📈 Ethereum treasury holdings reached nearly $10 billion; White House released a digital asset report and the US SEC Chair announced ‘Project Crypto’

Ethereum treasury holdings reached nearly $10B; White House issued a digital asset report and US SEC Chair announced ‘Project Crypto’; US SEC approved in‑kind creation and redemption for crypto ETPs.

Quick Take

• Ethereum treasury holdings reached nearly $10 billion; White House released a digital asset report and the US SEC Chair announced ‘Project Crypto’; US SEC approved in‑kind creation and redemption for crypto ETPs.
• US spot BTC ETFs had a net outflow of $643 million last week, compared to a net inflow of $72 million the week before. US spot ETH ETFs saw a net inflow of $154 million in the same period, compared to $1.8 billion the week before. 
• On the macro side, the US Fed kept interest rates unchanged at 4.25% to 4.50% and Fed Chair Powell mentioned that the committee is waiting to see the tariffs’ impacts on inflation and economic activities before considering policy adjustments. US nonfarm payrolls increased 73,000 in July, slower than the 100,000 estimated by Dow Jones. US President Donald Trump modified tariffs to dozens of countries, ranging from 10% to 41%, which are expected to start from 7 August. The latest CME FedWatch Tool showed a 11% probability of a rate cut in September. Canada’s BoC and Japan’s BoJ kept interest rates unchanged at 2.75% and 0.5%, respectively. 
• Notable updates: The Crypto.com App listed Arena-Z (A2Z) 
• Notable events in the coming week: UK BoE Interest Rate Decision, US ISM Services PMI

Weekly Market Index

All three indices dropped last week amid geopolitical tensions, weak US jobs data, and recession fears. Price, volume, and volatility indices decreased by -5.68%, -9.45%, and -10.76%, respectively. 

The decline in crypto prices coincided with the US modifying trade tariffs, which ranged from 10% to 41%, and weaker-than-expected nonfarm payrolls data, revealing a dip in labour demand and sparking fears of a potential recession. 

Price, volume, and volatility decreases were led by DOGE, which coincided with a broader sell-off of the meme coin market last week. 

Chart of the Week

The total value of ether treasuries held by companies (public and private) and crypto protocols reached $9.6 billion on 3 August, close to the $10 billion milestone. The number of ETH holdings increased by 378% in the past three months, reflecting increasing institutional demand for ether. 

The current top holders include BitMine Immersion Tech (BMNR), a blockchain technology company that holds 625,000 ETH and Sharplink Gaming (SBET), an online performance marketing company that holds 438,200 ETH. 

Weekly Performance

All top-cap tokens dropped in price last week except TON. BTC and ETH decreased by -3.22% and -7.63%, respectively. 

TON’s increase coincided with the network’s upgrade and ecosystem development. 

Key categories all dropped in market capitalisation in the last seven days. Meme and NFT led the decrease.

Newly Listed Tokens in the Crypto.com App

News Highlights

Regulation

• The White House released a digital asset report on 30 July, outlining  policies to regulate crypto in the US. This includes establishing  digital asset classification and recommendations on jurisdictional oversight to be shared between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). 
• US SEC Chair Paul Atkins announced ‘Project Crypto’, a comprehensive effort to “modernise the securities rules and regulations to enable America’s financial markets to move on-chain”. The initiative aims to make the US the “crypto capital of the world” by fostering innovation, entrepreneurship, and competition in the digital asset markets.
• The US SEC approved in‑kind creation and redemption for crypto exchange-traded products (ETPs). This allows authorised representatives to exchange shares directly for the underlying crypto assets of the approved BTC and ETH funds instead of cash.
• The US SEC’s Crypto Task Force announced a ten‑city roundtable series to engage industry stakeholders, developers, and investors on crypto regulation. The roundtable discussions will take place between August and December.
• The UK’s Financial Conduct Authority (FCA) lifted its ban on retail access to crypto exchange-traded notes (cETN). This move reopens the cETN market to retail investors, starting on 8 October. 
• Indonesia will increase crypto transaction taxes on 1 August. This includes raising levies for sellers on domestic exchanges to 0.21% and those using overseas platforms to 1%. The policy also doubles VAT on crypto mining to 2.2%. 
• The Hong Kong Monetary Authority (HKMA) issued guidance for stablecoin issuers, effective 1 August. This includes stablecoin licensing as well as capital, reserve, governance, and technology standards.

Adoption

• Chinese e-commerce company JD.com registered ‘Jcoin’ and ‘Joycoin’, two potential stablecoin-linked entities, via its subsidiary JD Coinlink Technology. JD Coinlink is a participant in the stablecoin sandbox programme by the HKMA. 
• Twenty One Capital is reportedly exploring the issuance of BTC‑backed USD loans. The entity, backed by Cantor Fitzgerald, was launched in April and is one of the major bitcoin treasury companies. 
• Visa expanded stablecoin offerings on its settlement platform to include Global Dollar (USDG), PayPal USD (PYUSD), Euro Coin (EURC), and two blockchains, Stellar and Avalanche. This allows users to conduct stablecoin payments via the supported blockchains.

Investment Vehicles

• The Chicago Board Options Exchange (CBOE) and NYSE Arca submitted rule‑change proposals with the US SEC to allow crypto issuers to list products under a standardised framework without requesting specific approvals for each one.
• Grayscale launched the Grayscale Decentralised AI Fund, which holds Bittensor (TAO), Near Protocol (NEAR), Render (RNDR), Filecoin (FIL), and The Graph (GRT). It also launched the Grayscale Story Trust, which holds the Story (IP) token for institutional and individual accredited investors.

Recent Research Reports

• Research Roundup Newsletter [July 2025]: We present to you our latest issue of Research Roundup, featuring our deep dives into ‘InfoFi’ and ‘Crypto Credit Market’.
• InfoFi: This report introduces the notable players in the Yap-to-Earn, Attention Market, and Reputation Market categories of InfoFi, as well as discusses the significance and challenges of InfoFi’s development.
• Crypto Credit Market: This report offers an overview of the crypto credit market and emphasises the design of a decentralised lending ecosystem. It also examines how traditional financial players are piloting blockchain-based credit frameworks, including experiments with on-chain private credit.

Interested to know more? Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Programme, or collecting a Loaded Lions NFT.

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