In the wake of a turbulent market, major altcoins including XRP, Solana, and Dogecoin have experienced significant losses, attributed to thin summer liquidity, rising U.S. yields, and excess leverage. This volatility, coupled with Bitcoin's relative stability, underscores the importance of risk management and strategic positioning in the crypto space.
Institutional interest in Bitcoin continues to grow, as evidenced by Michael Saylor's promotion of Bitcoin-backed preferred stock as a high-yield alternative for retirees. This move signals a growing acceptance of crypto assets as a legitimate and potentially lucrative investment strategy, especially amidst the backdrop of traditional low-yield savings accounts.
In the regulatory arena, the case of the Samourai Wallet founders highlights the ongoing challenges and ambiguities in the application of existing financial regulations to the crypto space. This case serves as a reminder for legal and financial professionals to stay abreast of evolving regulatory interpretations and their potential impact on crypto-related activities.
Meanwhile, the Algorand Foundation's new roadmap, with its focus on user empowerment and asset tokenization, reflects a broader trend in the crypto ecosystem towards greater democratization and integration with traditional financial systems. This development, together with the Philippine government's adoption of blockchain for public record-keeping, underscores the potential of blockchain technology to enhance transparency, accountability, and efficiency in various sectors.
Finally, the performance of Coinbase's stock following its Q2 revenue report serves as a reminder of the crypto market's sensitivity to broader macroeconomic factors and regulatory developments. Despite falling short of expectations, Coinbase's plans to expand its services beyond cryptocurrencies demonstrate the ongoing innovation and dynamism in the crypto industry.
In summary, these developments highlight the importance of strategic positioning, risk management, regulatory vigilance, and innovation in navigating the complex and rapidly evolving crypto landscape.
The following article summaries have been sourced from Decrypt, CryptoSlate, NewsBTC, and Crypto Briefing. Each summary includes a direct link to the original source.
Major altcoins, including XRP, Solana, and Dogecoin, experienced significant losses on Thursday, each dropping by over 5%. Analysts attribute these losses to several factors, including thin summer liquidity, rising U.S. yields, and excess leverage. Despite these market challenges, Bitcoin has remained relatively stable, even in the face of over $250 million in daily liquidations for five consecutive days. This stability comes even as risk appetite fades and major altcoins struggle.
The market downturn aligns with Bitcoin's brief dip on Thursday, which triggered a wave of liquidations across the market. Shawn Young, Chief Analyst of MEXC Research, attributes this market retraction to cautious investor sentiment due to thin summer liquidity. This sentiment is echoed by Bitfinex analysts, who warn that the market is nearing a "critical juncture" due to excess leverage in altcoins, making it susceptible to a liquidation cascade. Data from CoinGlass reveals that leveraged long positions have been consistently wiped out, with liquidations exceeding at least $250 million daily for the past five days. The ratio of long to short liquidation for this period is around 3, meaning for every trader betting on a price drop who is forced out of their position, at least three traders betting on a price increase have exited.
Michael Saylor, Strategy Executive Chairman, is promoting the company's Bitcoin-backed preferred stock, STRC, to retirees as a high-yield alternative to traditional savings accounts. The preferred stock offers a yield of 9.5% compared to the typical savings rates of 0.1% to 4%. Saylor pitched the product as appealing to risk-averse investors seeking stable income without long-term commitments. This comes as Strategy reported record quarterly profits of $10 billion, largely due to Bitcoin's price increase from $77,000 in Q1 to over $111,000 in Q2. The company, formerly known as MicroStrategy, now holds 628,791 BTC worth over $74 billion.
STRC is structured as a perpetual instrument that never matures, offering monthly dividends backed by Strategy's substantial Bitcoin holdings. It is designed as a short-duration, high-yield alternative to money market funds, with six times over-collateralization in Bitcoin. The security trades on NASDAQ and offers daily liquidity, distinguishing it from traditional preferred stocks that typically trade at lower volumes. Peter Chung, head of research at Singapore-based Presto Labs, explained that Strategy's obligations are primarily coupon payments, and the company's Bitcoin holdings are large enough to cover 120 years of these obligations. He noted that even if Bitcoin's value drops by 80%, it would still be enough to cover 24 years.
Coinbase's retail trading volumes saw a significant drop in Q2, however, XRP continued to outperform Ethereum in terms of consumer transaction revenue. This continues a trend that started in Q1. According to Coinbase's Q2 shareholder letter, XRP accounted for 13% of consumer transaction revenue, slightly ahead of Ethereum's 12%. This is a shift from Q1, where XRP's share was lower at 10%. Despite this, overall transaction revenue declined by 39% quarter-over-quarter to $764 million, with total net revenue falling short of analyst expectations at $1.5 billion versus a $1.59 billion consensus.
The SEC's withdrawal of its appeal in the Ripple case in Q1, affirming that XRP's secondary-market sales weren't securities, sparked a rally in XRP's price and retail interest in trading the token. However, this rally was short-lived as price momentum subsided in Q2, with Ethereum regaining ground due to institutional flows and renewed ecosystem interest. Juan Leon, a research analyst at Bitwise Asset Management, noted that retail traders shifted back towards Ethereum as stablecoin activity and DeFi usage accelerated. The passage of the GENIUS Act into law and tokenization narratives were key factors in the Ethereum-favored rally, which saw a 38% return in Q2 compared to XRP's 11%.
Institutional demand for Ethereum is also on the rise due to inflows via ETFs and purchases from Ethereum treasury companies. This is driving a rally in Ethereum's price, with strong institutional demand expected to continue into the second half of the year. Despite Ethereum's underperformance in Q1, it began to regain momentum as digital asset treasuries gained traction. This gave Ethereum a fresh narrative, helping it recover from lagging price and retail interest. However, the retail boost from Coinbase remains price-driven, showing how retail sentiment can shift based on narratives, market momentum, and macro cues rather than sustained platform engagement.
The founders of Samourai Wallet have pleaded guilty to a single count of conspiracy to operate an unlicensed money-transmitting business. This plea deal ensures the dismissal of the parallel money laundering conspiracy charge and limits the potential prison time to five years. The agreement also includes a $237 million forfeiture and a $400,000 fine. Sentencing is scheduled for November 6, and the defendants have agreed not to appeal if the sentence is five years or less. The plea deal was seen by the defense as a pragmatic hedge rather than an endorsement of the US Department of Justice's (DOJ) theory.
The DOJ's case against the Samourai Wallet founders, Keonne Rodriguez and William Lonergan Hill, alleged that they ran a mixing service through Samourai that processed over $2 billion in Bitcoin linked to illicit activity, including $100 million connected to dark-web markets. The authorities shut down Samourai on April 24, seizing its domain and web infrastructure in collaboration with Icelandic and Portuguese police, the IRS, the FBI, and Europol. The Android app, which had been downloaded over 100,000 times, was also removed from Google Play for US users. Despite the guilty plea, some argue that the DOJ misinterprets the law when accusing a non-custodial software developer of 'transferring funds on behalf of the public.'
The Algorand Foundation has announced a comprehensive new roadmap aimed at reviving its ecosystem and promoting the adoption of blockchain in everyday life. The 2025+ roadmap is a strategic shift designed to reestablish Algorand's significance in a market increasingly dominated by competitors such as Solana and Ethereum. CEO Staci Warden stated that the Foundation is laying the groundwork for a digital infrastructure that reflects real-world economic needs, with systems that make digital identity self-sovereign, agentic payments an everyday reality, and tokenization a crucial tool for wealth accumulation.
A significant aspect of the roadmap is a redesigned protocol model called "Project King Safety," which is expected to roll out through 2026. This initiative aims to restructure how fees and incentives function within the network to ensure the protocol becomes self-sustaining while maintaining robust security. Algorand is also revising its approach to governance, planning to transition its grants program to a fully community-led model by the third quarter of 2025. The move will transfer decision-making power to an on-chain governance council, enabling users to allocate resources transparently and democratically. Further refinements to the broader governance structure are expected in the coming months.
Another major development in the roadmap is Algorand's push towards asset tokenization. The foundation is developing smart contract-based representations of traditional financial instruments like debt and equity, which will adhere to ACTUS standards to meet compliance and interoperability benchmarks. This move underscores Algorand's ambition to become a leader in the convergence of traditional finance and DeFi by providing a compliant, blockchain-native foundation for capital markets. The tokenized asset market, currently led by Ethereum, is projected to grow to $18.9 trillion by 2033, indicating significant potential for other blockchain networks to make gains.
The Philippine government has officially launched a blockchain-based system on the Polygon network to verify government documents. The system, introduced by the Department of Budget and Management (DBM), is part of a broader initiative to modernize public services and improve trust in state-issued records. It allows users to confirm the authenticity of documents such as Special Allotment Release Orders and Notices of Cash Allocation by referencing cryptographic hashes stored on the Polygon blockchain. These hashes serve as tamper-proof identifiers, enabling real-time validation without exposing confidential information. The move comes amid rising concerns over the misuse of artificial intelligence in document forgery.
The system was developed in partnership with Bayanichain, a local blockchain firm, and is designed to enhance accountability in how public funds are allocated. Despite a temporary disruption on the Polygon network due to a technical issue with its Heimdall consensus layer, the launch proceeded uninterrupted. The blockchain validation system is now accessible through an official portal that allows users to scan QR codes or enter reference codes tied to budget documents. The system checks the code against the blockchain to confirm the document’s integrity. This development places the Philippines among a growing list of countries experimenting with blockchain for public record-keeping. However, the network hiccup underscores the importance of stability and redundancy when state infrastructure relies on decentralized platforms operated by third parties.
Crypto analyst Kevin (@Kev_Capital_TA) warns that Dogecoin's recent rally has hit a textbook resistance and now sits on a crucial support band that will determine its future momentum. According to a daily chart published by Kevin on July 31, 2025, Dogecoin pulled back to approximately the $0.22 area following a rejection below $0.28. He noted that Dogecoin had reached the "macro golden pocket" at the major resistance of $0.26-$0.28 and experienced a similar rejection to the rest of the altcoin market. The analyst added that the price is now "retesting the big support zone you want to hold… .213-.189 is all of your major daily MA’s, weekly bull market support band and the 0.5 FIB."
Kevin's chart shows Dogecoin's advance into the $0.26–$0.28 "macro golden pocket," a term traders use for the 61.8%–65% Fibonacci retracement cluster that often caps counter-trend moves. The rejection at this level coincides with a dense shelf of historical supply and a clearly defined horizontal resistance band dating back to prior distribution. The subsequent slide has brought Dogecoin back into a breadth of confluent supports including key daily moving averages, the analyst’s "weekly bull market support band," and the 50% retracement of the prior swing, all stacked between $0.213 and $0.189. A decisive defense can restore trend structure, while a breach can accelerate liquidations. Kevin emphasized that Bitcoin's behavior will likely arbitrate the outcome, underscoring the top-down dependency altcoins retain on BTC’s path. At press time, DOGE traded at $0.205.
Coinbase shares saw a drop on Thursday following the cryptocurrency exchange's Q2 revenue report, which did not meet analysts' expectations. The company reported a net income of $1.43 billion, or $5.14 per share, for the period ending June 30. This marked a significant increase from the $36.13 million, or 14 cents per share, reported in the same quarter the previous year. This growth was primarily fueled by a $1.5 billion gain from its investment in Circle (CRCL) and an additional $362 million from its crypto investment portfolio. However, total revenue only slightly increased to $1.5 billion from $1.45 billion a year ago, falling short of the expected $1.6 billion.
Coinbase's transaction-related revenue totaled $764 million, missing StreetAccount’s estimates of $787 million, leading to a 6% drop in shares in after-hours trading. Analysts had predicted a weaker Q2 following a period of market enthusiasm in Q1, with optimism about potential regulatory improvements from the Trump administration. However, as attention in Washington shifted towards tariffs, speculative trading by retail investors declined across centralized crypto exchanges (CEXs). Despite this, inflows into crypto exchange-traded funds (ETFs) and purchases by treasury companies helped maintain market prices.
Coinbase reported a 16% year-over-year growth in retail trading volume, reaching $43 billion, but this was still below the $48.05 billion expected by analysts. The company's subscription and service offerings, which include stablecoins, staking, interest income, and custody services, saw a 9% increase from the previous year, totaling $655.8 million, but this was also below analysts' projections of $705.9 million. Despite these challenges, Coinbase announced plans to expand its services beyond cryptocurrencies, introducing tokenized real-world assets, derivatives, prediction markets, and early-stage token sales, initially for US users.
The price of XRP, after reaching a seven-year high, has started to decline due to a bearish sentiment in the market, as Bitcoin struggles to regain its highest levels, thereby putting altcoins at risk. The XRP price is facing unique challenges, particularly in buying, which could trigger another decline. Crypto analyst Thecafetrader has outlined potential bullish and bearish directions for the XRP price, depending on the strength of buyers' positions.
Thecafetrader notes that the XRP price rally was driven by significant buying activity, which led to a breakout above the 2024 highs. However, resistance from sellers has been encountered, suggesting that bulls may be trapped at higher prices. A significant concern is the considerable decrease in trading volume, despite XRP hitting new highs this year. For instance, when the XRP price first crossed the $3 mark in 2024, the daily trading volume peaked above $78 billion. However, with the new highs above $3.6, the highest daily trading volume recorded was just above $41 billion. This suggests a significant decline in buying interest, particularly as the price decline has impacted conviction.
On a more bearish note, the analyst explains that strong buyers are needed to maintain an uptrend in the XRP price. If these buyers fail to support the price, there is a risk of a crash from the initial $2.95 point of interest. The targets for such a decline are initially set at $3.13. However, the more the price struggles, the lower the targets go, with the next territories being $2.95, then $2.15-$2.3, which the analyst considers a "good price" for entry. The final range is $1.60-$1.93, marked as a "steal." Despite this, the analyst also notes that there are no "real" sellers entering the market, indicating that there is still bullish momentum for a possible recovery back to $4.64.
Cardone Capital, a real estate investment firm, has increased its Bitcoin holdings by purchasing an additional 100 BTC during a recent market dip. This acquisition brings the company's total Bitcoin assets to 1,100 BTC, valued at approximately $127 million. The firm's CEO, Grant Cardone, announced the purchase amidst a broader market pullback triggered by new trade tariffs introduced by US President Donald Trump. The value of Bitcoin fell below $115,000, marking a 6.5% decline from its all-time high in July.
Cardone Capital, which manages over 14,000 residential units and $5 billion in assets, first ventured into the Bitcoin market in late June. The firm has a strategic plan to acquire up to 3,000 more Bitcoin by the end of 2025. This move is part of the company's strategy to align its real estate investments with crypto exposure, combining what Cardone refers to as "the two best-in-class assets," real estate and Bitcoin.
Seven leading asset managers, including Grayscale, VanEck, Bitwise, Canary, Franklin Templeton, Fidelity, and CoinShares, have submitted revised S-1 registration statements to the U.S. Securities and Exchange Commission (SEC) for their proposed Solana (SOL) exchange-traded funds (ETFs). This move signifies the firms' ongoing attempts to gain regulatory approval to broaden their crypto ETF offerings beyond Bitcoin and Ethereum, which are currently the only products available to U.S. investors. Bloomberg ETF analyst Eric Balchunas and ETF Store President Nate Geraci have noted that these revised filings indicate active dialogue between the SEC and the ETF issuers.
Industry experts are predicting a 95% likelihood of the SEC approving these spot Solana ETFs, although the future of products that include staking features remains uncertain. Asset managers such as BlackRock are also seeking regulatory approval to incorporate staking into their existing spot Ethereum ETFs. Geraci has suggested that staked Ether ETFs could be the next to receive regulatory approval, following the SEC's recent authorization of in-kind redemptions for spot Bitcoin and Ether ETFs. Several organizations, including Jito Labs, VanEck, Bitwise, the Solana Policy Institute, and Multicoin Capital, are advocating for the SEC to allow liquid staking in Solana-based ETPs. Liquid staking allows tokens to remain liquid while being staked, offering benefits such as improved capital efficiency, reduced ETP operational costs, and increased security and investor options.
Figma, a collaborative design platform, saw its stock skyrocket by 250% in its debut on the New York Stock Exchange (NYSE), closing at $115 after its initial public offering (IPO) was priced at $33. The company's stock continued to climb in after-hours trading, reaching $143, according to data from Yahoo Finance. Figma, which holds $70 million in Bitcoin exchange-traded funds (ETFs), achieved an enterprise value of $66 billion at market close. This value is more than triple the proposed acquisition price in Adobe's unsuccessful 2022 takeover attempt, which was thwarted by European regulators.
The company's successful debut is part of a resurgence in IPO activity under the Trump administration, with Figma joining other companies going public in 2025. Cathie Wood's ARK Invest purchased 60,000 shares of Figma on its debut day, as reported by StockMKTNewz. Prior to Figma, Circle Internet Group, the company behind the second-largest stablecoin, USDC, also had a successful debut on the NYSE, with shares soaring as high as $123 in their first week. In its SEC IPO filing, Figma disclosed that it holds $30 million in USDC stablecoins set aside for future Bitcoin purchases, reflecting a growing trend among companies integrating crypto assets into their treasury strategies.
