OVERVIEW

The Midnight Airdrop Is Here 🌃

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:

NEWS
Midnight's Glacier Air Drop Just Landed❄️

Today kicked off Midnight Network's Glacier Drop, and holy hell, people thrilled, chilled, and, because this is crypto, annoyed as hell. 😐️ 

24 billion $NIGHT tokens on the table and this is easily crypto’s most epic airdrop ever because it hits a metric crap ton of crypto hodlers.

• You've got a 60-day window starting today to grab your tokens.

• Eligible chains include ADA, BTC, ETH, SOL, XRP, BNB, AVAX, and BAT. Snapshot was around June 10-11, 2025, so if you had the right stash then ($100 worth), congrats.

• ADA holders get the lion’s share (50%), with BTC holders grabbing 20%. Everyone else splits the leftover pie based on snapshot USD values.

• Tokens unlock gradually during the "Redemption" period, with unclaimed leftovers rolling over into future phases caleld the "Scavenger Mine."

Happy People Everywh… Well Some Are Happy

• Victory posts are everywhere. “JUST CLAIMED MY $NIGHT TOKENS!” is practically a crypto meme at this point.

• There’s a good chunk of people showing their successful claims with the insanely annoying, “LET’S GOOOOOOO” cheers all over the place.

For The Love Of God, Ledger, Why?!

If you're like me (eligible, excited, and using a Ledger wallet to claim via the Cardano portals) brace yourself: it's currently broken.

Yep, blows, I know. The Midnight team assures it's a temporary hiccup and promises a fix soon. Again, no biggie since Charles confirmed there’s no advantage to claiming on day one:

Overall vibes: cautiously optimistic, peppered with technical annoyances. Give the devs some slack; we've got plenty of time. But when you do claim, double-check the official portal and wallet compatibility.

Stay, um, frosty out there, folks. ❄️

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ON-CHAIN ANALYSIS
HODL Waves Don't Lie

HODL Waves track the age distribution of cryptocurrencies by analyzing how long it's been since coins were last moved on-chain. ⛓️ 

Think of it as the crypto market’s version of "age demographics," showing whether holders are confidently sitting tight or nervously trading hands. Short-term waves (like the 7-day to 30-day band) often reveal if there's recent selling pressure or fresh money entering the market.

Rising short-term activity can hint at bearish pressure as coins shuffle around more often, while falling activity typically signals strong hands holding steady, pointing toward bullish accumulation.

Basically, if holders aren’t blinking, it's usually a good sign.

Bitcoin (BTC)

BTC holders keep dancing around with their coins, giving us some seriously mixed vibes.

Yeah, the average short-term activity is pretty damn high (8.78%), with June hitting wild peaks (13.4%), like someone whispered "sell" too loudly. But recent movements took a nosedive (-0.042/day slope), meaning either holders got tired of selling, or they're catching their breath before round two.

Interpretation: Bearish, but don't nap on the recent slowdown - could flip bullish if activity stays muted. 🤫 

Ethereum (ETH)

ETH holders are boring as hell - which might actually be good news.

Super-low volatility (1.40%) suggests people couldn't care less about quick flips, while mild overall growth (+0.009/day) keeps the market awake but not frantic.

Recently, short-term movements dipped slightly (-0.0027/day), hinting that coins are settling into wallets rather than hitting the exchange circus.

Interpretation: Neutral, leaning slightly bullish because boring ETH holders usually mean accumulation. ♠️ 

JasmyCoin (JASMY)

This ticker is a Stocktwits community favorite, and has been for a long ass time.

JASMY started off the year acting like everyone’s favorite pump-and-dump playground (7.46% activity in January), but then holders got stubborn, locking coins away like buried treasure (down to about 1% mid-year).

Recently though, a surge (+0.039/day) suggests traders woke up and decided this coin was fun again.

Interpretation: Bullish overall with strong accumulation vibes, but keep one eye open on recent spikes. 🎵 

Optimism (OP)

OP’s seen a rollercoaster (spikes, dips into negatives (seriously, -0.85% activity… who turned off the lights?), and mild recent growth (+0.0057/day).

Looks like holders mostly just shoved their coins under the mattress. Low overall activity means people expect better days ahead (or they're just lazy traders, same difference).

Interpretation: Bullish long-term, just don’t get too excited by small recent bumps. 😐️ 

Litecoin (LTC)

Litecoin holders are the definition of moody. Biggest swings of any crypto analyzed here.

Activity went from sky-high (12.23% in February) to practically nonexistent (-0.88%) in April, like everyone took a month off.

Consistent declining short-term activity (-0.034/day overall) strongly suggests LTC's holders aren’t budging anymore.

Interpretation: Bullish. Despite the drama, coins are clearly being tucked away for safekeeping. 😴 

TL;DR

• BTC: Looks bearish short-term, but don’t snooze - activity's easing up.

• ETH: Neutral and comfortably dull, edging slightly bullish.

• JASMY & OP: Bullish accumulation happening quietly; just watch recent spikes.

• LTC: Shockingly bullish, given its drama-queen volatility.

Overall, the market’s mood is cautiously bullish, except BTC, which is weird but not when you consider there’s been nearly $10 billion in Satoshi era wallets that have packed up their gains after nearly a decade and a half. 🤯

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

🔒 COTI Joins the Tokenized Asset Coalition and Brings Privacy to the Party

The RWA crowd welcomed COTI’s garbled-circuit magic that hides trade details while staying regulator-friendly. Earlier deals with ECB pilots and Africa councils show they’re serious about discreet money. Guess someone finally realized institutions like their on-chain assets with the curtains closed. COTI Network.

👜 Backpack Wallet Lands on Sei

Users can now stash, swap, and trade Sei tokens inside Backpack’s app while the exchange lists new stablecoin pairs. Over $139B in lifetime volume says they aren’t small-time. Nice upgrade from copy-pasting addresses in Notepad. Sei.

🎷 Band Drops ‘Protocol’, Rebrands as the Data Layer for AI and Web3

New logo, dev portal, and a product called Membit aim to feed real-time data to both blockchains and LLMs. BAND token stays; attitude upgrades. If Chainlink is the brass section, Band just grabbed the sax solo. Band Protocol. I mean just BAND now.

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

🏗️ Validators, Escrows, and Reactive Contracts Aim to Make RWA Trades Less Sketchy

The piece argues secondary markets won’t scale until experts verify assets, smart escrows hold cash, and on-chain dispute courts smack liars. Reactive contracts then fire only when off-chain checks pass, ditching the rug-pull roulette. TradFi got lawyers; DeFi’s getting programmable referees. Reactive Network.

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

🎮 Ronin Dangles $300K for Apps That Aren’t Just Pixel Pets

The Forge Innovation Grant is throwing RON, infra discounts, and VC intros at anyone who can ship a game - or whatever weird SocialFi thing - on a chain with 31 M wallets. Builders get office hours from the Axie wizards who know a thing or two about scaling. Ronin Network.

🌐 UXLINK Flexes July Wins and Plans a Silicon Valley Outpost

Website facelift, NFTs sold out, FujiCard soft-launched, and AI audit tools added EIP-7702 security - all in one month. August brings WebX Tokyo booths and US expansion. Not bad for a social-infra project most folks havn’t Googled yet. UxLink.

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

💸 CoinPayments Taps XRPL so Merchants Stop Donating Fees to Banks

Webshop is still bleeding 3 % to cards? Maybe pay attention.The gateway bolts XRP Ledger into its checkout buttons, moving crypto for fractions of a penny instead of $30 wire “service” charges. Global reach spans 180-plus countries while MPC wallets keep the compliance folks calm. XRP.

⚠️ 1inch Adds Interactive Token Warnings so Degens Can Ignore Them in Real Time

Well this is cool: now you’ll have a pop-up to blame instead of your insomnia induced bad trade decision. New Shield system flags sanctioned, malicious, or just plain shady coins before you smash Swap. Risk tiers range from hard blocks to “proceed if you hate money.” 1inch.

🤖 UMA’s Optimistic Truth Bot Uses LLMs, APIs, and an Overseer to Out-Fact Humans

A router picks Perplexity or sandboxed Python scripts, an overseer audits outputs against market odds, and the loop retries until clean. For now the bot shadows Polymarket proposers without staking capital, learning to win the accuracy race. When it goes live, sleepless humans might finally get relief - and competition. UMA.

🤖 Sei Extends AI Accelathon Deadline and Throws an IRL Sprint in NYC

Builders now have until August 24 to polish bots and DeFi plays while a one-day office-hour bash on August 18 lines up mentors and happy hour. Up to $1M in prizes across six tracks waits on the other side of the pizza. Sei.

LINKS
Links That Don’t Suck 🔗

🔫 White House could reportedly wage war on anti-crypto banking

🤔 Coinbase and PayPal exploit legal gray zone to offer stablecoin yields despite Federal ban

😱 Surprise altcoin network outage for the first time in years

🐺 Intense scene from Scarlett Johansson and Adam Driver’s film ‘Marriage Story’ is great for scaring away wolves, apparently

🤦 A quarter of a million people have experienced ‘Baldur’s Gate 3’ by giving Withers big naturals

🤖 Painting lines on soccer and football fields? That’s a job robots can do now

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