OVERVIEW

Crypto Went AFK While Everyone Watched NVDA

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

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

Most bullish/bearish symbols on Stocktwits at the close: 📈 $LINK, $SHIBA, $ETC, $XRP, $PEPE, 📉 $SOL, $GRT, $JUP, $HBAR, and $SEI

*If you’re a business and want to access this data via our API, email us.

News In Three Sentences
Bitcoin, Ethereum, And Solana News 🪙 

🔄 Solana’s Solayer Raises $12M for Restaking Services 

Solayer, a $SOL-based restaking protocol, raised $12 million in a seed round led by Polychain Capital, with over $187 million in assets already locked on the platform. Solayer is Solana’s answer to Ethereum’s EigenLayer but focuses on native Solana dApps. NFTGators.

💰 Crypto Millionaires Double as Bitcoin ETFs Fuel the Party 

Crypto millionaires have nearly doubled in the last year, thanks to spot $BTC ETFs and a fat boost in crypto prices. The Crypto Wealth Report 2024 says there are now 172,300 crypto millionaires, with Bitcoin alone producing 85,400 of them. Time to find a tax haven you lucky bastards. Bitcoinist.

🛠 EigenLayer’s Restaking Fad Loses Steam as TVL Drops 

The restaking frenzy on EigenLayer is cooling off, with the platform’s total value locked (TVL) down 8% in $ETH terms since their April airdrop. While everyone rushed in hoping for future airdrops, the real test will be whether Actively Validated Services (AVSs) can actually bring in cash. The long-term survival of restaking is still up in the air. Bankless.

💸 Robinhood Still Loves Solana, Even If U.S. Regulators Don’t 

In case you missed this yesterday, Robinhood ($HOOD) just added token swap and send/receive functions for Solana tokens in its Web3 wallet, despite keeping SOL delisted for U.S. users. This shows Robinhood isn’t giving up on Solana’s ecosystem, even with the SEC breathing down its neck. But don’t hold your breath for SOL to make a U.S. comeback on Robinhood anytime soon. Bankless.

🔍 Glassnode Says Bitcoin Speculation Is Dying Down 

According to Glassnode, speculative mania in Bitcoin is cooling off, with on-chain activity and perpetual futures markets hitting a calm patch - well, yesterday was clearly an exception. There’s less profit-taking, loss realization, and net capital inflow, signaling a shift from short-term gambling to long-term holding. The MVRV Ratio suggests Bitcoin might be straddling the line between a bull and bear market, with fewer people rolling the dice. CryptoSlate.

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News In Three Sentences
Altcoin News 🗞️ 

💸 Celsius Distributes $2.5 Billion to Creditors, But It’s Not All Smooth Sailing 

Celsius ($CLS) has paid out $2.5 billion to around 251,000 creditors as part of its bankruptcy restructuring, with some users less than thrilled about the process. Despite making strides in the payout, many are frustrated with delays and a lack of transparency. The bankruptcy saga drags on, with a handful of distributions still left to complete. BeInCrypto.

🔗 Ondo Finance’s USDY Now Live on Arbitrum, Bringing Real-World Assets to DeFi 

Ondo Finance ($ONDO) just launched its USDY token on Arbitrum ($ARB), allowing non-US investors to earn a 5.35% APY backed by US Treasuries. This move integrates USDY into one of the largest DeFi ecosystems, with partnerships in place across platforms like Camelot and Dolomite. Arbitrum's $15.5 billion TVL just got a boost, and Ondo’s tokenized Treasuries are now live for global investors looking to combine stablecoin utility with institutional-grade yield. Ondo Finance blog.

News In Three Sentences
NFT, Metaverse, P2E News 🎨

⚖️ OpenSea Gets a Wells Notice from the SEC Over NFTs—Let the Fight Begin 

OpenSea just got slapped with a Wells notice from the SEC, which seems to think NFTs are securities now. OpenSea’s CEO took to X and said this move could crush innovation for countless artists and creators. But OpenSea isn’t backing down—along with pledging $5M to help creators with legal fees, they’re ready to fight the SEC all the way. OpenSea’s CEO on X.

🕺 Trump’s Back with New NFT Collection, Just in Time for Election Season 

Donald Trump is back in the NFT game with his "America First Collection," featuring digital cards of himself doing everything from dancing to holding $BTC. The NFTs are priced at $99 each, with package deals offering gala dinners, Trump sneakers, or even a card with a piece of his debate suit. USA Today.

🎨 Magic Eden’s Mint Terminal Launches on Base to Streamline NFT Drops 

Magic Eden just launched its Mint Terminal on Coinbase’s ($COIN) Base platform, hoping to simplify the NFT minting process by aggregating multiple platforms. The Terminal promises near-instant minting and has been well-received, with plans to include $SOL mints soon. MagicEden’s X.

News In Three Sentences
Crypto News 📰 

🔐 Bitget Outshines MetaMask with Telegram Wallet Integration 

Bitget now lets users create and access their crypto wallets through Telegram, using fancy keyless MPC tech to ditch the hassle of private keys. Bitget Wallet has skyrocketed past MetaMask in downloads, hitting 1.6 million in July—a 150% jump from last year. Looks like Bitget’s winning the race, at least in the app store. CryptoNews.

💰 Bitwise Bitcoin ETF Takes Over Osprey Bitcoin Trust’s $120M Assets

Bitwise Bitcoin ETF ($BITB) is set to acquire the $120 million in assets held by the Osprey Bitcoin Trust ($OBTC). As part of the deal, Osprey Trust unit holders will get equivalent shares in the Bitwise ETF. Nice to see some nomnomnom consolidation in the crypto ETF space as big players start to swallow the smaller fish. Press release.

🔍 Brian Armstrong’s New On-Chain Score Platform Grades Your Crypto Wallet 

$COIN CEO Brian Armstrong just rolled out Onchainscore.xyz, a platform that rates your crypto wallet’s on-chain activity from 1-100. Armstrong’s own wallet scored an 83/100, proving that even crypto CEOs aren’t perfect. The platform currently asks for 0x addresses, but it’s promising Ethereum Name Service (ENS) and Basenames integration soon. TheDailyHODL.

🧠 Crypto Owners Are Apparently Psychopaths, Says Study

A new study from the University of Toronto and the University of Miami claims a connection between crypto ownership and “dark” personality traits like narcissism and psychopathy. The research also links crypto lovers to conspiracy theories and fringe social media, but one of the study's authors isn’t thrilled with the interpretation, saying it’s all been overblown. So, if you’re holding Bitcoin, apparently, you’re either a mastermind or just misunderstood—take your pick. Decrypt.

Links That Don’t Suck 🔗

🏦 Crypto is now a non-negotiable for traditional banks

🕵️ FBI sidesteps second FOIA request for Satoshi Nakamoto files

☀️ A way to recover silver from dead solar panels with 98% efficiency

🔏 AI data silos no more: Blockchain the Web3 tool to take back privacy

🤖 Elon Musk’s Optimus robot debuts at World Robot Conference, doesn’t do any robot things

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Author Disclosure: The author of this newsletter holds positions in USDC, USDT, MATIC, SHIB, COIN, SOL, and APT. 📋