TL;DR

Galaxy Digital sells 80,000 BTC; ETH ETFs see $2.4B inflows; Tether, Ethena launch U.S. stablecoins.

Highlights

• Galaxy Digital sold 80,000 BTC ($9B+) from an early whale, triggering $500M in liquidations and a brief 3% BTC drop before stabilizing near $116,000 12.
• MicroStrategy raised $2.5B to buy more Bitcoin ; Paris-listed Blockchain Group also expanded BTC holdings 4.
• U.S. spot Ethereum ETFs saw $2.4B net inflows over six days, outpacing Bitcoin funds, with BlackRock and Fidelity leading purchases 520.
• Bitmine Immersion and Strategic Ethereum Reserve are accumulating ETH , aiming for up to 5% of supply; ETH-focused protocols are raising new capital 1517.
• Tether minted $2B USDT (July total $7B+) and is preparing a U.S. relaunch after the GENIUS Act passed 67.
• Ethena Labs and Anchorage Digital launched USDtb, the first GENIUS Act-compliant stablecoin; ENA token surged 118% as StablecoinX raised $360M for Nasdaq listing 816.
• President Trump reaffirmed a U.S. CBDC ban, signed the GENIUS Act requiring 100% reserves for stablecoins, and emphasized dollar strength 9.
• Solana increased block capacity by 20%, proposed a further 66% boost, and published a roadmap for application-controlled execution 1118.
• Binance integrated Circle’s yield-bearing USYC stablecoin and cUSDO as collateral, expanding RWA stablecoin access for institutions 13.
• Ripple co-founder Chris Larsen moved $175M in XRP to exchanges, coinciding with a 19% XRP price decline and $113M in liquidations amid scam warnings 10.
• GameSquare bought a $5.2M CryptoPunk as NFT prices rebounded, with CryptoPunks’ floor price at yearly highs 14.
• TRON Inc. debuted on Nasdaq, surpassing Cardano in market cap, aiming for Nasdaq 100 inclusion by 2028 12.
• SharpLink Gaming hired BlackRock’s Joseph Chalom as co-CEO, signaling further institutional ETH focus 19.

Commentary

Bitcoin markets absorbed one of the largest ever block trades as Galaxy Digital facilitated the sale of 80,000 BTC from a dormant whale 12. Despite $500M in liquidations and a brief 3% price dip, BTC stabilized near $116,000, suggesting robust spot liquidity and a flush of leveraged long positions 23. Meanwhile, MicroStrategy ’s $2.5B capital raise and continued corporate accumulation by European firms reinforce the narrative of Bitcoin as a core treasury asset, even as legacy holders exit 4.

Ethereum is seeing a decisive shift in institutional positioning. U.S. spot ETH ETFs attracted $2.4B in net inflows over six sessions, consistently outpacing Bitcoin ETF flows 520. BlackRock and Fidelity are driving large-scale ETH purchases, while on-chain accumulation by Bitmine Immersion and the Strategic Ethereum Reserve is tightening supply 5151720. ETH-focused protocols, including Ethena, are raising new capital, and StablecoinX’s $360M raise for ENA token acquisition and Nasdaq listing highlights growing institutional interest in Ethereum-native assets 816.

Stablecoin regulation and infrastructure are evolving rapidly. The GENIUS Act, signed into law by President Trump, sets strict requirements for stablecoins and bans a U.S. CBDC 9. Tether is preparing to re-enter the U.S. market, while Ethena and Anchorage launched USDtb as the first GENIUS Act-compliant stablecoin 78. Binance ’s integration of USYC and cUSDO expands institutional access to RWA-backed stablecoins, reflecting a broader trend toward compliant, yield-bearing digital dollars 13.

Elsewhere, Solana ’s capacity upgrades and roadmap for application-controlled execution target high-frequency trading and capital markets use cases 1118. NFT markets are rebounding, led by high-value CryptoPunks sales 14, while altcoin volatility persists: Ripple co-founder Chris Larsen’s large XRP transfers coincided with a sharp price drop and increased scam activity 10. TRON’s Nasdaq debut and SharpLink’s high-profile hire further illustrate the growing intersection of crypto and public markets 1219.

Traders should monitor further BTC and ETH flows from large holders, ETF and treasury accumulation trends, the rollout of regulated stablecoins, and the impact of major network upgrades on Solana and Ethereum 251115.