Mois : juillet 2025

A single buyer spent more than $2.9 million on six rare CryptoPunks featuring the coveted hoodie trait, deepening a resurgence in the market for non-fungible tokens (NFTs) that has pushed up prices and volumes.

The purchase, carried out in rapid succession on NFT marketplace OpenSea, came after floor prices for top collections surged across the board.

Over the last 30 days, CryptoPunks jumped 29% to nearly 51 ETH (about $190,000), while Pudgy Penguins and Bored Ape Yacht Club saw 66.7% and 9.8% rises, respectively, according to CoinGecko data.

The hoodie sweep stands out because a single buyer picked up all of the rare NFTs. In total, the buyer now has 12 CryptoPunks.

Market data from CoinGecko shows that overall NFT capitalization jumped 66% to $6 billion in the past 30 days. CryptoPunks’ rally saw their share of the market grow past 30%.

Despite the rally, the NFT sector is far behind the 2021 and 2022 boom, when the market capitalization reached $16.6 billion. Since then, major marketplaces including X2Y2 have shut down and others pivoted to token trading.

La vente de biens immobiliers contre des cryptomonnaies, bien que non inédite, a longtemps été une pratique marginale. Pourtant, cette dynamique est en pleine mutation. Inspirées par des transactions emblématiques, comme la vente d’une villa de luxe à Beverly Hills pour 65 millions de dollars en cryptomonnaies, les grandes marques se positionnent. C’est le cas de Christie’s International Real Estate, le réseau de courtage immobilier de luxe, qui vient de franchir un cap en lançant une équipe dédiée à ces transactions.

Les cryptomonnaies débarquent chez Christie’s International Real Estate

La célèbre maison de vente aux enchères Christie’s est reconnue pour son rôle pionnier dans l’acceptation des cryptomonnaies pour des œuvres d’art numériques comme les NFT. Son réseau immobilier affilié, Christie’s International Real Estate – un réseau mondial d’agences immobilières de luxe indépendantes opérant sous la marque Christie’s – vient de pousser plus loin cette tendance.

Comme l’a rapporté le New York Times hier, la branche sud-californienne de Christie’s International Real Estate est devenue la première grande entreprise américaine du secteur à créer une équipe entièrement dédiée aux transactions immobilières de luxe payables en crypto. Cette division gérera un portefeuille de propriétés évalué à plus d’un milliard de dollars.

Cette initiative est une réponse directe à l’évolution du marché. Aaron Kirman, directeur général de la branche concernée et figure reconnue de l’immobilier de luxe, a expliqué au New York Times avoir déjà facilité plusieurs transactions majeures au cours des deux dernières années, dont l’acquisition en février 2022 d’une propriété de 65 millions de dollars à Beverly Hills où les acheteurs ont spécifiquement demandé d’utiliser des cryptomonnaies. « La tendance était évidente, la crypto est là pour rester », a déclaré M. Kirman, prédisant une expansion significative dans les années à venir.

L’immobilier craque pour les cryptomonnaies

La nouvelle division de Christie’s International Real Estate est conçue pour gérer ces paiements sans la dépendance traditionnelle aux banques intermédiaires. Elle s’appuie sur une équipe interne d’avocats, d’analystes et d’experts en crypto, garantissant une gestion fluide et sécurisée des transactions. Un attrait majeur de la cryptomonnaie pour ces acheteurs fortunés est la possibilité de protéger leur identité, une discrétion souvent recherchée mais difficile à maintenir avec les méthodes de paiement traditionnelles. M. Kirman a d’ailleurs confirmé avoir déjà conclu des transactions où l’identité de l’acheteur est restée confidentielle pour le vendeur.

Cette information s’inscrit bien évidemment, dans un contexte plus large d’acceptation croissante des cryptomonnaies. L’administration Trump à Washington a récemment manifesté un soutien marqué aux cryptomonnaies, notamment avec la signature du GENIUS Act, une loi encadrant les stablecoins, et l’adoption par la Chambre du Clarity Act, renforçant l’industrie.

L’article Immobilier de Luxe : Christie’s International Real Estate ouvre une division crypto est apparu en premier sur Journal du Coin.

Après plusieurs années dans l’ombre, les NFT reviennent progressivement sur le devant de la scène. Rebond du chat mort avait que l’écosystème soit définitivement enterré ? Cela n’est pas certain, entre les collections historiques et les projets qui construisent une forte communauté, les NFTs n’ont pas donné leur dernier mot.

Hausse du prix plancher : les CryptoPunks reviennent en force

Lancée en juin 2017, la collection des CryptoPunks a connu un essor exceptionnel. Se positionnant comme une série iconique pour l’écosystème Ethereum et avec un volume d’échange total qui s’approche des 4 milliards de dollars, le prix plancher actuel est à 190 000 dollars.

Un rebond est marqué sur cette collection depuis août 2024, les achats s’accélérant toutefois ces derniers jours, ce qui permet de revenir sur les niveaux de mars 2024.

Beaucoup d’influenceurs et analystes sur X pointent du doigt la hausse de l’activité sur la collection sur ces dernières heures. Lors du précédent Bull Run crypto, cela a eu lieu en amont du cycle des NFT. Serait-ce un nouveau cycle qui s’ouvre pour les NFT ?

Le retour en force des CryptoPunks démontre la résilience de cette collection dans le temps. Un positionnement qui résulte en très grande partie de son arrivée prématurée dans un cycle où les NFT n’existaient pas.

NFT : un écosystème oublié aux multiples opportunités ?

Malgré un écosystème qui est vu à ce jour comme un repère à arnaques et aux spéculations sans fondamentaux, certains projets tirent leur épingle du jeu et parviennent à surperformer les altcoins. Nous retrouvons par exemple les collections suivantes : Pudgy Penguins, les Moonbirds, les Milady Maker et bien d’autres projets.

Cependant, celui qui tire réellement son épingle du jeu, c’est le projet Pudgy Penguins. Véritable écosystème avec sa marque de vêtements et des produits qu’on retrouve désormais dans des supermarchés.

Ce qui diffère cette collection de ses concurrents, c’est son memecoin, le $PENGU. Après un lancement au bon moment, lors de la hausse du marché en fin d’année 2024, une forte correction a eu lieu.

Toutefois, l’actif a opéré un fort rebond, lui permettant d’inscrire un X10. Une performance alimentée par la reprise en force de Solana, le retour progressif des NFT sur le devant de la scène et l’intérêt du marché pour les memecoins en raison du TGE de PumpFun et de LetsBonk. En ce sens, bien que cela soit particulièrement complexe, certaines opportunités se présentent toujours. Valorisé à 2 milliards de dollars, c’est à ce jour l’une des meilleures performances de Solana.

Face à la croissance du marché et des NFT : protégez vos actifs avec Best Wallet

En ayant vos actifs qui prennent en valeur, que ce soit vos NFT ou des altcoins, il est essentiel de se protéger des utilisateurs malveillants, logiciels défaillants et protocoles à risques on-chain. Pour cela, un portefeuille non-custodial est indispensable, bien plus qu’une plateforme centralisée.

Historiquement, ce sont les solutions comme Metamask ou Trust Wallet qui ont dominé le marché. Toutefois, nous assistons à l’émergence de solutions bien plus performantes comme Rabby Wallet et surtout, le portefeuille Best Wallet. Ce dernier attire à ce jour plusieurs centaines de milliers d’utilisateurs en raison d’un écosystème varié et polyvalent : DEX, launchpad, on-ramp et off-ramp fiat.

Actuellement en prévente avec plus de 10 millions de dollars levés, le jeton $BEST est un franc succès ces derniers mois. Promettant à ses utilisateurs de nombreux avantages comme la réduction de frais ou des airdrops, cela explique l’engouement pour cet actif dans une période où les hacks on-chain se multiplient.

Les crypto-actifs représentent un investissement risqué.

Sur le même sujet :

Transformer 10 $ en 10 000 $ : les prédictions folles de ChatGPT sur ces 3 altcoins

BlackRock : son ETF Ethereum devient le 3e plus rapide à atteindre 10 milliards $

Scandale XRP : un co-fondateur de Ripple vend pour 175 millions $

The post Achats massifs de CryptoPunks : les NFT reviennent en force avec ethereum appeared first on Cryptonews France.

Un NFT à 5,15 millions de dollars. La société GameSquare Holdings vient d’annoncer l’achat d’un CryptoPunk très rare, le Cowboy Ape, pour un montant de 5,15 millions de dollars et cette acquisition s’inscrit dans la stratégie d’investissement de l’entreprise qui souhaite se positionner sur les actifs numériques et notamment les NFT. En parallèle, GameSquare a aussi annoncé avoir acheté 10 millions de dollars d’Ether pour sa trésorerie.

GameSquare Holdings achète le CryptoPunk #5577 pour 5,15 millions de dollars

La société GameSquare (Nasdaq : GAME) qui se présente comme une entreprise de média, de divertissement et de technologie de nouvelle génération a annoncé hier l’achat du CryptoPunk #5577 auprès de Robert Leshner, le fondateur du protocole DeFi Compound et actuel PDG de Superstate. Ce NFT aussi appelé Cowboy Ape est très recherché par les collectionneurs et il n’en existe que 24 exemplaires dans la collection des CryptoPunks ce qui en fait un objet numérique très rare.

Pour réaliser cet achat, GameSquare Holdings a émis 5,15 millions de dollars d’actions privilégiées convertibles en environ 3,4 millions d’actions ordinaires de l’entreprise au prix de 1,50 dollar l’action. Cette acquisition marque le premier investissement direct de GameSquare Holdings dans un NFT et c’est un tournant stratégique pour l’entreprise qui souhaite se positionner dans le secteur du Web3.

Le CryptoPunk #5577

L’entreprise cotée au Nasdaq continue d’investir dans les cryptomonnaies

Le PDG de GameSquare Holdings, Justin Kenna, a déclaré à cette occasion :

« Je suis ravi d’annoncer notre premier investissement dans un NFT ‘graal’ dans le cadre de la stratégie différenciée de gestion de trésorerie que GameSquare poursuit (…) De plus, nous sommes ravis d’accueillir Robert Leshner, l’un des investisseurs les plus respectés de la cryptographie et un pionnier de la finance décentralisée en tant qu’actionnaire. Cette relation démontre la stratégie unique et avant-gardiste que nous avons développée pour nous étendre aux frontières les plus dynamiques de la finance onchain. »

Source

De son côté, Robert Leshner a déclaré être « heureux de travailler avec GameSquare en tant qu’actionnaire et de soutenir Justin et son équipe alors qu’ils innovent sur la stratégie de trésorerie native numérique, sur les marchés traditionnels et onchain ».

En parallèle de cette annonce, GameSquare a également révélé avoir acheté pour 10 millions de dollars d’Ether à un prix moyen de 3 646 dollars l’unité et l’entreprise possède désormais 12 913 ETH dans sa trésorerie, soit environ 52 millions de dollars.

GameSquare continue d’investir massivement dans les cryptomonnaies et les NFT et elle rejoint ainsi d’autres entreprises qui ont décidé de diversifier leur trésorerie avec des cryptomonnaies.

L’article Un NFT à 5,15 millions et 10millions de $ en ETH : Le pari crypto de GameSquare ! est apparu en premier sur Journal du Coin.

The creator of the Bored Ape Yacht Club non-fungible tokens (NFTs) needs to better prove that a « satirical » version of these tokens was meant to mislead would-be buyers, a U.S. appeals court said Wednesday, overturning a lower court ruling and sending the case back to that lower court for a new trial.

The U.S. Court of Appeals for the Ninth Circuit ruled that a District Court finding that Ryder Ripps’ NFT collection harmed Yuga Labs’ trademarked NFTs needs to be reconsidered, though without weighing in on whether there was indeed trademark infringement — only that Yuga needed to do a better job of demonstrating that under the law at a new trial, a court document said.

Ryder Ripps and Jeremy Cahen, the duo behind the RR/BAYC NFT collection, had previously argued that their tokens were meant to be a satirical response to the actual BAYC. Yuga Labs sued in 2022, alleging trademark infringement and cybersquatting.

A partial summary judgement by a district judge found that Yuga does own trademarks to its Bored Ape Yacht Club NFT collection and that Ripps’ RR/BAYC NFT collection did cause confusion as the images did look similar. Ripps appealed the final ruling, which included an over $8 million fine to be paid to Yuga. The appeals court said that while Yuga does have priority on the trademark due to being the first to use « the Bored Ape Yacht Club marks, » it had not proven that Ripps’ NFTs were causing confusion.

Nevertheless, Yuga Labs must return to trial. « Yuga may ultimately prevail on these claims, but to do so it must convince a factfinder at trial, » the filing said.

Digital media company GameSquare (GAME) said it bought Cowboy Ape #5577 of the CryptoPunk non-fungible token (NFT) collection from Robert Leshner for $5.15 million.

The Frisco, Texas-based company, which described the purchase a strategic investment, also said it added just over $10 million worth of ether (ETH) to its treasury. Leshner, the founder of Compound Labs, an open-source protocol for algorithmic money markets on Ethereum, received the company’s preferred stock in payment

CryptoPunks are one of the earliest and among the most influential NFT projects. Created in 2017, they inspired much of the modern crypto art movement and set a precedent for digital ownership on the blockchain.

« GameSquare plans to leverage CryptoPunks for marketing activations, community building, and potential licensing opportunities, » the company said in a Thursday announcement.

The firm’s purchase of 2,742.75 ETH takes its total holdings to 12,913.49 ETH, valued at around $48.5 million.

A number of companies have unveiled ether treasury strategies in recent months as a means of generating passive yield through ETH staking. Foremost among them is SharpLink Gaming(SBET), now the largest corporate ether holder, with over 360,000 ETH.

Firms in the media, entertainment and gaming sectors like SharpLink and GameSquare may see an ether treasury strategy as a means of advancing their Web3 aspirations through investing in the Ethereum ecosystem and thereby gaining exposure to NFTs, decentralized finance (DeFi) and more.

GAME shares spiked to $1.44, an intraday gain of nearly 8%, following the announcement, before pulling back. At the time of writing, it was trading 4.8% higher at $1.33.

Blockchain is reshaping industries beyond finance. In this Crypto for Advisors newsletter, we shift focus from traditional investments to explore a disruptive blockchain use case in the music industry. Inder Phull, CEO and Co-Founder of Pixelynx and creator of KOR Protocol, explains how on-chain music rights and royalties are transforming ownership and why this matters for artists and investors.

Then, Ronald Elliot Yung from RaveDAO answers questions about these changes and how they impact investments in Ask an Expert.

– Sarah Morton

Remix, Rights & Revenue: Why Onchain Music Infrastructure Is the Future

A fundamental shift, redefining how music is protected, managed, and monetized.

Introduction: A Broken Symphony

The digital revolution has empowered musicians with unprecedented tools to create, collaborate, and reach global audiences. Unfortunately, this rapid evolution has come with its own set of challenges. While the Internet has rewritten the rules of creation, distribution, and consumption, the methods we use to protect and monetize creative content, such as copyright laws, licensing models, and royalty structures, have not kept pace. In this environment, artists struggle to maintain control of their work, with inadequate attribution and a lack of fair compensation.

For advisors, you may have clients in the music industry or investors seeking to invest in these assets. Understanding the evolution of this industry could be a strategic advantage as assets move on-chain.

The systems that governed the industry were originally designed in a pre-Internet era when the concepts of global digital rights and licences were yet to be considered. We now find ourselves in a situation where TikTok hits are often born from unauthorized samples, AI-generated music is flooding streaming platforms, and artists struggle to make a living.

Legal pathways to capitalize on emerging opportunities, such as AI or UGC virality, remain locked behind gatekeepers, legacy contracts, and unclear ownership data. Enter onchain rights infrastructure: a shift that could rewire how we protect, manage, and monetize music.

The Problem: Rights Are Fragmented, and Creators Lose

There is a reason why music on social media has yet to generate a revenue stream for artists, why the “Metaverse” lacks music, and why AI is perceived as a threat. Existing copyright systems do not adequately address the complex web of ownership and usage rights associated with modern applications of music, such as remixing or user-generated content on social media platforms.

The current complexity costs the industry billions, as this system often leaves creators underpaid and legally vulnerable. Creators are shifting to owner-created content, where they can track the usage of their creations and consumption, and get paid regardless of where their assets are consumed.

The Future: Onchain Rights Infrastructure

Onchain rights infrastructure redefines the backend of the music industry. It provides rightsholders with undisputed, verifiable ownership of their work, with rights transparently programmed into the registration. This transparency and programmability enable music to move effortlessly across platforms, applications, and media, automatically tracking attribution, verifying provenance, and eliminating the friction of traditional licensing processes. Artists receive payment instantly, and their rights are enforced in real-time.

Imagine if every track came with a smart contract, one that listed the rights holders, the ownership percentages, and the licensing terms in code. If you wanted to use the song in a remix, a sync, or a sample, the contract would tell you what’s allowed and automatically distribute royalties.

That’s what on-chain rights infrastructure makes possible.

On a blockchain, rights can be:

Transparent — anyone can see who owns whatProgrammable — remix terms, splits, and conditions are encodedTraceable — derivatives and remixes are tracked in real timeCompositional — rights become building blocks, not walls

If the music industry wants to capitalize on emerging technology and cater to tomorrow’s digital consumers, it will need a more agile and forward-looking approach to music rights management and licensing. Onchain rights infrastructure is the answer.

Understanding the shift to on-chain rights infrastructure is no longer niche; it’s a key part of the future. Whether you’re advising IP holders navigating their royalty flows or helping investors explore music IP as an emerging asset class, being fluent in how rights and revenue can be transparently encoded onchain is vital. Just as streaming reshaped consumption models, on-chain infrastructure is reshaping the ownership system; those who understand it early will be best positioned to grow in the evolving digital economy.

– Inder Phull, CEO and co-founder, Pixelynx

Ask an Expert

Q. In a world of corporate festivals and algorithm-driven playlists, how can decentralized models enable new music scenes, community leadership, and fan ownership?

Music has always thrived in pockets: underground clubs, bedroom producers, DIY scenes. Blockchain now offers a chance to bring these microcultures to the world, placing influence in the hands of those who live the culture, not just those who monetize it.

For investors, the upside is early access to untapped cultural capital and the energy of self-organizing communities. Most users still crave experiences, not just technology. No protocol can manufacture authenticity, and it’s easy for on-chain “ownership” to become performative if it’s disconnected from what’s happening on the ground. The winning models will get the “local-to-global” flywheel right: using technology to empower people, not just platforms, and ensuring new voices and collectives receive the recognition and support they need before being absorbed by the next algorithmic trend.

Q. What persistent problems can blockchain and AI fix in live events, and what’s still unsolved for the music economy?

Blockchain finally addresses ticket fraud, opaque splits, and the lack of fan ownership in events. On-chain tickets are tamper-proof and traceable, making resale and royalty flows transparent. AI is cutting through noise by personalizing experiences, automating support, and making sense of the huge, messy flood of fan data most venues still ignore. However, technology alone won’t solve the music industry’s most profound issues. Scene-building, trust, and curation remain deeply human challenges. No blockchain replaces the hustle of earning credibility, or the magic of a local scene bubbling up in defiance of the mainstream. Even the best AI can’t spot next year’s genre-defining artist without a pulse on culture itself. For investors and advisors, the risk is buying into the illusion that data and automation alone can drive engagement and loyalty. The most compelling opportunities will blend digital tools with real-world understanding, creating systems that empower communities rather than just optimize transactions.

Q. What are the blind spots in the current “Web3 x Music” hype cycle, and where should advisors exercise caution?

There’s no shortage of pitch decks promising to “revolutionize” music with tokens and NFTs. But hype alone can’t replace authentic connection, or build the grassroots energy that makes festivals last. Advisors should look beyond user counts or Discord noise and ask: Are local communities actually thriving? Is community governance a real process or just a buzzword? Can this model attract and retain both serious talent and loyal fans? The winners will be platforms that treat culture as a living ecosystem, not a quick flip, and that balance on-chain innovation with the off-chain work of building trust.

– Ronald Elliot Yung, core contributor at RaveDAO

Keep Reading

Charles Schwab CEO says crypto trading is coming soon for clients.President Trump signed the first U.S. cryptocurrency bill into law during “crypto week”.JP Morgan is planning to offer bitcoin-backed loans.

Alors qu’il continue d’afficher son optimisme sur l’avenir d’Ethereum, Arthur Hayes mise désormais sur les CryptoPunks pour surperformer l’ETH dans le cycle actuel. Un pari qui illustre l’essor des NFT comme symboles de statut dans le monde numérique. CryptoPunks : de simples pixels à objets de luxe Arthur Hayes, cofondateur de BitMEX, voit dans les…

L’article Arthur Hayes mise gros sur les CryptoPunks est apparu en premier sur Cryptonaute.

Solana developers are considering increasing the network’s block capacity by 66% as demand for block space on the most widely used network grows.

A new proposal, SIMD-0286, floats the idea of increasing Solana’s per-block compute limit from 60 million to 100 million compute units (CUs), according to a document posted by core contributors this week.

The goal is to let Solana process more transactions and support heavier apps like DEXs, MEV systems, and restaking protocols without hitting compute ceilings.

« Block limits’ primary purpose is to ensure the vast majority of network participants are able to keep up with the network, by restricting the amount of work a leader is allowed to pack into a block, » the proposal’s motivation reads.

« However, current mainnet traffic is largely not constrained by large block execution times. This proposal aims a substantial increase in block limits to 100 million CUs, in order to provide additional capacity to the network, » it adds.

Solana currently produces blocks every 400 milliseconds, with strict caps on how much compute can be packed into each one. Earlier this month, the network activated SIMD-0256, which increased the limit from 50 million to 60 million CUs.

But developer demand has spiked in tandem, raising the need for even more block space. The new proposal would allow validators to opt into the 100 million CU ceiling via a software upgrade, which is expected to go live in a future epoch once it is adopted.

SIMD-0286 only raises the Max Block Units limit, which governs total compute per block. Other limits, such as Max Writable Account Units, stay unchanged.

This means the extra capacity will primarily benefit non-vote, parallelizable transactions such as DeFi swaps or NFT mints, without increasing pressure on individual accounts.

Read more: Solana Breaks $200 as Jito’s BAM Draws Bullish Bets

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin’s (BTC) consolidation continues to take the wind out of the bull run in the broader market that had raised hopes for the so-called alt season marked by prolonged outperformance of alternative cryptocurrencies.

Over the past 24 hours, major altcoins have experienced a significant decline, led by a double-digit drop in the payments-focused XRP and an 8% slide in SOL. The CoinDesk 80 Index, which tracks the performance of altcoins, has dropped over 7% while the CoinDesk 20 Index, which is dominated by bitcoin and ether, has declined by 4%.

« The crypto market took a nosedive, losing almost 4% of its market cap over the last 24 hours. Without bitcoin’s growth, altcoins, which had been driving the market upwards in previous days, found themselves on sale. Forty-eight of the top 100 altcoins are losing double-digit rates over 24 hours, while only three are growing, » Alex Kuptsikevich, chief market analyst at FxPro, said in an email.

Amid all this, social media is abuzz with posts about some $2 billion worth of ether waiting to be unstaked, with over 475 Ethereum validators awaiting exit. (check chart of the day section). Some are drawing parallels with January 2024, when large unstaking marked a temporary price top.

The latest surge in unstaking appears to be driven by the soaring ether borrowing rates on decentralized platforms like Aave, which have diminished the appeal of looping strategies designed to boost ether staking yields.

Typically, these strategies involve users depositing liquidity staking (LST) or liquid restaking tokens (LRT) as collateral on platforms like AAVE and borrow ETH. The borrowed ETH is again converted to LRT and LSTs and redeposited, creating a loop. The strategy works when staking yields are greater than borrowing costs.

However, with borrowing costs on the rise, the loop is likely being reversed, leading traders to rush to repay loans, exit LST/LRT, and reclaim ETH.

« The real trigger is soaring ETH borrowing rates since July 16 (peaking at 18%). This forced mass unwinding of ETH leverage loops on Aave, as negative yield spreads crushed profitability. Traders rushed to repay loans, exit LST/LRT positions, and reclaim ETH — causing depegs and queue congestion, » pseudonymous observer Degen Station noted on X.

It added that arbitrageurs are now scooping up LSTs and LRTs at a discount to redeem them for ether, worsening the issue, while demand for new staking remains strong. To cut to the chase, the large queue for unstaking is not necessarily a bearish signal.

In other key news, Tether CEO Paolo Ardoino said that the company is planning to re-enter the U.S. with stablecoin offerings for payments, interbank settlements, and trading.

In traditional markets, major currencies traded flat against the U.S. dollar, except for the risk-sensitive AUD/USD pair, which crossed above resistance at 0.66. Traders were closely watching for signs of sustainability as failure could be a harbinger of broad-based risk aversion.

Stay Alert!

What to Watch

CryptoJuly 28: Starknet (STRK), an Ethereum layer-2 validity rollup (zk-rollup), launches v0.14.0 on mainnet.July 31, 12 p.m.: A live webinar featuring Bitwise CIO Matt Hougan and Bitzenship founder Aleesandro Palombo discussing bitcoin’s potential as the next global reserve currency amid de-dollarization trends. Registration link.Aug. 1: The Helium Network (HNT), now running on Solana, undergoes its halving event, cutting annual new token issuance to 7.5 million HNT.Aug. 15: Record date for the next FTX distribution to holders of allowed Class 5 Customer Entitlement, Class 6 General Unsecured and Convenience Claims who meet pre-distribution requirements.MacroJuly 24, 8:15 a.m.: The European Central Bank will announce its interest rate decision, with President Christine Lagarde’s press conference following 30 minutes later. Livestream link.Main Refinancing Operations (MRO) rate Est. 1.9% vs. Prev. 2.15%July 24, 9:45 a.m.: S&P Global releases (flash) July U.S. data on manufacturing and services activity.Composite PMI Prev. 52.9Manufacturing PMI Est. 52.6 vs. Prev. 52.9Services PMI Est. 53 vs. Prev. 52.9July 24, 4 p.m.: President Donald Trump will visit the Federal Reserve headquarters, highlighting his public disagreements with Chair Jerome Powell and Fed monetary policy.July 25, 8:30 a.m.: The U.S. Census Bureau releases June manufactured durable goods orders data.Durable Goods Orders MoM Est. -10.8% vs. Prev. 16.4%Durable Goods Orders Ex Defense MoM Prev. 15.5%Durable Goods Orders Ex Transportation MoM Est. 0.1% vs. Prev. 0.5%Aug. 1, 12:01 a.m.: New U.S. tariffs take effect on imports from trading partners that failed to reach agreements by the July 9 deadline. These increased duties could range from 10% to as high as 70%, impacting a wide range of goods.Earnings (Estimates based on FactSet data)July 29: PayPal Holdings (PYPL), pre-market, $1.30July 30: Robinhood Markets (HOOD), post-market, $0.31July 31: Coinbase Global (COIN), post-market, $1.39July 31: Reddit (RDDT), post-market, $0.19July 31: Sequans Communications (SQNS); pre-market, N/AAug. 5: Galaxy Digital (GLXY), pre-market, $0.19Aug. 7: Block (XYZ), post-market, $0.67Aug. 7: Hut 8 (HUT), pre-market, -$0.08Aug. 27: NVIDIA (NVDA), post-market, $1.00

Token Events

Governance votes & callsRocket Pool DAO is voting to finalize Saturn 1’s implementation. Approval by a 75% supermajority will ratify key protocol changes, including new transaction designs and a potential revenue share to the pDAO treasury. Voting ends July 24.Aavegotchi DAO is voting on a proposal to sell its treasury of around 16 million GHST at a discount to VC firm Rongming Investment for around $3.2 million in USDC, dissolve the DAO, and distribute funds to active members. The VC firm aims to scale Aavegotchi globally while Pixelcraft retains IP ownership. Voting ends July 25.Lido DAO is voting on a new system that lets validator exits be triggered automatically through the execution layer, not just by node operators. It includes tools for different authorization pathways, emergency controls, and built‑in limits to prevent misuse. The update is expected to make staking more decentralized, secure, and responsive. Voting ends July 28.GnosisDAO is voting on a proposal to provide $30 million per year, paid quarterly, to Gnosis Ltd., now a non-profit, to sustain its ~150‑person team building critical Gnosis Chain infrastructure, products (like Gnosis Pay and Circles), business development, and operations. Voting ends July 28.Aavegotchi DAO is voting on funding three new features for the official decentralized application: a Wearable Lendings UI, Gotchis Batch Lending and a BRS Optimizer. Voting ends July 29.NEAR Protocol is voting on potentially reducing NEAR’s inflation from 5% to 2.5%. Two-thirds of validators must approve the proposal for it to pass, and if so, it could be implemented by late Q3. Voting ends Aug. 1.July 29, 10 a.m.: Ether.fi to host a bi-quarterly analyst call.UnlocksJuly 25: Venom (VENOM) to unlock 2.84% of its circulating supply worth $12.36 million.July 28: Jupiter (JUP) to unlock 1.78% of its circulating supply worth $29.04 million.July 31: Optimism (OP) to unlock 1.79% of its circulating supply worth $21.48 million.Aug. 1: Sui (SUI) to unlock 1.27% of its circulating supply worth $163.66 million.Aug. 2: Ethena (ENA) to unlock 0.64% of its circulating supply worth $18.92 million.Aug. 9: Immutable (IMX) to unlock 1.3% of its circulating supply worth $13.36 million.Aug. 12: Aptos (APT) to unlock 1.73% of its circulating supply worth $52.59 million.Token LaunchesJuly 24: Uranium.io (XU3O8) to be listed on KuCoin, MEXC, Gate.io, and others.July 24: Aspecta (ASP) to be listed on Binance Alpha, OKX, KuCoin, BingX and others.July 24: Rent (REKT) to be listed on Binance.US

Conferences

The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited.

July 24: Decasonic’s Web3 Investor Day 2025 (Chicago)July 25: Blockchain Summit Global (Montevideo, Uruguay)July 28-29: TWS Conference 2025 (Singapore)Aug. 6-7: Blockchain.Rio 2025 (Rio de Janeiro, Brazil)Aug. 6-10: Rare EVO (Las Vegas)Aug. 7-8: bitcoin++ (Riga, Latvia)Aug. 9-10: Baltic Honeybadger 2025 (Riga, Latvia)Aug. 9-10: Conviction 2025 (Ho Chi Minh City, Vietnam)

Token Talk

By Shaurya Malwa

PENGU surged to a record $0.044, reclaiming the title of top Solana meme token after overtaking BONK in a rally timed with the fourth anniversary of the Pudgy Penguins NFT collection.The token jumped 21% in 24 hours, extending a multiday rally and overtaking its previous all-time high of $0.042 from January.South Korean traders are driving momentum, with 38% of PENGU volume now in KRW pairs, up from 32% earlier this month, a significant concentration of localized demand.Open interest in PENGU futures is at a record high, indicative of expectations of further volatility.The Pudgy Penguins NFT floor price has almost doubled to 16.2 ETH, reinforcing the connection between token price and NFT ecosystem strength.PENGU’s rally comes amid weak sentiment around PUMP following its underwhelming post-ICO performance, pushing attention and liquidity toward other Solana memecoins.The token is increasingly being viewed as a proxy for meme market sentiment, combining high liquidity, exchange access, cultural mindshare and ties to a top-tier NFT IP.

Derivatives Positioning

Open interest in BTC, ETH, XRP and SOL offshore perpetual has declined along with prices in the past 24 hours. Yet, funding rates hold positive. This combination indicates that the market swoon is predominantly driven by the unwinding of bullish bets rather than outright shorts. On the CME, the annualized three-month basis in BTC futures has ticked up to nearly 9%, the highest since May. However, open interest remains locked in familiar ranges. ETH CME futures open interest has pulled back slightly from the record 2.08 billion ETH to 1.87 billion ETH. Basis, meanwhile, has topped 10% for the first time since the end of May, indicating a bullish sentiment. On Deribit, the put bias in short-dated BTC risk reversals has strengthened, indicating fears of deeper price pull back. ETH options continue to show a bullish call bias across all tenors. Surprisingly, XRP risk reversals remain bullish despite the sharp price drop in the past 24 hours.

Market Movements

BTC is up 0.49% from 4 p.m. ET Wednesday at $118,534.04 (24hrs: -0.09%)ETH is up 1.9% at $2,607.45 (24hrs: -1.15%)CoinDesk 20 is up 0.41% at 3,934.83 (24hrs: -3.55%)Ether CESR Composite Staking Rate is down 2 bps at 2.95%BTC funding rate is at 0.0091% (9.9645% annualized) on KuCoinDXY is up 0.14% at 97.35Gold futures are down 0.86% at $3,368.50Silver futures are down 0.32% at $39.38Nikkei 225 closed up 1.59% at 41,826.34Hang Seng closed up 0.51% at 25,667.18FTSE is up 1.00% at 9,151.80Euro Stoxx 50 is up 0.56% at 5,374.36DJIA closed on Wednesday up 1.14% at 45,010.29S&P 500 closed up 0.78% at 6,358.91Nasdaq Composite closed up 0.61% at 21,020.02S&P/TSX Composite closed up 0.19% at 27,416.41S&P 40 Latin America closed up 1.86% at 2,639.18U.S. 10-Year Treasury rate is up 1 bps at 4.398%E-mini S&P 500 futures are unchanged at 6,402.00E-mini Nasdaq-100 futures are up 0.33% at 23,387.75E-mini Dow Jones Industrial Average Index are down 0.30% at 45,078.00

Bitcoin Stats

BTC Dominance: 62.1% (0.33%)Ether to bitcoin ratio: 0.3055 (unchanged)Hashrate (seven-day moving average): 908 EH/sHashprice (spot): $59.59Total fees: 4.19 BTC / $496,766CME Futures Open Interest: 149,260 BTCBTC priced in gold: 35.2 oz.BTC vs gold market cap: 9.87%

Technical Analysis

The DeFi dominance index, which measures the share of decentralized finance coins in the total crypto market, is currently showing a classic « breakout and re-test » pattern. This technical setup, characterized by a re-test of the breakout point, typically signals that the index is consolidating before a potential significant rally.

Crypto Equities

Strategy (MSTR): closed on Wednesday at $412.67 (-3.22%), unchanged in pre-marketCoinbase Global (COIN): closed at $397.81 (-1.64%), unchanged in pre-marketCircle (CRCL): closed at $202.41 (+2.07%), -1.6% at $199.18Galaxy Digital (GLXY): closed at $31.03 (+6.6%), -0.1% at $31MARA Holdings (MARA): closed at $17.57 (-11.62%), +0.23% at $17.61Riot Platforms (RIOT): closed at $14.34 (+0.49%), -0.49% at $14.27Core Scientific (CORZ): closed at $13.49 (+0.07%), +0.37% at $13.54CleanSpark (CLSK): closed at $12.45 (-3.04%), unchanged in pre-marketCoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $27.34 (-0.8%)Semler Scientific (SMLR): closed at $39.32 (-2.16%)Exodus Movement (EXOD): closed at $34.21 (-1.5%)SharpLink Gaming (SBET): closed at $25.81 (-5.8%), +0.66% at $25.98

ETF Flows

Spot BTC ETFs

Daily net flows: -$85.8 millionCumulative net flows: $54.44 billionTotal BTC holdings ~1.3 million

Spot ETH ETFs

Daily net flows: $332.2 millionCumulative net flows: $8.67 billionTotal ETH holdings ~5.24 million

Source: Farside Investors

Overnight Flows

Chart of the Day

The queue for unstaking ether now consists of 652,298 ETH with waiting time of over 11 days.

While You Were Sleeping

FTX to Start Next Round of Creditor Repayments on Sept. 30 (CoinDesk): FTX, the bankrupt crypto exchange formerly led by Sam Bankman-Fried, has repaid nearly $6.2 billion to creditors. The next distribution will be handled by BitGo, Kraken and Payoneer.Crypto Industry Asks President Trump to Stop JPMorgan’s ‘Punitive Tax’ on Data Access (CoinDesk): A plan by JPMorgan to charge companies like Plaid and MX for linking bank accounts to crypto exchanges threatens fiat on-ramps, with Plaid alone facing fees that could wipe out most of its revenue.‘Wall Streetization’ of Bitcoin: BTC Volatility Index and the S&P 500 VIX Boast Record 90-Day Correlation (CoinDesk): Institutional crypto traders are mirroring equity option strategies, reshaping bitcoin’s volatility signals into sentiment gauges and decoupling them from price trends, leading to record alignment with Wall Street fear metrics.BTC, XRP, SOL, ETH Witness ‘Long Squeeze’ as Futures Open Interest Slides With Prices (CoinDesk): Positive funding rates and declining futures exposure suggest bullish traders are being cleared out — not replaced — pointing to a leverage reset rather than a shift in sentiment.Chinese and EU Leaders Are About to Meet — but the U.S. Is Complicating Things (Financial Times): EU officials challenged Beijing over its $142 billion trade surplus and ties to Moscow, while China defended its stance and warned Brussels against tariffs or restricting market access through supply chain controls.How a Chinese Border Town Keeps Russia’s Economy Afloat (The New York Times): China’s booming imports of Russian energy, timber and grain now feed its manufacturing sector as Beijing replaces Western buyers across key sectors of the post-sanctions economy.

In the Ether