TL;DR

Ethereum nears ATH on ETF inflows; BitMine, whales accumulate ETH; Monero hit by 51% attack.

Highlights

• Ethereum broke above $4,600, up nearly 40% in 10 days and approaching its all-time high 1.
• U.S. spot Ether ETFs posted a record $1.02B daily inflow, with cumulative net subscriptions topping $10B 4.
• BitMine Immersion now holds 1.15M ETH (~$5B), filed to expand its stock sale program by $20B to buy more ETH 13.
• Large whale accumulated 312,052 ETH ($1.34B) from major OTC desks; active trading and whale repositioning noted 17.
• Bitcoin hovered near $120,000; Nakamoto CEO plans a $1B BTC buy, Metaplanet added $61M BTC, and Parataxis eyes NYSE listing for a BTC treasury vehicle 316.
• Chainlink secured $93B+ across 450+ DeFi protocols, launched LINK Reserve, and partnered with ICE for on-chain FX/metals data 1218.
• Aave surpassed $25B in active borrows and neared $50B TVL, leading DeFi lending growth 19.
• Circle reported $658M Q2 revenue (+53% YoY), USDC supply at $65.2B, and announced Arc, an Ethereum-compatible L1 using USDC as gas 5.
• Visa expanded global stablecoin-linked card rollouts, targeting a $2T stablecoin market post-GENIUS Act 6.
• Coinbase began in-app DEX trading on Base and relaunched its Stablecoin Bootstrap Fund to deepen DeFi liquidity 8.
• Monero (XMR) fell 15% after a Qubic mining pool 51% attack, raising PoW privacy coin security concerns 2.
• Solana memecoin launchpad Pumpdotfun regained 70% market share; Solana DApps generated $31M in weekly revenue 20.
• Stripe is developing “Tempo,” an Ethereum-compatible payments L1 with Paradigm, to streamline cross-border payments 9.
• Paxos applied for a U.S. national trust bank charter, aiming for federal stablecoin oversight 7.
• Uniswap Foundation proposed registering as a Wyoming DUNA, seeking legal status for DAO governance 10.

Commentary

Ethereum ’s rally above $4,600, supported by record ETF inflows 4 and major treasury accumulation by BitMine Immersion 13 and large whales 17, has shifted market focus to ETH and DeFi blue chips 1. The rapid succession of round-number breakouts and heavy institutional flows highlight a strong appetite for on-chain exposure, with ETF demand concentrating capital into Ether even as broader digital assets lag 4. Whale accumulation and active repositioning by large traders are contributing to elevated volatility and liquidity, especially in ETH and related DeFi assets 17.

DeFi protocols continue to post robust growth: Aave ’s lending activity and Chainlink ’s oracle adoption both hit new highs 1219, with Chainlink’s ICE partnership bringing institutional FX and metals data on-chain 18. Coinbase ’s in-app DEX rollout on Base and its renewed stablecoin liquidity fund signal a push by centralized players to capture on-chain activity 8. Circle ’s strong revenue growth and the launch of Arc, an Ethereum-compatible L1 using USDC as gas, further reinforce the trend toward regulated, interoperable stablecoin infrastructure 5. Visa ’s global stablecoin card rollout and Paxos’ move for a federal charter reflect intensifying competition to integrate crypto with mainstream payments, accelerated by the GENIUS Act’s regulatory clarity 67.

On the altcoin and retail side, Solana ’s memecoin sector remains highly active, with Pumpdotfun regaining dominance and DApp revenues outpacing other chains 20. Meanwhile, security remains a concern: Monero ’s 51% attack by Qubic mining pool and the resulting 15% XMR price drop underscore ongoing risks for smaller PoW networks 2. Uniswap’s move toward formal legal status via Wyoming’s DUNA framework could set a precedent for DAO governance and fee distribution in the U.S. 10.

Traders should monitor sustained ETF inflows 4, further corporate treasury moves 1316, and liquidity trends in DeFi and stablecoins 519. Security incidents and regulatory developments remain key risk factors, especially for privacy coins and DAO structures 210. Layer 1 competition is intensifying in both payments (Stripe 9, Circle 5) and DeFi, while whale-driven volatility in ETH and BTC will likely persist 1317.