GDP On The Blockchain

Crypto majors red but moving higher after Trump moved to fire Fed Governor Lisa Cook, briefly sinking the dollar index

Good Morning,

Here's a quick preview of today’s content: A premier football team partners with a global cryptocurrency exchange, Grayscale Investments wants to launch a famous dog inspired memecoin etf, MetaMask introduces a “Social login” feature, CertiK co-founder predicts ‘endless war’ with crypto hackers, and so much more

Happy Wednesday, Let’s dive in.

Market Snapshot

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  • The crypto selloff continued on Tuesday with Bitcoin sliding below $110,000, down 2.4% over the past 24 hours and on track for a fourth straight day of losses

  • Crypto majors red but moving higher after Trump moved to fire Fed Governor Lisa Cook, briefly sinking the dollar index

    • ETH ETFs see $444M in net inflows, $1.06B over last 3 sessions

  • Investors await Q2 GDP revisions and core PCE inflation for clues on September rate cuts

  • Analysts caution that markets may enter an extended downtrend, while ETH could retest $4,000, as the odds of a September rate cut have dropped slightly

Market Predictions

  • Bettors on Kalshi are predicting if Donald Trump will launch an NFT this year

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Headline Roundup
The major headlines driving crypto markets

  • US Commerce Secretary Howard Lutnick tells President Donald Trump that the DOC will begin publishing its official economic statistics, starting with GDP, on a blockchain-based platform - see full statements here

  • Larry Fink, CEO of BlackRock, publicly endorses Bitcoin as a hedge against currency debasement (TD)

  • Donald Trump Jr. joins Polymarket’s advisory board as 1789 Capital invests in the platform (CT)

  • Newcastle United signs a multi-year partnership with global cryptocurrency exchange BYDFi (CD)

  • Binance stablecoin inflows top $1.6B (CT)

  • Around 200,000 traders have been liquidated to the tune of more than $900M over the past 24 hours (CT)

  • Spot ETH ETFs saw $443.9M in net inflows on, which is more than twice the amount reported by BTC ETFs (TB)

  • Bitcoin and Ether options worth over $14.6B are set to expire Friday, marking a significant event in the derivatives market (CD)

  • Hong Kong-listed online games developer Boyaa Interactive adds 290 Bitcoin to treasury (TD)

  • A trader claiming to have $3.1M unfairly frozen on MEXC claims they were offered to fly to Malaysia in person to address the situation (CT)

  • A token project is inscribing the serial numbers of physical bullion stored in a secured vault directly onto the Bitcoin blockchain (DC)

  • Standard Chartered says Ethereum and the companies holding it in their treasuries remain undervalued (CS)

  • Crypto exchange Bitpanda turned away from London’s public markets, citing weak liquidity on the LSE as a key factor in its decision (CT)

  • R0AR chain public node sale surges past $1M in first 72 hours as early tiers sell (CD)

  • UAE holds about $700M in Bitcoin, which has been accumulated mostly from mining operations (CT)

  • Eclipse Labs replaces its CEO and lays off 65% of its workforce as the startup publicly signaled a strategy shift toward development of consumer-facing applications (BL)

  • XRP futures become the fastest contract in CME Group history to cross $1B in open interest (CS)

  • AxioraSwap executes $10M BTC-to-USDT trade for dormant whale (CD)

  • Offchain Labs unveils a partnership with Succinct Labs aimed at embedding modular zero-knowledge proving technology into the Arbitrum ecosystem (TD)

  • Bitcoin mining company Hut 8 is building four new Bitcoin mining sites in Texas, Louisiana and Illinois, adding 1.5 gigawatts of capacity (CT)

  • deBridge integrates Tron, enabling real-time, MEV-protected swaps between Tron, Ethereum, Solana, and 25+ chains to deepen DeFi transaction options (TB)

Venture Capital

  • Pantera Capital seeks to raise as much as $1.25B to acquire and convert a Nasdaq-listed company into a vehicle that would hold Solana-related assets (TD)

  • Numerai, a hedge fund powered by crowdsourced AI models, secures a $500M commitment from JPMorgan (CT)

  • French semiconductor company Sequans Communications files for a $200M at-the-market equity offering on Monday to fuel its Bitcoin treasury strategy (CT)

  • Blockchain start-up Hemi has raised $15M ahead of the launch of its native token (TB)

M&A Announcements

  • Trump Media sets up CRO Strategy in $6.42B deal with Crypto.com (CT)

Launches

  • MetaMask introduces a “Social login” feature that lets users create, back up and restore wallets with a single Google or Apple sign-in (TD)

  • Tokyo-based Monex Group weighs the launch of a yen-pegged stablecoin (CT)

  • Grayscale Investments files for a spot Dogecoin ETF (CD)

  • Bitwise submits an S-1 statement seeking approval for a spot ETF that would hold Chainlink’s LINK token (TD)

  • Animoca Brands partners with Antler’s Ibex Japan to launch a Web3 fund aimed at bringing Japan’s anime and manga IP on-chain (CT)

  • Gemini opens up staking for all customers for ETH and Solana in the UK (CD)

Regulation

  • Kraken meets with the SEC’s 'Crypto Task Force' to discuss the tokenization of traditional assets and a tokenized trading system (CT)

  • US CFTC member Kristin Johnson says she will leave the regulator on September 3rd (TD)

Cybersecurity

  • Platforms cap bug bounty rewards to cut costs, creating dangerous incentives that could lead to billion-dollar crypto hacks (CT)

  • CertiK co-founder predicts ‘endless war’ with crypto hackers after $2.5B stolen (CT)

  • Zora updates app after ‘Tyson Fury’ account sparks rugpull concerns (TB)

  • Brothers Anton and James Peraire-Bueno file motions to exclude Google search evidence, claiming prosecutors want to use searches for legal terms to prove criminal intent in their alleged 12-second Ethereum blockchain exploit (DC)

  • KuCoin launches its “Anti-Phishing Month” initiative, a comprehensive campaign aimed at combating phishing threats through a combination of user education, technical defenses, and incentive-based engagement (CD)

Extra Reads

Chart of the Day

Bitcoin long-term holders have realized more profit this cycle than in any cycle since 2016–2017

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