TL;DR

SEC enables in-kind ETF flows; PayPal/Square launch crypto payments; ETH nears $4K, NFT volumes surge.

Highlights

• SEC approves in-kind creation/redemption for spot Bitcoin and Ethereum ETFs, expected to improve liquidity and reduce costs 1.
• SEC acknowledges BlackRock’s filing to permit staking in its spot Ethereum ETF 2.
• PayPal and Square launch crypto payment integrations for millions of U.S. merchants; PayPal offers 100+ tokens and up to 90% lower cross-border fees 34.
• Ethereum approaches $4,000, with ETH/BTC at a six-month high; Ether-linked equities and funds rally 5.
• MicroStrategy upsizes capital raise to $2.8B for further Bitcoin accumulation; Marathon Digital raises $950M for BTC purchases 67.
• BitMine Immersion announces $1B stock buyback, backed by a 625,000 ETH treasury; BTCS Inc. surpasses 70,000 ETH holdings after $55.2M purchase 1011.
• Consensys’s Linea L2 to burn ETH and share yield with users; token launch planned 12.
• MetaMask launches Stablecoin Earn, offering yield on USDC , USDT , DAI via Aave, no lockups 13.
• CEA Industries secures $500M to pivot into a Nasdaq-listed BNB treasury vehicle 14.
• NFT volumes surge; CryptoPunks floor price tops $200,000, weekly NFT trading at 16-month high 19.
• ECB warns dollar stablecoins threaten euro monetary autonomy; calls for regulated euro stablecoins 16.
• White House to release first Digital Assets Report on July 30 outlining U.S. crypto regulatory priorities 20.
• Hyperliquid suffers brief trading outage; HYPE token drops then rebounds 8.
• eToro launches tokenized U.S. equities as ERC-20s on Ethereum , expands 24/5 trading 18.
• CoinDCX denies sub-$1B takeover talks with Coinbase after recent security breach 15.

Commentary

The SEC’s approval of in-kind creation and redemption for spot Bitcoin and Ethereum ETFs brings U.S. crypto ETPs in line with commodity funds, likely improving liquidity, narrowing spreads, and lowering management costs 1. The agency’s acknowledgment of BlackRock’s Ethereum staking ETF proposal signals a willingness to consider staking in mainstream investment products, which could further differentiate Ethereum-based ETFs and attract new institutional flows 2.

On the payments front, PayPal and Square are rolling out broad crypto acceptance for U.S. merchants, with PayPal supporting over 100 tokens and offering lower cross-border fees 34. These integrations may drive higher on-chain transaction volumes and reinforce the role of stablecoins and Layer 2 solutions in retail and business payments.

Ethereum continues to outperform, nearing $4,000 and outpacing Bitcoin on the ETH/BTC pair, supported by ETF news, DeFi innovation (Linea’s ETH burn/yield, MetaMask’s Stablecoin Earn), and strong NFT activity 5121319. Public companies are expanding their digital asset exposure: MicroStrategy and Marathon Digital are raising billions to buy more Bitcoin , while BitMine and BTCS are increasing Ethereum holdings 671011. CEA Industries’ BNB treasury pivot and eToro ’s tokenized equities reflect growing demand for single-asset vehicles and on-chain traditional assets 1418.

NFT markets are rebounding, with CryptoPunks floor prices above $200,000 and trading volumes at multi-month highs, supported by institutional buying and new lending products 19. Meanwhile, the ECB’s warning on dollar stablecoin dominance and Interactive Brokers’ stablecoin deliberations highlight regulatory uncertainty in Europe, while the upcoming White House Digital Assets Report could set the tone for U.S. policy 161720.

Infrastructure risks persist, as seen in Hyperliquid’s outage and ongoing exchange security concerns in India 815. Traders should monitor ETF flows, regulatory developments, and capital allocation trends across DeFi, NFTs, and major Layer 1s for near-term catalysts.