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OVERVIEW

Coiled Tight. Breakout On Deck. 🫡

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total market and altcoin market cap charts:

TECHNICAL ANALYSIS
Priming For A Clean Break Higher? 🤔 

Bitcoin still sits in a bullish regime, but it’s acting like it forgot where the gas pedal is. Price is above the cloud, the future Cloud is green, and momentum hasn’t broken. 🧠 

It’s just trapped between The Kijun-Sen/Base Line and the Tenkan-Sen/Conversion Line, which is where rallies go to stall until someone blinks.

BTC is above the Cloud, and that means market is balanced bullish. Also, the Cloud ahead is green but flat-ish, which screams “range continuation” rather than trend acceleration. A flat Kijun-Sen/Base-Line at 117,519 is the magnet.

Price sitting under a flat Kijun is not a death sentence, it’s just the market asking for more proof.

Chikou Span - The Trigger

The Chikou Span is the secret weapon of the Ichimoku system. In almost all instances, no matter what method or strategy you use with Ichimoku, the final ‘check mark’ to determine whether you make a trade is dependent on the Chikou Span. ✅ 

It’s the triggering event.

The Chikou Span is what me and every other Ichimoku trader and analyst is watching. Once it moves and closes above the bodies of the candlesticks and is in open space (a condition where it won’t intercept the bodies of any candlesticks over the next five to ten days) - then it’s go time for the bulls. 🐐 

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EARNINGS
Block Beats Big ✊ 

Block added 108 BTC in Q2, pushed the corporate stack to 8,692 BTC, and still managed to beat its own gross profit guidance while half of FinTwit argued about ETFs. 🥊 

By the numbers

• Treasury: 8,692 BTC after a 108 BTC add in Q2. Cost basis for the quarter was $11M.

• Mark to market: at BTC $117K, that stash lands near $1.02B.

• Revenue: $6.05B vs $5.96B prior quarter.

• Gross profit: $2.54B vs $2.33B prior.

• Cash App Bitcoin: $2.14B revenue, $66M gross profit.

• Cash App scale: $218B P2P volume, $183B commerce volume, 8M engaged customers, ARPU at $250.

• Remeasurement swing: +$212.2M on BTC vs a -$70.1M hit a year ago.

• CFO Amrita Ahuja to CNBC: they “outperformed [their] own guidance on gross profit.”

Cash App continues to be the distribution engine. If you’re going to sell people Bitcoin, maybe also build them rails, custody, and a button that doesn’t require a PhD.

Management says mining hardware and self-custody products are next. If those ship on time, Block graduates from hodler to infrastructure - and that’s where margins stop being shy..

Clean quarter. Bigger stack. Clear roadmap. No breathless victory lap, just the quiet kind that comes with revenue, gross profit, and a treasury number that keeps trending up. 🟠 

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

🎁 ConsumerFi on NEAR Promises to Pay You for Your Data Instead of Thank-You Emails

Your “Consumer Graph” becomes a wallet-friendly dossier that AI agents monetize on your terms. Playember proved the concept with 800k gamers, now they want the other 5 billion humans in line for crypto kickbacks. Web giants quietly sweating in the corner are purely coincidental. NEAR Protocol.

NEWS IN THREE SENTENCES
Real World Asset Tokenization (RWA) News 🪙

☢️ Tezos Puts Yellowcake On-Chain, Wall Street Checks the Geiger Counter

Nothing says 2025 quite like hedging inflation with literal radioactive rocks. Uranium.io’s xU3O8 token turns barrels of U3O8 into tradable ERC-20s on Etherlink so retail can stack nuclear fuel like memecoins. A survey says 97% of institutions would bite if access eased and token collateralization is already in pitch decks. Tezos.

💳 Quant Teaches Loans to Adjust Themselves Like Adults

Quant Flow ties repayment size to revenue swings so companies stop praying the calendar matches cash flow. Programmable rules slash overdrafts and impress lenders enough to shave rates. If your CFO still babysits spreadsheets, upgrade to code before the bank does. Quant Network.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

🤖 Alith Deploys a Twitter Bot so You Can Shitpost via GPT-4 While Making Coffee

Natural-language commands let the agent tweet, fetch threads, and even ping Grok for spicy comebacks. Node.js, a .env file, and your Twitter credentials are all it needs. Just remember the error.log won’t delete that drunk 2 AM hot take. Metis.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending Protocol News 🏦

📺 Alkimi Slaps the Entire Ad Supply Chain onto Sui and Calls It Transparency

Alkimi just ported billions in ad spend to Sui’s full stack - Walrus, Nautilus, Seal, the whole zoo - so every impression is trackable instead of “trust us, bro.” Brands like AWS and TikTok already jumped in, watching their data zip onchain at 25 million impressions a day. Middlemen who skim the budget might want to polish those résumés. Sui.

NEWS IN THREE SENTENCES
Protocol News 🏦

🎉 CSPR.fun Turns Casper Into a No-Code Token Vending Machine

Pick a name, click mint, and your Casper token is live - no devs, no audits, no gatekeepers. Hit a $42k market cap and Friendly Market lists it while you pocket a 21k CSPR reward. If this feels like less insane version of pump.fail, it is. Casper Network.

🕵️ Kaspa Community Rolls Out a DIY Rug-Check Before You Ape

If you still fall for a zero-utility meme coin after this, that’s a you problem. A checklist flags anonymous teams, unlocked treasuries, and contracts with mint-anywhere buttons - complete with traffic-light scoring. GitHub activity, liquidity locks, and tokenomics get crowd-sourced audits under a proposed “WatchDAG” service. Kaspa.

🗳️ Cardano Prints a Constitution, Hands the Keys to the Ada Crowd

Three years, sixty-three workshops, and one Chang hard fork later, 75% of DReps ratified blockchain’s first on-chain constitution. Treasury votes, roadmap approvals, and committee elections now run without corporate babysitters. Welcome to democracy on programmable rails - hope you like reading proposals. Cardano.

LINKS
Links That Don’t Suck 🔗

🦑 Kraken exec says tokenized stocks will let you ‘buy coffee with Tesla’

😎 FG Nexus Inc. files $5bBillion registration with SEC for Ethereum asset management

👍️ Cardano - Sui bridge goes live via Wanchain

👮 How a retired Aussie cop lost $1.2M in a crypto scam in Thailand

🌽 Iowa defies trend with cheaper electricity amid AI boom

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Author Disclosure: The author of this newsletter holds positions in ADA, IMX, COPI, MIN, AGIX, ALGO, ZEC, XLM, and NEAR. 📋