TL;DR

SEC greenlights in-kind ETF flows; U.S. unveils crypto roadmap; JPMorgan links 80M users to Coinbase.

Highlights

• SEC approves in-kind creation/redemption for all spot Bitcoin and Ethereum ETFs, lowering costs and deepening liquidity; also lifts position limits on certain Bitcoin options and approves mixed BTC/ETH ETPs 1.
• White House issues 166-page crypto policy roadmap: seeks CFTC spot oversight, tax exemption for small BTC payments, DeFi safe harbors, stablecoin audit mandates, and bans a U.S. CBDC 2.
• JPMorgan Chase partners with Coinbase , enabling 80M retail customers direct crypto access, USDC rewards, and bank-to-wallet integration 3.
• Bitcoin ETF net inflows surpass $50B; Ethereum ETFs post record $5.4B July inflows with strong institutional participation, including BlackRock 10.
• SEC acknowledges BlackRock ’s filing to permit staking for its spot Ethereum ETF, signaling possible yield features 7.
• Strategy (ex-MicroStrategy) completes $2.5B IPO, immediately acquiring 21,021 BTC , raising total holdings to 628,791 BTC 4.
• Twenty One Capital receives 5,800 BTC from Tether , becoming the third-largest public Bitcoin holder; plans public listing via SPAC 5.
• BitMine Immersion announces $1B stock buyback, backed by 625,000 ETH treasury; BTCS files to raise $2B to expand ETH reserves 1314.
• CEA Industries raises $500M to build the largest public BNB treasury; VAPE shares spike on news 15.
• Indonesia doubles crypto transaction taxes, hikes offshore trading levies, and reclassifies digital assets as financial instruments from August 1 6.
• MetaMask launches “Stablecoin Earn” for USDC , USDT , DAI via Aave ; Consensys’s Linea L2 to burn ETH , share yield, and unveils tokenomics ahead of LINEA token launch 11.
• eToro launches tokenized U.S. equities as ERC-20s on Ethereum , expands 24/5 trading citing U.S. and EU regulatory clarity 18.
• Kraken seeks $500M raise at $15B valuation, considering IPO; Hyperliquid suffers brief outage, HYPE token dips then recovers 128.
• FG Nexus raises $200M for ETH treasury; ETH Strategy closes $46.5M prelaunch, launches $STRAT token with $36.5M volume 1619.

Commentary

Regulatory and institutional developments remain the primary market drivers. The SEC’s approval of in-kind ETF creation/redemption for Bitcoin and Ethereum is expected to cut trading friction and attract further institutional flows, especially as spot ETF inflows for both assets hit new records 110. The SEC’s openness to staking in spot ETH ETFs 7, combined with the White House’s detailed policy roadmap—emphasizing CFTC oversight, DeFi safe harbors, and a ban on a U.S. CBDC—suggests a shift toward more defined and potentially supportive U.S. crypto regulation 2.

Major corporate and banking moves are reshaping market infrastructure. JPMorgan ’s integration with Coinbase opens direct crypto access for tens of millions 3, while eToro ’s tokenized equities and MetaMask’s Stablecoin Earn further blur the lines between traditional and decentralized finance 1811. On the treasury front, Strategy’s $2.5B IPO-driven BTC purchase 4, Twenty One’s Tether -backed BTC inflow 5, and large ETH treasury expansions by BitMine 13, BTCS 14, and FG Nexus 16 highlight growing institutional adoption of crypto assets as reserve holdings. CEA Industries’ BNB treasury initiative signals similar interest beyond BTC and ETH 15.

Layer 2 and DeFi innovation continues, with Linea’s ETH burn and yield-sharing mechanisms 911 and MetaMask’s new stablecoin yield product aiming to attract both developers and end-users. However, operational risks remain, as shown by Hyperliquid’s outage and brief token volatility 8. Indonesia’s tax hikes and reclassification of digital assets may dampen local activity or shift volumes offshore 6, while regulatory clarity in the U.S. and EU is enabling new product launches and on-chain integrations 18.

Traders should closely monitor ETF inflow trends 10, further regulatory announcements 12, and the pace of institutional treasury accumulation 4513141619. Watch for new yield features in ETF products 7, evolving bank-exchange integrations 3, and the impact of tax and compliance changes in key markets on liquidity and trading patterns 6.