In today's crypto news, we see a mix of market volatility, institutional interest, and regulatory implications that demand our attention.
Bitcoin's recovery is under threat from macroeconomic headwinds, with predictions of a potential market deleveraging event and sustained selling from within the crypto space. This highlights the need for investors to remain vigilant and adaptable in the face of potential market shifts.
Meanwhile, BitMine's rapid acquisition of Ethereum, propelling it to become the third largest corporate holder of crypto globally, signals growing institutional interest in the asset class. This institutional activity, coupled with Ethereum's defiance of market trends with a $133 million inflow, suggests a shifting sentiment towards Ethereum and other altcoins.
In the regulatory sphere, the recovery of the vandalized statue of Bitcoin creator Satoshi Nakamoto in Lugano, Switzerland, serves as a reminder of the global reach and cultural impact of cryptocurrencies. However, the massive theft of Bitcoin from Chinese mining pool LuBian underscores the need for robust security measures and regulatory oversight in the crypto space.
Finally, the successful space journey of TRON founder Justin Sun, the first entrepreneur from the crypto industry to reach space, symbolizes the crypto industry's contribution to the Web3 mission of decentralization and innovation. This event serves as a reminder of the potential for blockchain and other emerging technologies to drive human progress.
In light of these developments, legal and financial professionals exploring the Web3 space should remain informed and strategic, understanding the implications for risk, compliance, and market behaviour.
The following article summaries have been sourced from Decrypt, CryptoSlate, NewsBTC, and Crypto Briefing. Each summary includes a direct link to the original source.
Bitcoin's recovery from last week's losses may be short-lived due to mounting macroeconomic headwinds, according to experts. Despite the top cryptocurrency being up 1.5% from Saturday’s low of $112,692, a potential market deleveraging event signaled by a four-year high in Commodity Trading Advisor (CTA) exposure could put pressure on Bitcoin. This is coupled with sustained selling from within the crypto space itself, with options traders bracing for a pullback, targeting $100,000 to $80,000 puts and expecting a price reversal of somewhere between 10% and 30% over the next month.
The market is also on edge due to the downward revisions of the Nonfarm Payrolls for May and June by 258,000. However, not all analysts are predicting a dramatic crash. Maarten Regterschot, a CryptoQuant analyst, anticipates a period of "chopsolidation" following the recent short-term holder selling spree, suggesting a period of sideways trading is more likely than a full-blown price collapse. The potential for a more aggressive Fed pivot, which could serve as a catalyst, is still months away, with an 81.7% chance of a 25 basis point rate cut in September according to the CME's FedWatch Tool.
The statue of Bitcoin creator Satoshi Nakamoto, installed in Lugano, Switzerland, was recovered from Lake Lugano on Monday after being vandalized and thrown into the water over the weekend. The statue, an optical illusion artwork that appears to fade into digital code when viewed from certain angles, was discovered broken into several pieces both in the lake and along its banks. The artwork was created by Italian artist and Bitcoin advocate Valentina Picozzi, who operates under Satoshigallery, a project aimed at connecting people to Bitcoin culture through art and iconography.
Satoshigallery had offered a reward of 0.1 BTC (over $11,000) for information leading to the statue's recovery. Despite the vandalism, the artist collective reaffirmed their commitment to their global mission of installing similar statues in 21 locations worldwide. The Lugano installation is part of a worldwide effort to create physical Bitcoin monuments, with similar statues in Budapest, Tokyo, and Slovenia. The statue, made from 304 stainless steel and corten blocks, was unveiled in October 2024 during the Plan B Forum, a blockchain conference co-hosted by Lugano and stablecoin issuer Tether.
August 2025 is shaping up to be an exciting month for video game releases, with a mix of new entries in established franchises, remakes, and remasters. Among the anticipated releases is Mafia: The Old Country, a linear narrative game that takes players back to the roots of the Mafia series. In this installment, players will navigate the criminal underworld of 1900s Sicily as mobster Enzo Favara. Another notable release is the annual Madden NFL 26, which promises new features like Coach DNA and an enhanced weather system.
Other games set to release in August include Sword of the Sea, a unique game developed by Giant Squid where your sword doubles as a surfboard, and Dying Light: The Beast, a standalone game that continues the story of Kyle Crane, the protagonist of the original Dying Light. Gears of War: Reloaded, a remastered version of the classic game, is also slated for release, as is Metal Gear Solid Delta: Snake Eater, a ground-up remake of the original game. Lastly, Sega will resurrect its Shinobi franchise with Shinobi: Art of Vengeance, a 2D side-scrolling game with beautiful art and tight gameplay. All in all, even though summer is winding down, the gaming world is still buzzing with exciting new releases.
BitMine Immersion Technologies, the largest corporate holder of Ethereum, has announced that its total holdings now stand at 833,137 ETH, valued at over $2.9 billion. This significant acquisition has propelled BitMine ahead of the previous frontrunner, SharpLink, which reportedly holds 438,000 ETH. BitMine now ranks third globally in overall crypto treasuries, trailing only behind Bitcoin-focused entities Strategy (formerly MicroStrategy) and BTC miner Marathon Digital Holdings. Tom Lee, Chairman of BitMine’s board, highlighted the company's rapid acquisition of Ethereum holdings, which grew from zero to over 833,000 in just 35 days.
BitMine's stock, trading under the ticker BMNR, has seen a sharp increase in market activity, averaging $1.6 billion in daily trading volume over the past five days. This places it 42nd among all US-listed stocks, just behind Uber. BitMine's stock price has surged more than 300% since it launched its Ethereum strategy, a rise driven by growing institutional interest. Key investors now include Cathie Wood’s Ark Invest and Bill Miller III, a senior advisor at both Miller Value Partners and Patient Capital Management. Miller, who backed MicroStrategy’s Bitcoin pivot in 2020, sees a familiar pattern at BitMine and anticipates profitability once the company initiates Ethereum staking.
Last week, crypto investment products experienced a $223 million outflow, marking the end of a 15-week period of consistent inflows, as per CoinShares' latest weekly report. This shift was likely triggered by broader macroeconomic conditions in the US, including hawkish statements from the Federal Open Market Committee (FOMC) and stronger-than-expected economic data, which contributed to negative market sentiment. Despite weak payroll data hinting at a dovish approach by the Fed, the overall market sentiment remained risk-averse, leading to substantial outflows, particularly on Friday when over $1 billion exited the market.
Bitcoin saw significant outflows with $404 million leaving the market due to negative sentiment. However, Bitcoin’s year-to-date inflows remain robust at around $20 billion, reflecting its continued appeal despite market volatility. On the other hand, Ethereum led the inflow chart last week with $133 million, bringing its year-to-date inflows to approximately $8 billion. This performance illustrates the strong positive sentiment towards Ethereum, with some suggesting the onset of an “altseason.” Other altcoins, including XRP, Solana, and SEI, also recorded significant inflows during the week, suggesting investors are shifting capital away from Bitcoin to more promising assets.
Charles Hoskinson, the founder of Cardano, has defended his leadership role in the development of the blockchain network amidst rising criticism. In a public post, Hoskinson highlighted the success of his other project, Midnight, which has expanded significantly with over 100 partnerships across eight ecosystems. He also pointed out the project's liquidity influx for Cardano Native Assets (CNAs) and its leading position in Bitcoin's DeFi space. Hoskinson further emphasized his strategic focus on deploying key technologies like Peras, Leios, and Hydra, and his marketing efforts, which have expanded Cardano's reach to 19 million potential users.
In other news, Input Output Global, a company founded by Hoskinson, has secured approval to access 96 million ADA, equivalent to around $71 million, from the Cardano treasury. The firm revealed that its funding proposal passed with 74% of community support. The funds will be used to support upcoming Cardano upgrades, including improvements to scalability through Hydra and Ouroboros Leios, enhanced security with Mithril, and streamlined user interactions via Nested Transactions and Project Acropolis. The Cardano community group, Intersect, will oversee the fund distribution, while Input Output has committed to providing regular updates to keep the community informed on the project's progress.
Arkham Intelligence, an on-chain analytics platform, recently revealed the largest crypto theft to date, surpassing the $1.5 billion Bybit hack earlier this year. The hack involved Bitcoin worth $3.5 billion at the time of the theft, which has now appreciated to $14 billion. The victim of this massive heist was LuBian, a Chinese mining pool with facilities in China and Iran. The analytics platform disclosed that 127,426 BTC, worth $3.5 billion at the time, was stolen from LuBian in December 2020. The current value of these coins, based on the current Bitcoin price, is $14.5 billion.
Neither LuBian nor the hacker has publicly acknowledged the hack since it occurred in 2020. At the time, LuBian was one of the world's largest mining pools, controlling nearly 6% of the Bitcoin network's total hash rate. The mining pool was first hacked on December 28, 2020, losing over 90% of its BTC. The hacker then stole approximately $6 million worth of BTC and USDT from a LuBian address active on the Bitcoin Omni layer on December 29. LuBian rotated its remaining funds to recovery wallets on December 31. This hack surpasses the Bybit hack of $1.5 billion, which took place on February 21 earlier this year.
Arkham also revealed that LuBian attempted to recover the stolen Bitcoin by contacting the hacker. The Chinese mining pool sent OP_RETURN messages asking the hacker to return their funds. The firm spent 1.4 BTC across 1516 different transactions to send these messages. Arkham claimed that the messages suggest that this was not a spoof from another hacker who had brute-forced the private keys. This appears to have been how LuBian was hacked in the first place, as the mining pool is said to have been using an algorithm to generate private keys that were susceptible to brute-force attacks. Arkham revealed that LuBian still holds 11,886 BTC, currently worth around $1.35 billion. Meanwhile, the hacker still holds the stolen Bitcoin, which they are known to have last consolidated in another wallet in July 2024. Thanks to Bitcoin’s surge over the years, the LuBian hacker is now the 13th largest BTC holder based on Arkham data, ahead of the Mt. Gox hacker.
Godspower Owie, a native of Edo State, Nigeria, shares his journey into the world of cryptocurrency. His interest was piqued three years ago when a friend of his made significant gains from a crypto investment. Inspired by his friend's dedication and success despite the inherent risks, Owie decided to delve into the crypto market. Despite experiencing the market's volatility, his passion for the field has remained unwavering, leading him to believe that growth in this area will lead to excellence.
Currently, Owie is employed with Bitcoinnist and NewsBTC news outlets, where he enjoys working with his colleagues in and outside the crypto landscape. He is committed to contributing to the growth of these companies. Outside of work, Owie enjoys exploring new places, learning new things, and meeting new people. He also has a passion for football, singing, dancing, and fashion. He values his time, work, family, and loved ones, and is focused on chasing dreams, not illusions. He aspires to be a boss someday, leading a team just as he has been led by great people. Despite the challenges ahead, he remains undeterred, backed by his faith, family, and friends.
Memecore ($M), a mid-cap meme coin, has seen a 55% surge in the past week, breaking out of a descending wedge pattern and reaching an $870M market cap. This breakout is not an isolated event, but rather a signal that meme coin momentum is reviving after weeks of sluggish price action. Memecore's breakout has flipped a key resistance zone into support, setting up a technical base for further growth. The coin's $27M 24-hour trading volume indicates significant capital flow, suggesting conviction from both retail investors and whales.
In addition to Memecore, three other meme coins are also showing promise. Maxi Doge ($MAXI) is gaining attention with its forward-looking roadmap and early staking rewards. TOKEN6900 ($T6900), a meme coin stripped down to its rawest form with zero utility, is gaining popularity due to its brutal honesty and fixed supply. Lastly, Pudgy Penguins ($PENGU), an established meme coin with a $2.2B market cap, is bridging the gap between memes and mainstream markets through partnerships with companies like Walmart and NASCAR.
However, despite the promising outlook, it's important to remember that meme coins are inherently volatile. They should be treated as high-risk, high-reward investments, and thorough research should be conducted before making any investment decisions.
BitMine Immersion (BMNR), the largest Ethereum (ETH) treasury company globally, led by Thomas “Tom” Lee, has disclosed its Ethereum holdings of 833,137 units. With the current trading price of ETH at $3,557, BitMine's Ethereum assets are valued at $2.9 billion. The company has been aggressively accumulating Ethereum since late June, aiming to secure 5% of the world's total Ethereum. Lee stated that BitMine's rapid accumulation strategy has significantly increased its crypto assets and shareholder value within just 35 days.
The company's Board of Directors recently approved a $1 billion stock repurchase program to further its Ethereum strategy. Besides Ethereum, BitMine also holds about 192 Bitcoin (BTC), making it one of the top five corporate holders of crypto assets. Prominent investors like Bill Miller III, ARK’s Cathie Wood, MOZAYYX, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital have significant stakes in BitMine. The company's stock has become one of the most actively traded in the US market, with an average daily trading volume of $1.6 billion.
CrediX, a decentralized finance (DeFi) platform based on Solana, was exploited on Monday, leading to the draining of the protocol's liquidity pool. The exploit was first reported by blockchain security firm SlowMist, which noted that a malicious actor had been added as an Admin and a Bridge via the ACLManager six days prior to the attack. This change in permissions allowed the attacker to mint collateral tokens directly from the lending pool and borrow a large amount of assets, thereby draining the protocol's liquidity.
In response to the exploit, CrediX has temporarily disabled its website to prevent new user deposits while an investigation is carried out. However, the team has assured users that all funds are safe and can be accessed directly through smart contracts. According to a statement from CrediX, full recovery of user funds is expected within 24 to 48 hours. Prior to the exploit, CrediX had secured $60 million in credit financing to support small and medium-sized enterprises in Latin America through priority debt financing, in collaboration with a US alternative investment management firm with a $3 billion portfolio.
Justin Sun, the founder of TRON, has made history as the youngest Chinese-born commercial astronaut, following a successful journey to space on Blue Origin's 14th human spaceflight and the 34th flight for the New Shepard program. This achievement also marks Sun as the first entrepreneur from the cryptocurrency industry to reach space, having previously been featured on the cover of Forbes. Sun expressed his gratitude to Jeff Bezos and his team for making the mission possible and emphasized the need to protect the Earth, which he described as "so small" when viewed from space.
In 2021, Sun won the bid for the first seat on New Shepard, contributing $28 million to Blue Origin's foundation, Club for the Future. The foundation then distributed this sum to 19 space-focused non-profits as $1 million grants, aiming to inspire future generations to pursue careers in STEAM fields for the benefit of Earth and the future of life in space. Sun also carried 1,000 personal wishes from the global TRON community on the flight, symbolizing the TRON ecosystem's first presence beyond Earth's atmosphere and paying tribute to the crypto industry's contribution to the Web3 mission of decentralization and innovation. Sun's spaceflight signifies the growing intersection of commercial space exploration and emerging technologies like blockchain, demonstrating how bold leadership can drive technological progress and human discovery.
