CoinPhoton

XRP Whales Quietly Accumulate as Ether Trades Below Holders’ Cost Basis
Large XRP holders have continued accumulating the token during its decline from around $2.40 in January to roughly $1.00–$1.20, according to CryptoQuant.
The firm said large spot orders remain in “big-whale” territory, but buying pressure has not been strong enough to trigger a breakout. CryptoQuant described the pattern as “quiet absorption” and a potential basing phase rather than capitulation.
Ether, meanwhile, currently offers the strongest valuation case among BTC, ETH and XRP. ETH trades near $1,900, well below its realized price of about $2,450, meaning the average holder is underwater on paper.
Bitcoin remains roughly 17% above its realized price of $52,900, while XRP trades around $1.10 compared with a realized price near $0.75.
CryptoQuant data also shows larger ETH wallets have been accumulating. Wallets holding 10,000–100,000 ETH increased their balances from about 14 million ETH in mid-2025 to a record 19.6 million ETH.
Bitcoin whales have also rebuilt holdings to around 3.06 million BTC after aggressively buying when prices fell below $60,000 in June.
CryptoQuant said the market may be entering the final stage of the decline, although another leg lower remains possible before a definitive bottom is confirmed. $XRP $ETH $BTC

Bitcoin Stalls Below $65,000 as US Data Revives Stagflation Concerns
Bitcoin remained stuck near $64,000 on Thursday, continuing to lag behind stocks and gold as new U.S. economic data raised concerns over a potential return of stagflation.
BTC traded around 0.5% lower on the day and remained below $65,000, while U.S. equities opened largely flat. Hopes that Iran and Oman could help reopen the Strait of Hormuz also failed to generate significant market volatility, with uncertainty remaining over whether international shipping would fully resume.
Meanwhile, U.S. ISM Services PMI rose slightly to 54.1 in July, but the employment component dropped to 47.4, its weakest level since March. At the same time, the prices-paid index jumped to 70.3, highlighting the combination of persistent inflationary pressure and a weakening labor market.
Market analysts said the data is increasing concerns about stagflation — a scenario of slowing economic activity alongside elevated inflation.
Bitcoin has remained trapped in a narrow trading range since early June despite gold reaching six-week highs and the S&P 500 hitting record levels.
Glassnode described current BTC conditions as “boredom rather than capitulation,” while Bitfinex Research said Bitcoin is showing underlying stress but has yet to experience the decisive, high-volume move needed to confirm a genuine market breakdown. $BTC

US Appeals Court Formally Upholds Sam Bankman-Fried’s 25-Year Prison Sentence
The U.S. Court of Appeals for the Second Circuit has formally upheld former FTX CEO Sam Bankman-Fried’s conviction and 25-year federal prison sentence, further narrowing his options for an early release.
The court issued its mandate following a June ruling that affirmed Bankman-Fried’s conviction on seven felony counts and an $11 billion forfeiture order.
A three-judge panel rejected Bankman-Fried’s argument that FTX customers could ultimately have been made whole. The court said customers were defrauded when their funds were transferred to Alameda Research, regardless of whether Bankman-Fried believed the money could later be repaid.
With the appeals process at the Second Circuit effectively concluded, Bankman-Fried’s remaining options include seeking review by the U.S. Supreme Court or receiving presidential clemency.
President Donald Trump said in January that he had no plans to pardon Bankman-Fried, while the U.S. Senate recently unanimously adopted a resolution opposing clemency for the former FTX chief.

Crypto PAC Groups Spend $1.5 Million Ahead of Key U.S. Primaries
Two groups affiliated with crypto industry-backed Fairshake PAC have spent more than $1.5 million supporting candidates in Florida, Alaska and Wyoming ahead of Aug. 18 primary elections, according to Federal Election Commission filings.
Defend American Jobs spent more than $500,000 each supporting Republican Rep. Nick Begich in Alaska, Sydney Gruters in Florida’s 16th district and Rep. Harriet Hageman in Wyoming’s Senate race. Protect Progress also spent more than $50,000 backing Democratic Rep. Lois Frankel in Florida.
Begich, Hageman and Frankel previously voted in favor of both the GENIUS Act and the CLARITY Act, while Gruters has expressed support for crypto market structure legislation.
The spending comes days after another Fairshake-backed candidate, Democratic Rep. Shri Thanedar, lost his Michigan primary despite more than $2 million in support from Protect Progress.
Fairshake and allied crypto groups spent more than $170 million during the 2024 U.S. election cycle. With all 435 House seats and 33 Senate seats contested in the 2026 midterms, lawmakers’ votes on the CLARITY Act could influence where crypto-backed PACs deploy campaign funding. $BTC

Vangrid Raises $9 Million to Expand Spatial Data Network for Physical AI
DePIN project Vangrid has raised $9 million in a token-based seed round backed by HashKey, Crypto.com Capital, Animoca Brands, Borderless, Gate Labs and Mapleblock Capital.
The Amsterdam-based startup plans to use the funding to expand its decentralized spatial data network, which allows users to capture real-world locations with smartphones and receive payments for verified geospatial data.
Vangrid converts submitted captures into 3D spatial models and verifies their origin onchain. The company is targeting Physical AI applications such as robotics, autonomous agents and digital models, as well as potential defense and government use cases where GPS access may be limited.
The network is built on Base and uses Ethereum Attestation Service for data verification. Vangrid says it has already recorded nearly 100,000 verified captures, 200,000 grid events and more than 1,300 batch attestations.
Its web and Android apps are currently live, with an iOS version planned. Vangrid also intends to launch its own token later this year, with token-based contributor rewards to be announced closer to launch.

Coinbase’s Base App to Become Less Base-Centric as Cobie Expands Trading Focus
Coinbase’s Base app will become less tied to the Base blockchain as new leader Jordan “Cobie” Fish focuses on building a broader trading platform, Base creator Jesse Pollak said.
Pollak said the app will increasingly support assets and features from multiple blockchain networks rather than primarily serving the Base ecosystem. Fish took over leadership of the Base app last month, allowing Pollak to focus on developing the underlying Base blockchain.
The app is expanding beyond spot crypto trading into products including prediction markets and perpetual futures, with the goal of becoming an easier platform for users to trade assets across the crypto ecosystem.
Pollak said Base itself is seeing growing demand across tokenization, trading, payments and financing. The network currently holds nearly $5 billion in #defi assets and processes more than $1 billion in daily trading volume.
He also described competing blockchain launches from companies such as Robinhood and Stripe as “validation” of Base’s strategy, arguing that the broader shift of financial products onchain remains at an early stage.

Late Ondo Founder’s Mother Seeks Control of Company, Removal of CEO Ian De Bode
Kathleen Allman, the mother of late Ondo Finance founder Nathan Allman, is seeking control of the company and the removal of Ian De Bode as CEO and president, according to a complaint filed in the Delaware Court of Chancery.
The lawsuit alleges that De Bode improperly presented himself as CEO following Nathan Allman’s death without obtaining required board approval and attempted to install himself as Ondo’s sole director.
Kathleen Allman argues that, as the personal representative of her son’s estate, she controls a majority voting interest in the company and therefore has the authority to reconstitute Ondo’s board. The exact size of that voting stake was redacted from the public filing.
De Bode rejected the allegations as “meritless,” saying Ondo’s current leadership continues to have the support of key stakeholders, including lead investors and the Ondo Foundation.
Nathan Allman, a former Goldman Sachs employee, founded Ondo Finance in 2021. The company has become a major player in real-world asset tokenization, offering products including tokenized U.S. Treasurys, stocks and ETFs through products such as USDY and OUSG.
Ondo’s governance token currently has a market capitalization of nearly $2 billion. The company’s backers include Founders Fund, Coinbase Ventures, Tiger Global and Wintermute.
Ondo announced Nathan Allman’s death in late May and said at the time that De Bode, previously the company’s president, would assume the CEO role. $ONDO

Trump Reviews Crypto Ethics Rules as Clarity Act Faces Critical Senate Deadline
President Donald Trump is reviewing new ethics provisions tied to the Clarity Act, a sweeping U.S. crypto regulation bill facing a critical deadline in the Senate.
Sens. Thom Tillis (R-N.C.) and Ruben Gallego (D-Ariz.) reportedly submitted language requiring Trump to divest from crypto-related businesses, including interests connected to the TRUMP and MELANIA memecoins and World Liberty Financial.
According to Bloomberg, such a divestment could potentially provide Trump with millions of dollars in tax benefits by allowing taxes on gains to be deferred for years or possibly avoided under certain circumstances.
The latest proposal would also allow state attorneys general to enforce the ethics rules, reversing earlier language that gave enforcement authority solely to the Justice Department.
The provision has become crucial to securing Democratic support for the Clarity Act, which needs 60 Senate votes. Several Republicans have also raised concerns, including Sens. Josh Hawley, Susan Collins and Lisa Murkowski.
The Senate is scheduled to begin a month-long recess after Friday, leaving lawmakers with a narrow window to advance the bill. As of Thursday afternoon, Senate Majority Leader John Thune had not yet filed the required cloture vote.
If approved by the Senate, the legislation would return to the House for another vote before reaching Trump’s desk. $TRUMP

Vietnam Busts USDT Money-Laundering Network Handling Up to $10 Million Daily
Vietnamese police have uncovered a major underground USDT trading network allegedly used to launder proceeds from a transnational online gambling operation.
According to the Hai Phong City Police Investigation Agency, Hoang Hai Van, a 42-year-old woman based in Hanoi, operated four to five cryptocurrency wallets each day and processed between 7 million and 10 million USDT, equivalent to approximately $7 million–$10 million, or VND180 billion–VND260 billion.
Van allegedly regularly sold large amounts of USDT to Le Trung Hieu, who converted Vietnamese dong generated by an illegal gambling network into cryptocurrency before transferring it to wallets controlled by the operation’s Chinese ringleaders.
The gambling network reportedly processed transactions worth up to VND30 trillion, equivalent to approximately $1.15 billion. It rented luxury apartments in Hanoi and employed Vietnamese workers to operate more than 200 Android smartphones, moving funds through numerous bank accounts.
Investigators said Hieu contacted 27 USDT traders through Telegram. Van and Chau Duc Lam, a 37-year-old man from Da Nang, were identified as two of the network’s largest over-the-counter USDT suppliers.
Van allegedly replaced her cryptocurrency wallets every few days to conceal transaction histories. She and Lam were also accused of preparing a question-and-answer manual instructing members on how to respond if questioned by authorities.
Vietnamese police have arrested 19 suspects on gambling-related charges and prosecuted nine others for alleged money laundering. Authorities seized more than 200 smartphones and froze 2,003 accounts at 36 banks, containing more than VND3 trillion, or approximately $115 million.

Circle Selects 11 Financial Giants as Arc Validators Ahead of September Mainnet
Circle has selected 11 major financial institutions to serve as validators for its Arc blockchain, which is expected to launch its mainnet on September 16.
The validator group includes BlackRock, Visa, Mastercard, DTCC, ICE, Standard Chartered, SBI Group, Galaxy, Global Payments, MoneyGram and Sumitomo Corporation, alongside Circle itself.
Unlike Ethereum, where almost anyone can become a validator by meeting the technical and staking requirements, Arc will rely on a predetermined group of approved financial institutions to verify transactions.
Circle says this permissioned model is designed to meet the compliance, governance and operational standards required by traditional financial markets.
The trade-off is that Arc will be less decentralized than open blockchains. However, the structure has already attracted major institutions. DTCC reportedly plans to begin tokenizing assets on Arc in the second half of 2027, while BlackRock is expected to bring its BUIDL tokenized fund onto the network.

Ark Invest Buys $17.3 Million in Circle Shares as SpaceX Plunges
Cathie Wood’s Ark Invest purchased shares of Circle Internet Group and SpaceX following their second-quarter earnings reports.
Ark bought 273,343 Circle shares across three of its exchange-traded funds. Based on Circle’s closing price of $63.28, the purchase was worth about $17.3 million.
Circle reported a 7% year-over-year increase in total revenue and reserve income to $701 million, while adjusted EBITDA rose 8% to $143 million.
USDC circulation reached $73.3 billion, up 19% from a year earlier, while quarterly onchain transaction volume surged 151% to $14.8 trillion.
Ark also purchased 181,830 SpaceX shares across four ETFs after the stock fell 13.6% to $108.27, below its $135 IPO price.
SpaceX reported a 92% increase in quarterly revenue to $7.8 billion, but investors were concerned about its $18.4 billion in capital expenditure, six times higher than a year earlier. The company said the spending was intended to expand its artificial intelligence capabilities.
Elon Musk maintained that SpaceX could reach $1 trillion in annual revenue by 2029 or 2030.

Putin Signs Landmark Russian Crypto Regulation Law
Russian President Vladimir Putin has signed a law establishing a comprehensive regulatory framework for the country’s cryptocurrency market.
The legislation introduces rules for crypto exchanges, custodians, brokers, clearing houses and investors while maintaining Russia’s ban on using digital assets to pay for domestic goods and services.
Retail investors will be allowed to purchase selected liquid cryptocurrencies, subject to an annual limit of 300,000 rubles, or about $3,700, through each intermediary. Qualified investors may purchase crypto assets without limits, although both groups must complete suitability assessments.
Crypto exchanges will be required to register with authorities, maintain minimum equity of 15 million rubles, and join a financial market self-regulatory organization.
Although domestic crypto payments remain prohibited, the law permits digital assets to be used in cross-border settlements for foreign trade contracts between Russian residents and non-residents.
Most provisions will take effect on September 1, 2026, while certain rules covering crypto issuance and circulation will begin on September 1, 2027. Existing exchanges will receive a transition period until March 1, 2027.
The law marks a significant shift toward formal oversight of Russia’s crypto sector as authorities simultaneously tighten restrictions on cryptocurrency mining in several regions.

Western Union Launches Stablecoin Card Across 37 Markets
Western Union has partnered with stablecoin infrastructure provider Rain to launch Stablecard, a digital wallet and Visa-branded payment card for holding and spending US dollar-backed stablecoins.
The product supports USDPT, a stablecoin issued by Anchorage Digital Bank on the Solana blockchain. Users can receive Western Union transfers directly into a USDPT wallet, send funds to compatible crypto wallets and exchanges, and spend balances anywhere Visa is accepted, including through Apple Pay and Google Pay.
Stablecard is initially available in 37 markets, with Western Union targeting expansion to more than 60 markets by the end of 2026.
The service is aimed at remittance users and consumers in countries with volatile local currencies, allowing them to save in a dollar-denominated digital asset while using existing payment networks for everyday spending.
Western Union introduced USDPT in May as part of its broader crypto strategy and has since expanded the token’s ecosystem through partnerships, including support from Bybit.
The launch comes as stablecoins gain traction in cross-border payments. However, research from the Bank of Italy has found that stablecoin remittances do not always outperform traditional services because most costs and delays still occur when converting between fiat money and digital assets.

Binance-Linked Firms Sue RedotPay for Nearly $473 Million
Binance-affiliated companies have sued Hong Kong-based crypto payments firm RedotPay, alleging it improperly diverted more than 470,000 Binance Card users in breach of a commercial agreement.
The plaintiffs are seeking approximately $472.8 million in damages, based on an estimated lifetime value of $925 per allegedly diverted customer.
According to the lawsuit, RedotPay allowed users to fund its stablecoin payment cards through Binance Pay outside the agreed terms. Binance-linked entities Nest Trading, Distributed Technologies and Chaintecs Consulting Singapore filed claims against RedotPay’s three co-founders, while a related case is also proceeding in Singapore.
RedotPay rejected the allegations as unfounded and said it would vigorously defend the cases. The company added that the legal dispute would not affect its daily operations.
RedotPay says it now serves more than 8 million users, generates about $180 million in annualized revenue and processes approximately $14 billion in annualized payment volume.
The two companies announced a Binance Pay integration in December 2023, but Binance ended support for Binance Pay features on RedotPay in April 2026 following a review of its merchant partnerships. $BNB $BNBHolder

Bitcoin Capitulation Stretches to Longest Period Since FTX Collapse
Bitcoin is experiencing its longest capitulation phase since the end of the 2022 bear market, according to onchain analytics firm Glassnode.
Glassnode’s Bitcoin Cycle Position Heatmap, which combines 45 market indicators, has remained in capitulation territory throughout 2026. The tool currently shows the market is deep into a bear cycle, though conditions have not yet reached the extreme levels previously associated with a definitive bottom.
Glassnode co-founder Rafael Schultze-Kraft said the market is in its coldest stretch since the collapse of FTX in November 2022, when Bitcoin eventually fell to around $15,600.
The indicators track areas such as market value, investor profitability and the behavior of short- and long-term holders. Glassnode cautioned that some metrics, including coin dormancy, must be interpreted differently as Bitcoin’s investor base matures.
Despite prolonged weakness, Glassnode said onchain activity has recently strengthened, with active addresses and adjusted transfer volumes rising above their normal statistical ranges.
Separately, the Coldcard wallet exploit caused a sharp increase in transactions involving 1 BTC or less. Such transfers reached about 39,600 BTC on July 31, nearly matching the level recorded shortly after the FTX collapse in November 2022. $BTC

Bitcoin Stalls at $64,000 as Gold and US Stocks Rally
Bitcoin remained stuck near $64,000 on Wednesday, underperforming gold and US equities as investors favored traditional safe-haven and risk assets.
Gold surged 2.8% to $4,213 per ounce, its highest level in six weeks, supported by renewed Chinese demand. China-listed gold ETFs recorded 14 consecutive days of inflows, while the country’s central bank continued adding to its reserves.
The S&P 500 briefly reached a record high above 7,793, extending its recent rally, although the index later gave back some gains.
Bitcoin, meanwhile, showed little momentum for a sustained recovery. Analysts warned that repeated weaker rebounds could eventually push BTC deeper into the $58,000–$66,000 range.
CryptoQuant said a durable Bitcoin rebound would likely require continued inflows into US spot Bitcoin ETFs, lower US Treasury yields and reduced expectations of Federal Reserve rate hikes.
The Coinbase Premium, which measures US buying pressure relative to Binance, also remains negative after nearly 80 days, indicating continued weakness in demand from American investors. $BTC

Crypto Whales Accumulate as Market Nears Possible Bottom
Large holders increased their Bitcoin, Ether and XRP balances during the market downturn, suggesting that major investors are absorbing supply ahead of a possible bottom, according to CryptoQuant.
Bitcoin whale holdings, excluding exchanges and mining pools, rose from 2.87 million BTC in December 2025 to about 3.06 million BTC, with accumulation accelerating after Bitcoin fell below $60,000 in June.
Ethereum wallets holding between 10,000 and 100,000 ETH reached a record 19.6 million $ETH
, while wallets holding more than 100,000 ETH added roughly 1.8 million ETH since mid-2025.
In the XRP market, average spot orders remained within CryptoQuant’s “big whale” category while the token traded between $1 and $1.20. However, trading data suggested gradual, passive accumulation rather than aggressive buying.
CryptoQuant said current valuations resemble the final stage of a bear market. Bitcoin remained above its estimated realized price of $52,900, while Ether traded below its realized price of roughly $2,450. XRP remained above its estimated realized price of $0.75.
The firm said rising whale balances during price weakness have historically appeared before market bottoms, though further declines remain possible. Other analysts have also identified $63,000 as an important level for confirming a potential Bitcoin recovery. $BTC

Crypto-Backed PAC Fails to Save Michigan Incumbent
Michigan State Representative Donavan McKinney defeated two-term US Representative Shri Thanedar in the Democratic primary for the state’s 13th Congressional District.
McKinney secured 51.9% of the vote, compared with Thanedar’s 48.1%, despite a crypto-backed political action committee spending more than $2 million to support the incumbent.
Protect Progress, an affiliate of the Coinbase- and Ripple-backed Fairshake super PAC, funded advertisements favoring Thanedar, who had supported crypto legislation including the GENIUS Act and CLARITY Act.
McKinney accused the crypto industry of rewarding Thanedar for supporting policies connected to President Donald Trump’s digital asset interests. He said his campaign would prioritize voters over billionaires and corporate groups.
Thanedar also reportedly lost more than $600,000 after investing $3.7 million in campaign funds in cryptocurrency companies during the second quarter of 2026.
McKinney will face Republican Taras Nykoriak in the November general election.
Separately, a Fairshake-affiliated PAC supported Republican Amanda McKinney in Washington’s 4th Congressional District, where she advanced to the November election against Democrat John Duresky.

Marex Invests in Institutional Crypto Lending Platform Tokenet
Nasdaq-listed financial services firm Marex Group has invested an undisclosed amount in Digital Prime Technologies, expanding its exposure to institutional digital asset infrastructure.
The investment will support the development of Tokenet, a crypto lending and borrowing platform created by Digital Prime in partnership with EquiLend. Marex said the deal forms part of its strategy to grow its institutional digital assets business.
Digital Prime recently reported that Tokenet had attracted more than $1 billion in lending inventory and over $1 billion in borrowing demand from launch partners, including Galaxy Digital and Ripple Prime.
The figures represent assets available for lending and institutional borrowing interest rather than completed loan volumes.
Marex joins a growing group of traditional financial institutions investing in crypto market infrastructure as demand for institutional trading, custody and lending services continues to expand.

Warren Questions UAE Chip Access After Trump-Linked Crypto Deals
US Senator Elizabeth Warren has asked the Commerce Department to explain whether investments connected to President Donald Trump’s family crypto venture influenced the administration’s policy toward the United Arab Emirates.
Warren reportedly sent a letter to Commerce Secretary Howard Lutnick after the UAE received greater access to advanced US artificial intelligence chips.
Her concerns center on two transactions involving World Liberty Financial. An Abu Dhabi-backed entity reportedly invested $500 million in the Trump family-backed crypto company, while UAE-linked investment firm MGX used World Liberty’s USD1 stablecoin to settle a $2 billion investment in Binance.
The Commerce Department later moved the UAE into Country Group A:5, easing some export restrictions, and said it would favorably review applications involving the export of chips and servers to MGX.
Warren said the sequence of events raised questions about whether the president’s cryptocurrency interests were influencing government operations and US national security policy.
The letter is part of a broader Democratic investigation into foreign investments connected to World Liberty Financial. Lawmakers are also examining Trump’s pardon of former Binance CEO Changpeng Zhao.