Ye Coin Craziness

Coinbase CEO Brian Armstrong says he expects Bitcoin to reach about $1M per coin by 2030

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Good Morning,

Here's a quick preview of today’s content: Ye drops a coin sending the degen market crazy, Eric Trump is the most bullish man in crypto, Goldman Sachs eyes the stablecoin market in teh millions, DBS Bank is offering tokenized structured notes, UK Police investigating $2.8M Bitcoin theft, and so much more

It’s Almost Friday - Let’s dive in.

Market Snapshot

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  • Bitcoin ETFs recorded $645M in outflows across two days, with Fidelity's FBTC leading redemptions Tuesday at $246.9M

    • Ethereum ETFs posted $422M in daily outflows

    • Analysts attributed the outflows to investors de-risking ahead of Fed Chair Powell's Jackson Hole speech

  • The selloff reverses a $4.7B inflow streak from mid-July to early August, though analysts characterize the movement as tactical positioning rather than institutional capitulation

  • SEC Chair Atkins said that “very few” crypto tokens qualify as securities, a sharp contrast to his predecessor, Gary Gensler’s, stance

Market Predictions

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

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Headline Roundup
The major headlines driving crypto markets

  • Kanye West 'Ye'apparently launches 'YZY' Solana cryptocurrency on X (TB)

  • Coinbase CEO Brian Armstrong says he expects Bitcoin to reach about $1M per coin by 2030 (TD)

  • Judge unfreezes $57M in stablecoins linked to Libra token scandal (CT)

  • Winklevoss Twins donate $21M in Bitcoin to help launch the Digital Freedom Fund, a pro-crypto PAC (DC)

  • Tether Treasury mints $1B USDT on the Ethereum blockchain (TD)

  • U.S. President Donald Trump’s son, Eric Trump, is convinced Bitcoin will eventually be worth over $1M (CD)

  • Goldman Sachs sees stablecoin market reaching trillions of dollars (TB)

  • Hong Kong-based Ming Shing Group files to purchase $483M in Bitcoin (TD)

  • Bankers push to rewrite stablecoin law but crypto lobby pushes back (DC)

  • China is considering allowing yuan-backed stablecoins to support global trade and payments (BL)

  • Prominent firms in crypto are launching a cooperative intelligence system to track money laundering (CD)

  • Federal Reserve official says that central bank staff should be permitted to hold small amounts of crypto (BL)

  • OKX hires former Kraken regulatory strategist Marcus Hughes (YF)

  • Token buybacks hit $40M a week as crypto projects try corporate playbook (TB)

  • Hyperliquid achieves record revenue per employee globally at $106M (CS)

From Italy to a Nasdaq Reservation

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Venture Capital

  • VC investment totaled $1.97B across 378 deals, down 59% QoQ and 15% lower in deal count (CN)

M&A Announcements

  • Kraken acquires Israel-based startup Capitalise.ai, a no-code trading automation platform that turns natural-language commands into executable strategies (CT)

  • Windtree Therapeutics confirmed its shares will be delisted from Nasdaq for failing to meet the $1 minimum bid price (DC)

  • Cross-blockchain bridge Wormhole is looking to bid against LayerZero’s $110M  bid to acquire crypto protocol Stargate (CT)

Launches

  • Binance launches Plasma USDT Locked Product, offering daily USDT yield plus an XPL airdrop allocation (TB)

  • Kraken expands tokenized stocks to Tron network (BL)

  • DBS Bank is offering tokenized structured notes on the Ethereum blockchain, expanding access to complex financial products (CD)

Cybersecurity

  • Federal judge in NY orders EminiFX founder to repay $228M in restitution (TD)

  • UK Police investigating $2.8M Bitcoin theft where scammer posed as Senior Detective (DC)

Extra Reads

Chart of the Day

Bitcoin demand has fallen, with inflows down to 59K $BTC and ETFs at a 4-month low

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