Wednesday Top Crypto News
In one short thread…
Yesterday, the spot Bitcoin ETFs saw a total net inflow of $79.97 million, marking the fourth consecutive day of net inflows.
Spot Ethereum ETFs registered a total net inflow of $219 million, extending their streak to 18 consecutive days.
Strategy has closed a $2.5 billion offering of STRC, its new perpetual preferred stock.
Proceeds were used to buy 21,021 BTC at an average price of $117,256, bringing Strategy’s total holdings to 628,791 BTC, worth more than $74 billion at current prices.
Crypto exchange Kraken is reportedly said to be raising around $500 million at a $15 billion valuation.
Previously, Kraken was reported to be working with Goldman Sachs and JPMorgan to raise up to $1 billion in debt financing ahead of a potential IPO in early 2026.
The proceeds would be used for expansion, with a concurrent equity raise also under consideration.
The Bank of Korea announced an organisational restructuring, officially establishing a“Virtual Asset Team”and renaming the“Digital Currency Research Office”to the“Digital Currency Office”to strengthen regulatory oversight and policy response capabilities for the Korean won stablecoin and other virtual asset markets.
Since July 26, the number of tokens created daily on Base has surpassed Solana for three straight days.
After integrating the Base APP, Zora Coins has seen over 50K token creations for two consecutive days, making it the biggest launchpad, outpacing the combined total of LetsBonk and Pumpfun.
Oğuz Alper Öktem, CEO of Martı, Turkey’s largest Uber-like ride-hailing platform, said the company has decided to invest 20% of its cash reserves in crypto assets, with Bitcoin being the first allocation.
Martı sees it as a long-term store of value and aims to preserve the purchasing power of idle funds not used for operational needs.
Algeria enacted Law No. 25-10 on July 24, officially banning the issuance, sale, purchase, holding, use, and promotion of all crypto assets, including Bitcoin.
The law also criminalizes crypto mining, the use of digital wallets, and the operation of cryptocurrency trading platforms.
In case you missed it yesterday, some colour on month end flows from us 👇🏼
You’re probably tired of us saying this each month
But…
Month end this week which is negative for market liquidity as banks window dress balance sheets and park cash at the Fed’s RRP
Also see portfolio rebalancing and position adjustments which makes for noisy trading
We also have the Fed (expecting hold but tee up the Sep cut)
More importantly to us is the US Treasury Quarterly Refunding announcement tomorrow
We’ve already borrowing estimates for the next 2 quarters which are an eye watering $1.6trn 😳
What’s more important is the issuance mix and how large they pivot toward bill issuance and away from “coupon” issuance (ie longer dated treasuries, 10yr, 30yr etc)
An aggressive pivot to the front end would be more Yellen-esque treasury QE
It will put pressure on front end rates which the Fed will have little choice but to contain and flood the market with “not QE QE” liquidity so front rates are consistent with Fed rates
Either way it feels, Trump and Bessent are going to force the Fed to keep real rates lower
….which will keep our bags pumping ever higher
Crypto majors trade at the following levels
BTC 117,900 (down 0.6% in 24 hours)
ETH 3,800 (up 0.4%)
XRP 3.118 (down 0.35%)
SOL 180.47 (down 1.9%)
Have a great day!
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