Good Morning,

Here's a quick preview of today’s content: Spot Ethereum ETFs break records, Circle launches a new layer-1, companies are getting into adding Ordinals to their collections, eToro posts quarterly earnings for the first time after going public this year, crypto kiosks are still under fire, OpenEden taps BNY Mellon, a crypto crime unit has saved hundreds of millions of dollars from theft, and so much more

Happy Wednesday - Let’s dive in.

Market Snapshot

• Bitcoin remained range-bound yesterday

  • BTC has gained +6% on the week, however, reaching above 122,000 the day prior

• Open interest in ETH futures positions surged to over $57B on Tuesday.

• ETH also topped all other coins in liquidations, as the token takes center stage for investors and surged over +8% on the day

Market Predictions

• Bettors on Kalshi are predicting how low will Bitcoin 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}}

• Terraform co-founder Do Kwon pleads guilty to two fraud charges in years long US case (TB)

• Core CPI came in at 2.7%, slightly lower than the 2.8% economists had predicted amid tariff woes (CNBC)

• Circle shares popped over 11% in pre-market trading Tuesday after a bullish Q2 earnings report - see full earnings breakdown here

• Spot Ethereum ETFs top $1B in daily net inflows for the first time (TB)

• Crypto blockchain is now being used to trade Treasuries 24/7 (BBG)

• eToro posts 54% AUA jump, crypto revenue hits $1.9 billion in first earnings report since going public - see full earnings report here

• Western Union is considering launching its own stablecoin (BBG)

• Abstract mining game 'Bigcoin' plots comeback after BIG crash (BW)

• Hex Trust adds institutional custody for tokenized uranium (CT)

• Visa’s crypto chief is seeking to implement stablecoins into payments systems (BBG)

• Ethereum Researcher released in Turkey, donates $500K to Roman Storm’s legal defense (TD)

• NFT project 'Moonbirds' crosses 3 ETH on token speculation (TD)

• Monero crashes on 51% attack fears (DC)

• CoreWeave triples revenue to $1.2B in Q2 - see full earnings breakdown here

• OpenEden taps BNY Mellon to manage tokenized US Treasury assets (CT)

• DeFi Development Corp. is now holding over 1.3M SOL tokens, worth nearly $250M in total (TB)

• Companies are adding bitcoin art to their corporate Collections (BM)

• Coinbase to boost stablecoin liquidity on Aave, Morpho, Kamino, and Jupiter via new Bootstrap Fund (TB)

• Steak ‘n Shake thanks Bitcoiners as same-store sales rise 11% in Q2 (CT)

• Bitcoin miner Bitfarms looks to redomicile in US as its revenue jumps 87% YoY for its Q2 earnings (TB)

Venture Capital

• Pantera Capital reveals it has invested over $300M in crypto treasury companies (TB)

• SharpLink Gaming said it has entered a $400M registered direct offering with five global institutional investors, selling shares at $21.76 each (TD)

M&A Announcements

• Metaplanet buys another 518 BTC for $61M, taking total holdings to 18,113 Bitcoin (TB)

• German investment and infrastructure firm 3U Holding AG acquired 131 Bitcoin and now holds 331 (3U)

• The Smarter Web Company acquires another $35M worth of Bitcoin as total holdings reach 2,395 BTC (TB)

Launches

• Circle unveils layer-1 blockchain Arc (CD)

• Grayscale has launched two new single-asset trusts providing exposure to Sui protocols DeepBook and Walrus (CD)

• First RGB bridge brings USDT from Ethereum to Bitcoin via lightning netork (BM)

Regulation

• SEC to focus on ‘clear’ crypto regulations after Ripple case, per SEC Atkins (CT)

• Kazakhstan, one of the world’s largest bitcoin mining countries, has become the location of central Asia's first spot Bitcoin ETFs (CD)

• Wisconsin Democrats file Senate companion bill to rein in crypto kiosks (DC)

Cybersecurity

• Tron, Tether, and TRM Labs say their joint financial crime unit has frozen more than $250M in illicit crypto assets since launching less than a year ago (CT)

Extra Reads

• OpenAI GPT-5 Review: Built to Win Benchmarks, Not Hearts - See the full review

• Uniswap’s DUNA plan might blaze a new trail for decentralized governance - Did crypto just have its LLC moment?

Chart of the Day

The number of addresses holding more than 100 Bitcoin has hit a new all time high

Meme Dump

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