PA Daily | SEC and Ripple end legal dispute; a certain Whale/institution has accumulated over 170,000 ETH in the past 4 days, approximately 670 million USD.

Today’s news highlights:

SBI Holdings denies submitting a dual Bitcoin-XRP ETF application

The SEC and Ripple end legal disputes: both sides waive appeals, and the ruling related to XRP remains unchanged.

Vitalik supports the “Ethereum Asset Reserve Company” but warns against excessive leverage.

The pSTAKE Foundation has launched a $50 million AI-Web3 Innovation Fund, which is now open for applications.

A certain whale/institution has accumulated over 170,000 ETH in the past 4 days, approximately worth 670 million USD.

Ethereum spot ETF had a total net inflow of $222 million yesterday, continuing a net inflow for 3 days.

Fundamental Global plans to issue up to $5 billion in securities to acquire more Ethereum.

Animoca Brands, along with Standard Chartered Bank and others, has jointly established Anchorpoint to apply for a stablecoin issuance license in Hong Kong.

Macroeconomics

SBI Holdings denies submitting a Bitcoin-XRP dual ETF application

According to a representative from SBI Holdings who clarified to Cointelegraph, the company has not submitted any ETF applications related to crypto assets. Previously, some media reported that SBI had submitted two ETF applications, including a dual ETF for gold and crypto assets as well as a dual ETF for Bitcoin and XRP, but its financial report did not explicitly confirm this news. SBI stated that the relevant plans are still in the preliminary stages, and the applications will be made after legal amendments are completed by the Japanese financial regulatory agency. The Financial Services Agency (FSA) of Japan had previously proposed to include certain crypto assets under the Financial Instruments and Exchange Act (FIEA), but a specific timeline has not yet been determined. Future applications will be submitted by SBI Holdings’ subsidiary, SBI Global Asset Management, with an initial target of individual investors, aimed at promoting the popularization of alternative investments.

U.S. SEC and Ripple End Legal Dispute: Both Parties Abandon Appeals, XRP-Related Rulings Remain Unchanged

According to The Block, a significant legal dispute in the cryptocurrency industry appears to be nearing its conclusion. The U.S. Securities and Exchange Commission (SEC) and Ripple Labs’ lawyers have jointly agreed to withdraw their appeal in the Second Circuit Court of Appeals. The joint motion to withdraw submitted on Thursday indicates that both parties will bear their own costs. Previously, Ripple Labs CEO Brad Garlinghouse announced in June that the company intended to withdraw its cross-appeal, stating that it wants to “turn the page and focus on building the value internet.” Now both parties have abandoned their appeals, and Judge Analisa Torres’ mixed ruling from 2023 will become the final judgment. This ruling found that the hundreds of millions of dollars in XRP sold by Ripple Labs to institutional investors constituted illegal securities sales, but on the issue of “dark pool” sales to retail investors, she sided with Ripple Labs.

Trump signed an executive order to stop the unfair treatment of the cryptocurrency industry being cut off from banking services.

According to The Block, on Thursday, U.S. President Trump signed an executive order aimed at preventing federal regulators from targeting financial institutions that do business with the cryptocurrency industry. The White House briefing stated that the digital asset industry has become an unfair target of “de-banking,” a practice that undermines public trust in banks and regulatory agencies, affects livelihoods, freezes wages, and places a heavy economic burden on law-abiding Americans. The order removes “reputational risk” as a reason for regulatory tightening, although it is not specifically aimed at cryptocurrencies, it has previously been cited as a tool against the industry. Previously, cryptocurrency companies and individuals complained about banks unfairly closing accounts, and Trump promised to end “Operation Choke Point 2.0.” After Trump signed the order, it received support from Republican lawmakers. House Financial Services Committee Chairman French Hill called it an important step, and Senator Cynthia Lummis praised the order for bringing transparency and accountability to the industry.

Binance collaborates with Spanish bank BBVA to allow customers to store assets outside of the exchange.

According to the Financial Times, Binance is collaborating with Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) to allow customers to custody their assets at the bank instead of the exchange. This is a new initiative by Binance to appease investors following a record $4.3 billion fine imposed by U.S. authorities in 2023. BBVA, Spain’s third-largest bank, has recently begun providing services to Binance as one of the few independent custodians. This move aims to alleviate investor concerns about the security of exchanges, especially after the FTX bankruptcy incident in 2022. BBVA’s brand recognition is higher than that of Binance’s current partners, which could enhance user trust. Under the partnership arrangement, traders’ funds will be held in the form of U.S. Treasury bonds at BBVA, while Binance will accept these assets as trading collateral.

Animoca Brands and Standard Chartered Bank jointly established Anchorpoint and applied for a stablecoin issuance license in Hong Kong.

According to official news, Animoca Brands has jointly established a joint venture in Hong Kong with Standard Chartered Bank (Hong Kong) and Hong Kong Telecommunications (HKT) - Anchorpoint Financial Limited, aimed at building a business model focused on the issuance and promotion of licensed stablecoins. Anchorpoint has formally expressed its intention to the Hong Kong Monetary Authority to apply for a stablecoin issuer license when the “Stablecoin Ordinance” comes into effect on August 1, 2025.

Trump nominates pro-crypto Stephen Miran for a seat on the Federal Reserve Board.

According to The Block, U.S. President Trump has nominated pro-cryptocurrency economist Stephen Miran to serve on the Federal Reserve Board. Miran is currently the chairman of the Council of Economic Advisers and has previously proposed simplifying cryptocurrency regulations. The board seat was previously held by Adriana Kugler, who announced her resignation last week, and Miran will fill this vacancy with a term ending on January 31, 2026. Additionally, Miran has been a senior strategist at investment firm Hudson Bay and has worked at the U.S. Treasury and Fidelity Investments. Notably, Trump has publicly clashed with Federal Reserve Chairman Powell over interest rate issues in recent weeks, and Miran has also criticized Powell.

opinion

Analysis: Bitcoin’s short-term overselling may indicate a possibility of rebound. If it falls below the support level of $112,000, it will drop to the $106,000 range.

Matrixport’s latest release, the “Matrix on Target” weekly report analysis, indicates that Bitcoin has recently entered an adjustment phase, with market momentum weakening, trading volume shrinking, and funding rates remaining low, suggesting a loosening market structure. With seasonal disturbances in August compounded by external uncertainties, short-term sentiment has significantly turned cautious. From a technical perspective, the $112,000 support level had previously played a role during the initial pullback, but the rebound has been insufficient, and this support level may face another test; if it fails, market attention could shift to the $106,000 range. The report further points out that the repricing of U.S. economic growth expectations may become a key factor for the resurgence of Bitcoin’s volatility. Currently, some sectors of the U.S. economy are facing substantial slowdowns, with the ISM manufacturing index remaining in contraction territory, and non-manufacturing indicators showing limited expansion, while recent employment data has also undergone significant downward revisions. Market expectations for the Federal Reserve’s “potential interest rate cut in September” are gradually strengthening, but no clear signals have been released yet, which could lead to a continuation of the consolidation trend. Additionally, the report mentions that some publicly traded companies holding large amounts of Bitcoin have seen their net asset values (NAV) shrink, which may weaken their ability to raise funds through issuing new shares to increase their Bitcoin holdings. In the short term, oversold technical indicators may suggest a possibility of a rebound, but the report maintains a cautious stance on the sustainability of such a rebound, leaning more towards the view that prices will continue to consolidate sideways. Investors need to patiently wait for clear bottom signals or a resumption of market momentum.

Vitalik supports the “Ethereum Asset Reserve Company,” but warns against excessive leverage.

According to Cointelegraph, Ethereum co-founder Vitalik Buterin expressed support for the “Ethereum Asset Reserve Company” during an interview on the Bankless podcast, while also issuing a risk warning. He pointed out that when publicly listed companies buy and hold Ethereum, it allows more investors to access the token. These companies provide more options for people with different financial situations by investing in the Ethereum Asset Reserve Company rather than holding directly. However, Buterin cautioned that the future of Ethereum should not come at the cost of excessive leverage. He is concerned that a price drop could trigger a chain reaction of forced liquidations, leading to further price declines and damaging credibility. Nevertheless, he also stated that he believes Ethereum investors are disciplined enough to avoid such collapses.

CryptoQuant: Bitcoin has entered a cooling period of the bull market, indicating a pause in its upward trend.

According to a report shared by the on-chain analytics firm CryptoQuant on Thursday, Bitcoin is showing signs of short-term consolidation or mild downward risk after reaching a historic high of over $123,000 last month. Bitcoin has entered a cooling period of the bull market, with the bull market index falling from 80 to 60; although market conditions remain positive, the upward momentum has weakened. The decline in the index reflects both the profit-taking phenomenon following Bitcoin’s recent historic high and the seasonal slowdown in trading activity during the summer. If Bitcoin’s price continues to weaken, this indicator may fall into negative territory, causing the bull market index to drop below 40—this would formally issue a bearish signal for the market for the first time since April 2023. Multiple on-chain indicators confirm the decline in upward momentum, with stablecoin liquidity stagnating into the red and new capital inflows drying up; at the same time, on-chain profitability signals have turned red, indicating that traders are taking profits. CryptoQuant states that Bitcoin’s further upward movement may require new bullish catalysts, with its research director suggesting that a rate cut in the Federal Reserve’s September meeting could be a significant factor, as the market has been anticipating this.

Project Updates

Binance Alpha will launch Baby Shark Universe on August 9 (BSU)

Binance announced that its Alpha platform will launch Baby Shark Universe (BSU) on August 9. Eligible users can claim airdrop rewards using Binance Alpha Points on the Alpha Events page after trading begins.

Binance Alpha will launch SatLayer (SLAY) on August 11.

Binance Alpha has announced that it will become the first trading platform to list SatLayer (SLAY) on August 11. Eligible users can claim airdrops using Binance Alpha points through the Alpha activity page after trading opens.

Base announced the launch of a content revenue-sharing mechanism for creators in the Base app.

Base announced on the X platform that creators can earn income when users interact with their content on the Base app. Each time a post is bought or sold, creators receive fees that go directly into their wallets. Starting today, Base will begin supporting creators in this new global economy by collecting minted content. Additionally, Base specifically states that this series is not intended to generate investment returns and does not constitute financial advice, reminding users to conduct their own research. Base plans to hold the relevant tokens indefinitely, without trading or selling, firmly believing that creators should be compensated directly for their creativity and showcasing ways to monetize content.

Upbit will launch IP tokens on the KRW, BTC, and USDT markets.

According to the official announcement, the South Korean cryptocurrency exchange Upbit will list IP tokens on the KRW, BTC, and USDT markets.

The pSTAKE Foundation has launched a $50 million AI-Web3 Innovation Fund, which is now open for applications.

According to the official blog, the pSTAKE Foundation has announced that its $50 million AI-Web3 Innovation Fund is now officially open for applications. The project aims to accelerate research, development, and collaboration in the cutting-edge fields of generative artificial intelligence and decentralized networks. The fund focuses on five strategic areas: 1. Decentralized Generative Agents: fully on-chain autonomous AI entities; 2. On-chain Provenance: transparent attribution of datasets, models, and agent outputs; 3. Market Layer for AI Assets: valuation, exchange, and collateralization protocols; 4. Programmable Creative Engines: AI channels for dynamic multimedia; 5. Secure, Composable Infrastructure: secure and scalable building blocks for interoperable AI-Web3 systems.

The Ethereum Foundation will donate an additional $500,000 for Roman Storm’s legal defense.

Hsiao-Wei Wang, the co-executive director of the Ethereum Foundation, stated in a post on X that the foundation will donate an additional $500,000 for the legal defense of Tornado Cash founder Roman Storm. Wang emphasized: “Privacy is the norm, and writing code is not a crime.” Earlier yesterday, it was reported that Tornado Cash founder Roman Storm was convicted of unauthorized remittance, but the jury did not reach a consensus on the money laundering and sanctions charges.

Animoca Brands and ProvLabs jointly launched the RWA trading platform NUVA.

According to Cointelegraph, Animoca Brands has launched the RWA trading platform NUVA in collaboration with Provenance Blockchain developer ProvLabs. The NUVA marketplace will leverage the existing RWA ecosystem of the Provenance blockchain, which currently holds assets valued at approximately $15.7 billion. The first two tokenized products to go live are Figure Technologies’ US interest-bearing stablecoin security YLDS and the fixed-rate home equity line of credit pool HELOC. NUVA adopts a “vault” structure to simplify the participation process for investors, allowing holders of nuYLDS or nuHELOC tokens to earn returns on the corresponding underlying assets. The CEO of ProvLabs stated that this model could provide on-chain trading possibilities for traditional illiquid assets. The co-founder of Animoca pointed out that the current RWA market is constrained by cross-chain fragmentation, and NUVA aims to enhance the accessibility of institutional-grade assets through a unified multi-chain ecosystem.

Pump.fun launches the Glass Full Foundation to inject liquidity into specific ecosystem tokens.

Pump.fun announced the launch of the Glass Full Foundation on platform X to inject liquidity into specific ecosystem tokens. The team stated that several projects have already received support and plans to deploy more projects, but specific allocation details have not yet been disclosed.

Sygnum announces the provision of SUI custody, trading, staking, and other services for institutional users.

Digital asset bank Sygnum has announced the provision of custody, trading, and loan solutions for SUI, further expanding the access for professional and institutional investors to the Sui ecosystem. In July of this year, Sygnum became the first Swiss bank to fully integrate SUI into its regulated banking platform, offering services including custody, spot and derivatives trading, staking, and SUI-backed loans. Previously, Swiss crypto bank AMINA launched SUI token trading and custody services, planning to offer SUI staking services.

Bithumb will launch the TREE token on the Korean won market.

According to the official announcement, the South Korean cryptocurrency exchange Bithumb will launch the TREE token on the Korean won market.

The ResearchHub Foundation proposes to introduce a token burn mechanism for the RSC token.

The DeSci project ResearchHub Foundation stated on platform X that the new governance proposal (RIP-23) will introduce an RSC token burn mechanism. If the proposal is approved, 100% of the transaction fees collected by the ResearchHub Foundation will be automatically burned weekly. Complete details will be announced soon on Snapshot.

important data

A certain whale/institution has accumulated over 170,000 ETH in the past 4 days, approximately worth 670 million USD.

According to on-chain analyst Yu Jin, a certain whale/institution has accumulated 171,015 ETH worth up to $670 million through 6 addresses in the past 4 days. In just the past hour, they received 23,424 ETH (9165 million dollars ). They created a wallet through BitGo using address 0x0c3…40e, and then purchased and received ETH from institutional trading platforms such as FalconX, Galaxy Digital, and BitGo. So far, they have created a total of 6 wallets that have received a total of 171,015 ETH (6.7 million dollars ), with an average price of $3,669.

Ethereum spot ETF saw a total net inflow of $222 million yesterday, continuing a three-day net inflow.

According to SoSoValue data, yesterday (Eastern Time August 7) the total net inflow of Ethereum spot ETFs was $222 million. The Ethereum spot ETF with the highest net inflow yesterday was Blackrock ETF ETHA, with a single-day net inflow of $104 million. Currently, the historical total net inflow of ETHA has reached $9.593 billion. Following that is Grayscale Ethereum Trust ETF ETH, with a single-day net inflow of $34.609 million, and the historical total net inflow of ETH has reached $1.134 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $21.804 billion, with an ETF net asset ratio (market value compared to Ethereum’s total market value) of 4.66%, and the historical cumulative net inflow has reached $9.355 billion.

Bitcoin spot ETF saw a total net inflow of $281 million yesterday, with IBIT leading the way at a net inflow of $157 million.

According to SoSoValue data, yesterday (Eastern Time August 7), the total net inflow for Bitcoin spot ETFs was $281 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was the Blackrock ETF IBIT, with a single-day net inflow of $157 million, bringing the total historical net inflow for IBIT to $57.426 billion. Next was the Fidelity ETF FBTC, with a single-day net inflow of $43.4452 million, currently having a total historical net inflow of $11.997 billion. The Bitcoin spot ETF with the highest single-day net outflow yesterday was the Ark Invest and 21Shares ETF ARKB, with a single-day net outflow of $388,500, and the total historical net inflow for ARKB currently stands at $2.381 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $150.972 billion, with the ETF net asset ratio (the market value compared to the total market value of Bitcoin) reaching 6.47%, and the historical cumulative net inflow has reached $54.023 billion.

A Pendle multi-signature wallet transferred 900,000 PENDLE to Binance, worth approximately 4.65 million USD.

According to on-chain analyst Yu Jin’s monitoring, 25 minutes ago, a multi-signature wallet of Pendle transferred 900,000 PENDLE worth approximately 4.65 million USD to Binance.

The giant whale @AguilaTrades has once again increased its long position to $223 million.

According to on-chain analyst Yu Jin’s monitoring, the whale @AguilaTrades has been continuously increasing his long position through TWAP after opening a long position yesterday afternoon. His long position is now valued at $223 million. This trader previously increased his position to $400 million five times before incurring losses. Currently, his position has an unrealized profit of $4.76 million: Long 1277 BTC with 40x leverage, valued at $150 million, opening price $115,968, liquidation price $112,932; Long 18833 ETH with 25x leverage, valued at $73.64 million, opening price $3,774, liquidation price $3,600.

( Financing

The crypto derivatives trading application Euphoria based on MegaETH has completed a $7.5 million seed round financing.

According to The Block, the crypto derivatives trading application Euphoria based on MegaETH has announced the completion of a $7.5 million seed round financing, which includes a $2.5 million pre-seed round in November 2024 and a $5 million seed round from February to July 2025. The seed round was led by Karatage, with participation from Figment Capital and Robot Ventures. Other participants include Bankless Ventures, First Commit, Hash3, Comfy Capital, and Kosmos Ventures, along with over 100 angel investors. The project is developing a mobile “click trading” interface to lower the user threshold by simplifying the operational processes of derivatives such as options and perpetual contracts. Euphoria plans to launch on the MegaETH mainnet within the year, with a business model referencing Hyperliquid to profit through market making and trading fees. The team currently has 8 members and plans to add 3-5 engineering and product positions. The long-term roadmap includes the issuance of a native token.

The Web3-based AI project Perle has completed a $9 million seed round of financing, led by Framework Ventures.

According to The Block, the Web3-based artificial intelligence project Perle has announced the completion of a $9 million seed round financing, led by Framework Ventures, bringing the total funding for the startup to $17.5 million. The project aims to leverage blockchain technology and crypto-economic incentives to optimize the quality of AI training data. Perle plans to launch Perle Labs, which will record data contributions through blockchain technology and incentivize users to provide high-quality feedback to improve AI model training. Its CEO stated that decentralized data labeling can reduce bias and enhance model performance. Previously, Perle completed an $8.5 million Pre-Seed round financing led by CoinFund in October 2024.

Scenius Capital has completed a $20 million fundraising for a new fund, focusing on supporting emerging crypto VCs.

According to Blockworks, Scenius Capital has announced the completion of a “slightly oversubscribed” new fund of $20 million, focusing on investments in emerging crypto venture capital funds. The company stated that the fund will support early-stage managers with advantages in their fields, regions, or ecosystems. ParaFi has strategically invested in Scenius Capital and will provide financial support for its business line expansion and token capital market consulting services. Scenius Capital has stated that despite the challenging market environment, it has still gained support from multiple crypto-native LPs and will continue to focus on small, first-round, or second-round managers in the future.

( Institutional Holdings

Bitcoin treasury company BSTR completed a $65 million financing and plans to hold over 30,000 BTC after the business merger.

According to the latest announcement from The Bitcoin Standard Treasury Company (BSTR), the company has completed an additional $65 million financing, equivalent to approximately 555 Bitcoins (based on the current price of $116,750). These funds will be officially utilized after the merger of BSTR and CEPO is completed. It is reported that the merged company will trade under the stock code “BSTR” and plans to hold 30,021 Bitcoins. Previously, it was indicated that BSTR has finalized a business merger agreement with Cantor Equity Partners I, Inc.(Nasdaq: CEPO). Cantor Equity Partners I, Inc. is a special purpose acquisition company initiated by a Cantor Fitzgerald affiliate. The merged company will also have access to up to $1.5 billion in private equity investment post-IPO PIPE financing, which is the largest PIPE financing related to Bitcoin reserves in SPAC merger transactions to date, and this SPAC will additionally contribute approximately $200 million depending on redemption conditions.

Public company Sharplink Gaming has increased its holdings of ETH again, raising its position to 568,000 ETH.

According to on-chain analyst Yu Jin’s monitoring, as of now, the publicly listed company Sharplink Gaming’s address has received a total of 21,959 ETH ###, approximately 83.96 million USD ### today. SharpLink ( SBET ) has accumulated 568,000 ETH since it started its micro-strategy operation mode to reserve ETH at the beginning of June, currently valued at 2.215 billion USD, with an unrealized profit of 433 million USD.

Fundamental Global plans to issue up to $5 billion in securities to acquire more Ethereum.

According to Coincentral, Nasdaq-listed Fundamental Global Inc. (FGF) has submitted an S-3 registration to the SEC, aiming to issue up to $5 billion in securities. The majority of the raised funds will be used to purchase Ethereum, while the remaining funds will support the company’s operations. FGF plans to issue securities in batches and adjust the scale, pricing, and terms flexibly according to future circumstances. The submitted prospectus includes a base prospectus and a market price (ATM) prospectus, aiming to issue common stock valued at up to $4 billion. These issuances will be conducted under a new agreement reached with ThinkEquity, LLC. The company may sell shares in installments or batches based on market dynamics. If no shares are sold under the ATM agreement, the full $5 billion can be issued through other means. All sales must comply with SEC guidelines and depend on the latest market capitalization threshold.

Block increased its holdings by 108 bitcoins in Q2, bringing the total to 8,692 bitcoins.

According to HODL15 Capital, Jack Dorsey’s payment platform Block, Inc. (XYZ) increased its holdings by 108 bitcoins in the second quarter, and the company currently holds 8,692 bitcoins.

The publicly traded company Oblong announced that it has pledged $8 million in Bittensor (TAO) tokens.

According to The Block, Nasdaq-listed company Oblong has announced that it has staked all of its Bittensor (TAO) tokens worth $8 million to support network operations and incentivize AI innovators. Oblong shifted to a “decentralized AI treasury” strategy in June, focusing on accumulating TAO. The company previously raised $7.5 million through a stock subscription to advance this strategy. In addition to Oblong, companies like xTAO and TAO Synergies have also recently made large purchases and hold TAO. The current token price of Bittensor is $354.67, with a total market capitalization of approximately $3.4 billion.