Good Morning,

Here's a quick preview of today’s content: NASDAQ jumps into tokenized stocks, A solo Bitcoin miner hits huge reward, huge banks apply for stablecoin licenses, D.C. Attorney General accuses ATM operators of purposely ignoring scams, crypto is running into what many are calling "blockchainfatigue", BTC whales have dumped more than ever, and so much more

Happy Tuesday - Let’s dive in.

Market Snapshot

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• Most cryptos are experiencing gains, with tokens like ENA and DOGE showing significant 24-hour price increases

  • ETH ETFs record four consecutive days of outflows totaling $787.6M

  • BTC ETFs posted net inflows of $250.3M over the same period amid volatility

• Despite gains, crypto market cap remains below its 50-day moving average, signaling bearish trends

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

• Ledger’s CTO sent the entire crypto space into a frenzy yesterday morning after stating that a java script hack is placing “potentially all chains” at risk - full breakdown of the mayhem here

• Nasdaq files with the SEC to trade tokenized and traditional shares together (TB)

• Wall Street giant, Cantor Fitzgerald, debuts a new Bitcoin fund (DC)

• Eightco Stock jumps 3000% on Worldcoin Treasury Strategy, BitMine Investment (YF)

• Former crypto company CEO to start 12-year prison sentence this week (CT)

• Advisor to Russian President Vladimir Putin accuses the U.S. is using crypto to help fix its debt issue - see his full statements here

• Global crypto investment products register $352M in weekly outflows (TB)

• Trump family's wealth grows by $1.3B following ABTC and WLFI debuts (CT)

• Grayscale files a registration statement with the SEC for the first Chainlink ETFs in the U.S. (TB)

• Bitcoin’s Google search volume plummets to an 11-month low (DC)

• El Salvador marks the fourth anniversary of its Bitcoin law by purchasing 21 BTC (TB)

• Tether CEO dismisses suggestions that they have been offloading Bitcoin in order to buy gold (CD)

• Ethereum adds $5B in new stablecoins over the past week (CT)

• Tokenized RWAs near $300B led by stablecoins (CS)

• A solo Bitcoin miner collected block 913,593 worth $350k (TB)

• Bybit resumes trading in India after paying $1M fine (CD)

• Bitcoin whales have sold $12.7B BTC over the past month (CT)

• BitMine Immersion’s holdings cross $9.2B in crypto and cash (TB)

• Metaplanet purchases an additional 136 BTC worth $15.2M (TB)

• Former Symbolic Capital principal joins Pantera Capital to help with crypto-AI investing (BW)

• Singapore-based trading platform Lion Group will exchange all of its SOL and SUI holdings for HYPE tokens (CD)

• Web3 venture studio Syndika partners with Chainwire, a crypto press release platform (CD)

• Dunamu, the parent company of South Korean crypto exchange Upbit, files trademark for a new blockchain project (CD)

Market Predictions

• Bettors on Kalshi are predicting the winner of the Pro Football Championship

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

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Venture Capital

• Forward Industries, Inc. announces a $1.65B private investment led by Galaxy Digital, Jump Crypto, and Multicoin Capital (TB)

• Tetra Digital Group raises $10M backed by Shopify, Wealthsimple, NationalBank, and more (CD)

M&A Announcements

• European crypto asset manager CoinShares to go public in the U.S. via a merger with acquisition company Vine Hill (TB)

• Strategy purchases another 1,955 BTC worth $217.4M (TB)

Launches

• Backpack Exchange, a global crypto trading platform, launches its European division, Backpack EU (CD)

• Hong Kong crypto exchange HashKey launches $500M fund (CT)

• MegaETH, an Ethereum scaling solution, launches stablecoin USDm (TB)

• USDD, the stablecoin backed by Justin Sun, launches natively on Ethereum (TB)

• OpenSea launches $1M NFT reserve (BL)

• Blockchain shortcut provider Enso and stablecoin issuer Reservoir launch OneStable, a protocol for cross-chain stablecoin minting (TD)

• 21X launches its secondary market, enabling trading tokenized assets (FM)

Regulation

• HSBC and ICBC to apply for stablecoin licenses in Hong Kong (CT)

• Negotiations look tough around Senate crypto trading bill (AX)

• Kazakhstan is moving to establish a state-backed crypto reserve (CS)

• U.S. SEC Crypto Task Force to hold roundtable in October (CT)

• CFTC may allow trading platforms licensed under Europe’s MiCA framework to operate in American markets (FM)

• Hyperliquid's plan to launch the USDH stablecoin sparks a governance battle (CD)

Cybersecurity

• German authorities yet to seize 45,000 Bitcoin tied to the movie piracy site Movie2K (CT)

• Ethereum Layer 2 network Kinto shuts down in wake of an exploit that drained 577 ETH (TB)

• Solana trading bot Aqua rug pulls $4.65M (CS)

• Venus Protocol returns $11M in crypto to phishing victim (TB)

• Sui-based platform Nemo Protocol is exploited for $2.4M (TB)

• D.C. Attorney General accuses ATM operator Athena Bitcoin of ignoring scams targeting elderly residents (DC)

• Swiss platform SwissBorg suffers a $41M SOL theft after API is compromised (CS)

Extra Reads

• For years, the approval of crypto ETFs has been one of the most contested battles in financial regulation - SEC approval of listing standards can mainstream crypto ETFs

• Crypto is running into "blockchainfatigue" as each new chain blends into the last - Does crypto really need more blockchains?

Chart of the Day

Bitcoin whales dumped 115,000 BTC worth $12.7B last month in their biggest sell-off since mid-2022

Meme Dump

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