TL;DR

Bitcoin slides below $110K on whale sale; ETH ETFs lead inflows; major firms boost crypto treasuries.

Highlights

• Bitcoin dropped below $110,000 after a $2.5B whale sale, triggering $900M in liquidations across crypto majors 1.
• Ether reversed from an all-time high near $4,950, falling 8% and erasing $61B in market value 1.
• Dormant Bitcoin whale swapped $2.6B BTC for Ether , staking $1.25B ETH and surpassing the Ethereum Foundation’s validator holdings 2.
• Strategy Inc. added $357M Bitcoin ; BitMine and SharpLink expanded Ether treasuries to $8.8B and $3.7B, respectively 36.
• Pantera Capital seeks $1.25B to create a public Solana treasury, potentially becoming the largest SOL holder 4.
• Trump Media, Crypto.com , and Yorkville plan $6.4B Cronos treasury, targeting 19% of CRO supply and platform integration 5.
• Ethereum spot ETFs saw $444M in inflows, outpacing Bitcoin ETFs, which are recovering from $1.17B outflows led by BlackRock 157.
• Bitwise filed for a U.S. spot Chainlink ETF; Canary Capital filed for a “Made-in-America” crypto ETF and staked Injective fund 89.
• Hyperliquid will allocate 99% of trading fees to HYPE token buybacks; July volume reached $330.8B, surpassing Robinhood 20.
• Webull resumed crypto trading for 24M U.S. users after a two-year suspension 11.
• Gemini overtook Coinbase in U.S. iOS finance app rankings after launching an XRP rewards card 12.
• U.S. banks lobbied Congress to close a stablecoin interest loophole, warning of potential deposit flight 13.
• CFTC will operate under single-member leadership after Kristin Johnson’s exit, amid expanded crypto oversight 14.
• MetaMask and Binance introduced social/keyless login wallet features to streamline user onboarding 18.

Commentary

Crypto markets faced sharp downside pressure, with Bitcoin breaking below $110,000 after a large $2.5B block sale and over $900M in liquidations, particularly in leveraged positions 1. Ether also reversed from all-time highs, pulling back 8% and wiping out significant market cap 1. The volatility was compounded by a major portfolio rotation: a dormant Bitcoin whale moved $2.6B into Ether , staking a record $1.25B on the Beacon Chain and tightening validator queues, highlighting growing institutional engagement with Ethereum’s staking ecosystem 2.

Public companies continue to accumulate digital assets despite market turbulence. Strategy Inc. and BitMine expanded their Bitcoin and Ether reserves, while SharpLink reinforced its position as the second-largest corporate ETH holder 36. On the Layer 1 front, Pantera’s $1.25B Solana treasury initiative and Trump Media’s $6.4B Cronos vehicle signal increasing corporate interest in holding and managing native tokens, though such concentration could raise governance and liquidity risks 45. Regulatory attention is likely, especially as ETF filings for assets like Chainlink and Injective increase 89.

ETF flows reflect shifting sentiment: Ethereum spot ETFs attracted $444M in fresh inflows, eclipsing Bitcoin ETFs, which are recovering from substantial outflows led by BlackRock 157. Goldman Sachs took the opposite side, increasing its BTC ETF exposure 7. These flows suggest selective institutional positioning, with some rotation into stakeable assets.

On the infrastructure side, Hyperliquid’s decision to direct 99% of fees to HYPE buybacks and its record July trading volumes underscore the impact of tokenomics on DeFi platforms 20. Retail access is also expanding, with Webull reopening crypto trading to 24M U.S. users 11 and Gemini surpassing Coinbase in app rankings after launching an XRP rewards card 12. MetaMask and Binance ’s new social/keyless login features further lower onboarding barriers, potentially broadening user adoption 18.

Traders should monitor ongoing volatility, the pace of corporate treasury accumulation, ETF flow dynamics, and regulatory developments, especially around stablecoins and agency leadership changes 1314.