crypto + cash

▫️Data from Dune Analytics showed that in April 2026, Polymarket's monthly trading volume dropped 9% to $10.3B, while Kalshi’s volume grew by about 13%, hitting $14.8B

▫️Data from The Block showed that SOL & ETH have reached near parity with roughly $45B in monthly DEX volume each

▫️Ethereum Foundation rolled out support for Clear Signing crypto security solution


⏫ Bitcoin Weekly High: $82,015
⬇️ Bitcoin Weekly Low: $77,763

⏫ Ethereum Weekly High: $2,369
⬇️ Ethereum Weekly Low: $2,168

May 18th to 24th Upcoming Events

May 19 - PYTH, $88M token unlock🔓
May 20 - ZRO, $33M token unlock🔓
May 20 - NVIDIA Earnings Report 📊


*Nota Bene

The last 7 days were a down week for crypto markets & global equities as geopolitical uncertainty alongside its inflationary impact on oil & food prices continued to weigh on investor sentiment.

BTC ended the week down 4.2%, trading at $78k at the time of writing. This pullback was also reflected in US ETF flows, as BTC funds saw an outflow of $995M while ETH funds lost $255M. Following the unexpected rally over the past 4 weeks, this consolidation may simply indicate investors taking profits. This is further supported by global flows as Switzerland recorded $22.8M of inflows, Germany $22.0M, while Canada saw $12.6M.

On the regulatory front, the headline of the week emerged as the market structure bill known as the CLARITY Act advanced through the Senate Banking Committee with bipartisan support. This was following months of debate between elected officials, the banking lobby, & the crypto industry over critical provisions, such as whether rewards should be permissible on stablecoins.

Looking to the week ahead, expect market volatility as investors closely monitor upcoming NVIDIA earnings, as the subsequent price action will likely both influence and bleed into crypto markets.

May Weekly Update #4

May 18h to 24th Recap

▫️Strategy acquired an additional 24,869 BTC for $2.01B at $80,985 per BTC

▫️South Carolina Governor signed pro-crypto, anti-CBDC bill into law

▫️Elon Musk’s SpaceX revealed to hold $1.45B worth of BTC as firm looks to go public

▫️Minnesotan banks& credit unions set to provide crypto custody from August 1

▫️Iran started BTC backed shipping insurance for Hormuz Strait

▫️New strategic BTC reserve bill included 1M BTC purchase target, & 20-year lockup period

▫️Data from a16z Crypto showed 63% of stablecoin payments volume originates from Asia, primarily Singapore, Hong Kong, & Japan. Followed by North America (24%), & Europe (13%).

▫️SEC approved Nasdaq BTC Index options

▫️Data from Binance Research showed that distributed tokenized RWA value hit $31.4B in May 2026, up 5x from the start of 2025

▫️ARB based derivatives startup Variational raised $50M Series A funding

▫️Catena Labs closed $30M Series A, filed for national trust bank charter to underpin agentic finance

▫️Bitmine acquired 111,942 ETH worth over $238M taking total holdings to 5.39M ETH & $12.3B of crypto + cash

▫️Data from Artemis showed that In Q1 2026, the average amount of USDC held in Coinbase products reached an ATH of $19B

▫️Data from The Block showed that HYPE dominates the current fee market with a 43% share ($11M/week), outperforming ETH's 13% ($3M) & SOL's 10% ($2M)

▫️Data from Messari showed that Railgun has hit no.1 among privacy protocols with $4.7M in annualized fees

▫️Vitalik outlined Ethereum Foundation becoming a 'smaller ship,' & selling less ETH amid researcher exodus


⏫ Bitcoin Weekly High: $78,358
⬇️ Bitcoin Weekly Low: $74,290

⏫ Ethereum Weekly High: $2,177
⬇️ Ethereum Weekly Low: $2,020

May 25th to 31st Upcoming Events

May 26 - HUMA, $12M token unlock🔓

*Nota Bene

Crypto markets experienced a largely flat week, as the positive sentiment surrounding the Iran peace deal was balanced out by a lack of specific industry catalysts.

BTC concluded the period 0.7% higher, hovering around the $77,300 mark, demonstrating resilience despite a second consecutive week of significant US ETF outflows.

US BTC & ETH funds lost $1.26B & $216M respectively. These fund outflows on the BTC side were entirely offset by Strategy alone, as the Saylor-led firm purchased a mammoth $2B in BTC. However, the sell-off spread beyond the US as Switzerland saw $16.2M of outflows, Canada $12.5M, Hong Kong $12.2M, while Germany saw $4.4M worth of outflows.

Looking ahead, we anticipate continued sideways movement during an upcoming shortened US trading week, with geopolitical developments remaining a primary potential catalyst for market action in either direction.

May Weekly Update #5

May 25th to 31st Recap

▫️Strategy completed repurchase of $1.5B of its 2029 Convertible Notes

▫️U.S. Treasury Secretary Scott Bessent stated The U.S. has seized up to $1B of Iran's crypto assets

▫️Polymarket began exploring user KYC as it faces sanctions, legal risks

▫️Tether & the Government of Georgia announced GEL₮, the official stablecoin of Georgia

▫️Data from Kaiko showed that spot volume for the top 10 assets averaged $80B weekly across 2026, less than half 2025's $178B weekly average

▫️Sequans completed BTC treasury unwind, reducing BTC holdings from 3k to 658, refocuses on IoT semiconductors

▫️Data from Binance Research showed institutional entities hold approximately 3.88M BTC, which represents 18.5% of the 21M hard cap, followed by public companies 1.24M BTC (5.9%), ETFs 1.32M BTC (6.3%), & governments 650K BTC (3.1%)

▫️Mastercard secured New York BitLicense to support stablecoin & digital payment infrastructure

▫️Paxos secured SEC registration as clearing & settlement agency

▫️Samsung units to acquire $408M stake in Upbit operator Dunamu

▫️Grayscale delayed IPO plans citing unfavorable market conditions

▫️Data from a16z crypto showed that only 5% of the $15.2B tokenized bond sector is active in DeFi, while reinsurance has hit 84% utilization

▫️Data from Messari showed that Uniswap & Circle generated 57% of OP Stack’s GDP in Q1 2026

▫️Hyperliquid rolled out validator-governed prediction markets for real-world events

⏫ Bitcoin Weekly High: $77,665
⬇️ Bitcoin Weekly Low: $72,532

⏫ Ethereum Weekly High: $2,134
⬇️ Ethereum Weekly Low: $1,974

June 1st to 7th Upcoming Events

June 1 -7 - NYC Tech Week
June 5 - US unemployment announcement 🇺🇸
June 5 - ENA, $16 .5M token unlock🔓
June 6 - HYPE, $39M token unlock🔓


*Nota Bene

Crypto markets experienced a downturn over the past week, presenting a notable divergence from traditional equity markets. Progress towards a potential US-Iran deal helped fuel the rally whilst also pulling oil prices below $90. BTC is hovering around the $72,100 mark at the time of writing, down 7% week-over-week on the back of significant institutional contraction.

US ETFs saw $1.42B in net outflows despite having only 4 trading days, while ETH ETFs shed $241.6M. The sell offs were also reflected on global markets as Germany saw $25.7M of outflows, followed by Sweden $6.6M & Hong Kong $4.5M.

Despite the overarching negative sentiment, select assets demonstrated resilience, HYPE continued its strong performance fueled by trading profits accruing to token holders, while Stellar posted a remarkable 73% WoW gain after the US clearing giant DTCC selected it as the compliance-focused public blockchain for tokenized securities settlement.

Looking forward to next week, the market lacks major crypto-specific catalysts, & with technical analysis indicating that BTC is currently oversold, a move in either direction remains entirely possible.

June Weekly Update #1

June 1st to 7th Recap

▫️Strategy sold 32 BTC for $2.5M as total holdings dropped to 843,706 BTC

▫️The US sanctioned Nobitex & other Iranian crypto exchanges under 'Economic Fury' campaign

▫️Mt. Gox moved $739M worth of BTC to 2 addresses according to Arkham

▫️Grayscale launched its HYPG Hyperliquid ETF on Nasdaq 

▫️Security researcher found Zcash vulnerability allowing 'unlimited' counterfeit minting; ZEC dropped 31%

▫️Data from DeFiLlama showed that DATs saw $2.19B in inflows in May, with BTC accounting for almost all the total

▫️Strive bought 2,500 BTC for $185.2M at $74K average price

▫️Bitmine filed for preferred stock offering, proposing a yield of 9.5%

▫️Securitize cleared SEC registration statement hurdle, setting path to NYSE listing as SECZ

▫️Variant raised $222M for new fund with a thesis of AI, crypto & ‘autonomy’

▫️Robinhood closed $180M WonderFi acquisition, entering Canadian crypto market

▫️Bitmine acquired 126,971 ETH worth over $206M taking total holdings to 5.54M ETH & $9.6B of crypto + cash

▫️Radiant Capital began winding down after failing to recover from $50M hack

▫️Data from Bloomberg showed that Just 9 wallets control 50% of all UMA tokens used for disputed bets on Polymarket

▫️Data from Coingecko showed that the average monthly trading vol of Perp DEXs rose to $611.57B in 2026, compared to $531.65B in 2025

▫️ETH's staking ratio hit 32.4%, marking a new ATH

⏫ Bitcoin Weekly High: $73,885
⬇️ Bitcoin Weekly Low: $59,156

⏫ Ethereum Weekly High: $2,003
⬇️ Ethereum Weekly Low: $1,518

June 8th to 14th Upcoming Events

June 8 -10 - ETHConf NYC 🇺🇸
June 10 - US inflation announcement 🇺🇸
June 10 - HOME, $22 .5M token unlock🔓
June 12- SpaceX Nasdaq IPO 📊

*Nota Bene

Crypto markets experienced a sharp pullback this past week, with prices dipping to a low of $59k before recovering to over $62k across the weekend. This price action developed alongside several key market catalysts, including the first Strategy BTC sale, a strong US jobs report, & growing anticipation surrounding the looming $1.75T SpaceX IPO, which experts state could be diverting risk-tolerant liquidity away from crypto.

This cautious sentiment was clearly reflected in US ETF flows, as BTC ETFs posted substantial outflows of $1.7B while ETH ETFs lost $174M. HYPE ETFs stood out as a notable exception to the trend, despite the underlying asset dropping 14% WoW; its ETFs pulled in $17M net across the week. For the second week running, the sell offs affected all major markets as Germany saw $25.7M of outflows, while Sweden saw $6.6M & Hong Kong $4.5m.

Moving on to next week, while BTC's recovery off its $60k support level provides a positive technical signal, investors will closely monitor headline risks & the SpaceX trading action on Friday to gauge the market's next directional move.

June Weekly Update #2

June 8th to 14th Recap

▫️Strategy acquired an additional 1,550 BTC for $101M at $65,161 per BTC

▫️Citigroup announced roll out of tokenized shares of private companies

▫️Japan's 3 largest banks announced plan to jointly issue stablecoins by March 2027

▫️FTX co-founder Bankman-Fried formally applied for Trump pardon & lost bid to overturn fraud conviction, 25-year prison sentence

▫️Data from Artemis showed that despite record highs in equities, tokens still struggle, as all size categories have experienced 14% to 15% declines

▫️Delphi Head of Research revealed since Jan 2025, the median return on newly listed tokens on CEXs has been -82%

▫️Data from Binance Research showed that TradFi-linked perps have grown from a negligible base to around 10% of total stablecoin trading volume

▫️Strategy announced approval of STRC semi-monthly dividends

▫️Wallets linked to Humanity Protocol drained for over $32M, token plunged 89%

▫️a16z crypto led $355M raise for Canton developer Digital Asset

▫️Morpho raised $175M in a round led by a16z crypto, Paradigm, and Ribbit Capital

▫️ Blockworks acquired Messari in deal worth "over $10M"

▫️Bitmine acquired 76,881 ETH worth over $132M taking total holdings to 5.62M ETH & $10.4B of crypto + cash

▫️Base chain hit a new transaction count ATH of 20.6M

▫️The number of weekly active users on HYPE surpassed 200k

▫️Data from The Block showed that Tokenized stocks, the 4th largest RWA category by market cap, have grown from $2.23B to $5.5B since Jan this year, a 147% increase in 6 months

▫️Data from Grayscale showed that HYPE processed $2.9T in perp vol in 2025 & holds about $7B in open interest (OI), making HYPE the 3rd or 4th largest perp futures exchange by OI

⏫ Bitcoin Weekly High: $64,305
⬇️ Bitcoin Weekly Low: $60,051

⏫ Ethereum Weekly High: $1,681
⬇️ Ethereum Weekly Low: $1,521

June 15th to 21st Upcoming Events

June 17 - US interest rate announcement 🇺🇸
June 17 - SPK, $17.8M token unlock🔓
June 20 - ZRO, $20M token unlock🔓

*Nota Bene

Crypto markets ground modestly higher this past week, with the long-awaited SpaceX listing dominating proceedings with BTC trading around $63,762 at the time of writing. Up 2.7% week-over-week as it pushes toward the $65k mark.

The institutional sell off continued for a 3rd week in a row as US BTC ETFs saw $319M worth of outflows while US ETH ETFs saw $14.8M of outflows,

Regarding digital assets prices, dispersion ran wide: TAO & WBT led with WoW gains of 27% & 17% respectively, while ETH neared $1,665 (+2.1% WoW). This was with futures showing a bearish signal even as corporate accumulation & staker resilience prevented a slide toward $1,500.

The geopolitical thread that has shadowed risk assets for months moved back to center stage as President Trump said an Iran peace deal would be signed Sunday with the Strait of Hormuz "open to all," a reopening analysts argue would push liquidity back into risk-on assets, though Tehran's contradiction of the timeline leaves it unsettled.

Looking ahead, the dominant catalyst remains SpaceX & its spillover into tokenized-share markets, where 30% synthetic premiums & cancelled exchange allocations show possible froth with traders warning that key support could crumble. Next week's direction looks both finely balanced & squarely headline-driven.

June Weekly Update #3

June 15th to 21st Recap

▫️BlackRock launched new BTC ETF that generates income using a covered call strategy

▫️Fidelity launched GENIUS-aligned money market fund for stablecoin issuers

▫️Coinbase announced 1:1 backed tokenized stocks of U.S. companies

▫️Data from K33 showed that over 50% of BTC's circulating supply is now trading at a loss

▫️Data from Laevitas showed that HYPE's HIP-3 builder layer is currently dominated by Trade[xyz] which holds $2,871M of the $2,959M network open interest (97%)

▫️Franklin Templeton filed for 2 new ETFs that invest dividends into BTC

▫️Microsoft found USB stick malware that hijacks crypto wallets

▫️Ripple bought into Flutterwave Series E at $3.2B valuation, ensuring RLUSD integration

▫️Stablecoin infrastructure firm Trace Finance raised $32M Series A, said valuation grew 10x from seed

▫️ Son of New York Senator Kirsten Gillibrand raised $30M to launch a derivatives exchange

▫️Bitmine acquired 52,203 ETH worth over $90M taking total holdings to 5.67M ETH & $10.7B of crypto + cash

▫️Base released June 25 mainnet launch target for Beryl upgrade & new B20 token standard

▫️The number of daily active addresses on Plasma One surpassed 2,100 on Jun 15, setting a new ATH

▫️Data from Grayscale showed that HYPE's HIP-3 markets hit peak open interest of $3.2B in June 2026, with roughly $200B in cumulative volume since launch

▫️Data from The Block showed that Pumpfun activity cratered 80% in 3 months, dragging SOL fees lower as traders rotate into perps

▫️Data from Grayscale showed that HYPE processed $2.9T in perp vol in 2025 & holds about $7B in open interest (OI), making HYPE the 3rd or 4th largest perp futures exchange by OI

▫️ETH slated to face core development 'funding crisis' within nine months, by former EF contributor

⏫ Bitcoin Weekly High: $67,194
⬇️ Bitcoin Weekly Low: $62,292

⏫ Ethereum Weekly High: $1,843
⬇️ Ethereum Weekly Low: $1,677

June 22nd to 28th Upcoming Events

June 21 - MEGA, $14M token unlock🔓
June 23 - H, $55M token unlock🔓
June 25 - XPL, $11M token unlock🔓


*Nota Bene

Crypto markets struggled to hold their footing over the past week, with BTC eking out a modest 0.7% WoW gain to close around $64,113. This was against the backdrop of a US-Iran flare-up reasserting itself & persistent Binance spot selling pressure keeping any rally honest.

US BTC ETFs saw $227.5M worth of outflows over a shortened trading week, while US ETH ETFs saw $10M worth of outflows. As a result, BTC ETFs posted a staggering $6.4B in net outflows over the trailing 30 days, the worst stretch on record.

Looking at price performance, ETH was the relative bright spot, posting a 4.3% WoW gain to $1,733, while XLM +17%, WLD +26%, & UNI +22% led the altcoin pack. However, analysts caution that BTC dominance holding above key support suggests a true altseason rotation remains premature. Despite rates being held staedy, there was guidance from this Fed meeting around a July rate-hike & with a $13B BTC options expiry in the near-term rearview, the path of least resistance still looks choppy.

Watching how BTC behaves around the $59K–$63K range in the week ahead will be the key tell, a clean hold keeps the door open for a grind higher, while a breach risks inviting the liquidity grab that several traders are already penciling in as a Q3 macro bottom scenario.

June Weekly Update #4

June 22nd to 28th Recap

▫️Strategy acquired an additional 520 BTC for $34.9M at $67,068 per BTC

▫️Cboe launched prediction market suite with binary option contracts on S&P 500

▫️Trump signed executive orders setting 2031 deadline for post-quantum migration

▫️SBI Group launched Japan's first trust bank-backed stablecoin JPYSC

▫️Data from a16zcrypto showed that prediction markets hit a record $10.8B in weekly trading vol in the week ending June 15

▫️Kraken entered talks to buy 15% stake in Aave at $385M valuation

▫️SBI Holdings agreed to acquire Japanese exchange Bitbank in $288.6M deal

▫️Franklin Templeton completed the acquisition of 250 Digital & established Franklin Crypto

▫️Sharplink bought ETH for first time in 8 months, adding 5k ETH

▫️Framework Ventures raised $400M for 4th fund as firm looks to invest in crypto, AI, robotics, & energy

▫️ Index Ventures, Union Square Ventures led $75M Series B raise for trading app Fomo at $550M valuation

▫️Crypto analytics startup Allium raised $40M to provide blockchain data for Wall Street

▫️Bitmine acquired 27,084 ETH worth over $42M taking total holdings to 5.7M ETH & $9.8B of crypto + cash

▫️MoneyGram became SOL validator, expanding blockchain payments strategy

▫️Data from DeFiLlama showed that Q2 2026 is the most-hacked quarter on record, with 70 hacks, 2X the record

▫️Data from Grayscale showed that HYPE's HIP-3 markets hit peak open interest of $3.2B in June 2026, with roughly $200B in cumulative volume since launch

▫️Data from Binance Research showed that on-chain leverage ratio climbed to around 38%, matching 2021 levels, driven largely by TVL compression as April's DeFi exploits triggered $13B in outflows

▫️Data from Galaxy Research showed that SOL's application fees declined for the 3rd quarter in a row, dropping 10% to $795M. Of the top 10 applications by fees, 5 are directly related to memecoins

▫️ETH Foundation announced reorganisation, cutting 20% of its workforce as Vitalik Buterin said EF to cut budget by 40%

⏫ Bitcoin Weekly High: $65,475
⬇️ Bitcoin Weekly Low: $58,121

⏫ Ethereum Weekly High: $1,774
⬇️ Ethereum Weekly Low: $1,520

June 29th to July 5th Upcoming Events

July 1 - EU MiCA licensing deadline for non-compliant exchanges to cease EU operations 🇪🇺
July 1 - Securitize ("SECZ") expected IPO 📊
July 5 - ENA, $10M token unlock🔓
July 6 - HYPE, $48M token unlock🔓


*Nota Bene

Crypto markets took a meaningful leg down over the past week, with BTC closing below $60K for the first time since Q3 2024, trading at $59,203. A 7.2% decline WoW while ETH shed 9.6% to trade at $1,560 at the time of writing.

Institutional flows reflected the deteriorating sentiment, with US BTC ETFs posting their largest single-day June outflows of $692M on the 25th amid a weekly outflow total of $1.78B. US ETH ETFs recorded outflows worth $273.5M as year-to-date ETF net flows now sit at a loss of $4.6B.

The dominant macro narrative this week was MiCA enforcement as Binance's EU exit coincided with $400M worth of exchange outflows as market participants reposition ahead of July 1. On-chain signals told a similar story as nearly 50,000 BTC moved to exchanges at a loss with short-term holder stress at its highest in 2 years, with analysts flagging active capitulation.

Looking forward, the July 1st, MiCA deadline on is the single most significant near-term catalyst, & the ensuing exchange migration dynamics could introduce meaningful volatility across European trading pairs. Without a meaningful macro tailwind the path of least resistance for BTC in the near term remains toward the $55K range flagged by technical analysts, although July has historically been a constructive month for BTC.

July Weekly Update #1

June 29th to July 5th Recap

▫️Strategy announced Digital Credit Capital Framework, USD Reserve policy, STRC dividend policy, Digital Credit & MSTR repurchase authorizations, & BTC monetization program

▫️US government released Trump's financial disclosure showing crypto assets worth over $1B

▫️French banking giant Crédit Agricole rolled out euro stablecoin, EURXT

▫️Financial firms including; Visa, Stripe, Mastercard, BlackRock, & Coinbase announced the new OUSD Stablecoin - with revenue share among partners

▫️Robinhood Chain went live on mainnet with 24/7 tokenized stocks, Lighter perps & planned crypto agentic trading

▫️Ethereum Institutional launched as independent non-profit focused on scaling institutional onchain finance

▫️Metaplanet released news of 2,823 BTC purchases in Q2, taking total holdings to 43,000 BTC

▫️Data from Cryptorank showed that across Q2 2026, the number of crypto VCs fell to 651, down from the ATH of 2,564 investors recorded in 2022

▫️Data from Paymentscan showed that the total volume of crypto cards has exceeded $10B

▫️Forward Industries added 500K SOL over fiscal Q3 expanding SOL treasury to 7.55M SOL with stock price jumping 17%

▫️ Venice AI became a unicorn after closing $65M Series A funding round

▫️EToro led $12.5M funding round for onchain derivatives platform Extended

▫️Bitmine acquired 42,197 ETH worth over $75M taking total holdings to 5.74M ETH & $11.1B of crypto + cash

▫️Sharplink acquired 10,000 ETH, taking total ETH holdings to 886,725

▫️Data from Delphi showed that xStocks onchain AUM crossed $500M for the first time with more than 177k unique holders

▫️SOL launched onchain governance & set entry fee at 100,000 SOL staked

▫️Tether-pegged USDT0 stablecoin crossed $100B transaction volume milestone

▫️Research from Coingecko showed that across 11 major chains, ETH recorded the highest on-chain user retention rate of 26.2% from Q1 2025 to Q1 2026, with around 1 in 4 users still transacting at the end of the year

⏫ Bitcoin Weekly High: $63,278
⬇️ Bitcoin Weekly Low: $58,306

⏫ Ethereum Weekly High: $1,762
⬇️ Ethereum Weekly Low: $1,553

July 6th to 12th Upcoming Events

July 12 - PUMP, $123M token unlock🔓


*Nota Bene

Crypto markets staged a meaningful relief rally this past week, with BTC climbing 4.7% WoW to trade around $62,583 at the time of writing. While ETH outperformed BTC rising 12.1% WoW to touch $1,771. This price action was aided by global equities hitting historic highs heading into the US Independence Day break.

On the ETF side, US BTC funds saw outflows worth $526M despite recording $223.5M in net inflows on July 2nd alone, the strongest daily print since early May, offering an encouraging demand signal after weeks of outflows. US ETH ETFs saw outflows worth $13.7M over the shortened trading week,

Looking into next week, with no major crypto-specific catalysts immediately visible in the calendar, momentum will hinge on whether ETF buying can sustain its recent pace alongside whether altcoin strength reflects genuine trend reversal with BTC needing a decisive break above the $63.5K resistance level to shift sentiment more broadly bullish.

July Weekly Update #2

July 6th to 12th Recap

▫️Strategy sold 3,588 BTC for $216M to fund Digital Credit dividends; taking holdings to 843,775 BTC & $2.55B cash

▫️Data from Bloomberg showed that Donald Trump reported more crypto-related income last year ($1.4B) than any publicly traded US digital-asset company

▫️European Commission explored expanding MiCA to cover emergence of tokenization, non-EU stablecoin issuers

▫️Kraken won $22M arbitration against auditor Mazars for incomplete auditing during Operation Choke Point 2.0

▫️Data from the Block showed that BTC's share of spot trading volume has climbed from roughly 50% in June 2025 to approximately 67% now

▫️Circle received final OCC approval to establish national trust bank

▫️Data from Artemis showed that HYPE set a new ATH for weekly ETF inflows of over $100M

▫️VC firm Paradigm raised $1.2B to fuel expansion from crypto to AI & robotics

▫️DeFi OGs Gauntlet raised $125M from Japanese financial giant SBI Holdings

▫️Tether invested $20M into Mercado Bitcoin amid Latin America's tokenization boom

▫️Bitmine acquired 27,801 ETH worth over $50M taking total holdings to 5.77M ETH & $11.3B of crypto + cash

▫️Data from Allium showed that stablecoin transaction volume hit a record $1.79T in June 2026

▫️$20M of BONK tokens drained from its DAO via governance attack, began beings sent to exchanges

▫️BNB Chain built new Layer 1 for agentic trading, targeting 2027 mainnet

▫️Research from Grayscale showed that from the start of 2023, DeFi protocols have generated nearly $25B in cumulative fees, with DEXs, liquid staking, lending, & derivatives driving activity

▫️Vitalik Buterin stated ETH's next rebuild will rival the Merge, and take 3 to 4 years

⏫ Bitcoin Weekly High: $64,439
⬇️ Bitcoin Weekly Low: $61,630

⏫ Ethereum Weekly High: $1,823
⬇️ Ethereum Weekly Low: $1,720

July 13th to 19th Upcoming Events

July - US Core PPI announcement
July 16 - Hyperliquid Summit in NYC 🇺🇸

*Nota Bene

Crypto markets consolidated over the past week, as BTC moved mostly sideways over the 7 day period, posting a mild net decline overall. Despite falling to just over $61k on Wednesday, BTC opened up at around 64.00K before closing the week at around 63.74K, a drop of roughly 0.4%.

This resilience also showed up in ETF demand, as US BTC funds recorded inflows worth $197.4M with $265.7M coming in on July 6th. However, outflows on Wednesday & Thursday combined to bring down the inflow total. US ETH ETFs saw inflows worth $84.3M to reverse the recent outflow trend.

Looking forward, the week appears more likely to be a consolidation phase than a strong trend week with the market likely watching the $64k–$68k area as the main battleground. If core PPI is firm & claims stay low, equities may read that as “higher for longer” & trade weaker, if PPI cools & claims rise moderately, stocks could see relief from both lower rate pressure & a still-manageable labour backdrop. The reaction to either from the crypto markets may depend on just how much traders view crypto as a purely risk asset as opposed to a hedge against inflation.

July Weekly Update #3

July 13th to 19th Recap

▫️Strategy sold $467M in MSTR shares, made no BTC purchases as USD reserve hit $3B

▫️U.S. government moved $288M in seized BTC & ETH to Coinbase Prime

▫️$1.9T asset manager T. Rowe Price launched 1st actively managed multi-token crypto ETF

▫️FTX’s bankruptcy estate announced $900M allotted to creditors in 5th wave of payouts

▫️Data from Bitwise showed that as June 2026, individuals hold 66.1% of BTC's 21 million total supply. Businesses hold 7.8%, funds & ETFs hold 7.2%, & around 7.7% is considered lost

▫️U.S. Senate unanimously opposed clemency for FTX founder Sam Bankman-Fried

▫️Data from NYDIG showed that during Q2, BTC maintained its inverse relationship with the U.S. dollar & moved in tandem with a declining gold market, but failed to join the S&P 500's rally

▫️Citadel Securities invested $400M in Crypto. com at $20B valuation

▫️Crypto brokerage firm Alpaca raised $135M for tokenized stock infrastructure platform

▫️Dragonfly, FirstMark led $38M Series A for stablecoin startup Velocity with support from Coinbase Ventures

▫️Tether invested $20M into in Argentine neobank Ualá

▫️Bitmine acquired 7,430 ETH worth over $13.9M taking total holdings to 5.78 ETH & $11.5B of crypto + cash

▫️Data from DeFiLlama showed that June was a record breaking month for RWA perps, surpassing $100B in volume for the 1st time

▫️Bitmine revealed ETH staking generated $45.7M, accounting for 98% of quarterly revenue

▫️HYPE's HIP-3 markets surged to nearly 50% of perp volume as onchain stock trading grows

▫️Data from the Block showed that Perp DEXs are the fastest-growing sector in Web3, now >10% of all crypto perps volume, up from under 2% in early 2023

▫️Cambridge research put 31% of ETH's node activity in the US, where a 3rd offline can stall finalization

⏫ Bitcoin Weekly High: $65,367
⬇️ Bitcoin Weekly Low: $61,841

⏫ Ethereum Weekly High: $1,934
⬇️ Ethereum Weekly Low: $1,759

July 20th to 26th Upcoming Events

July 21 to 22- Blockchain Futurist Conference 2026 — Toronto🇨🇦
July 25 - H, $16M token unlock 🔓

*Nota Bene

Crypto markets turned in a solid week, with BTC climbing 4.0% WoW to trade near $66,609 at the time of writing, its highest level in around 7 weeks. ETH posted a quieter 3.0% gain to hit $1,931, while ONDO was the standout performer surging 28% WoW.

Notably, this price appreciation came despite fresh geopolitical friction from US-Iran strikes & renewed tariff rhetoric from the White House, suggesting a tentative decoupling from macro headwinds that has caught the attention of traders & analysts eyeing a run toward $70k.

Institutional momentum backed the move, US BTC ETFs recorded $75.5M in net inflows, snapping their longest outflow streak in ETF history. US ETH ETFs saw $105.5M worth of inflows, confirming the positive sentiment shift.

Looking into next week, with no major macro prints currently flagged, attention will remain fixed on CLARITY Act Senate developments & whether BTC can sustain enough momentum to clear the $67-$70k resistance band that has capped prior breakout attempts.

July Weekly Update #4

July 20th to 26th Recap

▫️Strategy sold $263.5M in MSTR shares, made no BTC purchases as USD reserve hit $3.2B

▫️Strategy, BlackRock formed Bitcoin Security Consortium to prepare for quantum computing threat

▫️BitMEX announced intention to shut down operations on September 23, 2026

▫️Russia’s parliament passed crypto market law with $3,800 annual cap for retail investors

▫️Data from Nakamoto Project showed that an estimated 49.6M American adults (18.6%) own BTC, compared to 28.8M (10.8%) who own gold

▫️BitMart exchange announced shut down after 9 years, BMX token crashed 58%

▫️HTX exchange included in EU's Russia sanctions

▫️Former BTC miner Poolin filed Chapter 11, set $52M floor bid for Texas operations

▫️Arbitrum protocol AFX Trade hit by $24M bridge exploit

▫️World Foundation raised $52.5M in WLD token sale with one-year lockup

▫️Canton developer Digital Asset raised additional $10M at same $2B equity valuation

▫️Bitmine acquired 9,946 ETH worth over $19.3M taking total holdings to 5.79 ETH & $11.8B of crypto + cash

▫️Spot DEX volume fell to $136B in June, the lowest monthly volume since Apr 2025

▫️The total stablecoin supply on Robinhood Chain broke through $400M, marking a 340% increase since the beginning of July

▫️The value of tokenized equity on SOL surpassed $500M, setting a new ATH

▫️Data from Token Terminal showed that ETH has seen the largest absolute inflows of tokenized ETFs over the past year


⏫ Bitcoin Weekly High: $66,855
⬇️ Bitcoin Weekly Low: $63,781

⏫ Ethereum Weekly High: $1,948
⬇️ Ethereum Weekly Low: $1,848

July 27th to August 2nd Upcoming Events

July 30 - Odos Protocol shutdown deadline, users must withdraw assets by this date ⛔️
August 2 - CLARITY Act August recess deadline, final window for Senate action before lawmakers break 🇺🇸

*Nota Bene

Crypto markets traded in an unusually tight range this past week, with BTC essentially flat at $64,494 (+0.0% WoW) as renewed US-Iran hostilities injected fresh caution into risk assets. ETH edged up a modest 0.9% WoW to $1,886, while the week's standout mover was SHIB, posting a striking +25% WoW gain against an otherwise directionless tape.

On the fund flows side, US BTC ETFs recorded $33.9M worth of inflows as $465.2M flowed outwards on Thursday & Friday, wiping out the majority of gains over the week. US ETH ETFs recorded inflows worth $103.8M to continue their current inflow streak.

The regulatory picture grew cloudier as Senate Majority Leader Thune signaled the CLARITY Act is unlikely to pass before August recess, a setback that analysts say meaningfully reduces the odds of comprehensive market structure legislation clearing this Congress before the 2026 elections.

Looking into next week, with no major macro prints currently flagged & the CLARITY Act window effectively closed until September, price action is likely to remain range-bound & reactive to geopolitical headlines, with the US-Iran situation serving as the primary variable to watch for any directional break.

August Weekly Update #1

July 27th to August 2nd Recap

▫️Strategy increased USD reserve by $525M; achieved 2.1 years of dividend coverage; holds BTC reserve of 843,775 & USD reserve of $3.75B

▫️U.S. sanctioned Iran-linked BTC insurance scheme for Strait of Hormuz ships

▫️‘Funds may be at risk’: Coinkite issued warning for Coldcard Mk3 users amid 594 BTC theft reports as Galaxy Research said loses grew to over $70M

▫️New York sued Kalshi over illegal gambling claims, seeks $36B in damages

▫️Russia charged Telegram founder Pavel Durov with aiding terrorism, issued arrest warrant as Telegram faced terror-related legal action in Australia the day after

▫️Tether posted $1.5B Q2 2026 net operating profit, maintained $4.11B reserve buffer, & expanded gold holdings to over 146 tons

▫️Strategy posted $8.2B loss as BTC holdings increased 11% over Q2

▫️Circle secured NYDFS trust charter, adding state layer to federal USDC oversight

▫️Cloud data firm Storj filed for Chapter 11, token slid 16%

▫️Data from River showed that U.S. public companies hold 1.24M BTC, or 92.7% of all BTC held by public companies worldwide. US companies added 510k BTC in the past 12 months, more than 3x the supply of BTC mined over the same period

▫️Crypto VC deal count slumped to 5 year low as investors grow more selective

▫️Bitmine acquired 10,399 ETH worth over $19.5M taking total holdings to 5.8M ETH & $11.3B of crypto + cash

▫️Lido began moving $16.5B in staked ETH to cut validator count by a third

▫️Data from Token Terminal showed that Aave accounts for 47.8% of active loans onchain, folled by Morpho 18.5%, & Spark 8.1%

▫️HYPE open interest reached a 2026 high of $11.5B

▫️Data from Token Terminal showed that weekly tx count on ETH hit an ATH at 18.7M while the median tx fee hit an ATL at $0.008


⏫ Bitcoin Weekly High: $65,412
⬇️ Bitcoin Weekly Low: $62,326

⏫ Ethereum Weekly High: $1,968
⬇️ Ethereum Weekly Low: $1,831

August 3rd to 9th Upcoming Events

August 5 - PROVE, $34M token unlock 🔓
August 5 - ENA, $15M token unlock 🔓
August 6 - HYPE, $24M token unlock 🔓
August 6 - US Initial jobless claims 🇺🇸
August 7 - xAI Grok 4.6 Release 🤖

*Nota Bene

Crypto markets saw a sharp downturn over the week as the total marketcap fell from $2.23T to $2.17T. BTC traded lower overall, falling from around $65,300 to $63,300 to trade 2.86% down WoW at the time of writing. ETH also experienced a downturn, declining from around $1,955 to $1,844 to trade 5.67% down WoW amid broad risk-off sentiment.

On the fund side, US BTC ETFs recorded $61.5M worth of outflows as $265.4M flowed outwards on Friday, wiping out the previous day's gains (over $200M in inflows) as investor sentiment soured. US ETH ETFs recorded moderate inflows worth $10M to actually stretch their current inflow streak.

The shift in sentiment reflected a broader reduction in risk appetite as investors weighed persistent geopolitical uncertainty in the Middle East, elevated oil-price volatility, alongside key U.S. economic data & potential Fed policy shifts. With oil prices elevated investors feared inflation could remain sticky, delaying interest-rate cuts or even prompting further tightening.

Traditional markets were influenced by major corporate earnings & concerns over inflation, prompting rotation away from risk assets. Elevated valuations resulted in markets being sensitive to any guidance suggesting slower AI spending or weaker future growth, contributing to heightened volatility in growth stocks.

Looking ahead, digital asset markets are likely to remain driven by macroeconomic developments rather than crypto-specific news. U.S. labour market data as well as Fed commentary may act as key catalysts in determining sentiment. While geopolitical developments, particularly in the Middle East, may also influence volatility & overall market sentiment.

August Weekly Update #2

August 3rd to 9th Recap

▫️Strategy sold 1,638 BTC for $105M, reducing total holdings to 842,138 BTC

▫️U.S .Senate delayed Clarity Act vote until after August recess

▫️Putin signed landmark crypto law allowing regulated retail trading in Russia

▫️Trump Media unwound Crypto dot com deals

▫️Bybit sued North Korea & Lazarus Group over $1.5B hack, secured asset freeze

▫️BTCPay restricted Lightning node access after attackers drained funds

▫️BlackRock launched tokenized share classes for select European money market funds with $311B in assets

▫️Binance claimed RedotPay diverted users in $470M lawsuit

▫️Data from Bitwise showed that The U.S. holds the largest national BTC reserves at 328,372 BTC ($19.8B), followed by the UK with 61,245 BTC, & UAE with 20,703

▫️BlackRock’s spot ETH ETF confirmed to undergo 1-for-3 reverse share split in October

▫️Data from Messari showed that consumer & finance apps now account for over 70% of onchain revenue with 25% coming from blockchains

▫️Stablecoin infrastructure provider Yellow Card closed $40M funding round, with investment from SC Ventures, Polychain Capital & Blockchain Capital

▫️Bitmine acquired 7,391 ETH worth over $14.2M taking total holdings to 5.81M ETH & $11.6B of crypto + cash

▫️Data from Binance Research showed that DAT companies have flipped spot ETFs as the larger holder of ETH, Bitmine accounts for close to 5% of ETH supply, while ETFs/DATs together hold close to 11%

▫️Data from The Block showed that TVL in ETH Layer 2 networks has slid back to roughly $5B, a level last seen in 2023

▫️Data from DefiLlama showed that perp DEX average daily vol fell 34% (from $32.4B to $21.4B) while open interest fell just 10% (from $16.4B to $14.8B) when comparing consecutive 6 month periods

▫️ETH researchers proposed burning validator rewards to cap staking at 50%


⏫ Bitcoin Weekly High: $65,236
⬇️ Bitcoin Weekly Low: $62,453

⏫ Ethereum Weekly High: $1,933
⬇️ Ethereum Weekly Low: $1,841

August 10th to 16th Upcoming Events

August 12 - US Inflation Announcement🇺🇸
August 15 - CONX, $10M token unlock 🔓

*Nota Bene

Crypto markets essentially traded flat this past week, with BTC eking out a modest 0.2% gain WoW moving to $64,010. While ETH made a near-identical 0.4% move to $1,877, this was as the market digested a confluence of macro & regulatory headwinds.

The dominant macro thread was another setback on the Strait of Hormuz front, with Iran deflating hopes of a reopening & triggering an oil spike north of 5% that rattled both equities & crypto before a weekend recovery pushed BTC to an August high of $65k.

Against this backdrop, institutional demand was notably resilient, with US spot BTC ETFs recording over $865M in net inflows for the week, their best performance since April. US ETH ETFs recorded inflows worth $243.7M to extend their current inflow streak.

On the regulatory front, the CLARITY Act delay drew sharp criticism from industry advocates, though Senate Majority Leader Thune's cloture filing puts a September vote on the calendar. The BIP-110 enforcing fork died quietly with under 3% miner support, closing out a governance episode that generated considerably more noise than hashpower.

Looking into next week, the primary catalysts to watch are the incoming US CPI print & any further developments out of the Middle East, with the Hormuz situation remaining the single largest macro variable capable of moving crypto in either direction from its current range-bound position.

August Weekly Update #3

August 10th to 16th Recap

▫️Strategy sold 1,690 BTC for $108.6M as USD reserve hit $4.65B

▫️SEC began drawing up major crypto plans as Clarity Act stalled

▫️CFTC ordered Kalshi to continue offering prediction markets in New York after state lawsuit

▫️Adam Back-backed H100 more than 3x'd BTC holdings to 3,506 BTC in acquisition deal

▫️World Liberty Financial received conditional bank charter for USD1 stablecoin

▫️Tether completed its 1st full financial audit, with KPMG U.S. issuing an unqualified clean opinion, marking the highest possible result

▫️CFTC charged Christopher Delgado of Goliath Ventures Inc. over $397M crypto Ponzi scheme

▫️SOL narrowly avoided network halt as routing failure knocked out 29% of staked tokens

▫️Harmony’s ONE dived 40% after an attack appeared to mint tokens equal to 25% of supply

▫️Data from Bitwise showed that public companies held 1.28M BTC ($76B) as of June 30, 2026, around 6.11% of total supply. Strategy remained the largest holder with 846,842 BTC

▫️Data from RWA xyz showed that the share of tokenized stocks in the RWA market cap climbed from ~1.4% to over 15% YoY (July 2025 to July 2026)

▫️Goldman Sachs agreed to $2.25B Neos acquisition, gaining BTC & ETH income ETFs

▫️Bitmine acquired 9,926 ETH worth over $18.7M taking total holdings to 5.82M ETH & $11.4B of crypto + cash

▫️Non-USD stablecoins shown to have grown 50× since 2020, from $44M to $2.2B, now sitting at ATHs

▫️Data from DeFiLlama showed that HYPE protocol TVL recovered to ~$6B in July, while stablecoin balances surpassed $6B

▫️Total weekly txs on SOL for the week of July 27 – Aug 2 was confirmed to have exceeded 1 billion, reaching a new ATH

▫️Data from Token Terminal showed that 34.4% of ETH is now staked, the highest level on record, after increasing from 30.0% at the start of the year

▫️BTC mining difficulty fell -18.5% from its peak, the biggest such drawdown since the 2021 “China ban”

▫️Vitalik Buterin placed privacy & quantum resistance front & center in ETH's latest roadmap


⏫ Bitcoin Weekly High: $65,200
⬇️ Bitcoin Weekly Low: $62,562

⏫ Ethereum Weekly High: $1,926
⬇️ Ethereum Weekly Low: $1,861

August 17th to 23rd Upcoming Events

August 19 - Kalshi's Washington geofencing deadline🇺🇸
August 20 to 21 - Coinfest Asia 2026 in Bali 🇮🇩
August 20 - ZRO, $20M token unlock 🔓
August 20 - KAITO, $11M token unlock 🔓


*Nota Bene

Crypto markets faced a rough week, with BTC closing 3.2% down WoW at $63,102 at the time of writing. ETH shed a more modest 2.0% to $1,884, while UNI stood out as the week's notable laggard with an 18% decline.

These declines took place as traders flagged the weekly BTC close as a potential trigger for further downside, this despite US inflation trends continuing to print constructively & equities circling ATHs. US BTC ETFs saw outflows worth $385.2M while US ETH ETFs saw outflows of $3M, finally breaking their 5 week inflow streak.

The regulatory backdrop remained a meaningful headwind, with the SEC canceling its crypto offering rules meeting following the Senate's departure for recess & Galaxy slashing CLARITY Act odds to just 10%, citing a narrow legislative window, unresolved stablecoin yield & developer protection disputes. On the institutional side, however, the picture was more encouraging as JPMorgan & Morgan Stanley both disclosed meaningfully larger ETF positions in their Q2 filings.

Heading into next week, with no major crypto-specific catalysts on the calendar & BTC technically vulnerable beneath the $63K level, the path of least resistance remains to the downside unless macro data or a surprise institutional flow reversal provides a floor.

August Weekly Update #4

August 17th to 23rd Recap

▫️Strategy sold $334M in MSTR shares, made no BTC purchases or sales as USD reserve hit $4.8B

▫️U.S. Treasury Department proposed GENIUS Act stablecoin rule

▫️Elon Musk's X began exploring stablecoins to pay influencers & content providers

▫️Arkham Intel & River estimated that 46% of all BTC is held in self-custody

▫️Data from a16z crypto showed that monthly crypto payment card volume reached $759M in July, up (roughly 2.5x) from $306M a year earlier

▫️Ex-FTX, Alameda executives Caroline Ellison & Gary Wang, received 5-year trading bans in CFTC case

▫️Maya Protocol exploit drained BTC & other assets as pool value dropped $11M

▫️Harmony planned pre-attack rollback after exploiter forged 3 trillion ONE tokens

▫️MANTRA froze all transactions & network following unspecified incident

▫️Ripple raised $275M in senior notes for prime brokerage arm

▫️Metaplanet announced launch of U.S. BTC treasury company via $135M nanocap deal

▫️Bitmine acquired 32,447 ETH worth over $79M taking total holdings to 5.85M ETH & $14.9B of crypto + cash

▫️Data from Delphi Digital showed that curated lending vaults now hold around ~$9B with Steakhouse, Sentora & Gauntlet representing ~$6.8B of that total

▫️Compound approved $52M budget amid leadership team switch in pivot to institutional focus

▫️Data from Galaxy Research showed that SOL's Q2 2026 network fees fell 44% quarter-over-quarter, dropping to about 6% of its late 2024/early 2025 peak due to a cooldown in memecoin activity & MEV extraction

▫️Data from Token Terminal showed that Ondo Finance ranked 1st in tokenized stock market cap growth over the past year (+$951.3M), followed by Binance bStocks (+$672.2M) & xStocks (+$547.3M)

▫️Data from the Block showed that the DEX to CEX spot trade volume closed July at a new ATH of 24% as CEX volumes sank


⏫ Bitcoin Weekly High: $79,244
⬇️ Bitcoin Weekly Low: $62,819

⏫ Ethereum Weekly High: $2,541
⬇️ Ethereum Weekly Low: $1,877

August 24th to 30th Upcoming Events

August 25 - H, $20M token unlock 🔓
August 26 - BitMart suspends trading services 🚫

*Nota Bene

Crypto markets staged an historic comeback this past week, with BTC surging 22.5% WoW to trade at $78,744 at the time of writing. This is after briefly touching the $80K mark & closing what some analysts called the largest weekly candle in BTC's history by notional value. The rally was broad & decisive, with ETH up 30% WoW, while XRP posted a stunning 48% gain. SOL, HYPE, & BNB all logging outsized moves suggested this was not a BTC only event but a full risk-on rotation back into digital assets.

The macro backdrop was a clear accelerant, as expanding US Treasury bond buybacks weakened the dollar as Ray Dalio's public endorsement of BTC & gold over bonds amid a looming US debt crisis added institutional credibility to the move.

Institutional demand confirmed the sentiment shift in no uncertain terms as US BTC ETFs saw $1.92B in net inflows, their strongest week since October 2025. US ETH ETFs also participated in the surge as they experienced $692.6M worth of inflows with BTC & ETH ETF AUM growing by a combined $23B over the week, however, only $2.6B of that represented fresh capital with the remainder driven by price appreciation.

On the technical side, BTC's reclaim of the 50-week EMA for the 1st time since late 2025 is a meaningful signal that the bear-market structure may be breaking down. Heading into next week, all eyes will be on whether BTC can hold above $77K-$78K as support & sustain its momentum through the Jackson Hole symposium, with any Fed commentary on rates & fiscal policy likely to serve as the primary directional catalyst.