Executive brief
Bitcoin has reclaimed the $65,000 level following a period of intense geopolitical tension, buoyed by signs of diplomatic progress between the US and Iran. The de-escalation has seen oil prices retreat, removing a significant inflation headwind that had previously weighed on risk assets. However, the macro outlook remains cautious as US dollar strength remains at its highest level since May 2025, and the 10-year Treasury yield persists near 4.5%. This creates a “dollar-rate wall” that may limit the sustainability of the current relief rally as liquidity conditions remain tight.
Institutional momentum continues to build despite the range-bound price action. Morgan Stanley has significantly undercut rivals by revealing 0.14% fees for its upcoming Ethereum and Solana ETFs, while Charles Schwab is partnering with Cboe to integrate prediction markets into traditional brokerage screens. These moves signal a deepening of infrastructure even as security vulnerabilities remain a critical risk. Two major exploits, including a $1.7 million drain of the Taiko bridge and a $7.5 million loss for a prominent Ethereum MEV bot, highlight the ongoing fragility of decentralized infrastructure and the complexity of automated trading protocols.
A key driver for the week will be the upcoming PCE inflation data, as investors look for cues on Federal Reserve policy following Bank of America forecasts of three rate hikes in 2026. While some analysts suggest Bitcoin may have found a bottom near $63,000, derivatives markets show lingering skepticism. A major opportunity lies in the burgeoning real-world asset (RWA) space, exemplified by UBS tokenized funds now serving as exchange margin, though the primary risk remains a potential liquidity sweep if Bitcoin fails to hold $64,000 support levels.
1) Top 20 news headlines
- OKX and NYSE partner to bridge markets in joint venture; joint venture aims to give 120 million users access to ICE futures and tokenized equities.
- Strategy adds $300m to USD reserve and acquires 520 BTC; the firm purchased 520 Bitcoin at a value of $35 million.
- Bank of England sets $50 billion stablecoin issuance cap; regulators abandoned retail holding limits in favour of a 40 billion pound aggregate cap.
- Morgan Stanley reveals record low crypto ETF fees; the bank plans to charge 0.14% fees on two upcoming Ethereum and Solana funds.
- Taiko halts layer-2 network following bridge exploit; an attacker forged withdrawal proofs to drain approximately $1.7 million from the network.
- Ethereum MEV bot Jaredfromsubway.eth drained in exploit; a malicious contract trick led to the loss of $7.5 million in stablecoins and WETH.
- Secret Network bridge exploited via infinite mint bug; hackers moved $4.7 million in stolen assets to Ethereum and various exchanges.
- MoneyGram joins Solana as network validator; the remittance firm aims to process transactions on a chain with $1.7 billion in daily volume.
- Japanese pension fund plans 1% crypto allocation; the fund representing 1,200 businesses will allocate roughly 1% of its assets to digital currencies.
- Bitmine adds $92 million of ETH to treasury; the firm remains on track to reach a goal of owning 5% of the total Ethereum supply.
- Ethereum proposal suggests 10% staking reward redirect; validators may be asked to fund ecosystem projects using part of the 700,000 ETH earned annually.
- UBS tokenized fund used as collateral on Bybit; the uMINT money-market fund has reached an on-chain scale of approximately $18.7 million.
- Ethereum Foundation faces senior talent exodus; recent departures including co-director Hsiao-Wei Wang bring the total exits to around 20.
- XRP rebounds after briefly losing $1.14 support; strong buying interest returned the token to its recent range after hitting weekend lows.
- Bitcoin miners increasingly sensitive to price swings; JPMorgan notes hashrate is more responsive as many miners operate near breakeven levels.
- Anchorage launches tokenized deposit platform for banks; the crypto bank seeks to enable financial institutions to provide 24/7 payment settlement.
- Bitcoin ETFs see record $6.4 billion outflows in 30 days; US-listed spot ETFs recorded their largest monthly net outflow since launching.
- US-Iran talks outline 60-day diplomatic roadmap; diplomatic progress mediated by Qatar has helped stabilise risk sentiment around the $64,000 level.
- Texas brothers plead guilty in $8 million crypto kidnapping; the case involved holding a family at gunpoint to force a digital asset transfer.
- Enso launches trading for 500 tokenized assets; the new app provides European investors with access to tokenized US equities and real-world assets.
2) BTC and ETH ETF flows
| Metric | BTC | ETH |
|---|---|---|
| Net inflow | -$90,656,608.72 | -$12,767,423 |
| Value traded | $2,399,913,867.21 | $436,394,362.1 |
| Net assets | $78,324,842,891.72 | $9,303,645,007.96 |
| Cumulative net inflow | $53,397,648,857.62 | $11,176,041,176.79 |
3) X trending news
- US issues Iran oil license; production and sale of Iranian-origin oil products is authorised through 21 August.
- Strategy buys $35 million in Bitcoin; the company confirmed the purchase of 520 BTC as part of its ongoing treasury strategy.
- Bank of America forecasts rate hikes; the bank now expects the Federal Reserve to raise interest rates 3 times in 2026.
- SpaceX market cap erases $250 billion; shares of the company fell 10.5% in a single session.
- Former Fed Chair Alan Greenspan dies; the influential economist passed away at the age of 100.
- US Economic Surprise Index hits 63.2; the index measuring data relative to estimates reached its highest level since August 2023.
- Trump announces Iran weapons inspections; Iran will reportedly agree to major inspections to ensure nuclear honesty.
- Semiconductor volatility matches 2009 levels; the index recorded 9 single-day gains of over 5% within the last 60 trading days.