TL;DR

Coinbase to launch U.S. perpetual futures; White House confirms Bitcoin reserve; Bitcoin supply tightens, ETFs surge.

Highlights

• Coinbase to launch CFTC-regulated perpetual Bitcoin and Ether futures for U.S. traders on July 21, featuring nano-sized contracts and potential tax benefits 1.
• Invesco and Galaxy Digital file for a spot Solana ETF, the ninth such SEC application, signaling increased institutional focus on SOL 2.
• Judge Torres blocks Ripple-SEC $50M settlement, keeping restrictions on XRP institutional sales and prolonging legal uncertainty 3.
• White House confirms a Strategic Bitcoin Reserve accumulation plan, with infrastructure for government BTC holdings underway 4.
• Fed Chair Powell signals rollback of 2022 crypto curbs, opening the door for U.S. banks to offer crypto services under existing risk standards 5.
• Senate GOP targets September 30 for a comprehensive crypto market structure bill, with a draft expected before the August recess 6.
• EU to allow foreign stablecoins like USDC and USDT to circulate under MiCA, despite ECB concerns over capital flight 7.
• Kraken secures a MiCA license in Ireland, enabling regulated crypto services across all 30 EEA states 8.
• Bitcoin exchange balances fall to a record low below 2.5M coins; illiquid supply surpasses 14M BTC; whales accumulate over 500K BTC year-over-year 917.
• Bitcoin ETFs attract $1.24B in net inflows last week, extending a 10-week streak; total 2024 inflows reach $15.1B 10.
• Bitcoin rebounds above $108,000, market dominance rises to 61.7%, indicating renewed investor concentration in BTC 11.
• Binance, Upbit, and Kraken coordinate the listing of Sahara AI’s SAHARA token, reflecting ongoing demand for AI-linked crypto assets 12.
• GameStop expands zero-coupon note offering to $2.7B, with proceeds potentially allocated to Bitcoin reserves 16.
• SharpLink Gaming acquires $31M in Ether for staking, joining a shift in treasury strategies toward ETH 15.
• Galaxy Digital closes a $175M external venture fund focused on stablecoins and DeFi infrastructure 18.
• Guotai Junan becomes the first mainland Chinese-backed brokerage to win a full-scope Hong Kong crypto license 19.
• Ruble-pegged stablecoin A7A5 moves $9.3B since February, facilitating cross-border payments for sanctioned Russian entities 20.

Commentary

U.S. regulatory and institutional activity is accelerating. Coinbase ’s upcoming CFTC-regulated perpetual futures offering will provide U.S. traders with onshore access to leveraged Bitcoin and Ether derivatives, previously limited to offshore venues 1. The move, enabled by the Deribit acquisition, may shift derivatives volume back to regulated U.S. markets. Meanwhile, the SEC continues to see a wave of spot Solana ETF filings, with Invesco and Galaxy Digital joining the queue, underscoring growing institutional interest in altcoins beyond BTC and ETH 2.

Policy signals are turning more constructive. Fed Chair Powell’s remarks about rolling back 2022 crypto restrictions suggest U.S. banks may soon enter the digital asset sector, provided risk controls are robust 5. The Senate’s aim to finalize a crypto market structure bill by September 30, and the White House’s confirmation of a Strategic Bitcoin Reserve, indicate a coordinated push for regulatory clarity and institutional adoption 46. However, legal uncertainty persists for some assets, as seen in the continued Ripple-SEC litigation over XRP institutional sales 3.

In Europe, the EU’s move to allow foreign stablecoins under MiCA, despite ECB warnings, will make USDC and USDT more accessible across the bloc 7. Major exchanges, including Kraken , are securing MiCA licenses to expand regulated services in the EEA 8. Hong Kong is also advancing as a digital asset hub, with Guotai Junan’s new license reflecting regional momentum 19.

On-chain data shows Bitcoin supply tightening, with exchange balances at record lows and illiquid supply at all-time highs 917. Whales are accumulating, and ETF inflows remain strong, supporting BTC’s price rebound above $108,000 and increasing its market dominance 1011. Treasury strategies are evolving as well: GameStop may allocate new capital to Bitcoin 16, while SharpLink Gaming and other firms are increasing ETH exposure and staking 15.

Elsewhere, token launches and venture activity remain robust. The coordinated listing of the Sahara AI token highlights persistent demand for AI-linked assets 12, and Galaxy Digital ’s new fund points to continued institutional investment in DeFi and stablecoin infrastructure 18. The proliferation of ruble-pegged stablecoins like A7A5, facilitating sanctioned flows, also signals ongoing regulatory arbitrage risks 20.