Good Morning,

Here's a quick preview of today’s content: The crypto market as a whole is right back to all time high territory, Harvard catches the Bitcoin bug, Spain’s banking giant BBVA partners with Binance, Bitcoin kidnappings are happening more frequent than most thought, El Salvador dives deeper into institutions holding crypto, and so much more

Im feelin bullish this week - Let’s dive in.

Market Snapshot

• US spot Ethereum ETFs saw over $326.83M inflows last week, slightly surpassing Bitcoin ETFs inflows of $246.75M

• Bitcoin has rebounded +4.5% since Saturday, nearing its mid-July record of $122,838

• The price of ETH has hit $4,000 for the first time since Dec. 16.

  • Derivatives data shows a jump in open interest, pointing to a surge in leveraged long bets

  • The move comes amid rapid accumulation by ETH treasury companies and increasing ETF inflows in recent weeks

• Traders are watching Tuesday’s CPI release for clues on potential Fed rate cuts.

Market Predictions

• Bettors on Kalshi are predicting how high PCI will be in July 2025

• 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}}

• Harvard reveals $116M investment in BlackRock Bitcoin ETF (DC)

• Joe McCann-led Solana treasury vehicle SPAC deal is off after the firm had ambitions to raise up to $1.5B (BW)

• WNBA dildo throwing controversy began as crypto marketing stunt (DC)

• Binance is partnering with Spanish bank BBVA to allow customers to hold their assets off the crypto exchange (FT)

• White House crypto council head Bo Hines to step down, return to private sector (TB)

• Someone launched a coin called “💛CZ” and used price action to write “❤️👍” on the chart - see the chart here

• Companies are raising tens of billions of dollars, not to invest in their businesses or hire employees, but to purchase bitcoin and more obscure cryptocurrencies (WSJ)

• Brown University doubles Bitcoin stake to $13M via BlackRock ETF (TD)

• Commodity-backed cryptocurrencies hit 5-Year minting record (CD)

• Ethereum TVL hits all-time high as ETH rallies (TD)

• Sam Altman's OpenAI crushes Elon Musk's Grok in AI chess championship (DC)

• Aave’s net deposits exceed $60B, up 55% in July (TD)

• Dogwifhat original pink beanie sells to memecoin launchpad founder for $800K (TB)

• Hong Kong’s IVD Medical adds $19M ETH to Its treasury (CD)

• Bitcoin miner Terawulf's net losses continue to rise as it invests deeper in high-performance computing (TB)

Venture Capital

• US regulators will play key role in next crypto, bank fight (BBG)

M&A Announcements

• LayerZero Foundation proposes $110M acquisition of Stargate bridge as STG token struggles (TB)

• Tether, the issuer of the world's largest stablecoin USDt, has acquired a minority stake in Bit2Me, a MiCA-licensed Spanish cryptocurrency exchange (TD)

Launches

• Coinbase launching decentralized exchange trading for U.S. customers, the crypto exchange giant announced on Friday (DC)

• SUI jumps after Sygnum Bank launched custody, trading and lending services for institutional clients (CD)

• Pump.fun unveils ‘Glass Full Foundation’ to support liquidity for ecosystem memecoins (TB)

• World Mobile launches drone-based, decentralized telecom project (CT)

Regulation

• El Salvador passes law letting investment banks hold bitcoin, serve qualified clients (TB)

• Ethereum Foundation pledges to match up to $500,000 in donations backing Roman Storm’s legal fight (TB)

• Beijing moves to curb stablecoin hype even as Hong Kong advances issuer regime (TD)

Cybersecurity

• At least 1 Bitcoiner gets kidnapped every week per new report (CT)

• CrediX team vanishes after $4.5M exploit, deletes socials and takes website offline (TB)

• GreedyBear scam group ramps up crypto theft to ‘industrial scale’ CT)

Extra Reads

• Three months ago, Georges Karam had never considered for a moment that his semiconductor company might start buying bitcoin - Why struggling companies are loading up on Bitcoin

• In recent months, almost every large crypto fundraise has been a digital asset treasury (DAT) play, and VCs have been piling in - Are crypto treasury deals hurting general startup raises?

Chart of the Day

Exchanges are holding scary low levels of Ethereum right now.

Meme Dump

Pls send us crypto memes to be featured in the newsletter 🤝

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