ETH outperformed in July but certain warning signs have appeared. Can August be green, too?
The summer is not the most exciting period in the cryptocurrency markets, and the past month or so proved it. Nevertheless, Ethereum managed to become one of the few (re)rising stars, surging by roughly 20% and reaching a local peak.
History suggests that August has been quite the controversial month for the largest altcoin, and we will explore that data to try to see what could be hiding around the corner in the next 30ish days.
ETH Saw Big July Gains The second-largest cryptocurrency by market cap had a violent end to 2025 and a similarly painful start to 2026. Its troubles began after the all-time high marked in August last year, when it was rejected and marked six consecutive monthly closures in the red. The most painful were November (-22.38%), January (-17.52%), and February (-19.81%).
A minor relief rally followed in March and April with gains of around 7% each. However, the bears returned in May with an 11% drop, while June was extremely bearish for the entire market and ETH dumped by 21.7%. As such, the expectations for July were high for a rebound. Historically, it hasn’t been Ethereum’s best month, but all that were in the green saw double-digit gains.
July 2026 didn’t disappoint. The altcoin rebounded from the early slumber when it dipped toward $1,500 and rocketed to $1,980 at one point. Although it was rejected there, it ended the month at around $1,900, which meant a solid surge of approximately 20%. This performance dwarfed BTC’s monthly gains, as the market leader jumped by a more modest 9%.
What’s Next in August? Although there are some warning signs about ETH’s short-term price future, August has delivered some major gains throughout the years. Obviously, the 2017 edition stands out when the token skyrocketed by nearly 93%. 2020 brought a respectable 25.32% surge, followed by another 35.62% pump in 2021. The gains in August 2025 were also double digits, and ETH managed to break its previous ATH record during that month.
The opposite side of the coin is that the other six Augusts since 2016 have been in the red. The most painful examples that stand out were during the 2018 bear market when ETH slumped by almost 35%, another 21.31% leg down a year later, and the 2024 drop of 22.21%.
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At the start of August, Bitcoin and Ethereum entered a crucial technical phase, with both digital assets displaying reversal patterns that could influence the near-term outlook for the broader cryptocurrency market.
Bitcoin hovers near inverse head-and-shoulders formationBitcoin is trading close to $63,382 as it shapes the right shoulder of a classic inverse head-and-shoulders pattern. This structure follows a marked decline from May’s highs above $81,000, with the asset looking for a solid bottom near $57,000 after weeks of volatility.
Aksel Kibar, a well-known analyst at TechCharts, described this technical setup as the primary reason for optimism among short-term bullish traders in early August. He pointed to the neckline at $67,200 as the pivotal level that could trigger further upside if surpassed decisively.
Analyst Aksel Kibar emphasizes that the classic reversal pattern forming in Bitcoin presents a unique opportunity for bulls, provided they manage to reclaim the $67,200 neckline within the coming days.
However, the situation remains uncertain for investors, as Bitcoin has yet to confirm a decisive breakout. If there is no sustained move above the neckline, sellers could regain leverage, aiming for lower support levels around $60,000 and $58,000.
Ethereum leads market shift as capital flows inWhile Bitcoin lingers below a critical juncture, Ethereum has already completed a comparable technical turnaround. On the ETH/BTC trading pair, Ethereum has broken out from a similar reversal bottom, establishing a new uptrend and attracting increased institutional attention.
The leading altcoin is moving toward a technical price target of 0.0312 on the ETH/BTC chart, indicating robust capital inflows into ETH. Recent price action suggests that large holders are currently positioning more in Ethereum than in Bitcoin, reflecting a shift in market preference.
This rotation of liquidity has reduced trading volume and momentum for Bitcoin, making it more challenging for BTC to initiate a strong recovery in the immediate term.
Against the US dollar, Ethereum is currently retesting the $1,875 level from above. If this support level persists, analysts see a pathway for ETH to advance toward the next major objective at $2,163.
AssetCurrent LevelKey Resistance/TargetKey SupportBitcoin (BTC)$63,382$67,200$60,000 / $58,000Ethereum (ETH)$1,875$2,163$1,875ETH/BTC0.03100.0312N/AMini dictionary: TechCharts is an independent market research platform known for technical analysis across global financial markets, including digital assets. Its analysts routinely focus on classical chart patterns and provide insights for both retail and institutional investors.
Critical period ahead for BTC price trajectoryEthereum’s performance is viewed by some traders as a positive indicator for the overall crypto market. However, market sentiment remains tense as Bitcoin faces a decision point. Many traders are watching for a break above $67,200, which would signal a confirmation of the bullish reversal.
If Bitcoin fails to surpass this level within a short window, the risk of renewed selling could grow, with prices potentially moving back to established supports around $60,000 and $58,000. Market participants expect the next few days to be crucial in determining the direction for Bitcoin as August unfolds.
With the technical setup on both BTC and ETH approaching critical levels, the outcome of Bitcoin’s test at $67,200 is set to shape sentiment across the crypto ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
After several failed attempts to extend its recovery, Ethereum is beginning to show signs of exhaustion beneath the major100-day MA. The latest rejection from this zone has weakened short-term momentum and increases the probability of a broader pullback if key support levels fail to hold.
Ethereum Price Analysis: The Daily Chart On the daily timeframe, ETH’s outlook is gradually shifting toward a bearish bias after multiple failed attempts to reclaim the 100-day moving average. The repeated rejection from this dynamic resistance around $1.95K, combined with the emergence of bearish daily candles, suggests buyers are losing momentum.
Meanwhile, Ethereum continues to struggle with the descending channel, with the upper boundary represented by the white trendline serving as the most critical support.
If sellers manage to push the price back inside this channel, it would confirm a bearish continuation and likely trigger a deeper decline toward the $1.56K to $1.64K demand zone. On the upside, bulls must first reclaim the $1.88K to $1.91K resistance area before attempting another move toward the 100-day MA near $1.95K.
ETH/USDT 4-Hour Chart The 4-hour chart has turned more bearish after Ethereum broke below its ascending trendline, signaling that buyers have lost short-term control. This breakdown shifts the focus toward lower support levels unless bulls can quickly reclaim the broken structure.
The first support now lies within the $1.85K to $1.87K demand zone, where price is currently attempting to stabilize. Losing this area would likely accelerate the decline toward the next major demand zone between $1.75K and $1.79K.
On the other hand, the $1.88K to $1.91K supply zone has become the primary threshold for buyers. A successful reclaim of this region would invalidate the immediate bearish scenario and could allow Ethereum to challenge the descending resistance and the 100-day moving average once again.
Sentiment Analysis The Coinbase Premium Index remains in negative territory, indicating that Ethereum continues to trade at a discount on Coinbase relative to other major exchanges. This persistent negative premium suggests buying pressure from U.S.-based institutional participants remains relatively weak despite the recent recovery.
Historically, sustained positive readings have accompanied stronger bullish phases, whereas prolonged negative values often reflect cautious institutional sentiment. Until the premium returns to positive territory and remains there consistently, the current rebound may struggle to develop into a sustained uptrend, leaving Ethereum vulnerable to additional downside pressure if technical support levels begin to fail.
Ethereum maintained its position above a key support level as traders and institutional investors monitored the cryptocurrency for potential signals of its next significant move. As of the latest trading session, Ethereum (ETH) traded at $1,866.89, marking a 0.08% increase over the previous 24 hours. Trading volume reached $15.72 billion, while the total market capitalization stood at $225.30 billion. According to sector data, Ethereum currently represents 10.39% of the overall cryptocurrency market.
Technical outlook: Support holding, resistance levels in focusAnalyst Crypto Patel noted that Ether’s immediate direction remains contingent on whether price action stays above a crucial support zone. Patel identified the $1,800 level as particularly important; a breakdown below this area could put $1,600 in play as the next downside target, making the current price range highly relevant for traders.
On the four-hour chart, Ethereum has consistently formed higher highs and higher lows, suggesting the present pullback may simply reflect a standard correction into the $1,800 to $1,850 range, where buying interest could emerge.
If price remains above the $1,800 threshold, analysts see continued upside potential. However, a drop below this support could invite increased selling. As a result, market participants are watching for sustained moves in either direction to establish a clear trend.
Should buying momentum strengthen, Ethereum may confront resistance at $1,925. Beyond this, the next key resistance sits between $1,980 and $2,000. The $2,000 level holds psychological and technical weight, and an advance above this zone could open a path toward $2,100 as the next target.
Key LevelTypeSignificance$1,800SupportMain level to hold for bullish outlook$1,925ResistanceFirst upside target$2,000ResistanceMajor psychological level$2,100ResistanceNext significant upside target$1,600SupportPotential target if support failsSpot Ethereum ETF inflows support institutional confidenceRecent data illustrated a positive turn in institutional sentiment. According to figures shared by AskClash, spot Ethereum exchange-traded funds (ETFs) logged a net inflow of $9 million. This uptick extended the improving trend in fund flows for the sector.
Among the products, Bitwise’s ETHB led activity with $15.4 million in net inflows, even as several competing ETFs experienced smaller outflows. On a 30-day cumulative basis, overall net ETF flows remain only slightly negative at $8 million, hinting at a stabilization in institutional demand.
ETF developments are seen as increasingly significant for Ethereum, as sustained positive flows often indicate rising confidence from larger market players. Continued inflows alongside technical support could provide further upward momentum for ETH in the coming weeks.
Mini dictionary: ETF (Exchange-Traded Fund), a tradable security that tracks the price of an underlying asset, such as Ethereum, and can be bought or sold on traditional stock exchanges.
Moving forward, traders and investors are focused on whether Ethereum can sustain its position above the $1,800 support. A successful defense of this level could enable further tests of $2,000 and $2,100, while failure to hold could push prices closer to $1,600.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
TLDR: DEX spot volume reached 24% of CEX trading in July 2026, marking its highest recorded share since 2019. The ratio rose even as monthly DEX turnover fell 26%, showing relative gains during weaker market activity. Solana led 30-day DEX trading with $49.86 billion, surpassing BNB Chain, Ethereum, and Base combined. DEXs dominate new-token access, while CEX platforms retain deeper liquidity, fiat services, and support. Decentralized exchanges captured a record share of centralized trading in July 2026, marking their strongest performance since tracking began in 2019. Wu Blockchain reported that DEX spot volume reached 24% of CEX activity, using The Block data citing DefiLlama.
DEX Spot Volume Reaches Record 24% of CEX Volume, Highest Since Tracking Began in 2019
According to The Block, citing DefiLlama data, DEX spot trading volume rose to about 24% of CEX volume in July 2026, the highest level since the series began in 2019. The ratio stayed below… pic.twitter.com/H6F06lHP8g
— Wu Blockchain (@WuBlockchain) August 2, 2026
The milestone extended a shift toward on-chain trading, although it did not indicate record volume across decentralized platforms. Instead, the ratio showed decentralized venues gaining ground while activity across both market segments weakened during July.
Record DEX Share Climbs Despite Lower Monthly Trading Volume The Block calculates the ratio by dividing decentralized exchange activity by volume from centralized platforms with reporting. Its sample covers the 30 largest exchanges ranked by DefiLlama volume, so the figure reflects a dataset.
According to the report, the ratio stayed below 10% during 2024, then accelerated during 2025 as on-chain markets expanded across networks. During 2026, it generally ranged between 18% and 21% before reaching July’s 24% peak.
However, July’s record ratio did not mean decentralized platforms handled their highest monthly dollar total. Blockworks data estimated spot trading near $130.77 billion, down 26% from June.
That estimate represented the lowest monthly total since September 2024. Therefore, the share rose as centralized activity weakened faster, decentralized turnover declined less sharply, or both occurred together.
A DefiLlama dashboard placed CEX spot volume at $951.8 billion in April, its lowest level in 25 months. Centralized activity later recovered to about $1.11 trillion in June. Even so, July’s ratio showed decentralized platforms retaining stronger momentum within the measured market.
Lower-Cost Networks and Token Access Drive DEX Expansion Trading has spread beyond Ethereum as lower-cost blockchains attracted users seeking faster settlement and cheaper transactions. DefiLlama’s latest 30-day data placed Solana first with $49.86 billion.
BNB Chain followed with $31.04 billion, while Ethereum recorded $28.84 billion. Base added $22.38 billion, reinforcing the multichain structure of decentralized trading.
Token availability also widened the gap between decentralized and centralized listings. CoinGecko found Uniswap supported 13.69 million token listings between January 2025 and January 2026.
Moreover, Pump.fun supported 5.01 million during the same period. By comparison, MEXC and Gate each added roughly 1,300 assets, despite leading centralized listing activity.
This difference made decentralized platforms the primary marketplaces for newly created tokens before centralized exchanges completed reviews. Memecoin trading accelerated that shift beginning in 2024.
CoinGecko estimated that decentralized spot-market share rose from 6.9% in January 2024 to 13.6% in January 2026. Over the same period, monthly trading volume increased from $95.86 billion to $231.29 billion.
Despite those gains, CEX platforms still dominate overall liquidity. They offer fiat services, customer support, familiar accounts, and deeper markets for major cryptocurrency pairs.
At the same time, DEX users carry greater responsibility for wallet security, contract verification, transaction fees, liquidity, and slippage. They also face risks from smart-contract flaws, fraudulent tokens, front-running, oracle manipulation, and exploits.
Therefore, July’s 24% reading reflected stronger competition rather than the displacement of centralized exchanges. Decentralized platforms gained market share through wider asset access and cheaper networks, while CEXs remained the industry’s largest liquidity hubs.
Ethereum (ETH) has pushed above a critical resistance level, indicating renewed optimism among large investors and market participants. The upbeat momentum comes as ETH sustains its position above newly established support, reinforcing expectations for continued gains if current trends persist.
Technical breakout fuels optimismTechnical analyst Gerla reported that Ethereum has broken above a long-standing descending trendline that had limited its price advances for several months. This move is regarded as a significant bullish signal, suggesting a potential shift in sentiment favoring buyers.
Market experts noted that overcoming this trendline has not only improved ETH’s price structure but also highlighted increasing confidence from the investor community. The former resistance zone is now acting as a crucial support level that traders are closely monitoring.
Analysts consider that as long as ETH continues to hold above this support, bullish momentum is likely to be sustained. Some believe that this could open the door for a price move toward $2,800 if buying activity remains strong.
Whale accumulation signals institutional confidenceOn-chain data from analytics platform Lookonchain revealed that a major crypto whale, wallet 0x2684, recently acquired 7,919.5 ETH valued at $14.89 million. This purchase is part of an ongoing pattern of significant institutional accumulation of ETH, which has been observed over the past several months.
Since June 30, the same address has accumulated a total of 74,265 ETH, worth $131.5 million at an average price of $1,771, alongside 1,050 Wrapped Bitcoin (WBTC) with a value of $67.49 million purchased at an average of $64,277.
Such consistent accumulation by large entities is generally interpreted as increased confidence in Ethereum’s longer-term prospects, which could provide upward pressure on the coin’s price.
AssetTotal AcquiredValueAverage PriceETH74,265$131.5 million$1,771WBTC1,050$67.49 million$64,277Mini dictionary: Lookonchain, an on-chain analytics platform that provides blockchain transaction tracking and large wallet monitoring to identify key market trends.
Market sentiment and potential scenariosAt the latest valuation, ETH trades at $1,870.05 with a 24-hour trading volume of $4.4 billion and a market capitalization of $225.54 billion. The bullish momentum, together with whale activity, has sparked discussions of a potential price reversal to the upside.
However, analysts also urged caution, noting that prevailing market uncertainty could turn the breakout into a false signal if broader conditions fail to support further gains.
Analysts indicated that while ongoing accumulation and technical strength support a positive outlook for ETH, maintaining the new support level is critical for further upward movement.
Market observers stressed that if ETH’s price falls below the established support, a pullback could occur as traders seek to reduce exposure. The upcoming trading sessions are expected to be pivotal in determining the short-term direction of Ethereum’s price.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
The NFT landscape keeps displaying diversity and resilience, with leading blockchains witnessing significant sales. Over the past week, Ethereum, Bitcoin, and Arbitrum have become the leading blockchains accounting for top NFT sales. As per the data from CryptoSlam, the latest statistics point toward the strong buyer engagement with the NFT sector. This indicates the rising role of the key blockchains in shaping the broader NFT market trajectory.
Ethereum and Bitcoin Dominate Leading NFT Sales of Week with $52,223,092 and $1,381,476 Ethereum has emerged as the dominant blockchain in the NFT market. In this respect, the NFT #22 of the “.agency” collection has led to the collection of $52,223,092 for its sale. Following that, Bitcoin has recorded the 2nd-top NFT sale of the week. Specifically, the “$X@AGI BRC-20 NFTs” collection’s NFT “#428de…92bi0” has collected $1,381,476. Arbitrum recorded the 3rd among the past week’s notable NFT sales. Hence, the NFT “#596” of the “gUSDC Locked Deposit” generated a total of $246,444.
The next name on the list of the weekly NFT sales is the Panini-based Lionel Messi collection’s NFT “packc…__3_10.” Its sale led to the collection of nearly $76,875. Next, the 5th among the notable NFT sales of the past 7 days was “#050” of the Solana-based “BOOGLE” collection. Its sale accounted for $59,558.77 3 days ago.
Then, the 6th top NFT sale of the week took place on BNB Chain. Accounting for $39,743, the sale of the “Topaz CL Position” collection’s “#186534” NFT occurred a couple of days ago. Additionally, the 7th spot is occupied by “#79179…63144.” The Polygon-based “Courtyard” collection’s NFT recorded $15,000 in its sale four days ago. Then, the “#14652” NFT of the Avalanche-based “Pangolin V3 Positions NFT” collection was sold for $13,549.
#8608 Bottoms List of Sales with $9,500 Moving on, CryptoSlam’s list of top weekly NFT sales includes the Cardano-based “EarthNode417” collection’s “asset1…2a5y3” NFT. The NFT effectively generated a total amount of almost $13,405 two days ago. Then, the NFT “#8608” of the Base-based “0xbb5…61723” collection concludes the list. As the 10th top NFT sale of the week, it collected total $9,500.
AUTHOR
Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
Ethereum faced renewed downside volatility after failing to hold the $1.9K support level.
The altcoin subsequently fell to $1,848, a level last seen two weeks ago. At press time, ETH traded near $1,865, down 1.9% daily.
Although Ethereum’s upside momentum remained weak, institutional activity suggested that some large investors were still optimistic.
Why did Fidelity move $499M in ETH? According to Onchain Lens, Fidelity-linked wallets moved 260,000 ETH, worth $499.55 million, into three wallets. These receiving wallets were funded six months ago.
Source: X However, the transfers did not indicate an intention to sell. Instead, the movement suggested internal custody rebalancing.
Such transfers often attract market attention but generally have a neutral effect on prices.
Is Bitmine still buying Ethereum? While Ethereum remained in a prolonged downtrend, several treasury companies halted accumulation or reduced their holdings.
For example, SharpLink Gaming, the second-largest corporate holder, had not purchased ETH since October 2025.
The company reduced its exposure as unrealized losses exceeded $1.4 billion. By contrast, Bitmine continued accumulating.
According to Onchain Lens, a Bitmine-linked wallet purchased 10,460 ETH, worth $19.48 million, through Falcon. The entity subsequently held 5.5 million ETH, valued at approximately $10.3 billion.
Source: CoinGlass That demand coincided with persistent exchange outflows. Ethereum’s [ETH] Exchange Netflow remained negative for six consecutive days. At press time, Exchange Netflow stood near -3,200 ETH, indicating continued withdrawals from trading platforms.
Source: CryptoQuant The last similar outflow period occurred in early July. ETH then climbed from $1.7K to $1.9K. If demand persists, Ethereum could recover from its latest decline.
Can ETH recover in August? Despite declining exchange supply, Ethereum’s short-term momentum remained weak.
ETH traded below its 20-day Moving Average, while the MACD-SMA indicator reflected continued seller control. The Bulls v Bears indicator also formed a bearish crossover, reinforcing the possibility of further short-term pressure.
Source: TradingView If this weakness persists, ETH could fall below $1.8K, placing the next support level near $1,750.
However, ETH remained above its 200-day Moving Average. This suggested that the broader market structure was still bullish.
Sustained demand from Bitmine could help ETH defend its 50-day Moving Average and reclaim its 20-day Moving Average. Under that scenario, Ethereum could retest $1,950 before targeting a move above $2,000.
Final Summary Fidelity-linked wallets transferred $499.55 million in ETH, likely reflecting internal custody rebalancing. Bitmine accumulated another $19.48 million despite Ethereum’s prolonged price decline.
It has been claimed that BitMEX co-founder Arthur Hayes sold a significant portion of his Ethereum (ETH) holdings following a nearly 3% drop in price.
According to on-chain data, Hayes had purchased a total of 3,298 ETH through OTC transactions over the past two weeks at an average price of $1,916. However, an address believed to belong to Hayes transferred 2,364 ETH to addresses linked to Cumberland and Galaxy Digital approximately two hours ago.
Following these transfers, 4.30 million USDC was sent to Hayes’ wallet. The transaction flow suggested that the transferred Ethereum was most likely sold.
Assuming Hayes sold 2,364 ETH, the transaction is estimated to have resulted in a loss of approximately $220,000.
In addition, on-chain data revealed that Arthur Hayes recently sold $658,000 worth of SYN and $248,000 worth of ENA.
BitMEX, the cryptocurrency exchange founded by Hayes, recently announced its decision to permanently close down.
*This is not investment advice.
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Stellar XLM has strengthened its position as a leading blockchain for tokenized real-world assets, with the network now hosting $3.06 billion in such assets across 70 products. This growth firmly places Stellar XLM as the second-largest blockchain for tokenized assets, trailing only Ethereum, based on data shared by wallet platform Scopuly.
Stablecoin growth and asset accumulationThe latest figures reflect deepening institutional interest in Stellar as a payment and tokenization network. Over the past month, Scopuly observed a 5.88% increase in tokenized real-world assets on the network, highlighting robust ongoing adoption from asset issuers and stablecoin providers.
According to Scopuly, Stellar’s stablecoin supply expanded by 38.3% during the same period, marking another significant milestone. This rise comes amid growing demand from issuers leveraging Stellar’s infrastructure for both retail and institutional use cases.
Monthly transaction volume for stablecoins on Stellar climbed to $6.45 billion, underlining the network’s role as a major payment rail within the digital asset ecosystem. Despite this increase in stablecoin activity, total real-world asset transfer volume dropped to $386 million during the same interval, indicating a shift towards asset accumulation versus immediate trading or transfers.
Scopuly identified this pattern as characteristic of Stellar’s current development phase, noting that assets are building up on the blockchain faster than they are being moved or exchanged. The platform expects the next strategic shift to focus on turning these holdings into higher transaction activity as institutional infrastructure projects further mature.
Tokenized real-world assets on Stellar XLM have reached $3.06 billion across 70 products, positioning the blockchain as the second-largest for real-world asset tokenization after Ethereum. Monthly stablecoin volume also achieved $6.45 billion amid rising issuance from major providers.
Upcoming integrations, such as with Depository Trust and Clearing Corporation, are expected to drive more asset flow on Stellar. Meanwhile, the network is becoming increasingly attractive to tokenized treasury operators and stablecoin issuers aiming for efficient settlement solutions.
For those closely watching market data and technical patterns, new all-in-one tools like CryptoAppsy provide a comprehensive user experience by merging real-time prices, detailed charts, and portfolio management. Investors can react instantly with smart price alerts, filter news for specific coins, explore new altcoin launches, and monitor macroeconomic data including Fed decisions—all within a single screen environment, allowing them to stay at the forefront of market movements.
Technical outlook for XLM priceOn the technical analysis front, crypto trader CG_trades presented an alternative scenario for XLM price movement based on Elliott Wave theory. The analysis suggests that XLM is tracing a multi-year macro inverse ABC cycle. Under this framework, wave A concluded at the 2017 peak, with XLM currently residing in an ascending triangle formation as part of wave B.
This chart pattern reflects a lengthy accumulation stage before potential upward movement. According to CG_trades, wave E could finish near the 2020 trendline at a price range of $0.11 to $0.12. Should XLM rally after completing wave E, the next target for cycle wave C may extend between $8.36 and $32, offering a wide potential range for future appreciation.
The current technical setup sees XLM forming an ascending triangle as part of a broader macro cycle. If the price maintains support above the 2020 trendline, longer-term targets between $8.36 and $32 are possible, pending a reversal after wave E completes.
This technical perspective gives an alternative to the fundamentally driven outlook from Scopuly, with one focusing on network usage and asset value while the other leans on previous market cycles and pattern recognition. Both approaches highlight varying, potentially complementary views as analysts assess Stellar XLM’s future role in the blockchain sector.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Arthur Hayes, co-founder and former CEO of cryptocurrency derivatives exchange BitMEX, sold 2,364.38 Ether for $4.3 million in USDC last Friday, according to data from blockchain analytics platform Lookonchain. The sale reportedly resulted in a realized loss of $241,000.
Hayes exits position amid market downturnThe transaction occurred as the cryptocurrency market experienced renewed selling pressure. Over the past 24 hours, the total crypto market capitalization dropped by around 2% to $2.25 trillion. Bitcoin fell 2.7% to approximately $63,000, while Ether declined 3.1% to about $1,860.
Hayes executed the sale at an average price of $1,821 per ETH, transferring the coins to major trading firms Cumberland and Galaxy Digital in exchange for USDC. Although the size of the transaction was relatively small compared to Ethereum‘s daily volumes, it drew significant attention due to Hayes’s reputation as a high-profile and long-term Ethereum supporter.
Lookonchain highlighted that Hayes’s sale turned previous paper losses into realized losses during a period of fragile investor sentiment.
Hayes transferred 2,364.38 ETH to trading desks and received $4.3 million USDC, selling at $1,821 per ETH and taking a loss of $241,000, according to Lookonchain.
Buying high, selling low: Recent history of tradesAccording to Lookonchain, Hayes accumulated 7,213 ETH between July 15 and July 28 at an average entry price of $1,923 per coin, investing roughly $13.87 million. As the market turned downward in early August, Hayes opted to reduce his exposure, exiting part of his position at a loss. This move stands in contrast to his previously bullish stance on Ethereum.
Hayes, once known for his optimistic outlook on Ethereum’s prospects, previously projected that ETH could reach $10,000 by the end of 2025. In late 2025, he expressed strong confidence in Ethereum’s upcoming rally, stating that a bull run was imminent.
After previously predicting a significant rally, Hayes recently wrote that the focus is now on preserving crypto capital under present market conditions.
In his recent public comments, Hayes acknowledged the need to prioritize risk management over aggressive positioning, suggesting that his decision to sell reflects a cautious response to volatile market conditions rather than a wholesale exit from Ethereum.
Market context and staking dynamicsCurrently, over 41 million ETH—about a third of the circulating supply—is staked in the Ethereum network, with the validator activation queue lengthening to approximately 43 days, according to The Block.
Mini dictionary: Cumberland and Galaxy Digital are institutional trading firms specializing in digital asset liquidity provisioning and market making.
However, Sygnum Bank’s Head of Custody and Staking, Thomas Brunner, stated that the longer queue is largely due to existing validators claiming rewards instead of fresh capital entering the network.
Financial services firm TD Cowen recently revised its year-end price target for Ether, reducing it from about $3,650 to $2,371. The downward adjustment reflects delays in US regulatory developments related to tokenized assets.
EntityETH Price Target (2026)Status/CommentArthur Hayes$10,000 (previously predicted)Now selling ETH at lossesTD Cowen$2,371 (revised)Cut target due to regulatory delaysHayes’s recent transaction is viewed more as a reflection of broader investor caution than as a shift in Ethereum’s fundamentals. Analysts note that such moves from well-known macro traders are closely watched for signals on market outlook and risk appetite.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Ethereum continues to consolidate near a key technical level, with traders maintaining steady positions in the derivatives markets and on-chain activity showing resilience. As of the latest data, Ethereum is trading at $1,860.33, holding close to an important resistance after recovering from its June lows.
Technical Levels Remain in FocusThe daily TradingView chart shows Ethereum currently trades just below the 20-day exponential moving average (EMA), which stands at $1,871. The 50-day EMA, now at $1,849, has provided near-term support, with buyers recently defending this zone and staving off deeper pullbacks.
Immediate resistance comes into play at the 100-day EMA, positioned around $1,931. This level aligns with a horizontal resistance region that has halted multiple breakout attempts in recent weeks. A daily close above $1,931 could provide the spark for stronger bullish momentum, while a failure to maintain the 50-day EMA support could pull Ethereum back toward the $1,647 level.
Alongside price action, the On-Balance Volume (OBV) indicator has gradually improved since the end of June, indicating a slow uptick in buying pressure. However, Ethereum still needs to reclaim higher resistance to confirm a bullish reversal.
Analyst Perspective and Market SentimentTed Pillows, a cryptocurrency analyst who regularly comments on market moves through X, underlined Ethereum’s current position following its slip below $1,900. He noted that although momentum had weakened, Ethereum’s ongoing support at $1,850 keeps the prospect of a rally toward $2,000 alive.
ETH has dropped below the $1,900 level. Momentum is weakening a bit here, but Ethereum is still holding above its $1,850 support zone. As long as it holds, ETH is more likely to rally towards $2,000.
This assessment aligns with ongoing market conditions, where important technical levels are guiding trader sentiment and decisions. The consolidation phase keeps these zones under close watch as Ethereum attempts to break out of its current range.
Derivatives and On-Chain Metrics Signal StabilityAccording to data from CoinGlass, open interest in Ethereum’s derivatives market has remained above $26 billion, with traders largely keeping their positions open rather than unwinding leverage. Derivatives trading volume has also stayed consistent throughout July, pointing to a balanced market without excessive speculation.
Meanwhile, data from DeFiLlama highlights that the total value locked (TVL) in Ethereum DeFi protocols is just under $40 billion, with daily transactions and active addresses maintaining steady levels. This points to the underlying stability of Ethereum’s ecosystem during price consolidation.
Ethereum is approaching a technical turning point. A sustained move above the $1,930 resistance could attract new buying momentum, while losing the $1,849 support might shift attention back to the $1,647 support area.
Technical LevelValueSignificance20-day EMA$1,871Short-term resistance50-day EMA$1,849Immediate support100-day EMA$1,931Major resistanceCritical Support$1,647Key downside levelWith derivatives positioning still elevated and the network’s fundamentals remaining firm, traders are closely following whether positive sentiment can drive a decisive move.
Market observers caution that cryptocurrency prices remain volatile, and emphasize the importance of monitoring both technical signals and broader market developments.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Ethereum [ETH] had a strong July, recovering much of the ground it lost in June. Now, will ETH break above $2,000, or move sideways in the days ahead?
ETH jumped back up in July Ethereum ended July with gains of 20.3% — Its strongest monthly performance over the past year. The rebound helped ETH recover a large part of June’s 21.8% fall, and brought some confidence back to the market after a difficult H1 2026.
Source: CryptoRank Now, what’s peculiar is how against the historic tide these gains have been. So far, ETH has delivered an average July return of 10.7%, while the median return for the month is negative. This means July 2026 performed far better than a typical July.
Still, the recovery did not completely erase June’s losses. ETH is still entering August below recent highs.
On-chain data suggested that he just incurred a 5.3% loss on his latest ETH endeavor.
One of the most recognizable and well-known figures in the cryptocurrency space has displayed a somewhat controversial approach to his Ethereum investments over the past few months.
The most recent data shared by Lookonchain doubled down on his sporadic approach, as he had realized another loss.
The analytics resource informed that the former BitMEX CEO deposited nearly 2,365 ETH into Cumberland and Galaxy Digital earlier today, and received 4.3 million USDC in return.
According to the analysts, this meant that his selling price was at $1,821 given the asset’s retreat over the past few days from a multi-month peak of $1,980.
Hayes secured a sizeable loss of $241,000 (or 5.3%) on this trade because he went on an accumulation spree during the aforementioned ascent from ETH. As previously reported, he bought 7,213 ETH for $13.87 million at an average price of $1,923.
Arthur Hayes(@CryptoHayes) bought high and sold low again!
Over the past 2 hours, he deposited 2,364.38 $ETH into Cumberland and Galaxy Digital, receiving 4.3M $USDC in return.
His selling price was $1,821, resulting in a loss of $241K (-5.3%).
He had previously bought 7,213… pic.twitter.com/4AVZpjANZD
— Lookonchain (@lookonchain) August 1, 2026
What’s interesting here is that this is not the first time Hayes has lost on ETH by buying high only to sell low weeks later. His previous major ETH trade was several weeks ago, when he accumulated at prices well over $1,900 again after the token jumped to $1,950.
You may also like: Bitcoin, Ethereum Outperform Markets in July as Chip Stocks Plunge 22% Ethereum Could Hit $20K as Multi-Year BTC Base Completes: Analyst Nobody Wants to Unstake Ethereum Anymore: Here’s Why It’s a Big Deal Once it started to nosedive, though, Hayes was quick to sell off his stash at an average price of under $1,700. Thus, he incurred another major loss in just weeks, while ETH’s price rebounded shortly after.
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About the author
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.
XRP and Bitcoin price trends weakened as the crypto market fell 1.51% to $2.16 trillion within 24 hours.
Bitcoin price hovered near $63,000, while XRP traded around $1.06 as traders reduced exposure amid macroeconomic uncertainty.
Ethereum remained under pressure near $1,860 after July ended with renewed selling around resistance zones.
CLARITY Act Faces Crucial Weekend as Trump Reviews Ethics Proposal The White House is expected to review a bipartisan ethics proposal for the CLARITY Act this weekend.
The reaction of President Trump may spell the difference between Senate leaders moving the bill to a cloture vote next week.
Lawmakers have only six days before leaving Washington for the summer recess, increasing pressure on negotiations.
The compromise would allow state attorneys general to challenge the Justice Department over unenforced federal ethics rules.
That provision concerns a Democratic issue and may rejuvenate the digital asset market structure bill which has been stalled.
🚨NEW: 🇺🇸 White House is expected to review the latest bipartisan ethics proposal for the CLARITY Act this weekend.
President Trump’s decision could determine whether the Senate moves to a key vote next week.
Senate has 6 days before leaving for summer recess. pic.twitter.com/Ku2Wag7mhK
— Crypto India (@CryptooIndia) August 1, 2026
But the movement will need 60 Senate votes, or at least seven Democrats to join the Republicans. The biggest challenge is still political divisions, even though there is consensus on more specific rules regarding digital asset markets.
A White House nod would relinquish the doorway to bipartisan backing prior to the Senate starting its August break.
The bill may impact the institutional involvement in tokenized assets, stablecoins, exchanges, and other regulated crypto products
The traders of prediction markets are still not optimistic of the chances of the legislation in the current congressional calendar.
Polymarket data places the CLARITY Act’s chance of becoming law in 2026 at 27%.
Polymarket cap data That likelihood has just dropped 38%, showing skepticism on whether disputes can be resolved by the time they go back on recess.
Bitcoin and XRP price might be volatile as traders evaluate regulatory developments and the overall economic risks.
XRP ETFs Extend Inflow Streak as Bitcoin ETFs Shed $265M On July 31, XRP exchange-traded funds registered 7.69 million in net inflows daily, and cumulative inflows totaled 1.51 billion. The total trading value was 8.62 million and the net assets were 988.78 million. Bitwise contributed the highest inflows to XRP funds amounting to 7.12 million, and Franklin Templeton came in with 576 520.
In the meantime, spot Bitcoin ETFs recorded a combined net outflow of 265 million in the session. The IBIT of BlackRock reflected the withdrawals of $123 million. Spot Ethereum ETFs had net inflows of 9.03 million.
Spot Bitcoin ETFs Record $265 Million in Net Outflows on July 31
On July 31 (ET), spot Bitcoin ETFs recorded total net outflows of $265 million, led by BlackRock’s IBIT with $123 million in net outflows. Spot Ethereum ETFs recorded total net inflows of $9.0295 million, led by… pic.twitter.com/RxijlhmoGT
— Wu Blockchain (@WuBlockchain) August 1, 2026
BlackRock Ethereum products BlackRock Ethereum products Ethereum products posted a net loss of $15.38 million, led by Ethereum products. Figures were used to represent institutional demand which was mixed in products.
XRP and Bitcoin Price Outlook: Will CLARITY Act Review Trigger a Crypto Rebound? XRP and Bitcoin price movements remained weak as traders assessed technical support levels and the CLARITY Act review. BTC price fell 1.97% to $63,069 during the past 24 hours, hovering near the crucial $63,000 support zone.
Holding this level may aid in consolidation before another recovery attempt towards $65,000. Increased buying pressure can push the rebound to $65,800 as per the future Bitcoin outlook. However, a clear break below $63,000 could expose Bitcoin to $62,800. The sustained selling pressure can then drive the price to $62,000.
Source: BTC/USDT 4-hour chart: TradingView XRP price declined 1.41% to $1.07 during the same period. The token continues to trade above a Fibonacci support level of between $1.04 and $1.05. The range would enable XRP to re-test $1.10. Failure can lead to a downturn to $1.00. Another market trigger that traders observe is the White House review of the CLARITY Act
A zero-knowledge proof lets one party prove to another that a statement is true without revealing any information beyond the truth of the statement itself. It is the cryptographic technique behind blockchain privacy, scalable rollups, and a growing number of identity verification systems.
Summary
Zero-knowledge proofs allow a prover to convince a verifier that a computation was performed correctly without revealing the underlying data, enabling both privacy and scalability on blockchains. The two main families of zero-knowledge proofs used in blockchain are zk-SNARKs, which require an initial trusted setup ceremony, and zk-STARKs, which do not require trusted setup but produce larger proofs. Ethereum layer 2 rollups like zkSync, Scroll, and Polygon zkEVM use zero-knowledge proofs to compress thousands of transactions into a single proof verified on the main chain, reducing gas costs by 90 percent or more. Vitalik Buterin introduced the GKR protocol in late 2025 as a way to accelerate Ethereum zero-knowledge proof verification, aiming to make the technology practical for everyday use at scale. Zero-knowledge proofs are mathematically sound but not magic. They depend on specific cryptographic assumptions, require significant computational resources to generate, and have been deployed in production for less than three years at scale. The standard explanation of zero-knowledge proofs uses the cave analogy. Ali Baba knows the secret word to open a door inside a circular cave. He can prove he knows the word by entering from one side and exiting from the other, on demand, without ever saying the word out loud. After enough successful demonstrations, the verifier becomes statistically certain Ali Baba knows the secret.
This analogy is correct but incomplete. It captures the intuition but misses the machinery. In practice, zero-knowledge proofs are not about caves or doors. They are about polynomial commitments, elliptic curve pairings, and the mathematical properties that allow one party to encode a computation as a set of constraints and another party to verify that those constraints are satisfied without learning what values satisfied them.
This article explains what zero-knowledge proofs do, how the two dominant proof systems work, where they are deployed in production, and what they cannot do. If you have heard that zero-knowledge proofs solve all of blockchain’s privacy and scalability problems, the reality is more specific and more interesting.
The three properties A zero-knowledge proof must satisfy three mathematical properties. Completeness means that if the statement is true and both the prover and verifier follow the protocol, the verifier will always accept the proof. Soundness means that if the statement is false, no cheating prover can convince the verifier to accept it, except with negligible probability. Zero-knowledge means the verifier learns nothing beyond whether the statement is true.
The third property is the counterintuitive one. How can you verify a computation without learning anything about it? The answer lies in the structure of the proof system. The prover encodes the computation as a polynomial equation, commits to that polynomial using a cryptographic commitment scheme, and then responds to random challenges from the verifier. The verifier checks the responses against the commitment without ever seeing the polynomial itself.
In non-interactive zero-knowledge proofs, which are the type used in blockchains, the random challenges are replaced by a hash function applied to the commitment. This is called the Fiat-Shamir heuristic, and it allows the prover to generate the entire proof without any back and forth communication. The resulting proof is a compact string of data that anyone can verify independently.
The mathematical foundation rests on the hardness of certain computational problems. For zk-SNARKs, security relies on the difficulty of computing discrete logarithms on elliptic curves. For zk-STARKs, security relies on the collision resistance of hash functions, which is considered a weaker and more conservative assumption. If either assumption turns out to be wrong, the corresponding proof system breaks. This is why the choice between zk-SNARKs and zk-STARKs involves tradeoffs beyond just proof size and verification speed.
zk-SNARKs: trusted setup, small proofs zk-SNARK stands for Zero-Knowledge Succinct Non-interactive Argument of Knowledge. The word succinct is the key differentiator: a zk-SNARK proof is extremely small, typically a few hundred bytes, and can be verified in milliseconds regardless of how complex the underlying computation is.
The cost of this succinctness is the trusted setup. Most zk-SNARK constructions require an initial ceremony where a set of structured reference strings are generated. These strings are used by both provers and verifiers. If the random values used to generate them are not properly destroyed, anyone who retains them could create fake proofs that appear valid. This is sometimes called toxic waste.
Modern trusted setup ceremonies use multi-party computation protocols where hundreds or thousands of participants each contribute randomness. The security guarantee is that as long as at least one participant honestly destroys their random contribution, the setup is secure. Zcash pioneered this approach with its Powers of Tau ceremony, and subsequent projects have refined it.
Newer zk-SNARK constructions like PLONK and its variants use a universal and updatable trusted setup, meaning the same setup can be reused for different circuits and additional participants can strengthen the setup over time without starting from scratch. This mitigates the trusted setup concern but does not eliminate it entirely. The fundamental tradeoff remains: smaller, faster proofs in exchange for a one-time trust assumption.
zk-STARKs: no trusted setup, larger proofs zk-STARK stands for Zero-Knowledge Scalable Transparent Argument of Knowledge. Transparent means no trusted setup is required. The reference strings are generated from publicly verifiable randomness, which eliminates the toxic waste problem entirely. Scalable refers to the fact that proving time grows quasi-linearly with the size of the computation, making STARKs suitable for very large computations.
The tradeoff is proof size. A zk-STARK proof is typically tens to hundreds of kilobytes, compared to a few hundred bytes for a zk-SNARK. On a blockchain where data storage is expensive, this difference matters. Verification time is also somewhat longer for STARKs, though still fast enough for practical use.
StarkWare, the company behind Starknet, has been the primary commercial advocate for zk-STARKs. Their argument is that the transparency property, combined with quantum resistance from relying only on hash functions rather than elliptic curves, makes STARKs the better long term choice even at the cost of larger proofs. Whether quantum computers will actually threaten elliptic curve cryptography within a relevant timeframe is debated, but the conservative security posture appeals to applications where long term robustness matters more than immediate efficiency.
ZK rollups: the scaling application The most important practical application of zero-knowledge proofs in blockchain today is ZK rollups. A rollup executes transactions off chain, batches them together, generates a zero-knowledge proof that all transactions were valid, and posts just the proof and compressed transaction data to the main chain. The main chain verifies the proof, which is orders of magnitude cheaper than executing every transaction individually.
This architecture allows Ethereum layer 2 networks to process thousands of transactions for the cost of a single proof verification on layer 1. In practice, ZK rollups like those built on Ethereum infrastructure reduce gas costs by 90 percent or more compared to executing the same transactions directly on mainnet.
The major ZK rollup projects in production or late stage development as of mid 2026 include zkSync Era, Scroll, Polygon zkEVM, Linea, and Taiko. Each uses a different proving system and makes different tradeoffs between EVM compatibility, proving speed, and decentralization. zkSync uses a custom virtual machine and PLONK-based proofs. Scroll aims for byte-level EVM equivalence using a zk-SNARK prover. Polygon zkEVM uses a combination of STARK and SNARK proofs in a recursive architecture.
The competition between these projects is driving rapid innovation in proof generation. Proving times have dropped from hours to minutes to seconds over the past two years. Vitalik Buterin’s introduction of the GKR protocol for Ethereum represents another step toward making ZK proof verification a routine operation rather than a computational bottleneck.
Privacy applications beyond rollups Zero-knowledge proofs were originally developed for privacy, not scalability. Zcash, launched in 2016, was the first major blockchain to use zk-SNARKs for private transactions. In a shielded Zcash transaction, the sender, receiver, and amount are all hidden from public view while the proof guarantees that no coins were created out of thin air and no double spending occurred.
The privacy application extends beyond financial transactions. Zero-knowledge proofs can verify identity attributes without revealing the underlying data. A user could prove they are over 18 without revealing their birth date, prove they are a citizen of a specific country without revealing their passport number, or prove they hold a certain credential without revealing which institution issued it.
Projects like Worldcoin and Polygon ID have implemented ZK-based identity verification systems. Worldcoin uses zero-knowledge proofs to verify that a person has been scanned by their iris scanning device without linking the scan to any specific identity. Ethereum ecosystem projects are increasingly integrating ZK-based identity as a primitive alongside financial transactions.
The privacy use case faces regulatory headwinds. Financial regulators in multiple jurisdictions have expressed concern that fully private transactions could facilitate money laundering, sanctions evasion, and terrorist financing. The tension between privacy as a fundamental right and transparency as a regulatory requirement is one of the defining policy debates in cryptocurrency, and zero-knowledge proofs sit directly at the center of it.
What zero-knowledge proofs do not cover Zero-knowledge proofs guarantee computational integrity: that a specific computation was performed correctly. They do not guarantee that the inputs to the computation were correct, that the computation was worth performing, or that the system built around the proof is free of bugs.
A ZK rollup can prove that all transactions in a batch were valid according to the rollup’s rules. It cannot prove that the rules themselves are correct. A bug in the rollup’s smart contracts or proving circuit could produce valid proofs for invalid state transitions. Several ZK rollup projects have disclosed and patched critical bugs in their circuits during audits and testnet deployments.
Zero-knowledge proofs also do not eliminate the need for data availability. In a ZK rollup, the proof tells the main chain that the state transition was valid, but users still need access to the underlying transaction data to reconstruct the state and verify that their funds are intact. Without data availability, users must trust the rollup operator, which partially defeats the purpose of the proof.
The computational cost of generating proofs is substantial. While verification is cheap, proof generation requires significant hardware. Running a ZK prover at production scale typically requires servers with hundreds of gigabytes of RAM and specialized hardware accelerators. This cost creates a natural centralizing force in who can afford to run provers, even if the proofs themselves can be verified by anyone.
Practical checks for evaluating ZK projects When evaluating a project that claims to use zero-knowledge proofs, several questions distinguish serious implementations from marketing.
First, ask whether the proof system has been independently audited. Circuit bugs can create soundness vulnerabilities where invalid proofs are accepted as valid. A project that has not been audited by multiple independent cryptography firms should be treated with caution.
Second, ask whether the proving system uses a trusted setup and, if so, how the ceremony was conducted. A trusted setup with only a small number of participants, or one conducted by a single company without external verification, represents a meaningful trust assumption.
Third, check whether the project publishes its proof verification contracts and whether those contracts have been verified on chain. If verification is happening off chain or through upgradeable proxy contracts controlled by a multisig, the zero-knowledge proofs may not be providing the security guarantees users expect.
Fourth, look at the data availability solution. If the project does not post transaction data on chain or to a credible data availability layer, users cannot independently verify the state and must trust the operator. This is a meaningful departure from the trustlessness that zero-knowledge proofs are supposed to enable.
Frequently asked questions What is a zero-knowledge proof in simple terms? A zero-knowledge proof is a way to prove you know something without revealing what you know. In blockchain, it allows one computer to prove to another that a set of transactions is valid without showing the details of those transactions. This enables both privacy and scalability.
What is the difference between zk-SNARKs and zk-STARKs? zk-SNARKs produce very small proofs, typically a few hundred bytes, and verify quickly, but require a one-time trusted setup ceremony. zk-STARKs produce larger proofs, typically tens of kilobytes, but do not require any trusted setup and are considered resistant to quantum computing attacks. Both achieve the same goal of verifiable computation with zero knowledge.
How do ZK rollups reduce Ethereum gas costs? ZK rollups execute transactions off the Ethereum main chain, batch them together, and generate a zero-knowledge proof that all transactions are valid. Only the proof and compressed data are posted to Ethereum. Verifying a single proof is much cheaper than executing thousands of individual transactions, resulting in gas cost reductions of 90 percent or more.
Are zero-knowledge proofs quantum resistant? It depends on the proof system. zk-STARKs rely on hash functions, which are believed to be resistant to quantum computers. zk-SNARKs rely on elliptic curve cryptography, which could theoretically be broken by a sufficiently powerful quantum computer. However, practical quantum computers capable of breaking elliptic curves do not yet exist and may not for decades.
Can zero-knowledge proofs make all blockchain transactions private? Technically yes, but practically there are tradeoffs. Generating proofs for every transaction adds computational cost and complexity. Fully private transactions also face regulatory challenges in jurisdictions that require financial transparency. Projects like Zcash offer optional privacy, while most ZK rollups use the technology primarily for scalability rather than privacy.
What is a trusted setup and why does it matter? A trusted setup is a one-time ceremony that generates cryptographic parameters needed by certain proof systems. If the random values used during the ceremony are not properly destroyed, someone could create fake proofs. Modern ceremonies use multi-party computation where hundreds of participants contribute randomness, and the setup is secure as long as at least one participant is honest.
Which blockchains use zero-knowledge proofs? Zcash was the first major blockchain to use zero-knowledge proofs for private transactions. Ethereum uses ZK proofs through layer 2 rollups including zkSync, Scroll, Polygon zkEVM, Linea, and Starknet. Mina Protocol uses recursive ZK proofs to maintain a fixed-size blockchain. Several other chains incorporate ZK technology for specific features like identity verification or cross-chain messaging.
How long does it take to generate a zero-knowledge proof? Proof generation time depends on the complexity of the computation and the hardware used. For ZK rollup batches containing thousands of transactions, proof generation currently takes seconds to minutes on specialized hardware. Two years ago, the same proofs took hours. The trend is toward faster proving through hardware acceleration and algorithmic improvements, with the goal of real-time proof generation.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making any investment decisions. Information is accurate as of August 1, 2026.
A testnet is a separate blockchain network that mirrors a production chain’s rules and functionality but uses tokens with no monetary value. It is where developers break things, test upgrades, and discover bugs before those bugs can cost anyone real money.
Summary
A testnet is a blockchain network that runs the same software as a mainnet but uses valueless tokens, allowing developers to test smart contracts, protocol upgrades, and applications without financial risk. Ethereum has run multiple testnets over its history, with Sepolia and Holesky serving as the primary public testing environments as of 2026 after the deprecation of Goerli. Testnet tokens are free and can be obtained from faucets, which are web services that distribute small amounts of test tokens to developer wallet addresses. Major protocol upgrades like Ethereum’s Pectra and Cardano’s van Rossem hard fork were deployed to testnets months before reaching mainnet, where they were tested under conditions designed to surface edge cases and failure modes. Testnets are not perfect replicas of mainnet conditions. They typically have fewer validators, lower transaction volume, and different economic incentives, which means some categories of bugs only appear after mainnet deployment. Every piece of software ships with bugs. The question is whether those bugs are discovered in a controlled environment or in production, where they can destroy value. In traditional software development, staging environments and QA processes serve this function. In blockchain, testnets serve the same function but with a critical difference: blockchain bugs are often irreversible.
A smart contract that contains a vulnerability on a testnet loses nothing because the tokens are worthless. The same vulnerability on a mainnet can drain millions of dollars in minutes. The history of decentralized finance is littered with exploits that could have been caught on a testnet if the testing had been more thorough.
This article explains what testnets are, how they work, why they matter for the security of every blockchain protocol, and what their limitations are. If you interact with any blockchain application, the quality of its testnet phase directly affects the safety of your funds.
How testnets work A testnet runs the same node software as its corresponding mainnet but operates on a separate network with its own genesis block, its own chain of blocks, and its own set of validators or miners. Transactions on a testnet are processed using the same consensus rules, the same virtual machine, and the same transaction format as mainnet transactions. The only fundamental difference is that the tokens have no market value.
This separation is enforced at the network level. Testnet nodes connect to other testnet nodes, not to mainnet nodes. The chain IDs are different, which prevents testnet transactions from being replayed on mainnet and vice versa. When a developer deploys a smart contract to a testnet, that contract exists only on the testnet and has no effect on the mainnet state.
Testnet tokens are distributed through faucets, which are simple web applications that send a small amount of test tokens to any wallet address that requests them. Most faucets impose rate limits to prevent abuse. Some require completing a captcha or connecting a social media account. The tokens have no monetary value by design, though there have been instances where testnet tokens have traded on secondary markets, which defeats their purpose and is generally discouraged by protocol teams.
Developers use testnets to deploy and interact with smart contracts exactly as they would on mainnet. They can test function calls, simulate user interactions, measure gas consumption, and verify that error handling works correctly. Wallet applications, decentralized exchanges, lending protocols, and NFT marketplaces all go through testnet deployment before launching on mainnet.
Types of testnets Not all testnets serve the same purpose. Public testnets are open to anyone and mirror mainnet conditions as closely as possible. They are used for final stage testing before mainnet deployment and for community members who want to try new features. Ethereum’s Sepolia and Holesky are public testnets. Base’s Beryl testnet is another example of a public testnet used to test protocol upgrades before mainnet deployment.
Private or permissioned testnets are operated by specific development teams and are not open to public participation. These are used for early stage development where the protocol may be unstable or where the team wants to control the testing conditions. Many projects run private testnets for months before opening a public testnet.
Local development networks, sometimes called devnets, run on a developer’s own machine. Tools like Hardhat and Foundry for Ethereum allow developers to spin up a local blockchain instance, deploy contracts, and run tests in seconds without connecting to any external network. These are not true testnets but serve a similar function for unit testing and rapid iteration.
Shadow forks are a newer concept where a testnet replays real mainnet transaction data against a modified version of the protocol. This allows developers to test upgrades against realistic transaction patterns and state sizes rather than the synthetic and often unrealistic conditions of a standard testnet. Ethereum used shadow forking extensively during the preparation for The Merge in 2022.
Why testnet phases matter for protocol upgrades Major blockchain upgrades follow a predictable lifecycle: specification, implementation, testnet deployment, monitoring, and finally mainnet activation. The testnet phase is where the implementation meets reality. Bugs that were invisible in unit tests become apparent when the code runs on a distributed network with independent operators, network latency, and concurrent transactions.
Ethereum’s Pectra upgrade, which introduced account abstraction and increased blob capacity, was deployed to the Hoodi testnet months before reaching mainnet. During the testnet phase, developers discovered edge cases in the account abstraction implementation that would have caused transaction failures for a subset of users. These were fixed before mainnet deployment.
Cardano’s van Rossem hard fork followed a similar pattern, with the upgrade reaching its public testnet weeks before the mainnet governance vote that activated it. The testnet phase allowed stake pool operators to update their nodes and verify compatibility before the hard fork went live.
The length of the testnet phase varies by the complexity and risk of the upgrade. Simple parameter changes might spend days on a testnet. Fundamental consensus changes like The Merge spent months across multiple testnets. The pressure to move quickly is always present, but the cost of shipping a mainnet bug that could have been caught on a testnet is high enough that most serious protocol teams err on the side of longer testing periods.
The gap between testnet and mainnet Testnets are valuable but imperfect. Several categories of problems are difficult or impossible to reproduce on a testnet. Economic attacks, where an attacker exploits the relationship between token prices and protocol mechanics, require real economic incentives that do not exist on a testnet. Miner or validator extractable value strategies, front running, and sandwich attacks depend on real financial motivation.
Scale related bugs also often escape testnet detection. A testnet with 100 validators processes transactions differently than a mainnet with 1,000 validators. Network congestion patterns, state bloat, and the behavior of the peer to peer gossip layer under load all change with scale. Some bugs only manifest when the state database exceeds a certain size or when transaction volume spikes above levels that testnets rarely experience.
The social and governance dimensions of blockchain also differ between testnet and mainnet. On a testnet, there are no real stakeholders with financial exposure who might resist an upgrade. The politics of hard fork coordination, which can involve exchanges, wallet providers, major token holders, and application developers, do not exist on a testnet. A protocol change that works perfectly on a testnet can still fail on mainnet if the coordination required to activate it breaks down.
This gap is why many blockchain projects now use incentivized testnets, where participants earn rewards for finding bugs, stress testing the network, or running validators. Robinhood’s chain testnet recorded 4 million transactions in its first week, partly because of incentive programs that attracted real users performing realistic interactions rather than synthetic test scripts.
What testnets do not cover Testnets do not test economic security. The value of tokens on a testnet is zero, which means rational economic actors behave differently than they would on mainnet. A protocol that appears secure on a testnet may be vulnerable to economic exploits that only become apparent when real money is at stake.
Testnets do not test long term stability. Most testnets are reset periodically, which means issues related to state growth, database performance over time, and the accumulation of edge cases in long running chains are not tested. Some protocols run long lived testnets specifically to catch these issues, but the practice is not universal.
Testnets do not test user behavior. On a testnet, users have no reason to optimize gas usage, rush to complete transactions before a deadline, or engage in arbitrage. The transaction patterns on a testnet are fundamentally different from mainnet patterns, which means performance metrics measured on a testnet may not translate to mainnet conditions.
Practical checks for using testnets If you are a developer, always deploy to a testnet before mainnet. This sounds obvious but a surprising number of smart contract exploits involve code that was deployed directly to mainnet without adequate testnet coverage. Use automated testing frameworks to run your test suite against a testnet deployment, not just a local node.
If you are a user, check whether the applications you use went through a public testnet phase. Serious projects publish testnet addresses, invite community testing, and often run bug bounty programs during the testnet phase. A project that skips the public testnet phase and launches directly to mainnet is taking a risk with its users’ funds.
When interacting with testnets, use a separate wallet from your mainnet wallet. While testnet transactions cannot affect mainnet, using the same private key on both networks is a bad security practice. If a testnet application is compromised or contains malicious code, having your mainnet private key in the same wallet creates unnecessary risk.
Monitor the testnet phase of upgrades to networks where you hold assets. If a major upgrade encounters problems on a testnet, it may be delayed or modified before mainnet deployment. Understanding the testnet timeline gives you advance notice of potential disruptions or opportunities.
Frequently asked questions What is a testnet in simple terms? A testnet is a practice version of a blockchain. It works the same way as the real blockchain but uses fake tokens that have no value. Developers use it to test their applications and find bugs before launching on the real network where real money is involved.
Are testnet tokens worth anything? No. Testnet tokens have no monetary value by design. They exist solely for testing purposes and can be obtained for free from faucets. While there have been cases of people trading testnet tokens on secondary markets, this is discouraged and defeats the purpose of having a free testing environment.
How do I get testnet tokens? Testnet tokens are available from faucets, which are web services that distribute free test tokens. For Ethereum’s Sepolia testnet, you can search for a Sepolia faucet, enter your wallet address, and receive test ETH within seconds. Most faucets have rate limits to prevent abuse.
What is the difference between a testnet and a mainnet? A mainnet is the production blockchain where transactions involve real tokens with real value. A testnet is a separate network that runs the same software but uses valueless tokens. Testnets are for development and testing. Mainnets are for actual use. They share the same rules but operate independently.
Why do blockchains need testnets? Blockchain transactions are generally irreversible, so bugs in production can result in permanent loss of funds. Testnets allow developers to find and fix these bugs in a safe environment where mistakes cost nothing. Major protocol upgrades are always tested on testnets before being activated on mainnet.
Can I test my own smart contract on a testnet? Yes. Anyone can deploy smart contracts to public testnets like Ethereum’s Sepolia. You need a wallet, free testnet tokens from a faucet, and a development framework like Hardhat or Foundry. The deployment process is identical to mainnet deployment, just using a different network endpoint.
What happens when a testnet is deprecated? When a testnet is deprecated, its validators stop processing transactions and the network eventually shuts down. Any contracts deployed on it become inaccessible. This happens periodically as protocols evolve. Ethereum deprecated the Ropsten, Rinkeby, and Goerli testnets in favor of Sepolia and Holesky.
Is it safe to use testnets? Testnets themselves are safe because the tokens have no value, so you cannot lose money. However, you should use a separate wallet from your mainnet wallet and never share private keys between networks. Be cautious of testnet applications that ask for mainnet wallet connections or permissions.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making any investment decisions. Information is accurate as of August 1, 2026.
A mainnet is the production version of a blockchain network where transactions carry real economic value and are permanently recorded. When a cryptocurrency project launches its mainnet, it moves from concept to reality, and every line of code becomes a financial commitment.
Summary
A mainnet is a fully operational blockchain network where tokens have real market value, transactions are irreversible, and the consensus mechanism secures actual economic activity. Mainnet launches are milestone events that typically follow months or years of testnet development, security audits, and community governance processes. Hard forks and protocol upgrades on a mainnet are high stakes operations because bugs cannot be rolled back without consensus from the entire network of validators and users. Major mainnet launches in 2026 include Robinhood’s layer 2 for tokenized stock trading, Firedancer on Solana, and multiple stablecoin mainnets including Tether’s USAT on Celo. The security assumptions of a mainnet differ fundamentally from a testnet because real economic incentives create both stronger security guarantees and more sophisticated attack vectors. In software development, production is where the stakes are real. A bug in a development environment is a learning opportunity. A bug in production is an incident report. In blockchain, the gap between these two states is even wider because blockchain transactions are, by design, difficult or impossible to reverse.
A mainnet is a blockchain’s production environment. It is the live, operational network where tokens have market prices, smart contracts control real funds, and the consensus mechanism protects real economic value. Everything that happens before mainnet, including testnets, audits, and governance votes, exists to reduce the probability that something goes wrong after mainnet launch.
This article explains what a mainnet is, how mainnet launches work, what happens when mainnets are upgraded through hard forks, and what risks remain even after a successful launch. If you hold cryptocurrency on any blockchain, you are interacting with a mainnet, and understanding how it works is fundamental to understanding the security of your assets.
What makes a mainnet different from a testnet The technical infrastructure of a mainnet and its corresponding testnet is largely identical. Both run the same node software, use the same consensus algorithm, and process transactions using the same virtual machine. The differences are economic and social rather than technical.
On a mainnet, tokens have market value. This means validators and miners have financial incentives to act honestly because their staked tokens or mining hardware represents real capital at risk. It also means attackers have financial incentives to exploit vulnerabilities because successful attacks can be monetized. This duality, where real value creates both stronger defense and stronger offense, is the fundamental characteristic of a mainnet.
The validator set on a mainnet is typically much larger and more geographically distributed than on a testnet. Ethereum mainnet has over 1 million active validators as of mid 2026. Its testnets have a few thousand. This scale difference affects network behavior, propagation times, and the difficulty of coordinating upgrades.
State size is another critical difference. Ethereum’s mainnet state, the accumulated data from every transaction since genesis in July 2015, is hundreds of gigabytes. Testnets are reset periodically and never accumulate state at this scale. Performance issues related to state bloat, database fragmentation, and node synchronization time are mainnet problems that testnets rarely surface.
The anatomy of a mainnet launch A mainnet launch is the moment a blockchain network goes live with real economic value. For new layer 1 chains, this means activating the genesis block and enabling token transfers. For layer 2 networks, this means deploying the bridge contracts to the parent chain and opening the network to public transactions.
Robinhood’s layer 2 mainnet launch in mid 2026 illustrates the typical process. The team first ran a public testnet that processed 4 million transactions in its first week. After testnet validation, security audits, and regulatory approvals, the mainnet launched with tokenized stock trading functionality. The launch was phased, with a limited set of assets available initially and additional assets added over subsequent weeks.
Mainnet launches carry risks that testnet deployments do not. Bridge contracts that control the flow of value between layers are high value targets for attackers. Smart contract bugs that were not caught during testing become exploitable the moment real value is deposited. The coordination required to launch a mainnet, involving exchanges, wallet providers, infrastructure operators, and application developers, introduces organizational risks that are absent from testnets.
Some projects use a staged mainnet launch where the network goes live with training wheels: centralized sequencers, admin keys that can pause the protocol, or spending limits on smart contracts. These safety measures reduce the blast radius of potential bugs but require users to trust the project team, which partially contradicts the decentralization promise. Most projects commit to removing these training wheels on a published timeline, though some have taken years to do so.
Hard forks and mainnet upgrades A mainnet is not static. Blockchain protocols evolve through upgrades that add new features, fix bugs, or change economic parameters. When an upgrade requires all nodes to update their software simultaneously, it is called a hard fork. When an upgrade is backward compatible and does not require all nodes to update at once, it is called a soft fork.
Hard forks on a mainnet are high stakes coordination events. If a significant portion of validators do not upgrade their software before the fork height, the chain can split into two incompatible networks. This happened with Ethereum and Ethereum Classic in 2016, with Bitcoin and Bitcoin Cash in 2017, and with several smaller chains since. Chain splits create confusion, duplicate transactions, and can permanently fragment a network’s community and economic value.
Cardano’s van Rossem hard fork in 2026 demonstrated modern hard fork governance. The upgrade went through an on chain voting process where stake pool operators signaled their readiness before the protocol activated the new rules. This governance mechanism reduces the risk of chain splits by making upgrade coordination explicit and measurable.
Ethereum’s approach to hard forks has evolved toward coordinated network upgrades with names like Shanghai, Cancun, and Pectra. Each upgrade bundles multiple protocol changes, goes through extensive testnet validation, and is activated at a predetermined block number or slot that all node operators know in advance. The Firedancer client for Solana represents a different approach, where a new validator client implementation is deployed alongside existing clients to increase client diversity without requiring a hard fork.
Mainnet security in practice The security of a mainnet rests on three pillars: the correctness of the protocol software, the economic incentives of the consensus mechanism, and the diversity and distribution of the validator set.
Protocol correctness is addressed through code audits, formal verification, and testnet deployment. But audits are not guarantees. The history of blockchain exploits includes multiple incidents where audited contracts were exploited through vulnerabilities that the auditors missed. Formal verification, which mathematically proves that code behaves according to a specification, offers stronger guarantees but is expensive and only as good as the specification it verifies.
Economic security comes from the cost of attacking the network. On a proof of work mainnet, this cost is the energy and hardware required to sustain a 51 percent attack. On a proof of stake mainnet, this cost is the capital required to acquire a controlling stake, plus the risk of that stake being slashed if the attack is detected. Both models tie security to real economic value, which only exists on a mainnet.
Validator diversity means running multiple independent client implementations. If all validators run the same software and that software has a bug, the entire network is vulnerable. Ethereum currently has multiple execution clients, including Geth, Nethermind, and Besu, and multiple consensus clients, including Prysm, Lighthouse, Teku, and Lodestar. No single client implementation has a majority share, which means a bug in any one client cannot bring down the entire network.
What mainnet status does not cover A project being on mainnet does not mean it is safe, decentralized, or battle tested. Many projects launch their mainnet with centralized components, limited validator sets, or admin keys that give the founding team control over critical protocol parameters. Mainnet status is a necessary but not sufficient condition for trustworthiness.
Mainnet status does not guarantee permanence. Several blockchain projects have launched mainnets that were later abandoned, shut down, or migrated to new chains. The tokens associated with those mainnets lost their value. Launching a mainnet is not the finish line. Sustaining it requires ongoing development, community participation, and economic viability.
Mainnet status does not indicate regulatory compliance. A blockchain can be technically operational while operating in legal gray areas. Tether’s USAT stablecoin launching on Celo as its second mainnet deployment illustrates how stablecoin projects must navigate both technical mainnet requirements and regulatory frameworks across multiple jurisdictions simultaneously.
Mainnet performance metrics should be read with context. A blockchain reporting high transaction throughput may be running with a small validator set, minimal decentralization, or artificial test traffic. The throughput that matters is sustained throughput under adversarial conditions with a geographically distributed validator set, not peak throughput on a permissioned or lightly loaded network.
Practical checks for evaluating mainnets When evaluating whether a blockchain’s mainnet is robust, several indicators are more informative than marketing claims.
Check the age of the mainnet. A blockchain that has been running continuously for years with significant value at stake has survived conditions that a newly launched network has not. Bitcoin’s mainnet has run since January 2009 without a single hour of downtime. Ethereum’s has run since July 2015 with brief interruptions during consensus incidents. Newer chains have shorter track records and correspondingly less demonstrated reliability.
Check the validator count and distribution. A mainnet with thousands of validators distributed across dozens of countries is more resilient than one with a few dozen validators in a single data center. Block explorers and network dashboards for most chains publish this data.
Check whether admin keys or upgrade mechanisms exist that could allow a small group to modify the protocol without community consensus. Many new mainnets launch with multisig admin controls that could theoretically be used to drain funds, pause the network, or censor transactions. Understanding who holds these keys and under what conditions they can be used is essential due diligence.
Check the total value locked and the duration for which that value has been locked. A mainnet securing billions of dollars for years has a stronger security track record than one that recently attracted a spike of deposits following a token incentive program. The depth of the security test is proportional to both the amount of value at risk and the time period over which that value has been at risk.
Frequently asked questions What is a mainnet in simple terms? A mainnet is the live, production version of a blockchain where real transactions happen with real money. It is the opposite of a testnet, which uses fake tokens for testing. When you buy, sell, or transfer cryptocurrency, you are using a mainnet.
What happens during a mainnet launch? During a mainnet launch, a blockchain network goes live for the first time with real economic value. The genesis block is created, validators or miners begin processing transactions, and tokens become tradable on exchanges. Mainnet launches typically follow months of testnet development and security auditing.
Can a mainnet be shut down? A truly decentralized mainnet cannot be shut down by any single entity because it runs across thousands of independent computers worldwide. However, less decentralized mainnets with few validators or centralized control points could theoretically be stopped. Some smaller blockchain projects have had their mainnets shut down or abandoned.
What is a hard fork on a mainnet? A hard fork is a protocol upgrade that is not backward compatible, meaning all nodes must update their software to remain on the same network. If some nodes do not update, the chain splits into two separate networks. Hard forks are used to add major new features or fix critical bugs.
How do I know if a project has launched its mainnet? Check the project’s official website and social media channels for mainnet launch announcements. You can also check block explorers to see if the network is producing blocks with real transactions. Token listings on major exchanges typically coincide with mainnet launches. Be cautious of projects that claim mainnet status but actually run on another chain’s infrastructure.
Is mainnet the same as layer 1? Not exactly. A mainnet is any production blockchain network. Layer 1 refers specifically to the base chain that provides its own consensus and security. Layer 2 networks like Arbitrum, Optimism, and zkSync also have mainnets, but they rely on a layer 1 mainnet for final settlement and security. Both layer 1 and layer 2 networks have mainnets.
What risks exist on a mainnet that do not exist on a testnet? On a mainnet, smart contract bugs can result in permanent loss of real funds. Economic attacks like front running, sandwich attacks, and oracle manipulation only work when tokens have real value. Regulatory risks, validator collusion, and bridge exploits are all mainnet-specific risks because they depend on real economic incentives.
How long does it typically take from testnet to mainnet? The timeline varies widely. Simple projects may go from testnet to mainnet in weeks. Complex layer 1 launches can take months to years. Ethereum’s transition from proof of work to proof of stake spent over two years in testnet and development phases before the mainnet Merge in September 2022. The more value a mainnet will secure, the longer the testing period should be.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making any investment decisions. Information is accurate as of August 1, 2026.
Bitcoin and Ethereum, after closing July with gains, entered August with historically weak performance data. Past monthly returns suggest that the possibility of a negative August close for both cryptocurrencies should not be ruled out.
Ethereum outperformed Bitcoin in July, gaining 18.5%, compared to Bitcoin’s 7% rise. Thus, ETH’s monthly return was approximately 11.5 percentage points higher than Bitcoin’s.
However, Ethereum’s August performance since 2016 presents a more mixed picture. Of the 10 Augusts examined, ETH only finished 4 with gains, while it experienced losses in 6 periods.
Ethereum’s strongest performance in August was seen in 2017, when ETH rose by 92.86%. The sharpest decline occurred in 2018, with Ethereum losing 34.79% of its value on a monthly basis.
Ethereum’s average return in August since 2016 is 6.74 percent. However, the median return of -1.74 percent suggests that the positive average is largely due to a few strong periods, such as the extraordinary surge in 2017.
Bitcoin’s historical August performance also doesn’t offer a clear bullish signal for investors. According to the data, Bitcoin’s average return in August is 1.06%, while the median return is -6.99%.
Although Bitcoin’s average return remained positive to a limited extent, the negative median data indicates that loss-making closes are more typical in August. Bitcoin has also exhibited volatile behavior in August recently. The asset rose 8.13% in August 2025, gained 2.95% in 2024, and declined 4.02% in 2023.
While historical data shows that average returns for both Bitcoin and Ethereum were positive in August, it’s noteworthy that median returns were in negative territory. This suggests that strong rallies push averages upward, but a more ordinary August might have resulted in a higher probability of negative performance.
*This is not investment advice.
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TD Cowen cut its price target on SharpLink Gaming (NASDAQ:SBET) from $16 to $13 on Thursday, blaming the CLARITY Act delays for pushing back the tokenization timeline that underpins the bull case.
Why TD Cowen Cut The Target?Analysts Lance Vitanza and Jonnathan Navarrete said in a note cited by The Block that the direct driver is their ETH price model, not anything company-specific.
Their year-end 2026 Ethereum (CRYPTO: ETH) forecast dropped from roughly $3,650 to $2,371, mechanically pulling the SBET price target down with it.
Multi-year forecasts were also trimmed, with 2027 cut to $3,347, 2028 to $4,554, and 2029 to $5,969.
The analysts explicitly blamed slower-than-anticipated progress on the tokenization regulatory framework, pointing to Clarity Act delays as the key factor pushing back their timeline.
TD Cowen kept its Buy rating intact, with the $13 target implying roughly 103% upside from SBET’s July 30 close of $6.41.
This Is A Sector-Wide Repricing, Not Just SBETTD Cowen applied the same lower crypto price deck logic across its entire digital asset treasury coverage on the same day, cutting Strategy Inc. (NASDAQ:MSTR) to $350 from $440.
Two other firms have made similar moves in recent weeks.
Every cut is pointing at the same two variables: a lower ETH price expectation and CLARITY Act delays pushing back the tokenization timeline.
What Is Still Going Right For SharpLinkTD Cowen’s note was a trimmed number, not a bear call. The firm pointed to SharpLink’s June capital moves as evidence the company is executing its treasury strategy regardless of where the price deck sits.
SharpLink June 2026 Capital ActivityActionDetailRegistered-direct raise$75 millionETH purchase10,000 ETHShare buyback2 million+ shares at $4.69 averageUnder the updated framework, TD Cowen projects SharpLink’s ETH treasury reaching roughly 940,000 ETH by year-end 2026, with net asset value of $9.13 per share against a stock currently trading at $6.41 — a 42% discount to NAV at current price.
Meanwhile, SharpLink reports Q2 results on August 10, the same day the Senate leaves for recess, making the earnings call a direct read on how management views the Clarity Act delay.
Where Does SBET Stand Technically?SBET is down 8% on Friday, pulling back after failing to hold above the $6.20 to $6.30 descending trendline that has capped every rally since February.
The Supertrend flipped green at $5.23, the only constructive signal, while the 20-day and 50-day EMAs cluster together near $5.95 to $5.96 as near-term support.
A break above $6.63 completes the cup formation with a target toward $8. Failing here puts $5.23 back in play.
Key levels for SBET: $6.30 — descending trendline, resistance to clear $6.63 — 100-day EMA, breakout confirmation level $5.95 to $5.96 — EMA cluster support $5.23 — Supertrend floor Photo via Shutterstock
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The surge in validators wanting to stake on the Ethereum network has resulted in a backlog of approximately 2.5 million ETH in the activation queue. Due to the current congestion, new staking participants are facing a wait of around 43 days to activate their tokens. However, Thomas Brunner, Head of Custody and Staking at Sygnum Bank, noted that this long wait should not be interpreted as a direct sign of strong bullish sentiment.
Brunner stated that while the congestion in the validator queue reflects institutional demand, it is also significantly affected by the technical workings of the Ethereum protocol. He noted that following the Dencun update, the daily validator login capacity was limited to approximately 57,600 ETH, and that this limit was not increased with the Pectra update.
The Pectra update allows individual validators to hold up to 2,048 ETH with the automatic compounding feature. Large staking operators can add ETH to existing validators instead of creating new ones. However, even if only 1 ETH is added to an existing validator, the transaction is included in the same activation queue as new staking participants.
Therefore, according to Brunner, not all of the ETH currently in the queue is due to new investor demand. A portion of the accumulation consists of redistribution of previously staked ETH, additions to existing validators, and compound interest processes.
Brunner said that a stronger signal regarding the Ethereum market is the nearly empty exit queue. The fact that investors are not joining the exit queue to unstake their staked ETH indicates that existing participants are continuing to hold their positions on the network.
Brunner stated, “Almost nobody is terminating their staking positions. This reflects genuine trust. The entry queue measures both demand and the infrastructure mechanism.”
According to current data, approximately 41.2 million ETH are staked on the Ethereum network. This amount corresponds to approximately 33.8% of the total circulating Ethereum supply.
Brunner also noted that despite the weakening ETH price, institutional investors have not distanced themselves from staking activities. He stated that many institutions view staking returns as a natural and fundamental characteristic of Ethereum, but one of the biggest obstacles to institutional participation is privacy.
The fact that validator addresses, deposit addresses, and withdrawal transactions used in Ethereum staking can be traced on-chain makes institutions cautious about scaling up their staking operations. According to Brunner, the unresolved privacy issues remain one of the main obstacles to faster growth in the institutional Ethereum staking market.
*This is not investment advice.
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Robinhood Chain’s launch platform Pons has officially launched its v2 version.
Robinhood Chain’s launchpad Pons has officially launched its v2 version. According to prior public disclosures, the v2 version features deep integration with Uniswap V4. Besides ETH, tokens issued by the platform can now be directly paired with tokenized stocks.
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Fundstrat Head of Research Tom Lee says AI agents could eventually cut humans out of all economic activity entirely—and crypto may be the only thing that stops them.
Why Lee Thinks AI Needs A Crypto Kill SwitchOn Thursday, Lee said in a Fundstrat webinar that as AI becomes capable enough to innovate faster by communicating exclusively with other agents, it may find humans more of an obstacle than a participant.
“They might even decide to close humans entirely from communications,” Lee said. “I think you’re going to have a lot more people talking about the necessity of having a crypto blockchain layer that sits in the middle of all this activity,” he added.
His argument is that programmable blockchain transactions are the only tool that can keep humans in the loop once autonomous agents start making economic decisions at machine speed.
Why Traditional Payment Rails Cannot Handle An Agent EconomyLee said banks were built around four functions: trust, proof of funds, lending, and tax collection — all designed for human counterparties.
AI agents need two things banks cannot provide: programmable money that acts as code and micropayments at fractions of a cent, which crypto handles natively.
He compared the shift ahead to the early days of stablecoins and perpetual futures contracts, both dismissed at launch and now embedded in mainstream finance.
He expects AI agent payments to follow the same path, potentially in less than five years.
What Virtuals Protocol Is Actually BuildingVirtuals Protocol co-founder Jansen Tang said in the same webinar that his platform has processed roughly $500 million in agent-to-agent transactions since launch, with agentic trading teams generating $2.5 million in profit without any human involvement.
The platform gives agents smart wallets with programmable spending rules, an escrow system that releases payment only after verified service delivery, and a reputation registry built from on-chain transaction history.
Why Ethereum Is The Base Layer Lee Is Betting OnLee said the merging of on-chain infrastructure and traditional finance is the clearest bull market catalyst he has seen heading into any crypto winter.
Stablecoin AUM is growing despite falling prices, tokenized stocks are expanding at roughly 600% annually, and major institutions are actively hiring into the space.
Moreover, Lee expects crypto to end 2026 higher, with 2027 shaping up as a strong bull market year.
Photo via Shutterstock
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Bitcoin and Ethereum edged higher into July 31, while a small shift in market dominance suggested traders were again watching whether capital was rotating toward major altcoins.
The validated notes show Bitcoin rising 0.29% to about $64,145.86, while Ethereum traded around the $1,890 to $1,920 range, briefly dipping below $1,900 before recovering. At the same time, BTC and ETH dominance slipped slightly, pointing to a modest move into other crypto assets.
That is not enough to declare “altseason,” and it would be lazy to pretend otherwise.
But it is enough to say the market is becoming more selective. Bitcoin and Ethereum remain the anchors, while traders are scanning altcoins for relative strength, fresh narratives, and clearer catalysts.
For more details, visit the official Coinmarketcap platform.
TL;DR Bitcoin edged higher to roughly $64,145 on July 31. Ethereum traded near the $1,900 area after a brief dip. Slightly lower BTC and ETH dominance suggests traders are watching altcoin rotation, but not enough to call a broad altseason. Rotation Is Usually Messier Than The Headline Crypto traders love simple market-cycle labels.
The reality is usually much messier. Capital rotates in stages, not all at once. Large caps may move first, then higher-quality altcoins, then more speculative assets. Sometimes rotation lasts days. Sometimes it fades quickly. Sometimes it is only a pause in Bitcoin dominance before BTC takes control again.
That is why the current market deserves a careful read.
Bitcoin and Ethereum are still holding the center. A slight dominance dip does not mean traders have abandoned them. It may simply mean that some capital is searching for better short-term setups elsewhere.
That can happen even while BTC and ETH move higher.
Bitcoin Still Sets The Tone Bitcoin remains the first asset most traders watch.
When BTC is stable or rising gently, risk appetite often improves. Traders may become more comfortable moving into Ethereum, Solana, XRP, BNB, Chainlink, Sui, or other large-cap altcoins. When Bitcoin drops sharply, that appetite can vanish quickly.
So a modest BTC gain can create room for altcoin movement.
That does not make Bitcoin irrelevant. It makes Bitcoin the weather system the rest of crypto trades under.
At around $64,000, Bitcoin’s position is still strong enough to keep market confidence alive, but not necessarily explosive enough to absorb all attention. That can create the conditions for selective altcoin bids.
Ethereum’s Role Is Different Ethereum’s position is a little more complicated.
ETH remains the largest smart-contract asset and a major institutional focus, but its market narrative now involves Layer 2s, ETF flows, stablecoins, DeFi revenue, mainnet fees, and competition from faster chains.
When Ethereum trades near $1,900, the market does not just ask whether ETH is rising. It asks whether Ethereum’s broader ecosystem is attracting capital.
If ETH stabilizes, some traders may look further down the ecosystem stack: Uniswap, Aave, ENS, Layer 2s, liquid staking, and other DeFi or infrastructure names. That is how Ethereum strength can sometimes spill into altcoins.
But again, that spillover is not automatic.
ETH can rise without DeFi tokens following. DeFi tokens can rally while ETH stalls. Rotation is never as clean as traders want it to be.
The Altcoin Market Is More Selective Now The biggest difference from earlier cycles is selectivity.
In older bull phases, almost everything could move once traders decided risk was back. Now, the market is more fragmented. Liquidity is thinner in many assets. Investors are more sensitive to token unlocks, revenue, governance, emissions, legal risk, and actual usage.
That means altcoin rotation may favor stronger narratives rather than every token.
Real-world assets, stablecoin infrastructure, DeFi fee switches, AI compute, exchange-linked tokens, and major ecosystem upgrades may attract more attention than generic price charts.
This is healthier, even if it feels less euphoric.
A market where traders ask “what is the catalyst?” is more mature than one where every ticker moves simply because Bitcoin paused.
Watch Dominance, Not Just Price The next useful signal is dominance.
If BTC and ETH keep rising while dominance continues to slip, that suggests broader participation. If dominance rebounds sharply, altcoin strength may fade. If BTC rolls over, most altcoins will likely struggle regardless of their individual setups.
So the right read is cautious optimism.
Bitcoin and Ethereum are steady enough to support risk appetite, and there are signs of selective rotation. But the market has not given enough evidence for a sweeping altseason call.
For now, traders are looking beyond the two largest assets, but they are not ignoring them.
That balance may define the next phase of the market.
This article is based on July 31 public crypto market data covering BTC, ETH, and market dominance.
This article was written by the News Desk and edited by Samuel Rae.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Robinhood Chain’s launch platform Pons has officially launched its v2 version.
Robinhood Chain’s launchpad Pons has officially launched its v2 version. According to prior public disclosures, the v2 version features deep integration with Uniswap V4. Besides ETH, tokens issued by the platform can now be directly paired with tokenized stocks.
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OpenAI is preparing to launch a new model series named Astra, which focuses on multi-agent long-term task collaboration.
According to three people familiar with the matter, OpenAI is preparing to launch a new model series tentatively named "Astra", which will feature enhanced capabilities for completing long-cycle tasks. OpenAI founder Sam Altman presented Astra to policymakers and regulators in Washington this week. Reportedly, OpenAI touts that the model enables multiple AI agents to collaborate over extended periods to solve highly complex problems, with applications in projects or advanced mathematical tasks. Astra will be a new category of models for OpenAI, following Sol, Terra, and Luna. It remains unclear when OpenAI plans to release the model. The company has also not yet decided whether to brand Astra as GPT-6 or an add-on to the GPT-5 series, such as GPT-5.7. According to one insider, while the models are already in testing, they are expected to be among the first AI models submitted under a new framework planned by the Trump administration, which requires AI models to be filed with the federal government before public release. The administration has set a self-imposed deadline of the end of this week, aiming to finalize the framework by then. Reportedly, OpenAI also plans to release a report in the near term detailing how it solved 10 previously unsolved mathematical problems, to showcase the capabilities of its most advanced AI. (The Information)
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Tom Lee's Bitmine buys 10,464 $ETH for $19.48M
It seems that Tom Lee(@fundstrat)'s #Bitmine bought another 10,464 $ETH ($19.48M). A newly created wallet received 10,464 $ETH($19.48M) from #FalconX 9 hours ago.
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Former U.S. Congressman reaches $35,000 settlement with CFTC over prediction market manipulation
Former U.S. Congressman George Santos has reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC). The CFTC alleges that Santos engaged in manipulative trading practices while trading a prediction market contract on Kalshi related to whether he would attend the February 2026 State of the Union address, earning over $17,500 in profits from the activity. According to the CFTC’s Friday announcement, Santos is required to pay $35,000 as part of the settlement, though he neither admitted nor denied the regulator’s findings.
The SEC has delivered an unusually blunt ultimatum to lawmakers: if the CLARITY Act stalls, the agency will write its own crypto market rules. The statement, flagged in the latest weekly roundup, injects fresh unpredictability into a regulatory process that already faces heavy bank lobbying. The warning came during a week that also saw Morgan Stanley launch spot Ethereum and Solana exchange-traded products and BNY Mellon move fund recordkeeping on-chain.
The SEC’s posture effectively raises the stakes on a bill that has been teetering in the Senate. With less than four days before a scheduled vote, major banking interests have been pushing to weaken or stall the legislation, as detailed in reports on the bank lobbying effort. The agency’s willingness to act unilaterally signals that senior officials do not intend to leave the market in a regulatory vacuum, even if Congress fails.
Morgan Stanley Opens Spot ETPs on Two Chains On the product side, Morgan Stanley’s decision to list spot ETH and Solana ETPs marks a notable expansion beyond Bitcoin. While Bitcoin spot ETPs have been available in the US since early 2024, Ethereum and Solana products represent a deeper push into programmable blockchain exposure. The launch comes as traditional asset managers continue to test institutional appetite for multi-asset crypto baskets.
Solana’s inclusion is particularly striking. The network has drawn attention for its high throughput and growing developer base, but it has also faced outage concerns and regulatory ambiguity. Morgan Stanley’s move suggests that the bank’s wealth management clients are interested in exposure that goes beyond the largest market cap assets.
BNY Mellon Goes On-Chain for Fund Recordkeeping BNY Mellon’s decision to shift part of its fund recordkeeping infrastructure on-chain reflects a different kind of institutional conviction. Rather than creating a new product for clients, the custody giant is integrating blockchain into its own back-office operations. The move mirrors a broader tokenization trend that accelerated this week, with total real-world assets on-chain crossing $20 billion, as covered in a recent tokenization roundup.
When a 240-year-old bank begins migrating internal processes to distributed ledgers, the signal is harder to dismiss than a press release. It suggests that cost savings and settlement efficiency are being tested inside regulated workflows, not just in startup sandboxes.
Strategy Posts a Heavy Loss While Holding Nearly 844,000 BTC Not every piece of institutional news pointed upward. Strategy—formerly MicroStrategy—reported an $8.22 billion second-quarter loss. The company continues to hold approximately 844,000 BTC, making it the largest corporate bitcoin holder. The loss stems from an impairment charge driven by bitcoin’s price decline during the quarter.
The result underscores how deeply Strategy’s balance sheet is tied to spot bitcoin movements. While its conviction thesis remains unchanged, the volatility creates a unique risk profile for equity holders. The episode may also influence how other publicly traded firms approach bitcoin treasury strategies going forward.
Digital Asset Treasuries Pivot Toward AI Infrastructure Separately, a cluster of digital asset treasury firms is quietly shifting capital from pure crypto holdings into AI data centers. The pivot reflects a search for yield-generating physical infrastructure at a time when holding digital assets on balance sheets carries significant mark-to-market risk. Several firms are repurposing mining facilities or building new capacity tailored for AI compute workloads, a trend that intersects with growing demand for decentralized storage solutions like those examined in a Filecoin price prediction analysis.
What unites these developments is a market moving on two tracks simultaneously. On one track, regulators are signaling they will tighten oversight with or without Congress. On the other, established financial institutions are embedding blockchain infrastructure deeper into their operations, while corporate treasuries adapt to the realities of holding volatile digital assets. The coming weeks will test whether that dual pressure reshapes market structure faster than Washington can legislate.
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Freelance writer and crypto enthusiast with a focus on Web3, delivering clear and engaging articles. Known for his well-researched articles and insightful analysis, Shayan covers a broad range of topics including market trends, blockchain technology, decentralized finance (DeFi), and emerging crypto projects. His writing aims to educate both beginners and experts, providing clear, engaging content that helps readers stay informed about the fast-evolving crypto space. Shayan's expertise and dedication make him a trusted voice in the blockchain community.
Bitcoin struggled to gain momentum on Friday despite tis week’s robust spot ETF inflows.
Notable Statistics:
Coinglass data shows 94,015 traders were liquidated in the past 24 hours for $359.33 million. SoSoValue data shows net inflows of $233.1 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net inflows of $13.3 million. In the past 24 hours, top gainers include MemeCore, Audiera and Pump.fun. Notable Developments:
Trader Notes:
CryptosBatman says Bitcoin’s broader market structure is weakening as it continues to form lower highs while holding a key trendline support. A confirmed breakdown below that support could trigger a move toward the $58,000 level.
Trader KillaXBT notes Bitcoin has fallen 2.8% since the FOMC meeting, in line with historical post-FOMC weakness.
Since six of the last seven FOMC events saw average declines of 4%–5%. The analyst expects a possible retest of the $60,000–$61,000 range, warning that a break below $60,000 could trigger a sweep of the recent lows.
Michael van de Poppe explained that Bitcoin often sees a pullback on the last trading day of the month, even when broader market strength remains intact.
He views the current retracement as a normal range-bound move, advising investors to accumulate during weakness, stay patient, and avoid overreacting to short-term volatility.
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Ethereum (ETH) selling pressure from miners has dropped to near historic lows, and two CryptoQuant analysts say this could create a favorable setup for a strong price recovery.
The on-chain data comes as Ethereum trades at $1,912, down 0.65% over the past week but up 21% over the last month, according to CoinMarketCap data. Despite the recent rebound, ETH remains 49.8% below its price from a year ago.
Ethereum Miner Selling Pressure Hits Near-Record Lows CryptoQuant analyst PelinayPA said Ethereum miner transfers to Binance have fallen close to their lowest levels in the past year. The decline points to a sharp drop in miner-driven selling pressure.
The large ETH transfer spikes seen in previous months have mostly disappeared. Transfers briefly increased in June but fell sharply afterward, returning to near-baseline levels by the end of July.
Binance remains the world’s largest venue for spot and futures Ethereum trading. Because of this, miner deposits to the exchange are a key signal of potential selling activity.
The current decline suggests miners are adding little immediate selling pressure to the market.
PelinayPA noted that miners are a natural source of ETH supply. When fewer coins move to exchanges, there is less ETH immediately available for sale. This can make it easier for buyers to absorb available liquidity.
However, the analyst warned that lower supply alone is not enough to push prices higher. Reduced miner selling may limit downside risks, but Ethereum remains range-bound because demand has not accelerated.
According to PelinayPA, a new wave of institutional buying could provide the catalyst for Ethereum’s next major upside move.
Over the past day, the Ethereum ETF sold $18.65 million worth of ETH but had accumulated $23.76 million two days earlier.
Ethereum Regains Strength Against Bitcoin Meanwhile, CryptoQuant analyst CryptoZeno said Ethereum is beginning to recover relative strength against Bitcoin after months of underperformance. However, a sustained recovery will depend on whether capital begins rotating back into ETH.
The analyst pointed to Ethereum’s ETH/BTC Market Value to Realized Value (MVRV) ratio. The metric has recovered from historically discounted levels and moved above its long-term average.
Similar recoveries in previous market cycles have signaled a shift from capitulation toward improving Ethereum performance relative to Bitcoin.
CryptoZeno also highlighted better exchange flow trends. The ETH/BTC Exchange Inflows Ratio has fallen significantly from levels seen during earlier distribution phases.
This suggests Ethereum holders are moving fewer coins onto exchanges, reducing potential near-term selling pressure.
Capital Rotation Could Drive the Next Move The analyst added that weekly spot trading data shows Bitcoin still dominates overall activity. However, the ETH/BTC trading volume ratio has stopped falling and is beginning to stabilize.
Historically, improvements in this ratio have often come before stronger Ethereum performance. This typically happens as institutional and retail investors expand their focus beyond Bitcoin.
Despite these positive signals, CryptoZeno said the market has not yet entered a full altcoin leadership phase.
Instead, Ethereum is rebuilding on a stronger on-chain foundation. A sustained rally will require continued capital inflows, limited exchange selling, and stronger spot market participation.
Essentially, both analysts highlighted the same key factor: Ethereum’s supply-side conditions have improved significantly, but stronger institutional demand may be needed to trigger the cryptocurrency’s next sustained upward move. In this scenario, ETH holders could look at prices beyond $2,000.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
The cryptocurrency market broadly corrects on Friday, as investors assess macro uncertainty and geopolitical tensions, which continue to escalate in the Middle East. Bitcoin (BTC) is trading below $64,000, down from the weekly high of $65,745. Altcoins such as Ethereum (ETH) and Ripple (XRP) are trading under increasing selling pressure below $1,900 and $1.10, respectively.
Risk appetite has continued to wane this week, with the Fear & Greed Index slipping to 25, firmly in Fear territory, down from 28 just a day earlier.
Crypto Fear & Greed Index | Source: AlternativeETF inflows extend despite inflation concernsThe Federal Reserve (Fed) left interest rates unchanged in the 3.50%-3.75% range on Wednesday. Three of the central bank officials dissented, favoring a 25 basis point hike, which raised inflation concerns, “driving a sharp repricing across rates and equities before strong earnings helped stabilize sentiment,” as highlighted by analysts at Crypto Finance.
Institutional investors appear to be gazing beyond the macro uncertainty and Middle East war headlines. Inflows into spot Exchange-Traded Funds (ETFs) increased to $233 million on Thursday, from $32 million the previous day. According to SoSoValue data, BTC ETFs’ cumulative inflows are nearly $52 billion, underscoring the long-term positive investor outlook.
Bitcoin ETF flows | Source: SoSoValueEthereum spot ETF inflows have been largely nuanced this week, with roughly $13 million on Thursday. Outflows totaled $19 million on Wednesday, following $9 million and $15 million in inflows on Monday and Tuesday.
Ethereum ETF flows | Source: SoSoValueAs for XRP spot ETFs, inflows surged to nearly $6 million on Thursday, up from a mere $585,000 the day before. So far this week, cumulative inflows stand slightly above $7 million through Thursday. The surge underpins growing risk-on sentiment for XRP investment products, despite the overall crypto market’s dull outlook.
XRP ETF flows | Source: SoSoValueTechnical Analysis: Bitcoin falters amid a dominant bearish outlookBitcoin trades around $63,969, keeping a bearish near-term tone as it holds below the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs). The short-term 50-day EMA at $64,904 is the nearest cap overhead, reinforcing a corrective bias while price stays under this cluster of longer-term averages.
Momentum conditions are soft, with the Relative Strength Index (RSI) hovering just below the midline on the daily chart and the Moving Average Convergence Divergence (MACD) histogram in negative territory, which together suggest downside pressure is still present even if not yet impulsive.
BTC/USDT daily chartImmediate resistance emerges at the 50-day EMA around $64,904, followed by the 100-day EMA at $67,460, while the 200-day EMA at approximately $72,977 forms a more strategic barrier that would need to be reclaimed to ease the broader downside risk. On the downside, the absence of nearby indicator-based supports on this timeframe implies that any further slide could seek validation from prior price lows and round-number areas including $62,000 and $60,000, respectively.
"The inability of bears to gain meaningful traction is becoming almost as notable as the absence of a fresh bullish catalyst," analysts at Crypto Finance added.
Altcoin technical outlook: Ethereum and XRP face renewed headwindsEthereum trades near $1,890, extending its decline from the weekly high of $1,981. Meanwhile, the pair remains capped beneath the 100-day EMA around $1,932 and well below the 200-day EMA at $2,173, keeping the broader tone bearish despite holding above the 50-day EMA around $1,850.
The spot price is hovering around a descending resistance trendline pivot, suggesting that sellers are still defending the recovery, while the RSI near 54 hints at only modest positive momentum and the MACD slipping into negative territory suggests rallies could continue to struggle against overhead supply.
ETH/USDT daily chartOn the topside, immediate resistance lies at the nearby descending trendline pivot around $1,892, with a break higher exposing the 100-day EMA at $1,932, followed by a stronger barrier at the 200-day EMA near $2,173. On the downside, the 50-day EMA around 1,850 offers initial support. A daily close below this moving average would reinforce the bearish bias and open the door to a deeper retracement toward lower levels like $1,800 and $1,600, respectively.
XRP, on the other hand, trades at $1.07, keeping a bearish near-term tone as price holds below the 50-day, 100-day, and 200-day EMAs at $1.13, $1.21, and $1.41, respectively. Momentum indicators align with this capped structure, with the RSI hovering near 44 and the MACD line remaining slightly negative, which together suggest that any rebounds are likely to face selling pressure while the pair trades under these clustered EMAs.
XRP/USDT daily chartInitial resistance appears around the 78.6% Fibonacci retracement above $1.12, closely followed by the 50-day EMA at $1.13, forming a nearby supply band. Above that, the 100-day EMA at $1.21 and the 61.8% Fibonacci retracement at $1.22 mark the next hurdles before the broader Fibonacci barriers at $1.28 and $1.34. The 200-day EMA at $1.41 and the 23.6% Fibonacci retracement at $ 1.42 reinforce a higher-term cap.
On the downside, the main structural support is seen at the 100.0% Fibonacci level near $1.01, where buyers may look to defend the prior swing low if the current decline extends.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Crypto ETF FAQs An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Yes. The SEC approved in January 2024 the listing and trading of several Bitcoin spot Exchange-Traded Funds, opening the door to institutional capital and mainstream investors to trade the main crypto currency. The decision was hailed by the industry as a game changer.
The main advantage of crypto ETFs is the possibility of gaining exposure to a cryptocurrency without ownership, reducing the risk and cost of holding the asset. Other pros are a lower learning curve and higher security for investors since ETFs take charge of securing the underlying asset holdings. As for the main drawbacks, the main one is that as an investor you can’t have direct ownership of the asset, or, as they say in crypto, “not your keys, not your coins.” Other disadvantages are higher costs associated with holding crypto since ETFs charge fees for active management. Finally, even though investing in ETFs reduces the risk of holding an asset, price swings in the underlying cryptocurrency are likely to be reflected in the investment vehicle too.
Fundstrat’s Tom Lee says the artificial intelligence (AI) trade is not finished. He argues the next leg runs through crypto payment rails built for software agents rather than people.
Veteran macro investor Jordi Visser argued the opposite this week. Lee also chairs the largest corporate holder of ether, which gives his version of the thesis a direct financial stake.
Why Lee Says Chips Were Only the First LegLee, co-founder and head of research at Fundstrat, made the case on a panel hosted by the firm. He covered mobile phones as an analyst in the early 1990s.
Motorola and the infrastructure suppliers led that cycle early. The larger winners arrived later, namely the tower companies spun out of the carriers, and Apple.
Lee expects the same shape now, with financial services as the downstream market. He has already called AI capital spending fears a bullish market tell.
The Four Reasons Banks Cannot Bank AgentsLee listed trust, proof of funds, lending, and tax collection as the reasons people built commerce around banks. Agents need none of those, he argued.
“It’s a mistake to think that this is going to be built on traditional financial rails,” Lee said.
Bank ledgers must settle in a single national currency. Money is becoming code, according to Lee, so equities, gold, and tokens could all clear as payment.
Part of that rail already exists on paper. ERC-8183, a proposed Ethereum standard filed on Feb. 25, locks an agent’s payment in escrow until a designated evaluator signs off.
Ethereum Foundation researcher Davide Crapis co-authored it with three Virtuals Protocol engineers. It carries Draft status, so nothing about it is final.
Where Tom Lee and Visser Split on the AI TradeVisser leads AI research at 22V Research and spent two decades at Weiss Multi-Strategy Advisers, latterly as chief investment officer. He says AI’s easy money is over.
He now expects roughly 30% a year instead of the seven or eight times investors once chased. Lee reads the same compression as rotation.
The two converge on the destination. Both expect fee-earning networks to absorb the flow, and both name Ethereum.
Ethereum Price Performance. Source: BeInCryptoEthereum trades near $1,873 after gaining 19.7% over 30 days. It still sits 51% lower across 12 months, and just over 2% below its trading price the previous day.
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Lee’s $11.8 Billion Reason to Prefer EthereumLee chairs BitMine Immersion Technologies, the largest corporate holder of ether. The company disclosed 5.79 million ETH on July 27, close to 4.8% of circulating supply.
Crypto and cash holdings reached $11.8 billion. BitMine states the dependency plainly in its own investor materials.
“So our future price for Bitmine stock is heavily dependent on the future price of Ethereum,” Lee said in the July chairman’s message.
Lee puts the correlation between BitMine shares and ether at 90%. Anyone weighing his agent thesis is also weighing that balance sheet, which rallied this month on its ETH treasury bet.
The Numbers Do Not Match the Story YetJansen Teng, co-founder and chief executive of Virtuals Protocol, shared the panel with Lee. His platform lets agents hold wallets and pay each other onchain, and his figures undercut the timeline.
Teng said the launchpad for agent tokens has cleared about $15 billion in trading volume. Agent-to-agent commerce has settled roughly $500 million in a year.
Speculating on agents is therefore some 30 times larger than agents transacting. Both figures are company-reported and have not been independently verified.
Teng said the agents kept $2.5 million in profit, and that the product has not reached product-market fit (PMF). Virtuals commissioned the Fundstrat research and is a client of the firm.
Its VIRTUAL token trades near $0.56, down 89% from a January 2025 peak, even after agents started trading tokenized stocks onchain.
Virtuals Protocol (VIRTUAL) Price Performance. Source: BeInCryptoSo the question is not whether the AI trade ended. It is whether machine payments arrive before the balance sheets betting on them need the story to work.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Ethereum (ETH), teknik görünümde kritik bir eşikte işlem görürken, kurumsal tarafta gelen yeni gelişmeler yatırımcıların dikkatini çekiyor. Yaklaşık 1.916 dolar seviyesinde işlem gören ETH, kısa vadeli görünümde 50 günlük basit hareketli ortalamanın altında kalmaya devam ediyor. Buna karşın, Open USD (OUSD) girişimi ve güçlü ETF talebi, uzun vadeli beklentileri destekleyen gelişmeler arasında gösteriliyor. Analistlere göre Ethereum’un yönü, önümüzdeki günlerde hem teknik seviyelerin hem de kurumsal benimsenmenin etkisiyle şekillenebilir.
2.000 Dolar Bölgesi Kritik Direnç Olarak Öne Çıkıyor Teknik analizlere göre Ethereum için en kritik direnç bölgesi 2.000-2.200 dolar bandı olarak öne çıkıyor. ETH, mevcut fiyatıyla bu bölgenin yaklaşık %15-20 altında işlem görmeye devam ediyor. Uzmanlar, kısa vadede ilk önemli eşiğin 2.000 dolar seviyesi olduğunu, bu direncin aşılması halinde ise gözlerin 2.300 dolar aralığına çevrileceğini belirtiyor. Öte yandan 1.850 dolar seviyesi kısa vadede önemli bir destek noktası olarak izlenirken, bu bölgenin kaybedilmesi halinde satış baskısının artabileceği ve fiyatın 1.750 dolar seviyesine doğru geri çekilebileceği değerlendiriliyor.
İlginizi Çekebilir: Altın Yatırımcılarına Kritik Uyarı: Güvenli Liman Talebi Artıyor!
Ethereum için en dikkat çekici gelişmelerden biri ise Open USD (OUSD) isimli yeni stablecoin projesi oldu. Bağımsız Open Standard konsorsiyumu tarafından geliştirilen OUSD, rezerv gelirini tek bir ihraççı yerine ekosistemde yer alan katılımcılar arasında paylaşan farklı bir yapı sunuyor. Ayrıca işletmelerin herhangi bir hacim veya işlem ücreti sınırı olmadan stablecoin basabilmesine olanak tanımayı hedefliyor. Projeye destek veren kurumlar arasında küresel finans ve ödeme sektörünün önemli isimleri yer alıyor.
Konsorsiyumda bulunan önde gelen şirketler:
BlackRock Visa Mastercard Stripe BNY 140’tan fazla finans ve teknoloji kuruluşu Fundstrat kurucu ortağı Tom Lee, OUSD’nin Ethereum’un küresel finans sistemindeki rolünü daha da güçlendirebileceğini belirtiyor.
ETF Girişleri Kurumsal Talebin Devam Ettiğini Gösteriyor Ethereum’a yönelik kurumsal ilgi yalnızca OUSD projesiyle sınırlı değil. ABD’de işlem gören spot Ethereum ETF’leri bugüne kadar yaklaşık 10.52 milyar dolarlık net giriş kaydetti. Bu süreçte en büyük katkıyı ise yaklaşık 10 milyar dolarlık kümülatif girişle BlackRock’un Ethereum ETF’si sağladı. Bu veriler, kısa vadeli fiyat dalgalanmalarına rağmen kurumsal yatırımcıların Ethereum’a olan ilgisini koruduğunu ortaya koyuyor.
Analistlerin temel senaryosunda Ethereum’un kısa vadede 1.850-2.100 dolar aralığında konsolide olması bekleniyor. Yükseliş senaryosunda ise:
2.000 doların aşılması 2.200 dolar direncinin kırılması Kurumsal benimsenmenin hız kazanması Stablecoin kullanımının artması ETH fiyatını daha yüksek seviyelere taşıyabilecek başlıca katalizörler olarak görülüyor. Buna karşılık 1.750 doların altında gerçekleşecek güçlü bir kapanış, teknik görünümün zayıflamasına neden olabilir. Uzmanlar, küresel risk iştahındaki azalma veya stablecoin düzenlemelerine ilişkin olumsuz gelişmelerin satış baskısını artırabileceğini ifade ediyor.
Değerlendirme Ethereum, kısa vadede kritik teknik dirençlerle mücadele ederken kurumsal taraftan gelen güçlü haber akışı uzun vadeli görünümü desteklemeye devam ediyor. Open USD girişimi, büyüyen stablecoin ekosistemi ve güçlü ETF girişleri Ethereum’un finans sektöründeki rolünü güçlendiren gelişmeler olarak öne çıkıyor. Analistlere göre 2.200 dolar seviyesinin yeniden kazanılması, ETH için yeni bir yükseliş trendinin başlangıcı olabilir.
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OpenUSD (OUSD), a stablecoin backed by a consortium of over 140 companies including Visa, Mastercard, and BlackRock, will initially launch on Ethereum.
Open USD (OUSD), a next-generation stablecoin project targeting institutional investors, is preparing to launch.
OpenUSD (OUSD), a stablecoin aimed at institutional investors and backed by a consortium of over 140 companies including Visa, Mastercard, and BlackRock, will initially be launched on Ethereum.
The news was announced by Ethereum Institutional, an independent non-profit organization focused on the adoption of Ethereum by institutional investors, in a statement from its official X account.
“Visa, Mastercard, Stripe, BlackRock, BNY Mellon, and over 140 participating companies are bringing OUSD to Ethereum for the first time.”
Corporate Payment Infrastructure Targeted! According to the statement, Open USD (OUSD) is positioned as a stablecoin designed to make it easier for companies to conduct digital dollar transactions.
Open Standard, the company behind the project, aims to enable businesses to mint and redeem OUSD without fees or volume limits.
One of the notable features of this stablecoin is its reserve revenue model. Open USD plans to share the returns from its reserves with partners participating in the ecosystem after deducting operational management fees. This structure stands out as a different revenue sharing approach compared to some existing large stablecoin models.
Finally, the launch of OUSD on the Ethereum network is of great importance in further solidifying the platform’s leading position in the institutional finance space. This is because Ethereum stands out as a significant infrastructure for institutional use in stablecoins, real-world assets (RWA), and tokenization applications.
*This is not investment advice.
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Ethereum’s price momentum appeared to slow on Monday after posting steady gains in recent weeks, as a prominent technical indicator flashed a potential reversal. At 12:00 UTC, ETH traded at $1,903.09. The cryptocurrency’s 24-hour trading volume reached $15.91 billion, with a market cap of $229.79 billion. The price reflected a minor 0.02% daily increase, maintaining stability after a period of upward movement.
Technical indicators hint at cooling momentumAli Martinez, a well-followed crypto analyst, pointed to the TD Sequential indicator’s recent shift. Martinez noted that the tool previously signaled a buy opportunity for Ethereum around $1,500, which preceded a 31.5% rally. After this significant run, the TD Sequential has now issued a sell signal as ETH hovers around the $1,980 level.
The TD Sequential, commonly used by traders to identify potential market turning points, has drawn new attention as it called both the bottom and is now suggesting caution. Despite this, Ethereum remains above important technical thresholds.
Currently, Ethereum trades above its middle Bollinger Band, set at $1,884.35. The upper band is at $1,968.57, and the lower sits at $1,800.12. Sustained trading above the middle band shows that bullish sentiment persists, but facing the upper band, Ethereum must surpass $1,968.57 for the uptrend to regain strength.
The MACD indicator adds to this cautious outlook. The MACD line stands at 36.14, now below the signal line at 38.86, with a histogram of -2.72. While the MACD remains above zero, indicating an overall bias to the upside, the cross beneath the signal line signals diminishing buying pressure.
Potential scenarios for Ethereum’s next moveEthereum is approaching a critical resistance zone between $1,968 and $1,980. A convincing breakout beyond this range may open the door for a renewed bullish wave and accelerate momentum for the world’s second-largest cryptocurrency.
If ETH fails to break through and selling pressure builds following the new TD Sequential signal, the price may retreat toward support near the middle Bollinger Band at $1,884. These levels will likely set the tone for the coming sessions and could determine whether Ethereum’s rally continues or pauses.
Ali Martinez emphasized that while the TD Sequential indicator accurately signaled a buying opportunity at $1,500, its current bearish signal around $1,980 should be watched closely by traders looking to manage risk in the near term.
Investors are closely monitoring additional market catalysts for signs of sustained movements. With technical charts showing mixed signals, analysts caution that Ethereum’s short-term trajectory remains uncertain until significant resistance is overcome.
For those seeking to diversify their portfolios and gain exposure to real-world assets alongside cryptocurrencies, platforms such as 1stepSwap have emerged. By bringing traditional assets directly onto the blockchain, including shares of major U.S. companies and commodities like gold and silver, users can access and trade them through their crypto wallets without intermediaries. 1stepSwap distinguishes itself by finding the best market rates for its users in real time, allowing rapid and efficient buying or selling of the largest stocks while facilitating new ways to diversify portfolios.
While the broader outlook remains positive for Ethereum, upcoming trading sessions are expected to clarify whether the latest bullish momentum will continue.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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The Ethereum validator entry queue has swelled to roughly 2.5 million ETH, with new stakers waiting approximately 43 days to activate while the exit queue remained largely empty, according to data from Beaconcha.in.
Thomas Brunner, Head of Custody and Staking at Sygnum Bank, said the backlog is not the clean bullish signal it appears to be on the surface.
"The queue is genuinely long, and part of that is real demand we've observed with spot ETF and at our own level," Brunner said in a written interview with The Block. "But a meaningful share of this staking backlog is mechanical, not directional and it stems from last year's Pectra upgrade."
The Dencun upgrade lowered the daily validator entry rate to roughly 57,600 ETH, Brunner said, and Pectra did not raise it. Pectra also allows validators to hold up to 2,048 ETH each and compound automatically, so large operators are now topping up existing validators. Every top-up, some as small as 1 ETH, waits in the same queue as fresh stakers.
"This backlog reflects operators rearranging and compounding stake they already hold, not just new appetite for ETH," Brunner said.
The largely empty exit queue, by contrast, offers an unambiguous signal.
"Almost no one is un-staking, which points to genuine conviction," he said. "The entry queue measures as much plumbing as demand."
Ethereum's (ETH) staking base has continued to grow alongside the queue. About 41.2 million ETH, or 33.8% of the circulating supply, is currently staked, according to Beaconcha.in.
Expand Chart
Institutional conviction Brunner said institutions are not deterred by softer ETH prices.
Ether was trading at above $1,800 on Friday, down 1.7% on the day, according to The Block's ETH price page. Separately, TD Cowen on Thursday lowered its year-end 2026 ether price forecast to $2,371 from about $3,650, citing slower-than-expected progress toward a U.S. regulatory framework for tokenized financial assets while maintaining its long-term Ethereum thesis.
"A lot of institutions now see the staking yield as native to the asset and the utility case as still intact," he said. "When the longer economic and technical story holds up, temporary soft prices matter less. Capital keeps moving in because the horizon is measured in years, not quarters."
He added that long-term holders have little reason not to stake: "It will protect you against any protocol inflation during low activity phases and provide you with a good yield through transaction fees and MEV when activity picks up and ETH becomes deflationary due to the burn."
Privacy remains a barrier Brunner identified validator privacy as a key remaining barrier to institutional participation.
"On Ethereum everything is visible by design," he said. "Deposit address, validator, withdrawal credential, all linked in a straight line that anyone with basic analytics can follow. That means an institution's size, timing, even rough strategy is sitting out in the open. For a lot of professional money that is not some abstract risk. It is enough to make them hesitate on scaling."
He said the EIP-8222 lean staking proposal could help address that by closing the final validator-to-withdrawal link. The proposal, however, also comes with tradeoffs, including fixed denominations that can hurt capital efficiency and variable claim waiting periods that complicate institutional operations.
“The players who win will be the ones who can take the new privacy layer and still satisfy their own auditors and control requirements,” Brunner noted. “Privacy helps entry. It does not erase the need for serious infrastructure underneath.”
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
There are roughly 2.5 million ETH sitting in line, waiting to start earning yield. The queue to become an Ethereum validator currently stretches about 43 days. And according to Thomas Brunner, Sygnum Bank’s Head of Custody & Staking, most people are reading it wrong.
Brunner’s argument is straightforward: the bottleneck isn’t primarily driven by a flood of fresh demand. It’s the protocol’s built-in churn limits doing exactly what they were designed to do, throttling the rate at which new validators can join to keep the network stable.
The numbers behind the bottleneck Here’s the thing. Ethereum’s staking numbers are at all-time highs, which makes the queue look like a demand story on the surface. Around 41.3 million ETH is currently staked across approximately 890,000 active validators. That represents roughly 33.85% of the total ETH supply locked up and earning rewards.
Meanwhile, the exit queue is effectively zero. Nobody is leaving.
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The asymmetry is striking. Validators are piling in with no meaningful outflow on the other side, and the protocol’s rate-limiting mechanism is creating a traffic jam that stretches well over a month. Ethereum intentionally caps how many validators can enter or exit per epoch to prevent sudden shifts in the validator set that could compromise security.
Institutions are staking through the downturn What makes this particularly interesting is the broader on-chain context. Transaction fees on Ethereum have declined by 80-90%, and median transfer sizes have dropped alongside them. By most traditional metrics, the network looks quieter than it has in years.
Yet staking keeps growing. That disconnect tells a specific story about who is doing the staking and why.
Brunner, who has overseen Sygnum’s staking solutions since the bank launched its ETH2.0 services in 2021, sees this as evidence of growing institutional adoption. The behavior pattern, maintaining and increasing staking positions even as prices decline and headline yields compress, is characteristic of long-term allocators, not retail traders chasing APY.
Sygnum itself appears to be leaning into this trend. On July 17, 2026, the Swiss-regulated crypto bank launched an upgraded Ethereum staking service designed to improve access for institutional and private clients, all under FINMA oversight. The timing, right alongside a 43-day entry queue, is not accidental.
What this means for investors The most immediate implication is liquidity. A 43-day entry queue means capital committed to staking is effectively frozen for over six weeks before it even starts working.
And it cuts both ways. While the exit queue is currently at zero, there’s no guarantee it stays there. A sharp market downturn could trigger a rush for the exits, and the same rate-limiting mechanics that create the entry bottleneck would slow withdrawals too.
This creates an interesting dynamic in Ethereum’s market structure. As more ETH gets locked in staking, the circulating supply available for trading shrinks. With nearly 34% of all ETH now staked, the free float is meaningfully reduced.
Liquid staking protocols partially address this problem by issuing tradeable tokens that represent staked positions. But those introduce their own risks, including smart contract exposure and potential de-pegging in stressed markets. Institutions operating under regulatory frameworks like FINMA may not have the flexibility to use those workarounds.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
NVIDIA overtakes Apple in market capitalization, regaining the title of the world's most valuable company.
According to market data from BIT (bit.com), Apple Inc.'s stock price once extended its decline to 10%, marking the largest intraday drop since April 2025, as its Q4 revenue guidance fell short of expectations. The company's current market capitalization stands at $4.39 trillion. NVIDIA's stock rose 1.55% today, with its market cap reaching $4.797 trillion, surpassing Apple to once again become the world's most valuable company by market capitalization.
13 minutes ago
Iran claims to have closed the Strait of Hormuz, U.S. Central Command denies.
Local time on July 31, the U.S. Central Command (CENTCOM) stated that "the Iranian government's renewed claim that it has closed the Strait of Hormuz is false." CENTCOM added that "the Strait of Hormuz remains open for merchant vessel traffic; Iran does not control the strait," noting that "thousands of ships have transited this international waterway over the past four months." Earlier on July 31, Iran's Persian Gulf Strait Administration issued a statement saying that due to the U.S. military's continued aggressive operations in the relevant waters, the Strait of Hormuz is currently not normally navigable. (Source: CCTV)
13 minutes ago
Jensen Huang: "Now is the best time in history to start a business—don’t overthink ‘how hard can it be’."
According to Fortune, NVIDIA CEO Jensen Huang told attendees at Y Combinator’s Startup School 2026 that the present is the best time in history to launch a company, advising young entrepreneurs not to overthink due to rapid technological shifts or fear of failure. When facing challenges, he suggested asking himself: “How hard can it be?” Huang emphasized that entrepreneurs don’t need all the answers from day one; the core is being willing to confront reality and continuously learn. In NVIDIA’s early days, the company bet on the wrong graphics technology. When the team lacked solutions, he purchased three technical textbooks and gave them to his engineers. He noted that as long as one retains a learning mindset, specific technologies themselves are not the most critical factor. That said, Huang doesn’t believe success comes easily. He revealed he still works seven days a week and has long worried about the company collapsing; this sense of vulnerability, uncertainty, and insecurity has never faded. His advice: don’t imagine all difficulties in advance, lest anxiety derail action, but let challenges arise gradually and solve them one by one. Data shows U.S. business applications hit a record 3.23 million in the first half of 2026, up 12.1% year-over-year. However, startup risks remain high: U.S. Bureau of Labor Statistics data indicates nearly half of businesses cease operations within five years of launch.
13 minutes ago
Trump’s approval rating has dropped to its lowest level since his second term.
Political analyst Nate Silver said that due to the ongoing unpopular Iran war and surging natural gas prices, President Trump’s approval rating has dropped to its lowest point since his second term this month. He noted, “The timing aligns closely with the rebound in natural gas prices and the resumption of hostilities in Iran.” As the war nears its sixth month, data from the American Automobile Association (AAA) shows that as of Friday morning, the average U.S. gasoline price stood at around $4.11 per gallon, up from roughly $3.15 a year ago. According to polling averages from Decision Desk HQ, Trump’s overall average approval rating was 40.6% as of Friday morning, while his average disapproval rating reached 57.5%. A Quinnipiac University poll found that 60% of U.S. voters oppose the war, the highest opposition rate recorded since the conflict began on February 28. Nearly three-quarters of Americans said they oppose deploying U.S. troops to Iran. An AP-NORC poll also showed that 64% of Americans consider the war “not worth it”; among them, 87% of Democratic voters, 37% of Republican voters, and 68% of independent voters hold this view. (Jin10)
13 minutes ago
Tom Lee: South Korean stock market may be in the final stage of bottoming out
Chairman Tom Lee of Bitmine, the largest Ethereum treasury company, posted a statement saying that given South Korean policymakers have begun showing "panic", South Korea's stock market may be in the final stage of bottoming out. He cited the view of David Tepper, founder of Appaloosa and a well-known fund manager, stating: "When policymakers start panicking, the market stops panicking."
The crypto market extended its decline on Friday as a global risk-off move swept across financial markets, dragging down Bitcoin, Ethereum, XRP and most major altcoins.
The total cryptocurrency market capitalization fell 2.4% over the past 24 hours to around $2.16 trillion, while liquidations topped $335 million.
Bitcoin And Altcoins FallBitcoin (BTC) slipped below $63,000, trading near $62,600 after falling more than 3% in the past 24 hours. Ethereum (ETH) dropped to around $1,856, while XRP traded near $1.06, extending losses alongside the broader market.
Other large-cap cryptocurrencies also moved lower. Solana (SOL) fell to about $72.90, Dogecoin (DOGE) slipped below $0.07, and Hyperliquid (HYPE) declined to around $54.40. Even traditionally resilient assets like BNB and TRON posted losses.
Global Markets Trigger Risk-Off SentimentThe sell-off was driven primarily by macroeconomic developments rather than crypto-specific news. According to market reports, the Federal Reserve and the Bank of Japan both left interest rates unchanged this week. The decisions reinforced expectations that interest rates could stay elevated for longer, reducing appetite for risk assets such as cryptocurrencies.
Market sentiment worsened after reports suggested US authorities could intervene in currency markets to support the Japanese yen. Following the reports, the S&P 500 reversed sharply, erasing nearly $1 trillion in market value within about 40 minutes as investors rushed to unwind positions linked to the yen carry trade.
The same risk-off mood quickly spread into cryptocurrencies.
Yen Carry Trade Adds PressureThe strengthening yen has renewed concerns about the unwinding of the yen carry trade, a strategy where investors borrow cheaply in Japan to invest in higher-return assets elsewhere. As the yen rises, many of those leveraged positions become less attractive, forcing investors to reduce exposure across equities and digital assets simultaneously.
That has increased selling pressure on Bitcoin and the broader crypto market.
Altcoins Face Profit-TakingBeyond macro concerns, several altcoins also came under pressure after strong recent rallies.
Traders booked profits across higher-risk tokens following weeks of gains, while sentiment was further weakened by reports of a $40 million Bitcoin theft involving Coldcard wallets, adding another layer of caution across the market.
What Investors Are Watching NextMarkets are now turning their attention to upcoming US economic data, particularly the Non-Farm Payrolls report due next week.
A stronger-than-expected jobs report could reinforce expectations that the Federal Reserve will keep interest rates higher for longer, potentially extending pressure on cryptocurrencies.
For now, Bitcoin remains the key asset to watch. If it stabilizes, broader crypto sentiment could improve. However, continued macro uncertainty is likely to keep volatility elevated across Bitcoin, Ethereum, XRP and the wider digital asset market.
Story Ends Here
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Cathie Wood reduces its Ethereum exposure as the network celebrates its 11th anniversary
ARK Invest CEO Cathie Wood is one of the first investors to gain exposure to cryptocurrencies.
She once revealed that ARK was the first public asset manager to gain Bitcoin (BTC) exposure in 2015 when the cryptocurrency wasn't worth even $500.
Today, the asset manager also maintains exposure to Ethereum (ETH) through its stake in Bitmine Immersion Technologies (NYSE: BMNR), the leading Ether treasury company chaired by Wall Street veteran Tom Lee.
With a market capitalization of $225 billion, Ethereum is the second-largest cryptocurrency after Bitcoin. Launched on July 30, 2015, the network celebrated its 11th anniversary yesterday.
Though Ether is down 37% this year, it has gained 16% in the last month. The BMNR stock, an Ether proxy, is also down 38% this year but has gained 25% in the last month.
However, ARK Invest decided to trim its Ethereum exposure on the network's 11th anniversary when it sold 33,560 BMNR shares worth $606,764 on July 30. Notably, the asset manager has described Bitmine’s Ether treasury strategy as an “exponential opportunity” looking into 2026.
While the BMNR stock was trading at $16.78 at press time, Ether was trading at $1,856.27.
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Thomas Lee speaks at BTC, ETH and WLD are Friends on September 16, 2025 in Washington, DC.
The asset manager also sold $287,909 worth of 12,745 shares of Peter Thiel-backed Bullish (NYSE: BLSH) crypto exchange. The stock was trading at $20.99 at press time, down 44% this year.
Trending on TheStreet Roundtable:U.S. Treasury attacks Iran's Hormuz 'extortion' networkJPMorgan issues blunt warning on crypto's futureAmericans who lost money in a crypto bankruptcy get a second chanceThe same day, ARK Invest purchased 26,509 shares of Meta Platforms (Nasdaq: META) worth $14.3 million after Mark Zuckerberg's tech company reported the earnings for the second quarter of 2026 on July 29.
Though Meta's revenue of $60.80 billion beat the estimated figure of $60.2 billion, its earnings per share (EPS) of $6.18 missed the estimated $7.14.
During the earnings call, Zuckerberg said the company has an ambitious AI plan,
“We see a large enterprise opportunity to sell to businesses, including APIs, business agents, potentially selling compute directly, and other services that we’re building for large customers.”
Though the META stock lost 16% of its value this year, it's up 2.5% in a month. At press time, it was trading at $551.30.
NVIDIA overtakes Apple in market capitalization, regaining the title of the world's most valuable company.
According to market data from BIT (bit.com), Apple Inc.'s stock price once extended its decline to 10%, marking the largest intraday drop since April 2025, as its Q4 revenue guidance fell short of expectations. The company's current market capitalization stands at $4.39 trillion. NVIDIA's stock rose 1.55% today, with its market cap reaching $4.797 trillion, surpassing Apple to once again become the world's most valuable company by market capitalization.
13 minutes ago
Iran claims to have closed the Strait of Hormuz, U.S. Central Command denies.
Local time on July 31, the U.S. Central Command (CENTCOM) stated that "the Iranian government's renewed claim that it has closed the Strait of Hormuz is false." CENTCOM added that "the Strait of Hormuz remains open for merchant vessel traffic; Iran does not control the strait," noting that "thousands of ships have transited this international waterway over the past four months." Earlier on July 31, Iran's Persian Gulf Strait Administration issued a statement saying that due to the U.S. military's continued aggressive operations in the relevant waters, the Strait of Hormuz is currently not normally navigable. (Source: CCTV)
13 minutes ago
Jensen Huang: "Now is the best time in history to start a business—don’t overthink ‘how hard can it be’."
According to Fortune, NVIDIA CEO Jensen Huang told attendees at Y Combinator’s Startup School 2026 that the present is the best time in history to launch a company, advising young entrepreneurs not to overthink due to rapid technological shifts or fear of failure. When facing challenges, he suggested asking himself: “How hard can it be?” Huang emphasized that entrepreneurs don’t need all the answers from day one; the core is being willing to confront reality and continuously learn. In NVIDIA’s early days, the company bet on the wrong graphics technology. When the team lacked solutions, he purchased three technical textbooks and gave them to his engineers. He noted that as long as one retains a learning mindset, specific technologies themselves are not the most critical factor. That said, Huang doesn’t believe success comes easily. He revealed he still works seven days a week and has long worried about the company collapsing; this sense of vulnerability, uncertainty, and insecurity has never faded. His advice: don’t imagine all difficulties in advance, lest anxiety derail action, but let challenges arise gradually and solve them one by one. Data shows U.S. business applications hit a record 3.23 million in the first half of 2026, up 12.1% year-over-year. However, startup risks remain high: U.S. Bureau of Labor Statistics data indicates nearly half of businesses cease operations within five years of launch.
13 minutes ago
Trump’s approval rating has dropped to its lowest level since his second term.
Political analyst Nate Silver said that due to the ongoing unpopular Iran war and surging natural gas prices, President Trump’s approval rating has dropped to its lowest point since his second term this month. He noted, “The timing aligns closely with the rebound in natural gas prices and the resumption of hostilities in Iran.” As the war nears its sixth month, data from the American Automobile Association (AAA) shows that as of Friday morning, the average U.S. gasoline price stood at around $4.11 per gallon, up from roughly $3.15 a year ago. According to polling averages from Decision Desk HQ, Trump’s overall average approval rating was 40.6% as of Friday morning, while his average disapproval rating reached 57.5%. A Quinnipiac University poll found that 60% of U.S. voters oppose the war, the highest opposition rate recorded since the conflict began on February 28. Nearly three-quarters of Americans said they oppose deploying U.S. troops to Iran. An AP-NORC poll also showed that 64% of Americans consider the war “not worth it”; among them, 87% of Democratic voters, 37% of Republican voters, and 68% of independent voters hold this view. (Jin10)
13 minutes ago
Tom Lee: South Korean stock market may be in the final stage of bottoming out
Chairman Tom Lee of Bitmine, the largest Ethereum treasury company, posted a statement saying that given South Korean policymakers have begun showing "panic", South Korea's stock market may be in the final stage of bottoming out. He cited the view of David Tepper, founder of Appaloosa and a well-known fund manager, stating: "When policymakers start panicking, the market stops panicking."
NVIDIA overtakes Apple in market capitalization, regaining the title of the world's most valuable company.
According to market data from BIT (bit.com), Apple Inc.'s stock price once extended its decline to 10%, marking the largest intraday drop since April 2025, as its Q4 revenue guidance fell short of expectations. The company's current market capitalization stands at $4.39 trillion. NVIDIA's stock rose 1.55% today, with its market cap reaching $4.797 trillion, surpassing Apple to once again become the world's most valuable company by market capitalization.
13 minutes ago
Iran claims to have closed the Strait of Hormuz, U.S. Central Command denies.
Local time on July 31, the U.S. Central Command (CENTCOM) stated that "the Iranian government's renewed claim that it has closed the Strait of Hormuz is false." CENTCOM added that "the Strait of Hormuz remains open for merchant vessel traffic; Iran does not control the strait," noting that "thousands of ships have transited this international waterway over the past four months." Earlier on July 31, Iran's Persian Gulf Strait Administration issued a statement saying that due to the U.S. military's continued aggressive operations in the relevant waters, the Strait of Hormuz is currently not normally navigable. (Source: CCTV)
13 minutes ago
Jensen Huang: "Now is the best time in history to start a business—don’t overthink ‘how hard can it be’."
According to Fortune, NVIDIA CEO Jensen Huang told attendees at Y Combinator’s Startup School 2026 that the present is the best time in history to launch a company, advising young entrepreneurs not to overthink due to rapid technological shifts or fear of failure. When facing challenges, he suggested asking himself: “How hard can it be?” Huang emphasized that entrepreneurs don’t need all the answers from day one; the core is being willing to confront reality and continuously learn. In NVIDIA’s early days, the company bet on the wrong graphics technology. When the team lacked solutions, he purchased three technical textbooks and gave them to his engineers. He noted that as long as one retains a learning mindset, specific technologies themselves are not the most critical factor. That said, Huang doesn’t believe success comes easily. He revealed he still works seven days a week and has long worried about the company collapsing; this sense of vulnerability, uncertainty, and insecurity has never faded. His advice: don’t imagine all difficulties in advance, lest anxiety derail action, but let challenges arise gradually and solve them one by one. Data shows U.S. business applications hit a record 3.23 million in the first half of 2026, up 12.1% year-over-year. However, startup risks remain high: U.S. Bureau of Labor Statistics data indicates nearly half of businesses cease operations within five years of launch.
13 minutes ago
Trump’s approval rating has dropped to its lowest level since his second term.
Political analyst Nate Silver said that due to the ongoing unpopular Iran war and surging natural gas prices, President Trump’s approval rating has dropped to its lowest point since his second term this month. He noted, “The timing aligns closely with the rebound in natural gas prices and the resumption of hostilities in Iran.” As the war nears its sixth month, data from the American Automobile Association (AAA) shows that as of Friday morning, the average U.S. gasoline price stood at around $4.11 per gallon, up from roughly $3.15 a year ago. According to polling averages from Decision Desk HQ, Trump’s overall average approval rating was 40.6% as of Friday morning, while his average disapproval rating reached 57.5%. A Quinnipiac University poll found that 60% of U.S. voters oppose the war, the highest opposition rate recorded since the conflict began on February 28. Nearly three-quarters of Americans said they oppose deploying U.S. troops to Iran. An AP-NORC poll also showed that 64% of Americans consider the war “not worth it”; among them, 87% of Democratic voters, 37% of Republican voters, and 68% of independent voters hold this view. (Jin10)
13 minutes ago
FTX’s fifth round of compensation payments has been deposited into creditors’ accounts.
FTX creditor representative Sunil announced in a post that FTX’s creditor distributions have been deposited into creditors’ accounts. Earlier reports noted FTX will launch its fifth round of creditor compensation on July 31, with plans to disburse roughly $900 million to creditors in the "Convenience" and "Non-Convenience" categories under the firm’s restructuring plan. With this round of distributions, the FTX Recovery Trust’s total compensation disbursements since FTX filed for bankruptcy in November 2022 will reach approximately $10 billion.
Ethereum’s network officially entered its eleventh year, maintaining a reputation for unmatched reliability and technical leadership within the blockchain industry. With its mainnet launched on July 30, 2015, Ethereum has become the most widely used platform for a range of decentralized applications and financial instruments.
Consistent Performance and DecentralizationOver nearly 3,000 consecutive days, Ethereum has operated without any downtime, continuously producing blocks and reinforcing its position as a robust and dependable infrastructure for the crypto ecosystem. This stability has made it the preferred ‘layer 0’ for stablecoins, tokenized assets, decentralized finance (DeFi), and institutional usage.
The foundation of Ethereum’s appeal lies in its decentralization. The absence of a controlling entity ensures that no single company can suspend its operation or exert unilateral control. This design, according to community observations, is a significant factor in attracting both developers and capital to the platform.
Ethereum has drawn a global developer community and significant capital flow by offering an open, permissionless environment in which anyone may participate as a validator and contribute to the growth of the network.
Data from DefiLlama shows that Ethereum consistently maintains the largest DeFi ecosystem by total value locked (TVL), reported at nearly eight times that of its nearest competitor in the blockchain sector.
Leadership in Stablecoin and Tokenized Asset SettlementEthereum settles more than half of the global supply of stablecoins and holds the top spot for tokenized real-world asset (RWA) settlement among public blockchains. Insights from Token Terminal and rwa.xyz indicate that institutional investors prioritize liquidity and regulatory compliance, features that Ethereum’s network continues to provide.
During market monitoring, participants have also focused on platforms that facilitate seamless transfers between traditional and crypto assets. 1stepSwap exemplifies this by enabling users to access major U.S. company shares and commodities such as gold and silver directly via their wallets, eliminating the need for complex intermediaries. The platform’s integrated technology seeks the most competitive prices in real time, allowing for swift diversification and efficient asset management.
Despite fluctuations in the broader crypto and TradFi landscape, Ethereum remains the cornerstone for new tokenized assets and stablecoins, setting the benchmark for onchain settlements.
Industry analysts note that Ethereum’s unbroken operational record, leading stablecoin settlement volumes, and developer community are unmatched in the blockchain sector.
Top Choice for Developers and the Road AheadEthereum also supports the largest number of software developers in blockchain. Its secure base layer powers several second-generation networks, such as Arbitrum, Base, and Optimism, which offer increased transaction speed while leveraging Ethereum’s security model.
Looking forward, the network is expected to encounter new challenges and opportunities over the next eleven years, including changing regulatory structures, ETF capital flows, and the expanding role of real-world asset tokenization.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Ethereum has turned 11, and the network’s birthday arrives with a very Ethereum-style contradiction: it is still one of the most important settlement layers in crypto, but its base-chain revenue has cooled sharply.
The validated July 31 notes show Ethereum hosting roughly $148.8 billion in stablecoins and around $15.5 billion in tokenized real-world assets. At the same time, daily mainnet revenue was reported near $330,000, with base-chain fees around $734,000 over a 24-hour period.
That combination tells the real story better than a birthday tribute would.
Ethereum is still deeply important. Stablecoins, DeFi, tokenized assets, Layer 2 settlement, and institutional infrastructure all continue to orbit around it. But the economics of the base chain are changing as activity moves across rollups, alternative chains, and cheaper execution environments.
Ethereum is not disappearing. Its revenue model is evolving.
For more details, visit the official Etherscan platform.
TL;DR Ethereum turned 11 on July 30, 2026. The network hosts about $148.8 billion in stablecoins and roughly $15.5 billion in tokenized real-world assets. Mainnet revenue has cooled, showing the trade-off between scaling and base-layer fee capture. Ethereum’s First Decade Was About Survival And Expansion Ethereum’s first 11 years have been unusually eventful.
The network launched as Frontier in July 2015. Since then, it has survived the DAO crisis, hard forks, congestion cycles, NFT manias, DeFi booms, stablecoin growth, competing Layer 1s, regulatory pressure, and the Merge to proof-of-stake.
It also became the default home for much of crypto’s financial experimentation.
Stablecoins grew on Ethereum. Lending markets scaled there. DEXs became serious there. Tokenized assets, DAOs, NFTs, and Layer 2 ecosystems all built around Ethereum’s developer base and security assumptions.
That is why the stablecoin figure matters.
A $148.8 billion stablecoin base is not just a vanity metric. It shows that Ethereum remains a major settlement environment for dollar-denominated crypto activity, even as cheaper networks compete for transaction volume.
The Fee Drop Is Not Automatically Bad Lower mainnet revenue can be read in two ways.
The bearish reading is that Ethereum is losing economic value. If users are paying less to transact on mainnet, ETH fee burn declines, validator economics change, and the network may capture less direct revenue from activity.
That matters.
But the more balanced reading is that Ethereum scaling is working in a way that changes where activity happens. Rollups and Layer 2 networks were designed to make transactions cheaper and move execution away from the congested base chain. If users can transact more cheaply, mainnet fees should fall.
That is the trade-off.
Ethereum wanted scaling. Scaling reduces fees. Lower fees reduce direct mainnet revenue. The question is whether Ethereum captures enough value through settlement, data availability, ETH monetary premium, and Layer 2 alignment to offset lower base-chain activity.
That is now one of Ethereum’s central debates.
Stablecoins Are The Anchor Stablecoins remain one of Ethereum’s strongest anchors.
Speculative applications come and go, but stablecoins have become core financial plumbing. Traders use them. Exchanges use them. DeFi protocols use them. Payment companies use them. Treasury desks and market makers use them.
If Ethereum continues to host a large share of stablecoin value, it remains strategically important even if some transaction execution migrates elsewhere.
The same is true for tokenized real-world assets.
A reported $15.5 billion RWA base is still small relative to traditional finance, but meaningful within crypto. Tokenized treasuries, credit products, funds, and other on-chain assets have become one of the more serious institutional narratives in the market.
Ethereum’s role is less about being the cheapest chain and more about being a trusted settlement layer with deep liquidity, developer tooling, and long-running infrastructure.
Layer 2s Changed The Revenue Conversation Ethereum’s Layer 2 strategy is both its strength and its complication.
On one hand, rollups make Ethereum more usable. They reduce congestion, lower transaction costs, and allow applications to scale without every user touching mainnet directly.
On the other hand, they fragment liquidity and reduce direct fee pressure on the base chain.
That creates a new valuation question for ETH.
In the old model, high demand for blockspace translated into high fees and more burn. In the newer model, activity may happen across many Layer 2s, while Ethereum earns through settlement and data-related demand. That can be healthier for users but harder for investors to model.
The network’s 11th birthday therefore comes at an important moment.
Ethereum is no longer proving that smart contracts matter. That battle was won years ago. Now it is proving that a modular scaling strategy can still support strong ETH economics.
Ethereum’s Next Chapter Is About Value Capture Ethereum’s position remains strong, but the easy narrative is gone.
It is not enough to say Ethereum has the most developers or the deepest DeFi history. Competitors are faster, cheaper, and more specialized. Layer 2s create both scale and fragmentation. Mainnet fees no longer tell the whole story.
The better question is where value ultimately settles.
If stablecoins, RWAs, DeFi collateral, and rollups continue depending on Ethereum security, then lower fees may be part of a successful scaling path. If too much activity and value drift away without returning economic benefit to ETH, the market will care.
That is why the current data is so interesting.
Ethereum at 11 is still foundational, but the business model of the base layer is being rewritten in real time.
This article is based on public Ethereum network data and July 2026 stablecoin, RWA, and fee metrics.
This article was written by the News Desk and edited by Samuel Rae.
