Today's news tips:
SBI Holdings denies filing for Bitcoin-XRP dual ETF
Vitalik says he supports an “Ethereum Reserve Company” but warns against over-leveraging
pSTAKE Foundation Launches $50 Million AI-Web3 Innovation Fund, Applications Now Open
Fundamental Global plans to issue up to $5 billion in securities to buy more Ethereum
Macro
SBI Holdings denies filing for Bitcoin-XRP dual ETF
A representative of SBI Holdings clarified to Cointelegraph that the company has not yet submitted any ETF applications related to crypto assets. Earlier media reports said that SBI had submitted two ETF applications, including a gold and crypto asset dual ETF and a Bitcoin and XRP dual ETF, but its financial report did not explicitly confirm this news. SBI stated that the relevant plans are still in the preliminary stage and the application will be made after Japan's financial regulators complete the legal revision. The Financial Services Agency (FSA) of Japan previously proposed to include certain crypto assets in the scope of the Financial Instruments and Exchange Act (FIEA), but the specific timetable has not yet been determined. Future applications will be submitted by SBI Global Asset Management, a subsidiary of SBI Holdings, with the initial target being individual investors, with the aim of promoting the popularization of alternative investments.
According to The Block, a significant legal battle in the crypto industry appears to be nearing its end. The U.S. Securities and Exchange Commission (SEC) and Ripple Labs' lawyers have jointly agreed to withdraw their appeals to the Second Circuit Court of Appeals. A joint motion for dismissal filed Thursday indicates that each party will bear its own costs. Previously, Ripple Labs CEO Brad Garlinghouse announced in June that the company intended to withdraw its cross-appeal, stating that it would "turn the page and focus on building the Internet of Value." Now that both parties have abandoned their appeals, Judge Analisa Torres's mixed ruling in 2023 will be final. The ruling determined that Ripple Labs' sale of hundreds of millions of dollars in XRP to institutional investors constituted illegal securities sales, but sided with Ripple Labs on the issue of "dark bid" sales to retail investors.
According to The Block, US President Trump signed an executive order on Thursday aimed at preventing federal regulators from targeting financial institutions doing business with the cryptocurrency industry. A White House fact sheet stated that the digital asset industry has been unfairly targeted by "unbanking," a practice that undermines public trust in banks and regulators, impacts livelihoods, freezes wages, and places a heavy economic burden on law-abiding Americans. The order removes "reputational risk" as a justification for increased regulation. While not specifically referring to cryptocurrencies, it has previously been used to target the industry. Previously, cryptocurrency businesses and individuals complained about unfair bank account closures, and Trump pledged to end "Operation Choke Point 2.0." Trump's signing of the order received support from Republican lawmakers. House Financial Services Committee Chairwoman French Hill called it an important step, and Senator Cynthia Lummis praised the order for bringing transparency and accountability to the industry.
According to the Financial Times, Binance is partnering with Banco Bilbao Vizcaya Argentaria (BBVA) to allow customers to hold their assets at the bank rather than on the exchange. This is a new initiative taken by Binance to reassure investors following the record $4.3 billion fine levied by US authorities in 2023. BBVA, Spain's third-largest bank, recently began providing services to Binance as one of a handful of independent custodians. This move aims to alleviate investor concerns about exchange security, particularly following the 2022 collapse of FTX. BBVA's brand recognition is higher than that of Binance's existing partners, potentially bolstering user trust. Under the partnership, traders' funds will be held at BBVA in the form of US Treasury bonds, which Binance will accept as trading margin.
Animoca Brands has officially established a joint venture in Hong Kong, Anchorpoint Financial Limited, with Standard Chartered Bank (Hong Kong) and Hong Kong Telecom (HKT). The joint venture aims to establish a business model focused on issuing and promoting licensed stablecoins. Anchorpoint has formally expressed its intention to apply for a stablecoin issuer license with the Hong Kong Monetary Authority (HKMA) when the Stablecoin Ordinance comes into effect on August 1, 2025.
Trump Nominates Pro-Crypto Stephen Miran to Federal Reserve Board Seat
According to The Block, US President Trump has nominated pro-cryptocurrency economist Stephen Miran to serve on the Federal Reserve Board of Governors. Miran, currently chair of the Council of Economic Advisors, has proposed streamlining cryptocurrency regulation. The board seat was previously held by Adriana Kugler, who announced her resignation last week. Miran will fill the vacancy, serving until January 31, 2026. Miran was previously a senior strategist at the investment firm Hudson Bay and has also worked at the US Treasury and Fidelity Investments. It's worth noting that Trump has publicly clashed with Federal Reserve Chairman Powell over interest rates in recent weeks, and Miran has criticized Powell.
Viewpoint
Matrixport's latest weekly report, "Matrix on Target," analyzes that Bitcoin has recently entered a period of correction, with weakening market momentum, shrinking trading volume, and persistently low funding rates, indicating a loosening of the market structure. With seasonal disturbances in August compounded by external uncertainties, short-term sentiment has become significantly more cautious. Technically, the $112,000 support level played a role in the initial pullback, but the rebound was weak, and this support level may be tested again. If it fails, market attention may shift to the $106,000 range. The report further notes that a repricing of US economic growth expectations may be a key factor in the rebound in Bitcoin volatility. Currently, some sectors of the US economy are facing a substantial slowdown, with the ISM manufacturing index remaining in contractionary territory, non-manufacturing indicators showing limited expansion, and recent employment data also experiencing a significant downward revision. Market expectations of a possible Federal Reserve rate cut in September are gradually increasing, but a clear signal has yet to be released, potentially leading to a continuation of the consolidation. Furthermore, the report notes that the net asset value (NAV) of some publicly traded companies with significant Bitcoin holdings has declined, potentially weakening their ability to raise funds through new share issuances to increase their Bitcoin holdings. In the short term, oversold technical indicators may suggest a rebound, but the report is cautious about the sustainability of the rebound, preferring to believe that prices will continue to consolidate. Investors need to wait patiently for a clear bottom signal or a resumption of market momentum.
Vitalik says he supports an “Ethereum Reserve Company” but warns against over-leveraging
According to Cointelegraph, Ethereum co-founder Vitalik Buterin expressed support for the Ethereum Reserve Company in an interview on the Bankless podcast, while also warning of risks. He noted that publicly listed companies purchasing and holding Ethereum would allow more investors to access the token. By investing in the Ethereum Reserve Company rather than directly holding it, these companies would provide more options for people of varying financial circumstances. However, Buterin cautioned that Ethereum's future shouldn't come at the expense of excessive leverage. He expressed concern that falling prices would trigger a chain reaction of forced liquidations, leading to further price drops and damaging its credibility. However, he also expressed confidence that Ethereum investors have sufficient self-discipline to avoid such a crash.
According to The Block, a report shared Thursday by on-chain analytics firm CryptoQuant indicates that Bitcoin, after reaching an all-time high of over $123,000 last month, is showing signs of short-term consolidation or mild downside risk. Bitcoin has entered a bull market cooling phase, with the Bull Market Index falling from 80 to 60. While market conditions remain positive, upward momentum has weakened. The decline reflects both profit-taking following Bitcoin's recent all-time high and the seasonal slowdown in summer trading activity. Further price weakness could push the index below 40, signaling a formal bearish market outlook for the first time since April 2023. Multiple on-chain indicators confirm a weakening of upward momentum, with stablecoin liquidity stagnating and new capital inflows drying up. Meanwhile, on-chain profit margin signals have turned positive, prompting traders to take profits. CryptoQuant suggests that Bitcoin may need a new bullish catalyst for continued upward movement, and its head of research believes a rate cut at the Federal Reserve's September meeting could be a key factor, as the market has long anticipated it.
Project News
Binance Alpha to List Baby Shark Universe (BSU) on August 9th
Binance announced that its Alpha platform will launch Baby Shark Universe (BSU) on August 9th. Eligible users can claim the airdrop using Binance Alpha Points after trading begins.
Binance Alpha to List SatLayer (SLAY) on August 11th
Binance Alpha announced that it will be the first exchange to list SatLayer (SLAY) on August 11th. Eligible users can claim the airdrop using Binance Alpha Points via the Alpha event page after trading becomes available.
Base announced the launch of a creator content trading and profit sharing mechanism in the Base app
Base announced on the X platform that creators on the Base app can earn revenue when users engage with their content. Every time a post is bought or sold, creators receive a fee directly into their wallet. Starting today, Base will begin supporting creators in this new global economy by collecting and minting content. Base also clarified that this series is not intended to generate investment returns or constitute financial advice, and urged users to conduct their own research. Base plans to hold the tokens indefinitely and not trade or sell them, emphasizing the belief that creators should be directly compensated for their creativity and demonstrating how content can be monetized.
Upbit to List IP Tokens in KRW, BTC, and USDT Markets
According to an official announcement, South Korean crypto exchange Upbit will list IP tokens in the KRW, BTC, and USDT markets.
pSTAKE Foundation Launches $50 Million AI-Web3 Innovation Fund, Applications Now Open
According to an official blog post, the pSTAKE Foundation announced that its $50 million AI-Web3 Innovation Fund is now open for applications. The program aims to accelerate research, development, and collaboration at the forefront of generative AI and the decentralized web. The fund focuses on five strategic areas: 1. Decentralized Generative Agents: fully on-chain, autonomous AI entities; 2. On-chain Provenance: transparent attribution of datasets, models, and agent outputs; 3. Market Layer for AI Assets: valuation, exchange, and collateralization protocols; 4. Programmable Creative Engines: AI pipelines for dynamic multimedia; and 5. Secure, Composable Infrastructure: secure and scalable building blocks for interoperable AI-Web3 systems.
Ethereum Foundation to donate another $500,000 to Roman Storm’s legal defense
Hsiao-Wei Wang, co-executive director of the Ethereum Foundation, announced in a post on X that the foundation will donate an additional $500,000 to support the legal defense of Tornado Cash founder Roman Storm. Wang emphasized, "Privacy is the norm, and writing code is not a crime." This follows news yesterday that Tornado Cash founder Roman Storm was convicted of unlicensed money transmission, but the jury was split on the money laundering and sanctions charges.
Animoca Brands and ProvLabs jointly launch NUVA, a decentralized exchange for RWA tokens.
According to Cointelegraph, Animoca Brands and ProvLabs, the developers of the Provenance Blockchain, have jointly launched NUVA, a platform for trading RWAs. The NUVA marketplace will leverage the Provenance blockchain's existing RWA ecosystem, which currently holds approximately $15.7 billion in assets. The first two tokenized products to be listed are from Figure Technologies: the US interest-bearing stablecoin YLDS and the fixed-rate home equity line of credit (HELOC). NUVA utilizes a "vault" structure to simplify investor participation. Holding nuYLDS or nuHELOC tokens earns investors returns on the corresponding underlying assets. ProvLabs' CEO stated that this model enables on-chain trading of traditionally illiquid assets. Animoca's co-founder noted that the current RWA market is hampered by cross-chain fragmentation. NUVA aims to increase the accessibility of institutional-grade assets through a unified multi-chain ecosystem.
Pump.fun launches Glass Full Foundation to inject liquidity into specific ecosystem tokens
Pump.fun announced the launch of the Glass Full Foundation on the X platform to inject liquidity into specific ecosystem tokens. The team stated that several projects have received support and plans to deploy more projects, but has not yet disclosed specific distribution details.
Sygnum announces SUI custody, trading, staking and other services for institutional users
Digital asset bank Sygnum announced it will provide custody, trading, and lending solutions for SUI, further expanding access to the Sui ecosystem for professional and institutional investors. In July of this year, Sygnum became the first Swiss bank to fully integrate SUI into its regulated banking platform, offering services including custody, spot and derivatives trading, staking, and SUI-backed loans. This follows news that Swiss crypto bank AMINA has launched SUI token trading and custody services, with plans to offer SUI staking services.
Bithumb to List TREE Token in Korean Won Market
According to an official announcement, South Korean crypto exchange Bithumb will list the TREE token in the Korean won market.
ResearchHub Foundation proposes to introduce RSC token destruction mechanism
The ResearchHub Foundation, a DeSci project, announced on the X platform that a new governance proposal (RIP-23) will introduce a burn mechanism for RSC tokens. If approved, 100% of the transaction fees collected by the ResearchHub Foundation will be automatically burned weekly. Full details will be announced soon on Snapshot.
Important data
According to on-chain analyst Ember, a major whale/institution has accumulated 171,015 ETH, worth $670 million, over the past four days through six addresses. In the past hour alone, 23,424 ETH (worth $91.65 million) were received. They used the 0x0c3...40e address to create a wallet through BitGo, then purchased and received ETH from institutional platforms such as FalconX, Galaxy Digital, and BitGo. Six wallets have been created, collectively receiving 171,015 ETH (worth $670 million) at an average price of $3,669.
According to SoSoValue data, Ethereum spot ETFs saw a total net inflow of $222 million yesterday (August 7th, EST). The Blackrock ETF (ETHA) saw the largest single-day net inflow, with $104 million, bringing ETHA's total net inflow to $9.593 billion. The next largest single-day net inflow was the Grayscale Ethereum Mini Trust ETF (ETH), which saw a daily net inflow of $34.609 million, bringing ETH's total net inflow to $1.134 billion. As of press time, the total net asset value of Ethereum spot ETFs stood at $21.804 billion, with a net asset value ratio (market capitalization relative to Ethereum's total market capitalization) of 4.66%, and cumulative net inflows reaching $9.355 billion.
According to SoSoValue data, Bitcoin spot ETFs saw a total net inflow of $281 million yesterday (August 7th, EST). The Bitcoin spot ETF with the largest single-day net inflow yesterday was Blackrock's IBIT ETF, with a net inflow of $157 million, bringing IBIT's total net inflow to $57.426 billion. The second largest single-day net inflow was Fidelity's FBTC ETF, with a net inflow of $43.4452 million, bringing FBTC's total net inflow to $11.997 billion. The Bitcoin spot ETF with the largest single-day net outflow yesterday was Ark Invest and 21Shares' ARKB ETF, with a net outflow of $388,500, bringing ARKB's total net inflow to $2.381 billion. As of press time, the total net asset value of the Bitcoin spot ETF was US$150.972 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) reached 6.47%, and the historical cumulative net inflow has reached US$54.023 billion.
According to on-chain analyst Ember’s monitoring, 25 minutes ago, a Pendle multi-signature wallet transferred 900,000 PENDLE (about 4.65 million US dollars) to Binance.
Whale @AguilaTrades once again increased its long position to $223 million
According to on-chain analyst Yu Jin, whale @AguilaTrades opened a long position yesterday afternoon and has continued to increase his position through TWAP. His long position is now worth $223 million. The trader had previously increased his position to $400 million five times before experiencing losses. His current position has a floating profit of $4.76 million: He longed 1,277 BTC at 40x leverage, valued at $150 million, with an opening price of $115,968 and a liquidation price of $112,932; and he longed 18,833 ETH at 25x leverage, valued at $73.64 million, with an opening price of $3,774 and a liquidation price of $3,600.
Financing
According to The Block, Euphoria, a MegaETH-based crypto derivatives trading app, announced the completion of a $7.5 million seed round, comprised of a $2.5 million pre-seed round in November 2024 and a $5 million seed round from February to July 2025. The seed round was led by Karatage, with participation from Figment Capital and Robot Ventures. Other participants included Bankless Ventures, First Commit, Hash3, Comfy Capital, Kosmos Ventures, and over 100 angel investors. The project is developing a mobile "click-to-trade" interface to simplify the process of trading derivatives like options and perpetual contracts, lowering the barrier to entry for users. Euphoria plans to launch the MegaETH mainnet this year. Its business model will be modeled after Hyperliquid, with revenue generated through market making and transaction fees. The team currently has eight members and plans to add three to five new engineering and product positions. The long-term roadmap includes issuing a native token.
Perle, a Web3-based AI project, raises $9 million in seed funding led by Framework Ventures
According to The Block, Perle, a Web3-based artificial intelligence project, announced the completion of a $9 million seed round led by Framework Ventures, bringing the startup's total funding to $17.5 million. The project aims to optimize the quality of AI training data using blockchain technology and cryptoeconomic incentives. Perle plans to launch Perle Labs, which will use 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 annotation can reduce bias and improve model performance. Previously, Perle completed an $8.5 million Pre-Seed round of funding led by CoinFund in October 2024.
Scenius Capital Closes $20 Million in New Fund, Focused on Supporting Emerging Crypto VCs
According to Blockworks, Scenius Capital announced the closing 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 advantages in their respective sectors, regions, or ecosystems. ParaFi has made a strategic investment in Scenius Capital and will provide financial support for the expansion of its business lines and token capital markets advisory services. Scenius Capital stated that despite the challenging market environment, it has secured support from numerous crypto-native LPs and will continue to focus on smaller, first- and second-round managers.
Institutional holdings
The Bitcoin Standard Treasury Company (BSTR) announced today that it has secured an additional $65 million in funding, equivalent to approximately 555 bitcoins (at the current price of $116,750). The funds will be used upon the completion of the merger between BSTR and CEPO. The combined company will reportedly trade under the ticker symbol "BSTR" and plan to hold 30,021 bitcoins. BSTR previously announced that it had entered into a definitive business combination agreement with Cantor Equity Partners I, Inc. (Nasdaq: CEPO), a special purpose acquisition company sponsored by affiliates of Cantor Fitzgerald. The combined company will also receive up to $1.5 billion in post-IPO private equity investment financing, the largest PIPE financing ever raised in a Bitcoin Reserve-related SPAC merger transaction. The SPAC will also contribute approximately $200 million in additional funds, subject to redemptions.
According to on-chain analyst Ember, the listed Sharplink Gaming address has received a total of 21,959 ETH (approximately $83.96 million) so far today. Since SharpLink (SBET) began accumulating ETH using a micro-strategy model in early June, it has accumulated a total of 568,000 ETH, currently valued at $2.215 billion, with a floating profit of $433 million.
Fundamental Global plans to issue up to $5 billion in securities to buy more Ethereum
According to Coincentral, Nasdaq-listed Fundamental Global Inc. (FGF) has filed an S-3 registration statement with the US SEC for a proposed offering of up to $5 billion in securities. The majority of the proceeds will be used to purchase Ethereum, with the remainder to support the company's operations. FGF plans to issue the securities in phases, with the flexibility to adjust the size, pricing, and terms based on future circumstances. The prospectus filed includes a base prospectus and an at-the-market (ATM) prospectus, and proposes to issue up to $4 billion in common stock. These offerings will be made pursuant to a new agreement with ThinkEquity, LLC. The company may sell shares in installments or tranches based on market dynamics. If no shares are sold under the ATM agreement, the full $5 billion offering may be obtained through other channels. All sales will be subject to US SEC guidelines and the latest market capitalization thresholds.
Block increased its holdings by 108 bitcoins in Q2, bringing its holdings to 8,692.
According to HODL15Capital, Jack Dorsey's payment platform Block, Inc. (XYZ) increased its holdings of 108 bitcoins in the second quarter, and the company currently holds 8,692 bitcoins.
According to The Block, Nasdaq-listed company Oblong announced that it has pledged all of its Bittensor (TAO) tokens, valued at $8 million, to support network operations and incentivize AI innovators. Since June, Oblong has shifted to a "decentralized AI treasury" strategy, focusing on accumulating TAO. The company previously raised $7.5 million through a share subscription to further this strategy. In addition to Oblong, companies such as xTAO and TAO Synergies have also recently purchased and held significant amounts of TAO. The current Bittensor token price is $354.67, with a total market capitalization of approximately $3.4 billion.
