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$BTC $ETH $BNB
📊 Market Overview & Macroeconomic Triggers:
• Bitcoin slips 2.2% to around $118,949, extending its decline from the mid July all time high of over $123,000. Solana and XRP also dropped, while Ethereum bucked the trend with a 1.5% gain. This market movement appears tied to cautious sentiment ahead of the U.S. CPI data release.
• Traders are anxiously awaiting the July CPI data, which is expected to impact Federal Reserve policy direction. Elevated inflation could delay rate cuts and pressure the crypto market further.
🏛️ Institutional Inflows & Market Dynamics:
• Spot Ethereum ETFs surged, seeing a record $1.019 billion in net inflows, led by BlackRock’s $640 million contribution. Cumulative inflows now exceed $10.8 billion.
• The broader crypto market cap rose slightly by 2% to about $4.03 trillion, with Ethereum and Bitcoin holding gains even as futures open interest slipped. Notably, DeFi protocol Ethena surpassed $11.9 billion in total value locked (TVL).
• CoinDesk flags a potential “double top” formation for Bitcoin, as bulls failed to break above $122K again an early technical sign of possible reversal.
⚖️ Corporate & Legal Developments:
• Circle Internet Group announced a first post IPO net loss of $482 million, mainly due to stock-based compensation and convertible securities adjustments. Despite this, revenue jumped 53% year over year. The business still faces interest rate risks and competition in the stablecoin space.
• Do Kwon, founder of Terraform Labs, is reportedly facing U.S. fraud charges related to a $40 billion collapse tied to TerraUSD and Luna. He is expected to plead guilty.
• Following the recent GENIUS Act, major firms like Bank of America, Citigroup, Walmart, and Amazon are exploring launching their own dollar backed stablecoins. However, experts note that technical, strategic, and regulatory hurdles remain.