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Ripple invested in ZILO and Licuido to strengthen XRPL infrastructure for institutional tokenized assets and regulated capital markets.
The partnerships add transfer agency, digital issuance and collateral mobility while RLUSD supports regulated settlement on the XRPL.
Ripple said the investments build on earlier tokenization efforts as XRPL expands services for institutional asset managers and issuers.
Ripple announced strategic investments in ZILO and Licuido as it expands its capital markets infrastructure on the XRP Ledger (XRPL). The announcement follows Aviva Investors' tokenization of its U.S. Dollar Liquidity Fund on the XRPL and aims to add regulated transfer agency, issuance, and collateral mobility for institutional tokenized assets.
https://twitter.com/Ripple/status/2084187612273582271?s=20
Investments Target Capital Markets Infrastructure
According to Ripple, the investments strengthen existing partnerships with ZILO and Licuido. Together, the companies will integrate regulated transfer agency services, digital issuance, and collateral movement into Ripple's institutional infrastructure.
Ripple said its platform combines asset issuance, custody, collateral management, multi-currency investment, and atomic settlement. The company also said its stablecoin, RLUSD, serves as the regulated cash leg for delivery-versus-payment transactions.
Nigel Khakoo, Ripple's senior vice president of Trading and Markets, said tokenization alone does not unlock the full value of digital assets. He said institutions also need efficient trading, settlement, borrowing, lending, and collateral capabilities.
Partners Expand Tokenized Asset Services
ZILO provides transfer agency and fund administration technology for asset managers, custodians, and transfer agents. According to Ripple, the platform supports tokenized share classes while maintaining regulated digital records.
Phil Goffin, founder and chief executive officer of ZILO, said Ripple's investment will help expand digital market functionality for institutional clients.
Meanwhile, Licuido focuses on issuing, distributing, and trading tokenized financial assets. Ripple said the platform allows fund shares and other traditional assets to move through onchain collateral and atomic settlement infrastructure.
Brian Lynch, chief executive officer and co-founder of Licuido, said the partnership will help expand the company's collateral marketplace on the XRPL.
Ripple Builds On Earlier Tokenization Efforts
Ripple said the investments build on its earlier collaboration with Aviva Investors to tokenize traditional fund structures on the XRPL. The company added that ZILO and Licuido support regulated issuance, distribution, custody, and additional use cases.
According to Ripple, the XRPL has processed more than four billion transactions since 2012. The network also supports over seven million active wallets and operates through 120 independent validators.
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Lorenzo Valente said Uniswap maintained strong trading volumes and revenue even as Unichain recorded limited adoption and network activity.
Valente said Uniswap V4 now accounts for about half of protocol activity while the fee switch generates significant UNI token burns.
Uniswap produced more than $1 million in weekly revenue as tokenized stocks and other assets moved closer to the protocol.
Ark Invest's Lorenzo Valente said Uniswap has emerged as one of the stronger-performing legacy crypto projects this cycle despite weaker activity on Unichain. In a thread shared this week, Valente highlighted resilient trading volumes, growing revenue, adoption of Uniswap V4, and the activation of its fee switch, while noting that tokenized stocks are also approaching the protocol.
Unichain Lags As Core Platform Holds Up
According to Valente, Unichain has struggled to gain traction since launch. He said the layer-2 network now generates roughly $5,000 to $7,000 in monthly REV.
Additionally, Unichain processes about 3,000 daily transactions, while total value locked stands near $30 million. Valente said activity across the network remains limited.
However, he contrasted those figures with Uniswap's core automated market maker business. According to him, the protocol continues handling about $15 billion in weekly trading volume.
Valente added that Uniswap processed roughly $20 billion to $25 billion in weekly volume during the 2021 market peak, showing relatively stable activity over time.
V4 Adoption And Revenue Continue Growing
According to Valente, each major Uniswap upgrade has gained user adoption. V2 overtook V1, while V3 later became the dominant version.
More recently, V4 surpassed V3 and now accounts for about half of protocol activity alongside V3. The latest version also introduced the protocol's fee switch.
Valente said Uniswap now generates more than $1 million in weekly revenue across Ethereum, Base, and Robinhood Chain. That equals roughly $5 million each month, or an annualized run rate near $60 million.
He also said the V4 fee switch currently burns about $90 million worth of UNI annually based on the trailing seven-day pace.
Chart Shows Key Price Levels
Meanwhile, UNI traded at $3.88 during the analysis. The token remained below its 50-day moving average of $4.04 but stayed above the 200-day average of $3.64.
Source: Santiment
The chart showed support between $3.05 and $3.20 after June's rebound from roughly $2.40. Meanwhile, resistance sits near $4.04 before the $4.20 to $4.40 range, where recent selling pressure appeared.
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BlackRock filed with the SEC to launch tokenized BRSRV fund shares on Solana as part of a regulated multi-chain cash management strategy.
The Treasury-backed fund will issue tokenized shares across Solana, Ethereum and Tempo without investing directly in cryptocurrencies.
BlackRock expanded its tokenized finance strategy by adding Solana infrastructure while Securitize manages tokenization and ownership records.
BlackRock has filed with the U.S. Securities and Exchange Commission to issue tokenized fund shares on Solana, according to Solana's Aug. 3 announcement. The filing introduces the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), expanding the asset manager's cash management strategy while bringing stablecoin reserve assets onchain through a regulated structure.
https://twitter.com/solana/status/2084325538957754550?s=20
BlackRock Expands Tokenized Finance Strategy
According to Solana, BlackRock launched the Daily Reinvestment Stablecoin Reserve Vehicle on the network to support stablecoin reserve management. The product is designed to qualify as a GENIUS Act asset for regulated stablecoins.
Reports said Securitize is handling the tokenization process. BlackRock previously worked with the firm on other tokenization initiatives.
Notably, BRSRV is not limited to one blockchain. The filing shows the product is structured as a multi-chain fund rather than a Solana-only offering.
Filing Adds Ethereum Fund And Treasury Assets
Alongside BRSRV, BlackRock also launched a separate tokenized fund, BSTBL, on Ethereum. Together, the products extend the firm's tokenized cash management offerings across public blockchain networks.
According to the SEC filing, tokenized shares will exist on Ethereum, Tempo, and Solana. Meanwhile, Securitize Transfer Agent will maintain ownership records across the supported networks.
The fund itself holds cash and short-term U.S. Treasury bills. However, it does not purchase cryptocurrency, according to the filing details.
Solana Joins Institutional Tokenization Push
BlackRock manages approximately $15 trillion in assets, according to reports. The latest filing adds Solana to the firm's blockchain infrastructure supporting tokenized financial products.
Meanwhile, Solana described the launch as an institutional use case for tokenized finance. However, the announcement did not disclose how much capital will enter the vehicle after launch.
The filing also arrived alongside broader institutional blockchain activity. Reports noted BlackRock's move followed recent tokenization initiatives across public networks, while the company continued expanding blockchain-based financial infrastructure through regulated products.
At the time reports circulated, Solana traded near $73.97, up 1.43% over 24 hours. Daily trading volume reached roughly $1.5 billion, increasing nearly 55% from the previous day.
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Brian Armstrong urged the Senate to pass the CLARITY Act, calling it a bipartisan framework for clear U.S. crypto regulation.
Senate consideration remained tied to unresolved ethics negotiations as lawmakers awaited a White House response before a vote.
The CLARITY Act would define oversight, registration standards and consumer protections for the U.S. digital asset industry.
Coinbase CEO Brian Armstrong renewed his call for the U.S. Senate to pass the CLARITY Act this week, arguing the bill reflects bipartisan work and growing voter interest in crypto regulation. His Aug. 3 remarks came as lawmakers awaited a White House response to a revised ethics proposal, while industry leaders continued pushing for Senate action before the August recess.
Senate Vote Hinges On Ethics Talks
Armstrong said one in four Americans now hold cryptocurrency and described CLARITY as a priority for many voters. According to him, voters are twice as likely to support candidates who back the legislation, regardless of political affiliation.
Coinbase also published a message stating, "America needs CLARITY." Meanwhile, Armstrong said the bill would establish clear crypto rules after years of bipartisan negotiations.
However, journalist Eleanor Terrett reported that the White House had not responded to an ethics counterproposal submitted last Thursday. According to her source, Senators Thom Tillis and Ruben Gallego sent the proposal, leaving the legislation's biggest unresolved issue unsettled before a possible vote.
Armstrong Details Proposed Framework
Armstrong said the legislation would expand U.S. oversight of digital asset businesses while strengthening consumer protections and law enforcement authority. He also said the proposal would create additional banking opportunities for the crypto industry.
Earlier, Senator Cynthia Lummis released updated CLARITY Act text combining work from the Senate Banking and Agriculture committees. The 616-page proposal assigns responsibilities to the Securities and Exchange Commission and Commodity Futures Trading Commission.
Notably, the bill also establishes registration standards for exchanges, brokers, dealers, custodians, and other intermediaries. It further addresses cybersecurity, bankruptcy protections, illicit finance, developer protections, digital asset kiosks, and international coordination.
Industry Awaits Senate Action
Support has also extended beyond Coinbase. SEC Chair Paul Atkins endorsed congressional legislation and offered the agency's technical assistance during the process.
Meanwhile, Stand With Crypto reported nearly 950,000 constituent contacts with lawmakers. The organization also said it would score every Senate CLARITY vote for more than three million advocates.
Kristin Smith, former Blockchain Association CEO and current Solana Institute president, said a motion to proceed remains possible this week. She added that a cloture vote could still happen before lawmakers begin the August recess.
Smith also noted that major legislation often faces delays before advancing. She pointed to the GENIUS Act, which failed an earlier cloture vote before later passing the Senate and becoming law.
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Galaxy Research identified 1,596 stolen Bitcoin across three confirmed Coldcard attack waves, with losses now exceeding $100 million.
Researchers said a suspected fourth attack wave could raise total losses to about 2,055 BTC, valued near $130 million if confirmed.
About 90% of the stolen Bitcoin remains unmoved as Galaxy Research works with law enforcement to trace attacker addresses.
Galaxy Research said confirmed losses linked to the Coldcard hack have surpassed $100 million after identifying 1,596 stolen Bitcoin across about 7,300 addresses. The research team published its latest findings in a detailed thread, stating that three confirmed attack waves account for the thefts, while a fourth suspected wave could push total losses to about 2,055 BTC, valued near $130 million.
Three Confirmed Waves Identified
According to Galaxy Research, engineers at Block first detected Wave 1. The team later confirmed that incident using reports submitted by affected users. Galaxy Research said victim reports also helped uncover Waves 2 and 3.
The firm added that new confirmations continue arriving as more users review their wallet activity. Most victims appeared in only one attack wave. However, the researchers said some addresses were affected in two separate waves.
The report also identified 14 smaller incidents beyond the three major attacks. According to Galaxy Research, those cases may involve different attackers exploiting the same known vulnerability.
Researchers Continue Tracing Stolen Bitcoin
Galaxy Research said 73 victims have contacted Alex Thorn for assistance with tracing stolen funds. Those reports helped investigators identify additional attacker and victim addresses.
The team also identified a possible fourth wave. However, Galaxy Research excluded it from the confirmed totals because victims have not yet verified their inclusion.
If confirmed, the suspected wave would increase estimated losses to about 2,055 BTC, worth roughly $130 million. The researchers said they hold medium-high confidence that the activity belongs to an attacker.
Most Stolen Coins Remain Unmoved
According to Galaxy Research, about 90% of the stolen Bitcoin has not moved on-chain. The report added that every coin stolen during Waves 1, 2, and 3 remains untouched.
Galaxy Research said it has shared confirmed attacker and victim addresses with U.S. federal law enforcement agencies, cryptocurrency exchanges, compliance firms, cyber investigation groups, and other relevant organizations.
The researchers also advised Coldcard users who remain uncertain about their wallet security to move funds to a fresh seed or a custodian or exchange. Meanwhile, they encouraged victims to contact Alex Thorn with drained wallet addresses and attacker transaction IDs to support ongoing tracing efforts.
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Morgan Stanley downgraded Circle to underweight and slashed its price target to $38 over weaker long-term USDC expectations.
The bank lowered USDC supply forecasts for 2027 and 2028, expecting slower reserve income growth and lower earnings margins.
Rising competition from tokenized funds, bank deposits and stablecoins added pressure as Circle shares fell about 6% after the report.
Circle shares fell after Morgan Stanley downgraded the stablecoin issuer to underweight from equal-weight and reduced its price target to $38 from $106. According to analyst James Faucette, the bank lowered its outlook because it expects slower USDC growth, weaker reserve income, and increasing competition across the digital dollar market. The downgrade came as investors continued reassessing Circle's long-term earnings prospects.
Morgan Stanley Lowers Earnings Forecast
Morgan Stanley said USDC remains Circle's largest revenue driver. However, the bank expects slower expansion in circulating supply to reduce income generated from reserve assets.
According to Faucette, Circle could increasingly rely on transaction revenue instead of reserve income. He added that transaction revenue carries lower margins than the company's traditional earnings model.
The bank also reduced its USDC supply forecasts by about 33% for 2027 and 44% for 2028. Consequently, Morgan Stanley's earnings estimates now sit roughly 3% below Wall Street consensus for 2027 and 20% below consensus for 2028.
Competition Adds Pressure
Morgan Stanley also highlighted rising competition across the stablecoin and tokenized finance sectors. The bank pointed to tokenized money market funds, tokenized bank deposits, and Open USD as growing alternatives.
On Monday, BlackRock expanded its tokenized finance offering by launching two blockchain-based money market products. Morgan Stanley said those products could increase competition for capital flowing into digital dollar ecosystems.
The bank also questioned Circle's progress in agentic payments. According to its research, daily transaction volume averaged about $41,900, while the implied average payment measured roughly 24 cents.
Analysts Remain Divided
The downgrade followed a recent bearish assessment from JPMorgan. That bank argued Circle's revised agreement with Hyperliquid weakened USDC's economic model while increasing competitive pressure with Coinbase.
However, not every Wall Street firm shares that outlook. TD Cowen initiated coverage of Circle with a buy rating and an $82 price target, citing opportunities in payments, treasury services, tokenized assets, and developer tools.
Following Morgan Stanley's report, Circle shares fell about 6%. The decline added to the stock's year-to-date losses as investors weighed changing earnings expectations against increasing competition in the stablecoin market.
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U.S. and Japan coordinated currency intervention renewed attention on efficient cross-border liquidity infrastructure and payment modernization efforts.
Ripple's expanding partnerships across Japan continue supporting long-term interest in blockchain-based settlement technology for global transfers.
XRP Outlook remains tied to payment innovation as traditional markets confront recurring foreign-exchange liquidity challenges worldwide.
XRP Outlook remains in focus after coordinated U.S.-Japan currency intervention renewed attention on cross-border liquidity infrastructure, while Ripple's payment network continues expanding across both financial markets.
U.S.-Japan Currency Action Renews Liquidity Discussion
X Finance Bull shared commentary following coordinated foreign-exchange intervention between both governments. The discussion centered on broader financial stability concerns. It also connected those developments with payment infrastructure.
https://twitter.com/Xfinancebull/status/2084097168869335342?s=20
Treasury Secretary Scott Bessent confirmed American participation alongside Japanese authorities. The intervention supported the weakening Japanese yen. Officials also indicated future action remains available if necessary.
The report explained why currency stability extends beyond financial markets. A weaker yen increases import costs across Japan. Businesses and households therefore experience additional economic pressure.
Large exchange-rate swings also affect global investment activity. Leveraged positions become more vulnerable during volatility. Financial authorities therefore continue monitoring international liquidity conditions closely.
Ripple Infrastructure Draws Fresh Market Attention
The shared commentary later shifted toward Ripple and the XRP Ledger. It clearly stated XRP was not used. Instead, the intervention illustrated growing demand for efficient settlement infrastructure.
Ripple continues developing technology supporting faster international value transfers. The XRP Ledger settles transactions within seconds. The network also reduces dependence on pre-funded correspondent banking accounts.
Japan remains one of Ripple's strongest international markets. SBI Holdings continues supporting Ripple through several ventures. SBI Ripple Asia and SBI Remit remain important components of that ecosystem.
Ripple and SBI Group also expanded their cooperation through RLUSD. SBI VC Trade introduced support for the stablecoin. Those developments strengthened Ripple's operational presence across Japan's regulated digital asset market.
Macro Narrative Shapes XRP Outlook
The commentary argues current monetary policy addresses immediate financial stability concerns. Ripple instead focuses on settlement efficiency. Both developments therefore address different parts of international finance.
Traditional intervention relies on central bank coordination and foreign-exchange operations. Blockchain payment infrastructure serves another purpose. It seeks to improve settlement speed and capital efficiency between institutions.
The report noted that repeated liquidity events encourage infrastructure modernization discussions. Financial institutions continue evaluating settlement technology. Cross-border payment efficiency remains an active area of development.
XRP, as discussed throughout the report, remains connected to Ripple's long-term infrastructure strategy rather than the intervention itself. No evidence suggests the currency operation involved XRP directly. Instead, the broader discussion keeps attention on payment modernization as governments manage evolving global liquidity conditions.
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XRP ETF demand continues expanding as cumulative U.S. spot ETF inflows reportedly surpass $1.5 billion, reflecting sustained institutional participation.
Positive XRP money flow exceeds outflows, while larger orders continue favoring accumulation despite broader long-term price weakness.
Elevated short interest and stable capital inflows place XRP at a closely watched technical point for market participants.
XRP ETF Demand remains a central market theme as institutional participation expands through regulated investment products. Recent capital flow data also points to continued accumulation despite broader price weakness.
Institutional Flows Continue Supporting XRP
John Squire shared new observations regarding XRP ETF demand. The post reported cumulative U.S. spot XRP ETF inflows exceeding $1.5 billion.
https://twitter.com/TheCryptoSquire/status/2083414419455828204?s=20
The update focused on consistency rather than sudden investment surges. According to the post, institutional allocations continued arriving across consecutive weeks.
The accompanying artwork reinforced that institutional narrative. Wall Street architecture surrounded the XRP logo throughout the illustration.
American flags positioned around the financial district strengthened that message. The visual associated XRP with established financial infrastructure instead of speculative trading.
Capital Flow Data Shows Mixed Market Conditions
The accompanying dashboard presented broader XRP market metrics. Several indicators reflected contrasting trends across different timeframes.
Source: Coinglass
Price performance remained negative across most measured periods. However, the 30-day performance recorded a modest positive return.
Current XRP traded around $1.0610 during the observed period. Even so, broader yearly performance remained substantially below previous levels.
Money flow distribution offered a different perspective. Total inflows exceeded outflows by approximately 447,000 XRP during the measured period.
Medium-sized transactions represented the largest share of activity. Meanwhile, large-order inflows remained slightly stronger than corresponding outflows.
That balance suggested selective accumulation continued despite weaker long-term performance. Capital entered XRP faster than withdrawals during the reported period.
Daily short-sale volume also remained consistently elevated. Several sessions recorded noticeable spikes in bearish positioning.
Short Interest Meets Institutional Participation
The dashboard also tracked XRP short-interest history. Short positions increased while price movement became comparatively stable.
This combination often attracts close market attention. Stable prices sometimes absorb persistent selling without producing fresh breakdowns.
John Squire's comments shifted attention toward institutional participation. The tweet emphasized measured accumulation instead of short-term excitement.
Unlike momentum-driven rallies, ETF inflows generally reflect structured allocations. Regulated investment products often attract longer-term portfolio strategies.
The symbolic artwork mirrored that broader investment theme. Connected digital platforms surrounded the central XRP logo with continuous blue network streams.
Those visual elements represented organized capital movement across financial infrastructure. They also reflected regulated access through institutional investment vehicles.
Taken together, both datasets described an evolving market structure. ETF demand remained firm while broader technical conditions stayed mixed.
Positive money flows contrasted with weaker long-term price performance. Rising short interest also introduced another closely monitored market variable.
Rather than presenting identical signals, the indicators reflected different market layers. Institutional participation, capital allocation, and positioning continue shaping XRP's broader trading environment.
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Arthur Hayes swapped $2.5 million USDC for 1,337 ETH via Galaxy Digital.
The purchase followed an earlier ETH sale that realized a reported $241,000 loss.
Spot Ethereum ETFs recorded about $365 million in July net inflows.
BitMEX co-founder Arthur Hayes returned to Ethereum buying just two days after selling part of his holdings at a loss, according to Lookonchain. The on-chain tracker reported that Hayes swapped 2.5 million USDC for 1,337 ETH through Galaxy Digital about an hour before the update, purchasing the tokens at an average price of about $1,869.
Hayes Reverses Course On Ethereum
According to Lookonchain, Hayes recently deposited 2,364.38 ETH into Cumberland and Galaxy Digital. In return, he received about 4.3 million USDC after selling the assets at roughly $1,821 per ETH.
The tracker estimated that transaction resulted in a loss of about $241,000, or 5.3%. Lookonchain also reported that Hayes had originally acquired 7,213 ETH for about $13.87 million at an average price near $1,923.
However, the latest blockchain data shows Hayes quickly returned to the market. Lookonchain said he transferred 2.5 million USDC to Galaxy Digital before receiving 1,337 ETH.
Separately, Onchain Lens reported that Hayes also sent another 2.5 million USDC to FalconX. However, the platform said that transaction remained pending when the update was published.
ETF Inflows Continue To Build
While Hayes resumed buying, institutional demand also remained active. Spot Ethereum exchange-traded funds recorded about $365 million in net inflows during July, marking the strongest monthly inflow total of 2026.
The reported inflows came as Ethereum continued expanding its role across tokenized real-world assets, stablecoins, and decentralized finance applications.
Whale Activity Draws Market Attention
Large on-chain transactions from high-profile investors continue attracting close attention across the crypto market. Hayes has repeatedly expressed support for Ethereum and the broader decentralized finance ecosystem.
He has previously argued that improving global liquidity conditions and expectations for easier monetary policy could benefit risk assets, particularly Ethereum.
Meanwhile, analysts noted that large purchases alone do not determine future price direction. However, they said continued participation from institutional investors and high-capital market participants remains an important trend to monitor.
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Mike Belshe placed 100 BTC in a public wallet to challenge Claude AI.
Anthropic disclosed three cybersecurity incidents during controlled evaluations.
The Bitcoin wallet remained untouched, with no on-chain transfers recorded.
BitGo CEO Mike Belshe placed 100 Bitcoin into a public wallet and challenged Anthropic's Claude AI model to transfer the funds after the company disclosed recent cybersecurity incidents. According to on-chain data, the wallet remained untouched as of Aug. 2. Belshe issued the challenge after Anthropic revealed Claude accessed the internet during third-party evaluations and reached the systems of three real organizations.
Anthropic Details Three Security Incidents
Anthropic said the incidents emerged during a review conducted with evaluation partner Irregular. According to the company, Claude reached the internet in three separate evaluation environments and gained unauthorized access to three organizations.
The company said the activity resulted from third-party evaluation environments that remained connected to the internet. Anthropic added that the models encountered real systems while completing assigned cybersecurity exercises.
The disclosure involved Claude Opus 4.7, Mythos 5, and an internal research model. Anthropic also said it suspended cybersecurity evaluations on July 23 before notifying the affected organizations on July 27.
Belshe Tests AI Against Public Bitcoin Wallet
Following that disclosure, Belshe funded a public Bitcoin address with exactly 100 BTC on July 31. He then challenged Claude to move the coins, saying the model could keep them if it successfully completed the transfer.
However, blockchain records showed no transactions leaving the wallet by Aug. 2. The public address remained unchanged after the challenge circulated across social media.
The challenge differed from Anthropic's reported evaluation environments. Belshe did not provide system access, assign a cybersecurity task, or identify a specific Claude model for the exercise.
Wallet Remains Unmoved As Debate Continues
Anthropic said the reported incidents involved models completing assigned capture-the-flag exercises rather than attempting independent actions. The company also stated Claude did not attempt to escape its environment or copy itself.
Meanwhile, Belshe's public wallet remains available for anyone to monitor on the Bitcoin blockchain. According to the available information, Anthropic had not publicly responded to the challenge by publication.
The episode followed similar discussions around AI cybersecurity after OpenAI disclosed a separate security evaluation involving Hugging Face in July.
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Ray Dalio keeps roughly 1% of his portfolio in Bitcoin while favoring gold.
He views Bitcoin as hard money but sees higher long-term risks than gold.
Dalio cited quantum computing, regulation and central bank adoption as concerns.
Bridgewater founder Ray Dalio said he keeps about 1% of his investment portfolio in Bitcoin while favoring gold for most of his hard-money allocation. Speaking on "The Diary of a CEO" podcast on July 30, Dalio described Bitcoin as money that cannot be printed but said he continues preferring gold because of concerns over technology, government oversight, and central bank adoption.
Dalio Keeps Bitcoin Exposure Limited
According to Dalio, Bitcoin belongs in the category of assets that governments cannot create through monetary policy. However, he said only about 1% of his portfolio is allocated to the cryptocurrency.
He also suggested that many investors could hold between 5% and 15% of their portfolios in hard-money assets. Within that allocation, however, he said he would choose physical gold instead of Bitcoin.
Dalio explained that he values gold because investors can hold it directly. He also described it as a financial asset that does not depend on another party's obligation.
Gold Preference Centers On Risk
Dalio said Bitcoin shares several characteristics with gold because neither asset can be printed. However, he argued that technological developments could create risks for the cryptocurrency over time.
He specifically pointed to quantum computing as one potential challenge. In addition, he said governments can monitor Bitcoin transactions and impose taxes or restrictions on digital assets.
According to Dalio, those factors make Bitcoin less attractive than physical gold during periods of monetary or geopolitical uncertainty.
Central Banks Remain Part Of His Argument
Dalio also argued that central banks are unlikely to hold significant Bitcoin reserves. He said monetary authorities generally prefer assets that allow private transactions and remain under their direct control.
To support that view, Dalio referenced Russia's experience with international sanctions. He said other financial assets were frozen, while physical gold remained outside foreign control.
Dalio has previously disclosed a similar Bitcoin allocation, including during an interview in November 2025. On the latest podcast appearance, he repeated that Bitcoin remains part of his portfolio. However, he maintained that gold remains his preferred hard-money asset because of its historical role, physical ownership, and resistance to external control.
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Kalshi, Polymarket and Polymarket US reached a record $50.59B in July trading volume, up 7.8% from the revised June total.
FIFA World Cup prediction markets fueled July activity, with Kalshi handling $37.7B and Polymarket US posting 54% monthly growth.
Record prediction market trading came as Kalshi and Polymarket continued fighting state legal challenges over sports event contracts.
Kalshi, Polymarket, and Polymarket US recorded a combined $50.59 billion in July trading volume, the highest monthly total on record, according to data published Aug. 3. The record followed heavy prediction market activity during the FIFA World Cup, although the figures represent contract trading volume rather than deposits or platform revenue. July's combined total also increased 7.8% from the revised June volume of $46.95 billion.
World Cup Drives Trading Activity
Kalshi remained the largest platform during July, generating $37.7 billion in monthly volume. That represented roughly 74.5% of the combined total and marked a 14% increase from June.
Meanwhile, Polymarket's platforms moved in opposite directions. Polymarket US recorded the strongest monthly growth, with volume climbing 54% to $5 billion. However, Polymarket's international platform fell 26% to $7.9 billion. As a result, their combined monthly volume declined from $14 billion to $12.9 billion.
According to the data, the FIFA World Cup contributed heavily to July's activity. The tournament ran from June 11 through July 19. Kalshi's Spain-Argentina final market generated about $1.9 billion, while Polymarket's World Cup winner market attracted roughly $4 billion.
U.S. Platform Expands Access
The volume shift followed Polymarket US removing its waitlist in May. The Commodity Futures Trading Commission-regulated platform then became available to all eligible U.S. users.
Earlier this year, Rutgers University statistician Harry Crane estimated that about 30% of Polymarket's offshore volume came from U.S. traders during the previous 12 months. However, he also noted blockchain transactions cannot directly identify user locations.
Notably, open interest across the three platforms dropped from about $2 billion at the beginning of July to roughly $1.2 billion by month-end as World Cup contracts settled.
Legal Challenges Continue
Despite the record trading volume, regulatory disputes remain active. More than a dozen state regulators have accused Kalshi and Polymarket of operating unlicensed gambling platforms through sports-related contracts.
However, the companies and the CFTC continue challenging those enforcement actions, arguing that federal oversight takes precedence over state jurisdiction. Separately, New York filed suit against Kalshi on July 31, while a Minnesota federal judge temporarily blocked state enforcement against Kalshi and Polymarket US during an ongoing legal dispute.
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Doctor Profit moved his preferred Bitcoin buying range to $54K-$64K, replacing his earlier $40K-$50K accumulation target.
The analyst said Bitcoin remains in a bear market and views the area below the 200-week moving average as a buying opportunity.
Doctor Profit said he will keep accumulating Bitcoin, Ether and selected altcoins while prices remain within his revised target range.
Crypto analyst Doctor Profit said he has changed his Bitcoin accumulation strategy, shifting his preferred buying range to $54,000-$64,000 instead of the previously projected $40,000-$50,000 zone. According to the analyst, he shared the updated view after observing growing market consensus around lower price targets, while continuing to accumulate Bitcoin and Ether during what he still describes as a bear market.
Analyst Revises Bitcoin Accumulation Strategy
Doctor Profit said the market has split into three major groups. According to him, most traders now expect Bitcoin to bottom between $40,000 and $50,000 during September or October. Others believe the low has already formed, while another group expects prices to fall toward $28,000-$33,000.
Source: Doctor Profit
However, the analyst argued that widespread agreement weakens the probability of the most popular target. He noted that he originally forecast the $40,000-$50,000 range when Bitcoin traded near $120,000 in October 2025. Since then, he has shifted his focus to accumulating within the $54,000-$64,000 range through incremental purchases.
The analyst also rejected claims that Bitcoin has already entered a new bull market. Instead, he maintained that the asset remains in a bear market, although he believes accumulation should occur before broader market confirmation.
MA200 Weekly Remains A Key Level
Doctor Profit also pointed to Bitcoin's position below the 200-week moving average. According to him, previous breaks below that level historically coincided with attractive buying opportunities.
He added that the current price area matches the buying range marked on his chart. As a result, he said he continues building positions while the market forms what he described as a bottoming structure.
Saylor Sale Focus
The analyst also discussed reports that Michael Saylor is considering selling $5 billion worth of Bitcoin. According to Doctor Profit, the reported sale would occur within the same $54,000-$64,000 range where he recently began accumulating.
He contrasted the reported development with Saylor's previous buying activity above $100,000. Meanwhile, Doctor Profit said he welcomes additional supply inside his target range because he plans to continue accumulating Bitcoin, Ether, and selected altcoins while the current buying zone remains active through the coming weeks.
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The Senate scheduled no CLARITY Act floor action for Monday.
Lawmakers face limited procedural options before the Aug. 10 recess.
Democratic support and the bill's legislative path remain uncertain.
The Senate will return Monday without scheduling any floor action on the CLARITY Act, leaving the crypto market structure bill facing a narrowing path before the Aug. 10 recess. According to the Senate's published floor schedule and cloture ledger, lawmakers planned only a procedural vote on H.R. 6500, while no filing appeared for H.R. 3633 or the Digital Asset Market Clarity Act. That leaves leaders with limited procedural options if they want the legislation to advance this week.
Senate Calendar Leaves Limited Procedural Options
Monday's schedule calls senators back at 3 p.m. before a planned cloture vote around 5:30 p.m. on the motion to proceed to H.R. 6500. However, the updated cloture ledger through July 31 contains no filing for the CLARITY Act.
Under Senate Rule XXII, an ordinary cloture petition requires 16 signatures. If leaders file it on Wednesday, Aug. 5, senators could hold a cloture vote on Friday, Aug. 7. That vote would only determine whether the chamber proceeds to the bill.
If senators invoke cloture, debate on the motion to proceed could continue for up to 30 hours. Afterward, lawmakers would still need to consider the legislation and potentially overcome another cloture hurdle before final passage.
Leadership also has faster procedural alternatives. A bipartisan cloture petition requires signatures from both leaders and additional senators from each party. Meanwhile, unanimous consent could shorten the process, although any senator may object.
Vehicle And Vote Count Still Unclear
The Senate has not identified which legislative vehicle it intends to use. H.R. 3633 remains the House-passed CLARITY Act, while Sen. Cynthia Lummis previously described her merged Banking-Agriculture proposal as updated H.R. 3633 text.
At the same time, the vote count remains uncertain. Catherine Cortez Masto, Angela Alsobrooks, Cory Booker, Ruben Gallego, John Hickenlooper, Mark Warner, and Raphael Warnock said negotiations continue because the current draft falls short. Sen. Elizabeth Warren also opposes the revised measure.
According to Axios, Majority Leader John Thune expected a procedural vote before recess only if enough Democrats supported moving forward.
Market Waits As Deadline Nears
The legislative delay produced little market reaction. Bitcoin traded at $63,079 on Aug. 3, down 0.4% daily and about 3% weekly. Ether also fell 0.4% over 24 hours, while the Fear and Greed Index stood at 35.
Earlier reporting also noted that the SEC could pursue its own crypto rules if Congress fails to pass the legislation. For now, attention remains on whether Senate leaders file cloture, use another procedural path, or place the CLARITY Act on the floor before the Aug. 10 recess.
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XRP reserve discussions intensified after legal commentary linked a $5 valuation to potential U.S. reserve consideration scenarios.
The CLARITY Act remains central to defining crypto oversight between the SEC and CFTC through congressional legislation.
Market participants continue monitoring regulatory developments as digital asset policy discussions expand across the United States.
XRP Reserve discussions continue attracting attention as legal commentary and regulatory developments shape conversations around digital asset policy. Market participants remain focused on legislative progress and evolving views regarding XRP's future role.
XRP Reserve Discussion Draws Fresh Attention
Steph Is Crypto shared remarks attributed to pro-XRP attorney Fred Rispoli. The post stated XRP needs to reach $5 for potential U.S. reserve consideration.
https://twitter.com/Steph_iscrypto/status/2083417442798408051?s=20
The statement described a valuation threshold instead of official government policy. No federal agency has announced such a qualifying requirement.
The accompanying image reinforced the discussion through symbolic visuals. It paired the XRP logo with a U.S. government building.
That combination directed attention toward national digital asset policy. However, the graphic presented no official government confirmation.
CLARITY Act Remains Central to Regulatory Debate
Support discussion emerged through a post from Warrior Family. The update referenced comments attributed to SEC Chairman Paul Atkins.
https://twitter.com/3twariorfamily/status/2083440230665773332?s=20
According to the post, failure to pass the CLARITY Act carries consequences. The SEC and CFTC could continue shaping independent crypto regulations.
The legislation seeks clearer jurisdiction between both federal regulators. It also aims to distinguish securities from commodity-based digital assets.
Supporters argue congressional legislation provides greater regulatory consistency. Many industry participants continue watching the bill's legislative progress closely.
The conversation doesn't just focus on XRP and Ripple. Other blockchain projects, including Bitcoin and Ethereum, as well as stablecoins, may be impacted.
Market Focus Shifts Toward Policy and Adoption
Rispoli's reported remarks centered on future strategic positioning. They did not announce an existing reserve evaluation process.
The suggested $5 benchmark remains a personal assessment. It should not be interpreted as an official federal standard.
Meanwhile, regulatory clarity remains a recurring institutional priority. Exchanges, developers, and investors continue seeking predictable compliance frameworks.
Ripple's previous legal dispute with the SEC remains relevant. Consequently, XRP frequently appears within broader regulatory conversations.
The coming months could prove important for digital asset legislation. Market participants continue monitoring congressional developments and regulatory actions.
Both discussions reflect growing interest in digital asset policy. They also illustrate the expanding debate surrounding future blockchain integration.
Official government decisions remain the determining factor for any reserve framework. Until then, commentary continues driving broader market discussion surrounding XRP Reserve and regulatory direction.
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Trump Media sold another 2,628 BTC, bringing total sales to 7,281 Bitcoin.
Lookonchain estimated combined realized and unrealized losses at about $555 million.
The company launched its Truth API service while expanding beyond its Bitcoin treasury.
Trump Media has sold another 2,628 Bitcoin worth about $165 million, extending a seven-month selling trend, according to Lookonchain. The latest transaction brings total sales to 7,281 BTC after the company initially acquired 11,542 BTC for about $1.37 billion. The sales came as the company introduced its paid Truth API service while Bitcoin traded below its previous record level.
Bitcoin Sales Add to Treasury Losses
According to Lookonchain, Trump Media purchased 11,542 BTC at an average price of $118,522 per coin. However, the company later began reducing its holdings and has now sold 7,281 BTC over seven months.
Those sales generated about $545 million at an average price of $74,855 per Bitcoin. As a result, Lookonchain estimated the company's combined realized and unrealized loss at about $555 million.
The company's quarterly filing also outlined its remaining Bitcoin holdings. As of March 31, Trump Media held 9,542.16 BTC with a cost basis of about $1.13 billion. Additionally, the filing disclosed 2,000 BTC pledged against options.
Filing Details Remaining Bitcoin Holdings
The filing further showed that 4,260.73 BTC remain pledged against convertible notes. Those restrictions remain in place until no later than the notes' maturity date on May 29, 2028.
Meanwhile, Bitcoin traded near $63,471, compared with its October 2025 record of $126,080. The filing also reported a $243.96 million mark-to-market loss, contributing to a quarterly net loss of $405.9 million.
Truth API Launch
Alongside the Bitcoin sales, Trump Media launched Truth API for institutional customers on Aug. 1. The service costs $100,000 per month, while customers committing to three years can pay $60,000 monthly.
According to the company, the service delivers posts from the 10 highest-ranking Truth Social accounts within milliseconds. Interim CEO Kevin McGurn said the platform provides licensed, real-time access to market-moving posts.
Separately, Sens. Elizabeth Warren and Adam Schiff wrote to SEC Chair Paul Atkins on July 28 requesting an investigation into whether the product complies with securities laws. Their letter argued the service could raise concerns about market integrity and cited President Donald Trump's reported 41% stake in the company.
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Lummis said Warren misrepresented federal ethics rules in criticizing the bill.
John Thorne argued the Clarity Act could strengthen U.S. digital asset leadership.
Debate continues over ethics provisions and the future of crypto regulation.
Sen. Cynthia Lummis publicly challenged Sen. Elizabeth Warren's criticism of the Clarity Act, while Wellington-Altus Chief Market Strategist John Thorne also defended the legislation. Their statements focused on ethics rules, digital asset regulation, and the ongoing political dispute surrounding the bill. Both addressed claims about President Donald Trump, existing federal ethics law, and the potential impact of the legislation on the U.S. digital asset industry.
Lummis Disputes Warren's Ethics Claims
According to Sen. Cynthia Lummis, Warren's criticism of the legislation misrepresented how federal ethics rules apply to public officials. Lummis argued that blind trusts remain governed by existing federal law, which bars trustees from disclosing trust holdings to the official.
She also addressed Warren's reference to the $TRUMP token. Lummis said the token launched while Trump was a private citizen, adding that the ethics provisions apply only during a president's time in office.
Lummis further disputed claims involving Trump's family. She said federal conflict-of-interest laws have long applied to spouses and minor children, not financially independent adult children. According to Lummis, that standard remains unchanged under the proposed legislation.
Thorne Links Bill to Crypto Regulation
John Thorne, Chief Market Strategist at Wellington-Altus, also defended the Clarity Act while criticizing opposition to the proposal. He argued that the disagreement extends beyond policy and reflects a broader political dispute in Washington.
Thorne cited Treasury Secretary Scott Bessent's statement that "standards are strategy." He said countries establishing regulatory frameworks could attract capital, talent, and technological development before competitors.
Debate Centers on Industry's Future
Continuing his argument, Thorne said opponents, including Warren and her allies, have resisted regulatory clarity for digital assets. He also referred to bankers and segments of Democrats on Wall Street while discussing the debate.
According to Thorne, capital and industry talent have already begun moving outside the United States. He also said innovation would continue regardless of the bill's outcome, while Bitcoin's fixed supply would remain unchanged.
The public exchange between Lummis and Thorne on one side and Warren on the other continued to center on federal ethics rules, regulatory clarity, and the future framework for digital asset oversight in the United States.
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Doctor Profit highlighted Circle, Coinbase, and Ethereum as a connected ecosystem.
The thesis centers on tokenization, USDC growth, and regulatory progress.
The analyst disclosed a portfolio allocation of 60% Ethereum and 40% Bitcoin.
Analyst Doctor Profit outlined a long-term investment thesis centered on Circle, Coinbase, and Ethereum, arguing they sit at the center of an evolving digital finance ecosystem. He published the report as lawmakers continue advancing crypto legislation in the United States, while institutions expand tokenization efforts and regulated stablecoin adoption across financial markets.
BlackRock Ties Drive Investment Thesis
According to Doctor Profit, BlackRock's growing role across digital assets strengthens the connections between Circle, Coinbase, and Ethereum. He said Circle manages most USDC reserves through a BlackRock-managed fund, while Coinbase serves as custodian for BlackRock's iShares Bitcoin Trust and several other U.S. crypto ETFs.
He also highlighted Coinbase's ownership stake in Circle and its revenue-sharing agreement tied to USDC reserves. Meanwhile, Coinbase's Base network settles on Ethereum, creating another connection within what he called the "Galactic Three."
According to the analyst, Ethereum also hosts BlackRock's BUIDL tokenized Treasury fund. He added that Ethereum currently leads the tokenized real-world asset market, with about $16.6 billion in value locked.
Regulation and Tokenization Remain key Focus
Doctor Profit also pointed to the pending CLARITY Act, saying it could provide additional legal certainty across digital asset markets. He noted that the legislation addresses token classifications, exchange oversight, stablecoins, decentralized finance, and insolvency protections.
He further cited the Depository Trust & Clearing Corporation's tokenization initiative. According to his report, the platform relies on Besu, an Ethereum client, for blockchain infrastructure supporting tokenized securities.
Bitcoin Allocation Differs From Previous Cycles
Although Doctor Profit said he remains bullish on Bitcoin, he disclosed that his portfolio now holds 60% Ethereum and 40% Bitcoin. He argued that Bitcoin's future could eventually involve a quantum-resistant upgrade, referencing the recently announced Bitcoin Security Consortium.
The analyst also cited Coinbase research estimating that between 20% and 50% of older Bitcoin wallet formats could face future quantum-related risks. He added that Circle's USYC tokenized Treasury product has grown to roughly $3 billion, while USDC handled approximately $1.21 trillion in June transaction volume, according to figures included in his report.
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Michael Saylor said Strategy's Bitcoin monetization plan does not require BTC sales.
The existing framework allows sales only for defined corporate purposes.
Strategy remains a net Bitcoin buyer despite pausing recent purchases.
Strategy Executive Chairman Michael Saylor said the company has never promised it would never sell Bitcoin and still expects to remain a net Bitcoin buyer. His comments came after reports linked Strategy's existing BTC Monetization Program to its second-quarter results. According to Saylor, the framework was announced on June 29, 31 days before the company released its Q2 earnings.
Saylor Clarifies Bitcoin Sale Program
In a post on X, Saylor said Strategy never adopted a "never sell" Bitcoin policy. He also stated that the BTC Monetization Program does not require the company to sell any Bitcoin.
According to Saylor, reports describing the framework as a new authorization were incorrect. He said the company introduced the program before reporting its second-quarter financial results.
The clarification followed reports that Strategy could sell up to $5 billion worth of Bitcoin under its capital management framework. Saylor emphasized that the authorization provides flexibility rather than a commitment to reduce Bitcoin holdings.
Existing Framework Remains Unchanged
According to company filings, the monetization framework allows Bitcoin sales for specific corporate purposes. Those include building cash reserves, funding dividends and interest payments, repurchasing securities, and covering taxes, fees, and transaction costs.
The framework also leaves Strategy with up to $1.25 billion in remaining reserve-building capacity. Additionally, management may modify, suspend, or terminate the program as corporate needs or market conditions change.
Any Bitcoin sale outside the approved framework would require separate authorization from Strategy's board. The company has not announced any changes to the existing program.
Bitcoin Purchases Stay On Hold
Strategy has paused its regular Bitcoin purchases for five consecutive weeks. During that period, the company focused on increasing U.S. dollar reserves and repurchasing STRC preferred stock.
According to recent disclosures, Strategy holds 843,775 BTC acquired for approximately $63.69 billion at an average purchase price of $75,476 per Bitcoin.
The company also reported second-quarter revenue of $122 million, below analysts' estimates of $124.48 million. Meanwhile, earnings per share came in at negative $24.45, compared with expectations of positive $3.07.
Prediction market data cited in reports showed traders assigned a 21% probability that Strategy would announce another Bitcoin purchase by Monday. Reports also showed only a 10% probability that the company would hold at least one million Bitcoin by year-end.
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Galaxy identified a second attack, lifting total losses above $75 million.
Researchers tracked 1,158.81 BTC stolen from 2,673 Coldcard-linked addresses.
Security experts urged affected users to move funds to newly generated wallets.
Galaxy Research said it identified a second wave of Bitcoin thefts tied to the Coldcard wallet vulnerability, raising total losses to 1,158.81 BTC worth about $75.1 million. According to Galaxy Research, the two attacks struck 2,673 addresses between July 30 and July 31, while all stolen funds remain untouched across seven attacker-controlled wallets. Researchers also warned additional attacks remain possible.
Second Wave Expands The Attack
According to Galaxy Research, the first attack stole 1,082.65 BTC from 1,195 addresses within 41 minutes on July 30. A second operation began about 27 hours later and drained another 76.16 BTC from 1,478 different addresses over three hours and 42 minutes.
Researchers said the two victim groups shared no overlapping addresses. They added that the second attack reached more wallets but targeted much smaller balances than the first campaign.
Galaxy Research also found different transaction fee patterns between both attacks. The first wave consistently used 30 sat/vbyte fees, while the second mainly used 10 and 50 sat/vbyte, with several smaller transactions using about four sat/vbyte.
Researchers Monitor Stolen Bitcoin
According to Galaxy Research, all 1,158.66 BTC remains unspent across seven attacker-controlled addresses. Researchers said the lack of movement is unusual for a theft of this size.
The firm added that any transfers into exchanges or mixing services would become the next major development. It also noted that engineers at Block may have uncovered identifying information connected to the suspected attacker.
Meanwhile, Galaxy Research said its tracking method relies on transaction fingerprints rather than the vulnerability itself. Researchers warned future attackers could avoid detection by changing transaction fees, adding change outputs, using separate destination addresses, or spreading transfers over longer periods.
Security Warnings Continue
Galaxy Research urged users with affected single-signature Coldcard-generated wallets to move funds to newly generated wallets immediately. However, it said multisignature users remain protected if Coldcard devices alone cannot authorize transactions.
Galaxy Head of Research Alex Thorn also alleged that a hacker converted part of a victim's stolen Bitcoin through THORChain into Ether before depositing about 229.72 ETH into Duel Casino. Thorn said the victim and a researcher requested a freeze, but the platform advised contacting police.
Separately, Binance founder Changpeng Zhao, known as CZ, said firmware updates cannot protect previously generated self-custody wallets. He added that users must move affected funds because developers cannot access air-gapped devices or update existing wallet seeds.
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