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Here's a quick preview of today’s content:

A Peter Theil backed crypto exchange is seeking to raise a huge IPO, one firm turns bearish on Coinbase stock, Strategy does what it does best (buys more Bitcoin), Phantom wallet makes a new acquisition, Binance makes huge moves in options trading, the Elliott Wave Theory suggests we can go much higher, the Satoshi Nakamoto statue is no longer missing, and so much more

Happy Tuesday - Let’s dive in

Market Snapshot

• The leading cryptocurrency by market value, has dropped -4% over the past week, with prices hitting lows under $112,000 over the weekend

  • Bitcoin and ETH stabilized after significant outflows from U.S. spot-linked ETFs caused a sharp decline in their prices

• Fresh U.S. tariffs and the Federal Reserve's stance on interest rates contributed to market volatility, but opportunistic buying is emerging

• Institutional liquidity is helping to cushion volatility, though ETF buyers remain cautious, keeping broader sentiment tentative

• President Trump speaking live on CNBC this morning at 8AM ET - watch here

Market Predictions

• Bettors on Kalshi are predicting how low will Ethereum get this year?

• Trade your predictions on a range of events, only on Kalshi

• Sign up with code LIT and get a $20 bonus when you trade $100

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Peter Thiel-backed crypto platform Bullish files IPO, aims to raise up to $629M (TB)

• Coinbase receives downgrade to ‘sell’ (DC)

• Nasdaq-listed Verb Technology to build $558M TON treasury, rebrand as TON Strategy Co. (TB)

• Solo Bitcoin miners keep winning against long odds (BL)

• Former Chancellor Osborne warns UK Is ‘completely left behind’ on crypto (DC)

• Municipal workers in Lugano recovered the vandalized Satoshi Nakamoto statue from Lake Lugano on Monday (DC)

• Mizuho reaffirms $120 price target on Robinhood, cites tokenized stock ambitions and crypto resilience (TB)

• BitMine Immersion said its ETH treasury has grown to more than 833,000 tokens, valued at over $2.9B at prevailing prices (TD)

• Metaplanet expanded its cryptocurrency reserves on 4 Aug., purchasing 463 bitcoin for roughly $53M (TD)

• Strategy Buys Additional 21,021 Bitcoin for $2.4B (TD)

• Semler Scientific (Nasdaq: SMLR) shares rose over 2.64% to $35.37 after the company released its second quarter 2025 financial results (BM)

• Blockstream VP Fernando Nikolic leaves to launch 'Perception', a Bitcoin market intelligence platform (BM)

• Coinbase slides nearly 20% in worst weekly performance since September 2024 (CD)

• Barry Silbert returns to Grayscale as chairman in preperation for their IPO (TB)

• Coinbase CEO Brian Armstrong scrutinized the U.K.’s advertising regime on Monday after broadcasters apparently banned the exchange’s new television commercial (TB)

Venture Capital

• VC firm Pantera Capital is leading a $20M funding round with contributions from Coinbase Ventures, Digital Currency Group, and Ribbit (TB)

• Subzero Labs, a startup building a blockchain for ‘internet scale decentralized apps,’ raised a $20M round led by Pantera Capital (LBN)

• Stable, a layer 1 blockchain network powered by USDT, raised a $28M seed round led by Bitfinex and Hack VC (PULSE)

M&A Announcements

• Phantom has acquired the Solana trading and analytics platform Solsniper (BW)

• CACEIS, the asset servicing banking group of Crédit Agricole, acquired a minority stake in Kriptown, a French fintech specializing in asset tokenization (EU)

Launches

• Binance has opened Bitcoin options writing to all users (CD)

• Bybit expands USDT0 support to HyperEVM, Corn, and Berachain (CD)

Regulation

• Qatar Financial Center calls for global tokenization and stablecoin strategy (CR)

Cybersecurity

• North Korean spies posing as remote workers have infiltrated hundreds of companies, says CrowdStrike (TC)

• Attacker swipes $4.5M from Credix using unbacked stablecoins (DC)

Extra Reads

• All models are wrong, but some are useful - Why the ‘jobs’ number is always wrong
  

• Web3 pump-and-dump schemes thrive on hype, anonymity, and unregulated markets - How fake news and deepfakes power the latest crypto pump-and-dump scams
  

• A Bitcoiner’s Case for Progressives: Why We Were Right to Appraoch Trump

Chart of the Day

The Elliott Wave Theory, introduced by Ralph Nelson Elliott in 1938 in his book, "The Wave Principle, is a way of understanding market movements by recognizing that they follow predictable, repeating patterns like natural fractals.

According to the above chart, BTC is currently moving in the impulse wave (iii) of the extended impulse wave 5. The impulse wave (iii) could hit a high of $130,000 in the next couple of weeks, before prices drop to around $110,000 in September, completing the retrace wave (iv). After that, the final impulse wave (v) of the larger impulse wave 5 will resume, marking a bull market peak at around $140,000.

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