Ethereum just posted 18.7 million transactions in a single week, the highest figure the network has ever recorded. At the same time, the median cost of a transaction fell to $0.008, an all-time low. For context, that’s less than a penny per transaction on the world’s largest smart contract platform.
What’s driving the surge The record-setting week didn’t come out of nowhere. Ethereum’s daily transaction peaks approached 2.9 million back in January 2026, and the network processed over 200 million transactions in Q1 2026 alone.
The fee collapse traces back to network upgrades activated in 2025. The Pectra and Fusaka upgrades were specifically designed to improve layer-1 scalability and reduce transaction costs.
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Stablecoin usage and staking participation have been identified as key drivers of the activity boom.
Token Terminal flagged the milestone figures, and Blockworks had previously reported comparable weekly highs of roughly 18.66 million transactions earlier in 2026. Multiple analytics platforms have confirmed the trend of elevated transaction volumes compared to previous years.
The price paradox Despite all this record-breaking activity, ETH has been trading below $2,400 as of April 2026.
Much of the economic activity happening on Ethereum isn’t directly benefiting ETH’s price. A significant portion of transactions are migrating to layer-2 solutions, which settle on Ethereum but don’t generate the same fee revenue for the base layer.
Stablecoins are among the most-used assets on the network, but their growth doesn’t automatically translate into demand for ETH itself. Users can transact heavily in USDC or USDT without ever needing to hold meaningful amounts of the native token.
The ultra-low fees compound this problem. When median transaction costs are less than a penny, the network burns very little ETH through its fee mechanism. Ethereum’s EIP-1559 burn mechanism, which was supposed to make ETH deflationary during periods of high usage, becomes far less potent when each transaction costs $0.008.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ontology MainNet se chystá na upgrade v3.1.2 při bloku 20 800 000. Do Ontology EVM přidá čtyři Ethereum opkódy: PUSH0, BASEFEE, MCOPY a transient storage.
The next Ontology MainNet upgrade, to v3.1.2, is scheduled for block height 20,800,000. The release focuses on security optimisations and brings four widely adopted Ethereum Improvement Proposals to the Ontology EVM: PUSH0, BASEFEE, MCOPY, and transient storage. For builders, the practical result is smaller contracts, cheaper temporary state, and less friction when porting existing Ethereum code across. For node operators, it means one job: upgrade to v3.1.2 before block height 20,800,000 is reached.
Why opcode parity matters The Ethereum opcode set is not static. It has expanded steadily through successive network upgrades: BASEFEE arrived with London in August 2021, PUSH0 with Shanghai in April 2023, and both MCOPY and transient storage with Cancun-Deneb in March 2024 (Ethereum upgrade history).
Compiler defaults moved with them. Solidity now targets a recent EVM version by default, which means a team compiling a contract today with no special flags produces bytecode that assumes these instructions exist. An EVM chain that has not adopted them forces developers into a workaround: pin an older target EVM version, accept larger and more expensive bytecode, and maintain a separate build configuration for that chain alone.
That is a small tax, but it is paid on every deployment, and it accumulates. v3.1.2 removes it for the four instructions below.
What the Ontology MainNet upgrade includes PUSH0 (EIP-3855) PUSH0 places the value zero directly onto the stack. Before it existed, contracts pushed zero using PUSH1 0x00, which occupies two bytes of bytecode and costs 3 gas at runtime. PUSH0 occupies one byte and costs 2 gas.
The saving per instruction is small; the aggregate is not. The EIP notes that roughly 11.5 percent of all PUSH instructions executed on Ethereum MainNet push the value zero. Every one of those is a byte of contract size and a unit of gas, on a chain where deployment is charged per byte of code.
BASEFEE (EIP-3198) BASEFEE lets a contract read the current block’s base fee directly on-chain, at a cost of 2 gas. Previously a contract that needed to reason about network fee conditions had to be handed that value by an off-chain source, which introduces a trust assumption and a point of failure.
Reading it from the chain itself removes both. It is a prerequisite for gas-aware contract logic: dynamic bounties that scale with network conditions, fee-sensitive automation, and layer-2 constructions that need to verify fee data without relying on an oracle.
MCOPY (EIP-5656) MCOPY copies a region of memory in a single instruction, including where the source and destination regions overlap. Before it, copying memory meant a loop of loads and stores.
The efficiency gain is substantial. Copying 256 bytes cost at least 96 gas using the conventional approach; MCOPY does it for 27 gas. That matters most for the operations that move data around constantly: ABI encoding and decoding, string and byte-array handling, and cryptographic routines.
Transient storage, TSTORE and TLOAD (EIP-1153) Transient storage introduces a state area that behaves like storage but is discarded when the transaction ends. TSTORE writes to it and TLOAD reads from it, each at 100 gas.
The canonical use case is reentrancy protection. A reentrancy guard needs a flag that survives across calls within one transaction and is meaningless afterwards, which is exactly what transient storage provides. Implementing that with persistent storage means writing a value to disk-backed state and then clearing it again, with the gas refund mechanics that go with it. Transient storage makes the same pattern cheap and simple, and the same applies to any temporary state a transaction needs to carry: locks, accumulators, and intermediate values passed between calls.
What this changes for builders Contracts that already compile for Ethereum are closer to running unmodified on Ontology. Common libraries and tooling that assume these instructions no longer need chain-specific handling, and the bytecode a modern compiler emits is smaller than the bytecode it was previously forced to emit.
One practical note: v3.1.2 adds these four instructions specifically, not the complete opcode set of any single Ethereum upgrade. Set your target EVM version explicitly in your build configuration rather than relying on the compiler default, and test deployments against the upgraded network before committing to production.
Node operators: what you need to do Every Ontology MainNet upgrade depends on the node network moving with it. All Ontology node operators, including consensus nodes, candidate nodes, and sync nodes, should complete the upgrade to v3.1.2 as soon as possible, and before block height 20,800,000 is reached.
The release is available on GitHub: ontology v3.1.2.
Timely upgrades across the node network keep MainNet operating stably through the transition and ensure compatibility with the improvements above. Nodes that have not upgraded by the time the block height is reached will fall out of consensus with the rest of the network.
The infrastructure underneath Ontology’s strategy is built on verified human data: identity people own, data given with consent, and a record that holds up to scrutiny. That strategy asks people to contribute data and asks projects to verify it, which means it depends on a network where transactions are fast, inexpensive, and predictable enough that contributing is not a cost decision.
That is what a release like v3.1.2 is for. It is not the headline; it is the reason the headline is possible. Keeping the Ontology EVM current with the standards the rest of the ecosystem builds against is how the trust layer stays usable at scale.
The wider strategy is set out in full here: Verified Human Data: Ontology’s AI-Era Vision at Eight.
Resources Release binaries and notes: github.com/ontio/ontology/releases/tag/v3.1.2 EIP-3855, PUSH0: eips.ethereum.org/EIPS/eip-3855 EIP-3198, BASEFEE: eips.ethereum.org/EIPS/eip-3198 EIP-5656, MCOPY: eips.ethereum.org/EIPS/eip-5656 EIP-1153, transient storage: eips.ethereum.org/EIPS/eip-1153 Ethereum upgrade history: ethereum.org/en/history Thank you to all node operators and community members for your continued support of the Ontology ecosystem.
Ethereum’s Layer 2 ecosystem just lost roughly 90% of its locked value. The total value locked across the network’s scaling solutions has dropped to approximately $5 billion, a figure that would have been impressive in 2023 but looks downright alarming in the context of where things stood just months ago.
Earlier in 2026, L2 TVL exceeded $48 billion as tracked by L2BEAT. That’s not a typo. We’re talking about a decline of more than $43 billion.
The scale of the drop To appreciate how dramatic this contraction is, consider where the major players were sitting not long ago. Arbitrum alone recorded a TVL of approximately $16.8 billion in early 2026. Base, the Coinbase-backed chain that had become a darling of the retail onboarding narrative, held about $10.7 billion. Optimism stood at around $8 billion.
Add those three together and you get $35.5 billion, more than seven times the current total across the entire L2 landscape. And that’s before counting zkSync Era and the rest of the more than 73 active Ethereum L2 rollups that were operating as of April 2026.
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For context, Ethereum’s mainnet DeFi TVL was sitting around $41 billion as of late July 2026. So the L2 ecosystem, which was once approaching parity with mainnet in terms of locked capital, now represents a fraction of its parent chain’s economic activity.
What’s driving the exodus No major protocol team has issued a post-mortem. No data aggregator has published a detailed breakdown of where the capital went.
Bridging dynamics also matter. L2 TVL is inherently more volatile than mainnet TVL because assets need to be actively bridged over. When users lose confidence or spot better opportunities elsewhere, the unbridging process can create cascading outflows that look more dramatic than gradual organic decline.
With over 73 rollups competing for users and liquidity, fragmentation may have reached a tipping point where no single chain could maintain the critical mass needed to sustain deep liquidity pools and attractive yields.
What this means for investors On the tactical side, anyone farming yields or providing liquidity on L2 platforms should be paying close attention to pool depths and slippage conditions. A $5 billion total spread across dozens of chains means individual protocol TVLs could be thin enough to create meaningful execution risk on larger positions.
For token holders in L2-native governance assets, the decline raises uncomfortable valuation questions. Tokens like ARB, OP, and others derive much of their fundamental value from the economic activity happening on their respective chains. When that activity contracts by 90%, the case for holding those tokens gets considerably harder to make.
The gap between Ethereum mainnet’s $41 billion TVL and the L2 ecosystem’s $5 billion also creates a potential opportunity narrative. If rollups are genuinely the future of Ethereum scaling, the current ratio implies either that mainnet is overvalued relative to its scaling layers, or that L2s are significantly underweighted.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
EthSystems se zaměřuje na soukromí pro banky a další instituce, aby mohly vypořádávat transakce na síti Ethereum bez odhalení citlivých dat. Startup vznikl z Institutional Privacy Task Force nadace Ethereum Foundation.
TLDR EthSystems believes privacy is the main barrier stopping banks from using public blockchains. The startup emerged from the Ethereum Foundation’s Institutional Privacy Task Force. EthSystems helps institutions protect sensitive transaction data while settling activity on Ethereum. The company will advise clients, build custom privacy systems, and publish open-source research. EthSystems plans to work with existing privacy projects instead of creating a new blockchain. Ethereum startup EthSystems has made privacy the center of its plan to bring banks and other institutions onto public blockchains. The company believes confidentiality, rather than network speed, remains the main barrier to institutional use of Ethereum.
The startup emerged from the Ethereum Foundation’s Institutional Privacy Task Force earlier this month. It now operates as a for-profit company focused on banks, asset managers, governments, stablecoins, and tokenized financial assets.
EthSystems helps institutions add privacy controls while settling transactions on Ethereum. Its systems aim to protect sensitive financial data without removing the transparency and security offered by a public blockchain.
Co-founder Mo Jalil said financial institutions need control over who can view transaction details. The company does not treat confidentiality as full anonymity. Instead, it supports limited access based on rules.
The startup does not plan to build a new blockchain or replace current privacy tools. It will advise clients, design privacy systems, build custom infrastructure, and publish open-source research.
EthSystems expects to work with projects such as Aztec, Miden, and other privacy providers. It will select and connect tools based on each institution’s legal and business needs.
Demand Moves Beyond Blockchain Tests The team previously built proof-of-concept systems inside the Ethereum Foundation. Financial institutions later asked whether they could pay the group to turn those tests into working products.
The foundation could not support that type of commercial work. The move to a for-profit structure now allows EthSystems to charge clients, fund development, and meet corporate procurement rules.
Jalil said discussions have shifted from innovation teams to business units that manage trading and assets. These teams now want to move real financial activity onto public blockchains.
EthSystems says institutions no longer need basic proof that blockchain can support finance. They need privacy systems that meet internal controls, regulatory duties, and data protection rules.
The company sits alongside other groups created during the Ethereum Foundation’s wider restructuring. EthLabs focuses on protocol work, while Ethereum Institutional handles enterprise coordination.
EthSystems will focus only on privacy and cryptography for institutional users. Its strategy rests on helping banks use Ethereum without exposing sensitive data to every network participant.
SharpLink, the Nasdaq-listed company trading under ticker SBET, pulled in 420 ETH from staking rewards for the week ending late July 2026. Its total Ethereum treasury now sits at 888,521 ETH, making it one of the largest corporate holders of the asset on the planet.
Nearly 100% of its holdings are actively staked across both native and liquid staking arrangements, meaning the company is essentially running a yield-generating machine on top of its directional Ethereum bet.
The numbers behind SharpLink’s staking engine Since launching its staking strategy on June 2, 2025, SharpLink has accumulated 24,338 ETH in total rewards. That’s pure yield, generated by locking up tokens to help secure the Ethereum network.
This week’s 420 ETH haul is a slight dip from recent performance. For the week ending July 5, 2026, the company earned 449 ETH in staking rewards.
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SharpLink’s holdings have grown steadily over the past several months. Back in February 2026, the company held 867,798 ETH with 13,615 ETH in cumulative staking rewards. The treasury has since expanded by roughly 20,700 ETH while cumulative rewards have nearly doubled to 24,338 ETH.
From sports betting to Ethereum treasury SharpLink wasn’t always in the business of hoarding Ethereum. The company formerly operated as SharpLink Gaming, focused on sports betting technology and affiliate marketing. The pivot to becoming an institutional-grade Ethereum treasury platform happened around June 2025.
Under co-founder Joseph Lubin, who also co-founded Ethereum itself, the company has prioritized transparency in its operations, publishing weekly metrics through a public ETH dashboard and filing regularly with the SEC.
The company deploys its ETH across both native staking and liquid staking arrangements. Native staking involves running validator nodes directly on Ethereum’s proof-of-stake network, while liquid staking uses protocols that issue derivative tokens representing staked ETH, preserving some liquidity while still earning yield.
What this means for investors SharpLink’s model offers equity investors something they can’t easily get from spot Ethereum ETFs or direct token ownership: staking yield exposure through a traditional brokerage account. Most spot ETFs in the US market do not currently pass through staking rewards to shareholders. SharpLink’s structure is different because the company itself stakes the ETH, captures the yield, and that value theoretically accrues to the equity.
Through buybacks and strategic equity issuances, SharpLink aims to increase the amount of Ethereum backing each outstanding share over time. It’s a playbook borrowed directly from MicroStrategy’s Bitcoin treasury approach, adapted for Ethereum with the added twist of staking income.
SBET shareholders are exposed to Ethereum price volatility, smart contract risk from liquid staking protocols, potential slashing penalties on validators, and dilution concerns that come with equity issuance programs.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ethereumový NFT gacha protokol Fake World Assets po znovuspuštění krátce překonal Collector Crypt v denních výnosech. Na vrcholu dosáhl 447 604 USD za den, ale aktivita už ochladla.
The two-developer project overtook Solana's dominant tokenized-card platform four days after relaunching, generating $1.6M in daily fees at its peak before activity cooled.
Fake World Assets, an Ethereum-based NFT gacha protocol built by two-person team Token Works, overtook Solana's Collector Crypt in daily revenue on July 25, four days after its July 20 relaunch, according to DefiLlama data.
The protocol pulled in $447,604 in revenue on July 25, its peak day, per DefiLlama — ahead of Collector Crypt, whose daily revenue has averaged roughly $360,000 over the past week. Total fees paid into Fake World Assets that day reached $1.6 million, against roughly 2,000 ETH in volume across some 90,000 transactions, including about 35,000 individual pulls, in the four days after relaunch.
The launch surge has cooled and the flip has partially reversed: Collector Crypt retook the daily lead with $270,186 in revenue over the past 24 hours against Fake World Assets' $167,869, per DefiLlama's chain rankings. Even at that reduced pace, Fake World Assets is the second-highest revenue-generating protocol on Ethereum over the past day, behind only Sky's $464,303 — ahead of Aave ($105,282), Uniswap ($76,028), Lido ($74,755), and the $74,808 in ETH the network itself burned over the period.
The flip shows demand for gacha mechanics on Ethereum despite transaction costs that exceed Solana's, and the roughly 35,000 purchases in four days suggest real users paying a premium to participate. Whether the revenue holds is another question: daily fees have fallen by half from the July 25 peak, the daily token emissions that reward early users expire 15 days after launch, and Collector Crypt's June numbers remain an order of magnitude larger on a monthly basis.
Fake World Assets was built by developers known as Adam (@Rhynotic) and Teto (@tetonotsorry), who say the project is self-funded. Its name plays on the "real world assets" label attached to Collector Crypt's tokenized trading cards.
Top Ethereum protocols by 24-hour revenue
RankProtocolCategoryRevenue (24h)1SkyCDP$464,3032Fake World AssetsNFT gacha$167,8693AaveLending$105,2824UniswapDEX$76,0285Ethereum (ETH burned)Chain$74,8086LidoLiquid staking$74,7557Titan BuilderBlock builder$61,0348ether.fiRestaking$54,781Source: DefiLlama, July 28, 2026.
NFT DepositsUsers deposit ETH-backed NFTs into the protocol, and purchasers pay to pull a randomized item from the pool, with pricing that fluctuates based on the ETH backing each asset. A purchaser can keep the NFT or sell it back for most of its ETH backing — 85%, with the remainder retained by the protocol. Randomness comes from Chainlink VRF, and the deposited pool has grown past 1,500 NFTs, including CryptoPunks as top-tier prizes.
The protocol also runs what it calls a "loss-to-earn" mechanism: depositors whose assets get pulled by other users are compensated through token emissions and fee distributions, an incentive to keep the pool stocked. FWA token emissions run daily for the first 15 days after launch, with 1% of supply going to purchasers and 1% to depositors each day.
The Solana incumbentCollector Crypt has led the onchain gacha category since launching the feature in December 2024, converting authenticated physical Pokemon and other trading cards into NFTs on Solana.
Users spent over $209M on its packs in June alone, roughly two-thirds of the category's record $324M month, and the platform crossed $50M in cumulative revenue in mid-June. Its CARDS token listed on KuCoin on July 9, and Solana DEX aggregator Jupiter launched a gacha product powered by Collector Crypt's infrastructure on July 13.
Clear Creek Financial Management v 13F přiznala expozici vůči Bitcoin, ETH, XRP a SOL ETF. Největší pozici má v Bitwise Bitcoin ETF za 9,69 milionu USD.
Clear Creek Financial Management, a Wall Street investment advisory firm with over $1.5 billion in assets under management (AUM), has revealed its crypto ETF investments. It has products pegged to Bitcoin (BTC), Ethereum (ETH), XRP and Solana (SOL) in its latest filing of Form 13F with the U.S. Securities and Exchange Commission (SEC).
Wall Street Firm Discloses Bitcoin, ETH, XRP, SOL Holdings The filing reflects the firm’s biggest crypto investment as the Bitwise Bitcoin ETF. It holds 304,155 shares, which valued at $9.69 million at the close of the reporting period. Clear Creek also held shares in the iShares Bitcoin Trust ETF, holding $477,412 worth of the fund, and the Grayscale Bitcoin Trust ETF, which has $248,539 worth of holdings.
Ethereum was also the second largest allocation of the firm’s crypto ETF. The filing revealed 337,162 shares of the Bitwise Ethereum ETF valued at $3.80 million. It also had 14,336 shares worth $170,455 of the iShares Ethereum Trust and 21,374 shares of the Grayscale Ethereum Staking ETF, valued at $321,251.
In addition to the two biggest cryptocurrencies, Clear Creek also had stakes in XRP and Solana ETFs. According to the filing, the firm held 11,621 shares of the Bitwise XRP ETF, which currently have a value of $135,501.
The investment manager stated he had 11,258 shares of the Bitwise Solana Staking ETF with a value of $112,693 in addition to 28,144 shares of the Grayscale Solana Staking ETF valued at $155,636 worth.
The filing comes as institutional interest in crypto ETFs expands. Moreover, the latest 13F filing reveals that Clear Creek Financial Management has a crypto strategy beyond Bitcoin and Ethereum as it is also holding XRP and Solana investment products.
Ztráty z kryptohacků v 1. pololetí 2026 přesáhly 1 miliardu USD, přičemž Blockaid zaznamenal 212 bezpečnostních incidentů za šest měsíců. Největší ztráty zasáhly Ethereum s asi 332 miliony USD a Solanu s 326 miliony USD.
Crypto losses topped $1 billion in the first half of 2026 as the industry recorded its highest number of hacks in a six-month period, according to onchain security platform Blockaid.
Ethereum and Solana recorded the largest losses from incidents affecting their networks, with roughly $332 million and $326 million in stolen funds, respectively, Blockaid said in its H1 2026 security report published Tuesday.
Blockaid tracked 212 security incidents during the period, with the largest single exploit coming from KelpDAO at $292 million, while the platform verified 3.4 times as many high-threshold exploits in H1 2026 as across all of 2025.
Code exploits drove Ethereum incidents, while breaches of keys and signing infrastructure accounted for most Solana losses, according to the report.
Ethereum losses reflected the risks of high-value protocolsEthereum incurred the highest losses from incidents in H1 2026, with attackers primarily targeting vulnerabilities in applications built on the network.
Blockaid said code exploits dominated Ethereum incidents by count, with major losses also linked to key compromises involving Humanity Protocol and StablR. CoWSwap, an Ethereum-based decentralized exchange, was the only major Ethereum incident in the report classified as a user mistake.
Blockchain losses by network in the first half of 2026. Source: Blockaid.
Blockaid identified several common attack methods targeting Ethereum, including bugs in bridges and smart contracts, unauthorized access to privileged accounts and market manipulation techniques.
The report said Ethereum remains a major target because it hosts many of the crypto industry’s most valuable applications, including restaking platforms, stablecoins and decentralized exchanges.
Solana losses surged as attackers shifted focusSolana incurred nearly as much in losses as Ethereum during the first half of 2026, a sharp increase from the roughly $127 million in stolen funds the network recorded during 2025.
“2025 had $2.58 billion lost across 63 incidents, concentrated in Q1 by Bybit’s $1.5 billion, with Ethereum and Arbitrum the top chains by stolen-fund flow,” Blockaid CEO Ido Ben-Natan told Cointelegraph.
Blockchain losses by network in 2025. Source: Blockaid.
The change did not stem from a rise in smart contract exploits. Instead, compromised keys accounted for more than 98% of Solana’s losses, driven largely by incidents involving Drift Protocol and Step Finance, which Blockaid linked to North Korea-linked cyber groups.
Unlike Ethereum, where attackers primarily exploited vulnerabilities in protocol code, Solana incidents targeted signer infrastructure and organizational security, while a handful of code exploits involving Raydium and Volo accounted for the remaining losses.
Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Morgan Stanley Investment Management spustila dvě nová ETP: Morgan Stanley Ethereum Trust (MSSE) a Morgan Stanley Solana Trust (MSOL). Sledují výkonnost ETH a SOL.
According to The Wall Street Journal, Morgan Stanley Investment Management today announced the launch of two new Exchange-Traded Products (ETPs): the Morgan Stanley Ethereum Trust (MSSE) and the Morgan Stanley Solana Trust (MSOL). Each product is designed to track the performance of ETH and SOL, the native digital assets of the Ethereum and Solana blockchains respectively. The launch of MSSE and MSOL marks Morgan Stanley’s further expansion of its crypto asset investment product portfolio, providing institutional and individual investors with additional avenues to participate in the digital asset market via traditional financial channels.
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Spotové ETF na Ethereum v USA přilákaly za týden 20.–24. července čisté přílivy ve výši 103,90 mil. USD, tedy zhruba trojnásobek oproti Bitcoin ETF s 33,79 mil. USD.
U.S. spot Ethereum exchange-traded funds attracted $103.90 million in net inflows for the week of July 20–24, outpacing Bitcoin funds by a factor of roughly three, according to data reported by SoSoValue. The weekly total for Bitcoin ETFs was $33.79 million.
The flow divergence caps a volatile week for Bitcoin funds. After three consecutive sessions adding $227 million, $203 million, and $69 million respectively, Bitcoin ETFs saw $225 million and $240 million in outflows on Thursday and Friday, erasing most of the week's gains. Ethereum funds, by contrast, held relatively steady across all five sessions.
The flow picture for the week masks a more important pattern. This is now the third time in 2026 that Ethereum ETF weekly inflows have exceeded Bitcoin ETF weekly inflows. A similar divergence occurred in mid-July, when ETH funds took in $105.44 million against BTC funds' $75.67 million, and in April, when Ethereum funds recorded $187 million in weekly inflows during a period when Bitcoin funds posted $325.8 million in single-day outflows.
Within Bitcoin funds, the flow picture is not uniform. BlackRock's IBIT saw $95.5 million in outflows for the week, while the Bitcoin Mini Trust from Grayscale added $85.8 million and ARKB added $78.1 million. The rotation among Bitcoin ETF products—rather than outright outflows from the category—suggests some institutional allocators are redistributing Bitcoin exposure across fund issuers while simultaneously adding Ethereum exposure.
Ethereum ETFs have now accumulated approximately $11.68 billion in net inflows since launch, according to CoinDesk citing Artemis. Bitcoin ETFs remain in net outflow territory year-to-date, down approximately $4.76 billion for 2026 despite the recent inflow streak.
The flow data is consistent with allocator commentary noting that Ethereum's appeal extends beyond price exposure. Research published by BRN has characterized July as a "repair phase" for crypto markets rather than a breakout, with institutional demand remaining cautious but selectively directed toward Ethereum on expectations of network activity, stablecoin infrastructure, and corporate treasury use cases.
Hyperliquid-protocol wrapper funds – marketed under the HYPE ticker – posted a second consecutive weekly outflow of $8.61 million, bringing total assets down approximately 18% from their July 10 peak. The outflows reflect persistent competition from low-cost crypto ETFs, which offer exposure to digital asset markets at a fraction of the fee complexity of native protocol tokens.
Bloomberg ETF analyst Eric Balchunas has noted that spot crypto ETFs charging a few basis points represent a structural challenge to exchange business models that rely on higher-margin token trading.
ETFs are a nightmare for high margin intermediaries. You can get all the coins now via ETF for trading fee of 1-3bps. Crypto exchanges can’t compete w that.
— Eric Balchunas (@EricBalchunas) July 26, 2026 The data challenges any simple narrative about institutional crypto allocation. Bitcoin funds are not uniformly losing ground – three-week inflow streaks and mid-week totals show genuine demand. But Ethereum's consistent outperformance across distinct periods in 2026 points to a more deliberate allocator preference that is not fully explained by price movements alone.
Lido spustilo největší upgrade od roku 2023 a začalo migrovat více než 8 milionů ETH, zhruba za 16,5 miliardy USD, na architekturu Curated Module v2. Změna má zhruba o třetinu snížit počet validátorů Etherea.
@LidoFinance has launched its largest protocol upgrade since 2023, beginning the migration of more than 8 million $ETH, worth roughly $16.5 billion, to its new Curated Module v2 (CMv2) architecture. The move, which the Lido DAO approved on July 23, 2026 following audits and testnet trials, represents a fundamental restructuring of how the dominant liquid staking protocol manages its validator infrastructure.
What Is Changing and Why The upgrade is a direct response to Ethereum's Pectra hard fork, activated in May 2025. Pectra introduced 0x02 validators via EIP-7251, raising the maximum effective balance per validator from 32 ETH to 2,048 ETH, enabling large operators to consolidate hundreds of smaller nodes into a far leaner set. Lido is now doing exactly that at scale.
Before the upgrade, Lido needed a massive fleet of validators to manage its position as the dominant liquid staking provider, with each capped at 32 ETH. CMv2 allows those validators to be folded together. The migration will consolidate over 265,000 validators and is expected to take months, paced by Ethereum's activation queue.
The network-level effects are significant. The shift is expected to cut Ethereum's total validator count by about one third and reduce attestation messages by roughly 29% per epoch, easing load on the consensus layer without directly affecting gas fees or transaction speeds. Lido controls a substantial share of all staked ETH, which means its infrastructure decisions carry consequences for the entire network.
New Accountability Requirements for Node Operators Beyond the technical consolidation, CMv2 introduces a meaningful governance change. For the first time in Lido's five-year history, operators in the curated module will be required to back their performance with locked ETH bonds, adding financial penalties to a system that previously relied on reputation and track record. All 34 curated node operators are expected to complete the migration under the new framework.
Under CMv2, these bonds cover risks including slashing, execution layer reward violations, and operational failures. Lido also noted a minor yield impact: the protocol estimates the migration will reduce annual staking yield by approximately 0.28%, with losses only likely during the brief transition window before balances land on new validators. Holders of stETH do not need to take any action.
Looking further ahead, Lido has flagged a later phase, expected around Q1 2027, that would introduce a marketplace where operators compete for stake based on fees and performance.
Sources:
CoinDesk: Lido Begins Moving $16.5 Billion in Staked Ether
The Block: Lido Begins Consolidating $16 Billion Worth of Staked ETH
Bitcoin.com News: Liquid Staking Giant Lido Moves 8 Million ETH Onto New Validators
Ethereum přilákalo za posledních 24 hodin zhruba 83 milionů USD hrubých přílivů kapitálu, čistý příliv činil 58,5 milionu USD. Zároveň objem na DEXu za týden klesl o více než 23 %.
Ethereum is attracting a new wave of investment, signaling renewed optimism among investors, even as some on-chain indicators reveal underlying weaknesses. Network activity remains robust and user engagement holds steady, but decentralized exchange trading volumes and stablecoin liquidity are showing clear signs of decline.
Fresh capital fuels Ethereum networkRecent data from Artemis shows that Ethereum recorded approximately $83 million in gross capital inflows within the past 24 hours, with net inflows amounting to $58.5 million after accounting for fund withdrawals. Positive net flows are typically interpreted as investors adding more funds to the network than they are removing.
While increased capital inflows can reflect rising confidence, they do not necessarily lead to immediate price gains. Sustained inflows over extended periods are generally considered a sign of market faith in the asset’s long-term prospects.
Ethereum has also maintained consistent network fee generation, indicating active usage on the blockchain—whether through asset transfers, trading, or interaction with decentralized applications.
According to DefiLlama, Ethereum continues to dominate the decentralized finance sector, with total value locked (TVL) exceeding $40 billion and a stablecoin market cap around $149 billion. These figures keep Ethereum ahead of other smart contract platforms.
Ethereum’s strong capital inflows, large DeFi presence, and steady network fees point to underlying strength, but the weaker trading and liquidity metrics highlight investor caution.
MetricCurrent ValueChangeCapital inflows (24h)$83 millionIncreaseTVL$40 billionStableStablecoin market cap$149 billionDecliningDEX volume (weekly)–Down 23%Mini dictionary: TVL (Total Value Locked), a metric representing the total value of assets deposited in decentralized finance protocols, is used as a gauge of network activity and DeFi adoption.
Network health remains strongDespite the network’s price struggles, Ethereum’s blockchain activity has been consistently high. Daily transactions have remained above 2 million for much of the year, reflecting persistent user reliance. Within the past day, Ethereum processed about 2.36 million transactions with over 560,000 active addresses, according to DefiLlama data.
Developer engagement also continues, with many leading decentralized finance protocols, real-world asset tokenization projects, and stablecoins still operating primarily on Ethereum. This activity helps solidify Ethereum’s role as the top smart contract platform.
Many long-term investors see sustained blockchain usage as a stronger indicator of network health than short-term price fluctuations, as it points to ongoing adoption and utility.
DEX activity and stablecoin liquidity declineTwo key metrics, however, paint a less optimistic picture. Trading volume across Ethereum-based decentralized exchanges (DEXs) has diminished sharply, falling more than 23% in the past week. This decline implies reduced trading demand and less speculative participation in decentralized finance markets.
Stablecoin supply on Ethereum has also decreased, with the current value holding at $149 billion. Ongoing weekly drops suggest shrinking liquidity for lending and trading within the DeFi ecosystem.
Despite robust capital inflows and steady network activity, Ethereum’s falling DEX volumes and declining stablecoin liquidity reveal that broad-based momentum has yet to materialize across the ecosystem.
Mini dictionary: DEX (Decentralized Exchange) is a platform on which users trade cryptocurrencies directly on the blockchain without a central authority, providing increased transparency but sometimes lower liquidity compared to centralized exchanges.
Mixed signals for ETH price outlookWhile capital is flowing in and transaction activity remains high, subdued DEX trading and a declining stablecoin balance indicate that many market participants are still hesitant. These dynamics help explain why the price of ETH has yet to respond fully to positive developments across some network metrics.
Current trends suggest that Ethereum is undergoing a rebuilding phase rather than entering a straightforward rally. A reversal in DEX volume and stablecoin liquidity would be needed to broaden the recovery and establish a stronger foundation for ETH price growth.
Ongoing weakness in trading and liquidity could limit Ethereum’s ability to mount a sustained recovery, even as core network activity signals underlying resilience.
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.
BitMine za týden koupila 9 946 ETH za zhruba 19,4 milionu USD a navýšila své držby na 5 787 414 ETH. Tím kontroluje asi 4,8 % nabídky Etherea a je na 96 % cíle 5 %.
BitMine Immersion Technologies acquired 9,946 ETH worth approximately $19.4 million over the past week while repurchasing 6.1 million shares of its common stock.
The purchase increased BitMine’s holdings to 5,787,414 ETH, valued at approximately $11.3 billion based on an ETH price of $1,948 as of July 26. The company now controls about 4.8% of Ethereum’s total supply and has reached 96% of its target to own 5% of all ETH.
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BitMine also increased its weekly share repurchases from 5.5 million shares to 6.1 million. The company has bought back 11.6 million shares since July 1 under its previously authorized $4 billion repurchase program. The company did not disclose the amount spent on the latest purchases.
Chairman Tom Lee said BitMine accelerated the buyback as the rising ETH to Bitcoin ratio indicated strengthening crypto prices. BitMine has continued purchasing ETH every week since launching its Ethereum treasury strategy in June 2025.
The company has staked 4,917,189 ETH worth approximately $9.6 billion. BitMine projects that its current staked position could generate $254 million in annualized staking revenue. Its combined crypto holdings, cash, securities and strategic investments were valued at $11.8 billion.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Solana přilákala čisté přílivy ve výši asi 552,6 milionu USD a předstihla ostatní sítě, zatímco Ethereum a Arbitrum kapitál odčerpávají. Síť zároveň hlásí TVL ve výši 4,9 miliardy USD a 1,7 milionu denních aktivních adres.
Competition for on-chain liquidity continues to intensify. However, ecosystems with greater utility continue to attract more capital.
Recent cross-chain flows show Solana [SOL] attracting roughly $552.6 million in net inflows, outpacing all other competing networks.
Ethereum remains the largest source of outgoing capital, while Arbitrum [ARB], Base, BNB Chain, and Tron [TRX] also direct liquidity toward Solana. These migrations indicate users find value in a network providing multiple use cases versus a single purpose.
Source: X Robinhood Chain may lead tokenized-equity DEX volume, although that advantage remains limited to one niche. In contrast, Solana maintains $4.9 billion in TVL, $16.4 billion in stablecoins, over 1.7 million daily active addresses, and $1.1 billion in DEX volume.
Together, those metrics reinforce stronger network effects and sustained capital attraction.
Can buyers regain control above key resistance? While the Solana ecosystem continues to be attractive for investors, no one in the market has been able to translate this attraction into a breakthrough
After rebounding from $73.23 to nearly $80, profit-taking emerged near the 38.2% Fibonacci level at $79.80, slowing the recovery. Even though sellers were unable to take out the support at $75.52, they did establish a new high and thus prevented the price from revisiting the July lows.
Source: SOL/USD on TradingView This indicates that there is a gradual absorption of selling by the buyer’s side as opposed to aggressive buying. At press time, SOL was trading within a very tight range around $76.46, reflecting a temporary balance between demand and supply.
A close above $77.32 would suggest fresh capital is translating into stronger conviction, whereas losing $75.52 would indicate sellers have regained short-term control.
Consumer spending reinforces Solana’s growth While capital inflows and improving price action point to growing confidence, payment activity suggests that confidence is increasingly translating into real-world usage.
Monthly crypto card top-ups climbed steadily through 2025 before accelerating sharply in 2026, reaching a record $94.32 million in May.
Crypto card top-ups in terms of monthly volumes increased steadily through 2025 prior to an acceleration in growth in 2026. The peak was reached at a record $94.32 million in May.
Although volumes eased after that month, they remained above $70 million, indicating users were continuing to spend on the network and not abandoning it.
KAST still processes most transactions, yet other providers are gradually expanding their share.
Source: X The broader participation helps reduce reliance on one platform and hence strengthens the payment ecosystem.
Most importantly, consumer spending is rising, which indicates Solana’s growth is no longer driven primarily by trading and DeFi. Instead, users are increasingly relying upon the network for daily transactional use, reinforcing broader adoption and supporting long-term demand within the ecosystem.
Lido spustilo Core upgrade s Curated Module v2, který zavádí nativní podporu validátorů typu 0x02, bondy a penalizace i jednodušší governance. Současně se mění Community Staking Module a Simple DVT Module se 72 regular clustery se postupně ukončuje.
TLDR:Lido Core continues to evolve alongside Ethereum. This upgrade introduces major improvements across its staking modules, strengthening protocol health and sustainability, improving alignment with Ethereum's roadmap, while advancing decentralization that benefits both Lido and the broader ecosystem.
Curated Module v2 introduces native support for 0x02 validators, bonding and penalty mechanisms, operator classification, and streamlined governance. It will gradually replace the legacy Curated Module as stake migrates to the new module.Community Staking Module expands permissionless participation with the new Identified DVT Cluster (IDVTC) operator type, alongside technical improvements that make the module more reliable and operator-friendly.Simple DVT Module refines to improve its long-term economic and operational sustainability. No action is required from stakers. The upgrade is handled entirely at the protocol level.
About Lido CoreLido Core is the main liquid staking infrastructure of the Lido protocol, where user-deposited ETH is algorithmically allocated to validators run by a diverse set of both permissioned and permissionless Node Operators (NO) through various Staking Modules. The term was established to distinguish the protocol’s foundational architectureーa single pooled modelーfrom new modular staking primitives (stVaults) launched as a part of Lido V3.
Isidoros Passadis, Chief of Staking at Lido Labs Foundation Curated Module v2: Evolving the Largest Lido Staking ModuleThe Curated Module has been the cornerstone of the Lido validator set since the protocol launched in 2020, securing around 90% of all staked ETH in Lido Core as at July 2026. As Ethereum staking continues to evolve, Lido contributors continue advancing the modules to keep Lido Core aligned with Ethereum's roadmap while ensuring long-term protocol sustainability.
Curated Module v2 (CMv2) is the next major step in that evolution, introducing the market-driven operator economics framework, streamlined operations, new mechanisms and dedicated Node Operator types that empower operators to strengthen Ethereum's decentralization.
To ensure smooth adoption the new module will be introduced in two phases:
Phase 1: Core structural changes, including native 0x02 validators support, operator classification and improved incentive alignment, bond-based security and penalty mechanisms, and lower governance friction. Phase 2: Flexible stake distribution mechanism, custom fees, and a strike system. 0x02 Native SupportThe Pectra upgrade introduced 0x02 Withdrawal Credentials (WC) and consolidations, enabling validators to increase their maximum effective balance from 32 ETH to 2,048 ETH. The Lido protocol initially introduced 0x02 with the launch of stVaults in December 2025. Learn more about this novel modular staking primitive here.
Now, Curated Module v2 brings that capability to Lido Core largest staking module. This enables the migration of more than 265,000 existing Curated Module validators from legacy 0x01 WC to 0x02 through validator consolidations.
Curated validator migration will nearly double the share of ETH secured by compounding validators, increasing it from 32.06% to 52.21%. At the same time, it will reduce the total number of validators across the Ethereum network by roughly one third, from approximately 880,000 at the time of writing to ~628,000 post consolidations (not accounting for new validators that may join the network, or other consolidations).
By reducing the number of validators, this migration is expected to meaningfully lower network congestion and Consensus Layer overhead specifically, while further aligning the Lido protocol with Ethereum's roadmap. Once completed, it should bring down the number of attestation messages across the network by approximately 29% each epoch.
Node Operator TypesRather than applying a one-size-fits-all model, CMv2 introduces operator classification that better reflects the diversity of Curated Node Operators.
The new Node Operator Type Framework enables recognition of different levels of contribution to protocol growth, infrastructure resilience, Ethereum public goods and decentralization.
These types include:
Decentralization Operators — entities that run Ethereum nodes across underrepresented geographies and diverse infrastructure and client combinations;Extra Effort Operators — operators contributing additional value to the protocol beyond validator operations: through capital participation, service roles (such as the Lido Oracle or Deposit Security Committee), and governance alignment through LDO holdings and voting activity.Public Good Operators — entities meaningfully involved in building and maintaining core Ethereum Consensus and Execution Layers (CL and EL) client software. These contributions are now reflected in the Curated Module v2 incentive structure, helping ensure that both the Lido protocol and Ethereum continue to thrive together.
This framework formalizes an approach Lido DAO has been following for years, supporting Ethereum client teams and public-good builders through participation in the Curated Module and LEGO grants. To help sustain development of CL and EL clients, seven client teams were onboarded as Curated Node Operators. As of July 1, 2026, they have collectively received 8,710 stETH (~$21 million) in cumulative rewards for operating validators on behalf of Lido stakers.
Beyond CL and EL development support, improving client, geographic, and infrastructure diversity has remained a sustained focus for contributors and Node Operators since the Merge. Coordinated efforts have steadily reduced the protocol’s reliance on any single client, geographic region, or cloud provider, contributing to a more resilient and decentralized Ethereum network.
By fostering balanced usage, Lido continues to strengthen Ethereum’s overall health and network resilience. Explore the Validator and Node Operator Metrics (VaNOM) dashboard, which provides a detailed view of the progress made over the past five years.
Bonding And Penalty MechanismsThe legacy Curated Module was built on trust, relying on operator reputation as a primary guarantee of alignment and reliability. Curated Node Operators were expected to perform to a high standard and compensate stakers and the protocol if losses arose.
As the staking ecosystem matures, Curated Module v2 advances this alignment by introducing ETH-backed bonding and Penalty Framework that enable coverage in cases of operator underperformance, operational downtime, slashing, or EL rewards violations.
Rather than replacing the existing reputation-based model, CMv2 complements it with new bond-based security and accountability mechanisms, better aligning operators’ behavior with stakers and strengthening Lido Core robustness.
Streamlined Governance And Simplified NO ManagementThe current CM design requires on-chain votes even for routine administrative changes, such as updating an operator address. This increases operational overhead and can delay responses to time-sensitive matters.
Curated Module v2 streamlines governance by permissioning routine operational updates and administrative tasks to Node Operators and the Curated Module Committee (CMC) respectively. The DAO retains authority over the composition of the Node Operator set and parameters related to Node Operators and can override or veto changes when necessary.
This approach reduces DAO overhead and reliance on off-chain coordination, while maintaining the security and oversight.
Aleksandra Gusakova, Lido Core Product Lead at Lido Labs Foundation Lido CSM v3Following 1.5 years of real-world battle-testing, the Community Staking Module has proven itself as a highly scalable and reliable permissionless staking avenue. Today, it stands as the largest alternative to vanilla solo staking in the ecosystem, securing over 770,000 staked ETH across estimated 335 active operators, representing roughly 8.5% of Lido TVL and 1.9% of the total network stake.
However, the evolution of Lido’s permissionless staking continues. As part of the Lido Core upgrade, CSM is evolving to become even more resilient and operator-friendly. Alongside several under-the-hood technical optimizations, here are the primary new features that CSM v3 brings to permissionless operators:
Identified DVT Clusters (IDVTC): This new Node Operator type creates a third pathway alongside the default and Identified Community Staker (ICS) options to utilize CSM. IDVTC empowers independent community stakers to run distributed validators via Obol or SSV using the most optimized parameters available in CSM to date:Bond Requirements: A low 1.5 - 0.5 ETH bond per key.Estimated Capital Efficiency: Up to 3.1x compared to solo staking. To learn more about IDVTC and compare all available options, check out lido.fi/csm.
Native Node Operator Reward Splitting: Node Operators can now configure multiple destination addresses to receive rewards, each with customized proportions. This native splitter provides a seamless experience for operators who need to distribute rewards across various individuals or entities. For example, a group running validators as an IDVTC can now manage reward allocations to individual cluster members directly via the CSM widget.Agile Governance for Permissionless Staking Share Limit: To allow the protocol to promptly react to market demand and scale permissionless staking capacity, traditional Aragon governance has been replaced with Easy Track. This enables faster increases to the module’s staking share limit. Simple DVT Module: What's ChangingFollowing the recent Snapshot vote, the 72 regular clusters in the Simple DVT Module (SDVTM) have been wound down.
The Simple DVT Module played a pivotal role in advancing Distributed Validator Technology (DVT) adoption across both Lido and the broader Ethereum ecosystem. It allowed significant expansion of the number of participating Node Operators in Lido Core by more than 300, making Lido's validator set substantially more diverse and decentralized.
Operators from the wound-down clusters have a pathway to continue validating through Lido through the Community Staking Module (CSM) in one of three ways:
Default permissionless path.ICS: Existing SDVTM solo and community stakers are eligible to claim ICS status if they choose to continue as solo operators.IDVTC: Regular cluster participants, wishing to continue running DVT, can form new clusters. Compared with the Simple DVT cluster model, this approach allows operators to self-organize, and, in certain configurations, receive more favorable economic incentives than other CSM operator types. On top of this, the Lido DAO approved a grant framework to recognize the contributions of operators that participated within the Simple DVT regular clusters. Grant details can be found in the Research Forum post.
Super ClustersSuper Clusters, which consist of Advanced Node Operators and members of the Curated Module running larger validator sets, are not affected by this change. They continue operating as planned until the originally approved wind-down date.
Their longer-term future, including a potential migration to another staking module or an earlier wind-down, will be evaluated separately based on market conditions and future governance decisions.
What's NextThe new Curated Module v2 is now live, and the stake migration from the legacy Curated Module will start soon. Given the current Ethereum activation queue of more than 40 days, this process will take time. The CM will remain available as a fallback and will gradually be wound down as stake migrates to CMv2.
The Identified DVT Clusters operator type is also live, and the first eligible operators can claim the type. Applications for the next IDVTC assessment round close on September 21, while applications for the Identified Community Staker status close on September 7, giving prospective operators time to prepare their applications and cluster formation. Apply for ICS and IDVTC here. For all upcoming application deadlines through the end of 2026, see the full assessment calendar on the Research Forum.
Looking AheadCurated Module v2: Phase 2. With the foundations now in place, Lido contributors will continue preparing the second phase of CMv2. It will introduce mechanisms that move Lido closer to a market-driven staking model, where stake can flow dynamically between Node Operators based on transparent parameters such as fees, performance, and contributions to the ecosystem. Follow the discussion on the Research Forum to stay up to date with the latest proposals and development progress.0x02 CSM. While this specific upgrade does not introduce permissionless 0x02 validator support within the current iteration of the CSM, the v3 codebase natively supports the credential type. The Lido DAO has approved the launch of a dedicated module (0x02 CSM), targeted for Q4 2026, designed specifically to enable permissionless node operators using 0x02 withdrawal credentials. This new module will run alongside the existing CSM instance, offering operators full flexibility to choose their preference. To dive deeper into the solution, read the full 0x02 CSM Landscape.
Spotové ETF navázané na Bitcoin, Ethereum, Solanu a XRP přilákaly za týden více než 152 milionů USD v čistých přílivech. Nejvíc přispěl Bitcoin, zatímco Solana a XRP dál postupně sbírají kapitál.
Spot ETFs tied to Bitcoin, Ethereum, Solana, and XRP collectively attracted more than $152 million in net inflows during the week of mid-July 2026. Bitcoin did the heavy lifting, as usual, but the quieter story is the steady capital trickling into newer products like Solana and XRP funds.
On July 21 alone, Bitcoin spot ETFs pulled in $203.2 million. Ethereum followed with $37.5 million, while Solana and XRP added $5.8 million and $5.66 million respectively, according to data tracked by SoSoValue.
Bitcoin still dominates, but the field is widening Bitcoin has had a spot ETF since 2024, giving it a massive head start in accumulating assets under management. Ethereum launched its own spot product the same year. Together, they account for the overwhelming majority of crypto ETF capital.
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Solana spot ETFs have now amassed over $1.14 billion in total inflows as of late July 2026.
XRP spot ETFs tell a similar story. Since launching in November 2025, these funds crossed $1 billion in cumulative inflows by the end of December 2025. The fact that positive inflows have continued well into 2026 suggests this wasn’t just a launch-day sugar rush.
What this means for investors Solana’s $1.14 billion in cumulative inflows positions it as a legitimate institutional-grade asset.
XRP’s rapid accumulation of over $1 billion in its first two months was notable in its own right. The token has historically carried regulatory baggage, but the existence of an approved spot ETF effectively signals that the regulatory cloud has cleared enough for major asset managers to participate.
The daily numbers fluctuate considerably, as the gap between Bitcoin’s $203.2 million single-day haul and Solana’s $5.8 million illustrates.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Polymarket dává Etheru jen 6% šanci na nové ATH do 31. prosince 2026 a 17% šanci překonat 3 000 USD do konce 2026. Přesto ETF a staking dál stahují nabídku z burz.
Is Ethereum just going through a simple consolidation phase or have investors already turned the page? While the crypto market watches for the slightest sign of a rebound, prediction platforms like Polymarket display a pessimism rarely seen towards the sector’s second largest capitalization. Having returned around 1,880 dollars after a brief passage above 1,950 dollars, ETH remains above its late June low at 1,510 dollars, without convincing. This gap between a still solid network and a degraded market sentiment raises the question: how far can distrust go?
In brief Polymarket bettors give Ether only a 17% chance of crossing the 3,000 $ threshold by the end of 2026, even hesitating between a return to 1,000 $ and a rebound towards 3,000 $. With a price hovering around 1,880 $, at 62% of its August 2025 high (4,946 $), the probability of breaking this record this year is estimated at only 6%. ETH stocks on exchanges fall to a historically low level of 15.1 million tokens, reinforced by more than 33.6% of the monetary mass locked in staking. Despite these solid fundamentals, the rise in US bond rates weighs on risk assets and temporarily blocks the price rebound below the 1,900 $ resistance. Ethereum: here is what Polymarket and Kalshi contracts reveal Traders operating on the Polymarket and Kalshi platforms are currently betting millions of dollars on the trajectories of Ethereum prices by the end of the year, showing blatant pessimism. The numerical data from these derivative financial markets perfectly illustrate the suspicion of speculators :
A balanced arbitrage between 1,000 $ and 3,000 $ : on Polymarket, the contract “Will Ethereum hit 1,000 $ or 3,000 $ first?” cumulates 95,300 $ in volume and values the 1,000 $ option at 54% against 50% for the 3,000 $ scenario ; Diving probabilities beyond 2,500 $ : the general market “what price will Ethereum reach in 2026?” gathers nearly 9 million dollars. While giving an 83% chance to reach 2,000 $ and 56% to touch 2,500 $, the 3,500 $ hypothesis falls to 12% and the 5,000 $ falls below 4% ; A fall to 1,500 $ favored : this scenario represents the largest share of the event with 1.86 million dollars in volume and 47% odds granted ; Almost exclusive new all-time highs (ATH) : a 2.3 million dollar contract gives only a 6% chance of beating the absolute record by December 31, 2026 (and 1% by September 30). The August 2025 ATH set at 4,946 $ is 62% above the current price of 1,860 $ ; The parallel diagnosis from Kalshi : the contract “how high will Ethereum get this year?”, settled on the CF Ethereum Real Time Index (expiration on January 1st, 2027), sets the chances of an ETH above 3,500 $ at 15%, above 3,750 $at 12% and above 4,000$ at 10%. All these options on Polymarket are rigorously based on ETH/USDT pair data on Binance and expire on December 31, 2026. The resolution condition for a new ATH requires surpassing each candle summit recorded since December 16, 2025. Moreover, the significant gap between these dates shows how much bettors doubt a short-term bullish breakout.
Institutional accumulation and drying up of reserves While speculation is faltering on derivative markets, the acquisition dynamics of major economic players and the token holding structure describe a radically different reality. Spot Ethereum ETFs have recorded between 72 and 73 million dollars in net daily inflows in recent sessions, driven by BlackRock’s ETHA fund and Fidelity’s FETH, pushing the total cumulative inflows beyond 11 billion dollars. Meanwhile, Bitmine Immersion Technologies, the largest corporate ETH holder, has boosted its treasury to reach about 5.78 million coins, or nearly 4.8% of circulating supply, while making acquisitions aimed at reaching its 5% target.
This constant buying pressure is accompanied by a marked drying up of available reserves on centralized exchange platforms. Stocks on exchanges have fallen to a multi-year low near 15.1 million ETH, a sharp drop compared to the more than 21 million recorded a year earlier, with more than 658,600 coins valued over 1.2 billion dollars leaving platforms like Gemini and Bitfinex over recent weeks. Moreover, token locking intensifies, with nearly 33.6% of the total Ether supply now engaged in staking, while exit queues for validators drop toward zero, confirming long-term asset retention.
The Glamsterdam update and the macroeconomic context On the technological side, the protocol’s development schedule follows its roadmap without major obstruction with the preparation of the Glamsterdam update, still planned for the second half of the year. This major deployment targets activation on the mainnet between September and October, subject to validation of public tests, and will introduce ePBS (enshrined proposer builder separation) as well as a redesign of access lists at the block level to allow parallel transaction execution. Thus, this upgrade will come with an increase of the gas limit floor to 200 million, extending the efficiency gains of layer two solutions where average fees now hover around 0.8 cents of a dollar.
However, this technical strength bumps against a heavy overall financial environment that blocks token valuation. The recent price drop fits into a weakness in the crypto market, heavily pressured due to rising US Treasury bond yields which divert capital from risk assets. From a chartist analysis perspective, this context maintains immediate technical support around 1,850 $, while a stubborn resistance has formed in the zone between 1,900 $ and 1,920 $.
Ultimately, Ethereum’s current situation illustrates a clash of visions between the immediate caution of derivative markets and the structural solidity of its ecosystem. On one side, bettors apply a discount related to the macroeconomic climate and short-term uncertainty. On the other, massive institutional flows and drying up of available supply create a potential supply shock. Coming months will show if the Glamsterdam update and mechanical token scarcity will be enough to defy Polymarket’s pessimistic probabilities.
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Adjinacou Luc Jose
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Ethereum má nulovou frontu odchodu validátorů, takže žádní validátoři nečekají na odstakování ETH a výběry se zpracovávají okamžitě. To signalizuje silnější důvěru a stabilitu sítě.
The Ethereum network’s validator exit queue has recently fallen to zero, marking a significant milestone for the platform’s staking landscape. On-chain data reveals that there are currently no validators waiting to unstake ETH, allowing their exits to be processed immediately without delays or backlogs.
Validator Dynamics Reflect Growing ConfidenceThis development stands in stark contrast to September 2025, when the queue for validators wishing to exit peaked at over 2.6 million ETH. Market observers view the drop in the exit queue as an indicator of renewed trust and stability within the Ethereum proof-of-stake system.
The exit queue, also called the exit pool, monitors how many validators have requested to leave Ethereum’s network. Major validators and large staking providers—including platforms such as Lido, Coinbase, and Kiln—play critical roles in processing these requests. Many rely on liquid staking protocols, which enable users to delegate their ETH without surrendering self-custody.
Operating with a zero exit queue allows all incoming withdrawal requests to move directly to processing, staying within the protocol’s churn limit and preventing any accumulation of pending exits.
Implications for Staking and Network SecurityA zero exit queue is generally seen as a sign of minimal selling pressure from unstaking events and suggests that validators currently prefer to remain active participants on the network. Such stability helps maintain staking yields and contributes to the overall security and decentralization that institutional and retail investors seek.
For exchanges and liquidity providers offering ETH staking products, immediate processing of validator exits delivers a dependable source of liquidity. This streamlined dynamic also allows regulators to monitor validator activity and staking-as-a-service platforms with more transparency.
As the exit queue reaches zero, developers and validators observe its benefits for long-term protocol health, citing network resilience, stable returns, and support for Ethereum’s decentralized growth as key outcomes.
Against this backdrop, platforms like 1stepSwap have made it increasingly practical for users and institutions to expand their digital asset strategies. By transferring real-world assets onto the blockchain, 1stepSwap allows users to access fractions of leading U.S. stocks and commodities such as gold and silver directly through their wallets. The system’s real-time price comparison engine ensures trades are executed at the best available rates, further supporting portfolio diversification and market efficiency.
Broader Industry Context and Next StepsEthereum co-founder Vitalik Buterin recently stated that the blockchain has addressed the so-called trilemma—balancing security, scalability, and decentralization—a milestone long viewed as unattainable within the crypto sector.
Institutional adoption of ETH continues to expand, boosted by ETF inflows and the growing popularity of staking within corporate treasuries. The situation also underscores the operational contrast with other proof-of-stake networks, many of which continue to face lengthy exit backlogs for unstaking validators.
In the short term, analysts suggest that close attention should now turn to trends in the entry queue for new validators, the net growth rate of the validator set, and the upcoming Pectra network upgrade. The expansion of liquid staking token integration across DeFi platforms and the evolving ecosystem for restaking opportunities are also expected to draw increased scrutiny from both market participants and regulatory agencies.
Immediate unstaking for Ethereum validators now reshapes market sentiment around network health, supporting ongoing trends of institutional engagement and evolving staking services.
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.
BlackRock clients have reportedly sold $52.76 million worth of Ethereum, according to a social media post by @WhaleInsider. The sale appears to be linked to BlackRock’s iShares Ethereum Trust, a spot ETF facilitating ETH exposure for institutional clients. This move is not directly attributable to BlackRock’s proprietary activity but suggests a significant outflow from the ETF, which is a major institutional holder of Ethereum. Such outflows are often observed alongside broader ETF activity and can influence market dynamics, particularly given the large scale of the transaction.
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Key Takeaways The reported sale of $52.76 million in Ethereum by BlackRock clients suggests a substantial institutional outflow, potentially impacting market sentiment. Current market odds for Ethereum dropping to $1,300 in July remain low, indicating limited immediate market impact from this news. Observers note that BlackRock’s iShares Ethereum Trust has previously been a significant driver of spot demand for Ethereum. What to Watch Markets will be closely monitoring any further large-scale transactions linked to the iShares Ethereum Trust, as these could indicate broader trends in institutional sentiment toward Ethereum. Additionally, any future announcements regarding inflows or outflows from major Ethereum ETFs could influence market perceptions and pricing. The impact on Ethereum’s price trajectory will also depend on broader market conditions, including regulatory developments and macroeconomic indicators.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 0.2% — — View market → August 1 2026 22.5% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market → August 1 2026 6.5% — — View market → August 1 2026 1.8% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.5% — — View market → August 1 2026 1.6% — — View market → August 1 2026 2.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market → August 1 2026 15.5% — — View market →
Americké spotové Ethereum ETF v pátek zaznamenaly čisté odlivy 70,62 milionu USD a ukončily pětidenní sérii přílivů. Za týden ale stále přidaly 103,9 milionu USD.
US-listed spot Ethereum exchange-traded funds (ETFs) logged $70.62 million in net outflows on Friday, ending a five-day inflow streak.
Ethereum funds saw $211.25 million in net inflows over the previous five sessions from July 17 to Thursday, according to SoSoValue data. They still posted $103.9 million in net inflows for the week ended Friday.
Despite the outflows, Ethereum ETFs extended their weekly inflow streak to three straight and have attracted $337.74 million in net inflows so far in July.
Spot crypto ETF flows have become one of the market’s most closely watched gauges of demand for Bitcoin (BTC) and Ether (ETH) through traditional investment products.
Although other jurisdictions, including Hong Kong, have launched similar funds, US-listed ETFs account for the vast majority of assets and trading volumes.
Daily spot Ethereum ETF net flows from July 17 to July 24. Source: SoSoValue
Bitcoin ETFs also end week with outflowsThe reversal followed a similar pattern in Bitcoin ETFs, which ended a seven-day inflow streak on Thursday and recorded another $240.08 million in net outflows on Friday.
Bitcoin ETFs also extended their net inflow streak to three consecutive weeks, adding $103.90 million during the week ended Friday and $233.96 million so far in July. They followed a record June, when $4.5 billion flowed out of the funds.
BTC traded just under $64,000 at the time of writing, tumbling from the week’s high of $66,892 on Tuesday, according to CoinGecko. ETH traded at $1,837, down from Wednesday’s weekly high of $1,954.
Japan’s crypto reforms fuel $18.4 billion Bitcoin ETF forecastFollowing Japan’s recent overhaul of its crypto regulations, which is widely viewed as laying the groundwork for future spot Bitcoin ETFs, crypto management platform XWIN estimated that a mature Japanese spot Bitcoin ETF market could reach about $18.4 billion, equal to roughly 0.13% of the country’s $14.6 trillion in household financial assets.
In an analysis posted at CryptoQuant, XWIN said the estimate assumes demand from existing crypto holders, new retail investors using brokerage accounts and institutional allocators.
The report pointed to the US market as an example, noting that spot Bitcoin ETFs excluding Grayscale’s GBTC have accumulated roughly 1 million Bitcoin, demonstrating how regulated ETF products can connect traditional finance with digital assets.
“The key is access,” XWIN said, adding that a Japanese spot Bitcoin ETF would allow investors to gain Bitcoin exposure through familiar brokerage and custody systems. It characterized the $18.4 billion figure as “an achievable upper-end market scenario.”
Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
Triple-A čelí podezřelému průlomu hot walletů s odtoky přes 9,7 milionu USD napříč několika blockchainy. Zasaženy měly být Ethereum, Solana, TRON a TON, možná i Polygon a Arbitrum. Ukradená aktiva byla následně převedena do zhruba 5 226,66 ETH.
Key Takeaways Suspicious withdrawals exceeding $9.7 million were detected from Triple-A’s hot wallets spanning several blockchain networks The breach affected Ethereum, Solana, TRON, and TON, with potential involvement of Polygon and Arbitrum The alleged attacker converted stolen assets into roughly 5,226.66 ETH and moved them to Ethereum Triple-A remains silent on whether the incident occurred and if user deposits are compromised The Singapore-based firm operates under payment licenses across the United States, European Union, and Singapore A suspected security breach targeting Triple-A, a Singapore-headquartered stablecoin payment infrastructure provider, has resulted in unauthorized withdrawals exceeding $9.7 million from the company’s hot wallets, according to blockchain security researchers monitoring on-chain activity.
⚠️ALERT: Triple-A wallets are under an apparent active exploit with over $9.7M drained.
Onchain analyst Specter has flagged suspicious outflows from Triple-A hot wallets across TRON, Ethereum, Polygon, and Arbitrum, with the stolen assets consolidated into 5,227 ETH.
Triple-A… pic.twitter.com/1RykKuPGwA
— Coin Bureau (@coinbureau) July 25, 2026
Blockchain investigator Specter initially identified the anomalous fund movements. Cybersecurity firm PeckShield subsequently confirmed the findings, with damage assessments climbing from an early estimate of $9.3 million to more than $9.7 million as additional transactions were discovered.
Assets Drained From Six Blockchain Networks The unauthorized withdrawals targeted wallets operating on Ethereum, Solana, TRON, and TON blockchains. Additional evidence suggests Polygon and Arbitrum may also have been compromised, potentially expanding the attack surface to six separate networks.
Following extraction, the stolen digital assets underwent conversion and cross-chain bridging operations before landing on Ethereum. The destination wallet contained approximately 5,226.66 ETH when security analysts flagged the activity.
Converting multiple tokens into ETH represents standard procedure following cross-chain breaches, as it simplifies the movement of disparate assets through a single, liquid cryptocurrency.
The variance between initial and updated loss figures likely stems from ongoing transfers or fluctuations in Ethereum’s market value during the incident window.
Triple-A’s Business Operations and Official Silence Triple-A delivers payment processing solutions enabling businesses to accept, exchange, and disburse funds through stablecoin rails and conventional banking channels. Its product suite encompasses point-of-sale integrations, enterprise payment systems, and international money transfers.
The firm maintains regulatory approval across multiple jurisdictions, including American, European, and Singaporean territories. It secured Major Payment Institution status from Singapore’s Monetary Authority and became part of Circle Payments Network during March 2026.
Triple-A has issued no official acknowledgment of the security incident. The company has not revealed how unauthorized access occurred, the timeline of suspicious activity, or whether client assets face exposure.
Fireblocks serves as Triple-A’s digital asset custody provider. Currently available information contains no indication that Fireblocks infrastructure suffered any compromise.
Attacker Identity Unknown, Customer Impact Unclear Security analysts have not publicly attributed the attack to any specific threat actor. No confirmed reports indicate whether the consolidated funds subsequently moved through cryptocurrency exchanges or privacy-enhancing mixing services.
Absent official disclosure or forensic analysis, this incident remains classified as a suspected hot wallet security failure rather than a verified smart contract vulnerability.
Triple-A has not announced whether it has paused deposit acceptance, withdrawal processing, or cross-blockchain transfer capabilities in response to the suspected breach.
This event occurs separately from a July 17 attack wherein an adversary generated fraudulent Solana deposit records targeting Across Protocol. That unrelated incident caused losses below $4 million after Across suspended Solana integration. No connection exists between the two security breaches.
Stakeholders await Triple-A’s official response addressing the verified loss amount, the attack vector employed, and whether the company intends to reimburse impacted users.
Arival Bank spouští platební a treasury služby v USDC pro všechny způsobilé klienty a USDT pro neamerické subjekty, s cílem zjednodušit přeshraniční platby hlavně v Latinské Americe. Konverzní poplatky začínají na 0,05 %.
Arival Bank announced the launch of stablecoin payment and treasury capabilities on July 3, 2026, with services expected to go live by mid-July. The offering supports USDC for all eligible clients and USDT for non-US entities, with conversion fees starting at just 0.05% for businesses moving into USD-denominated stablecoins.
What Arival is actually building Arival Bank operates as a recognized International Financial Entity under Puerto Rico’s regulatory framework, with full BSA/AML compliance, KYC/KYB protocols, and transaction monitoring systems.
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The platform supports transactions across four blockchain networks: Base, Polygon, Solana, and Ethereum. The target market is global SMEs, startups, and digital-native businesses that need treasury management and cross-border payment tools.
Why Latin America is the real story here Arival’s announcement specifically calls out demand from international clients, with Latin America as a key focus. A USDC transfer on Solana settles in seconds, not days. At 0.05% conversion fees, Arival is undercutting what most traditional FX services charge by a wide margin.
The bank’s approach builds on its existing partnership with Circle Alliance, the program Circle runs to expand USDC adoption through financial institutions. By integrating stablecoin capabilities with existing USD and multi-currency accounts, Arival is creating something that looks less like a crypto product and more like an upgraded version of the banking tools businesses already use.
The competitive landscape The fee structure deserves attention. At 0.05% for stablecoin conversions, for a business processing $1 million in monthly cross-border payments, that’s $500 in conversion fees versus potentially thousands through traditional banking channels.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Gemini a Bitfinex drží o 658 600 ETH méně, což při ceně kolem 1 880 USD odpovídá asi 1,24 miliardy USD. Zároveň 30denní SMA funding rate na Binance dosáhl přibližně 0,00339, což je šestiměsíční maximum a ukazuje na sílící býčí sentiment.
Ethereum (ETH) reserves are moving in different directions across major cryptocurrency exchanges.
Gemini and Bitfinex have recorded significant outflows, while Binance’s holdings have remained mostly stable, according to CryptoQuant analyst Amr Taha.
658,600 Fewer ETH on Exchanges Data shared by Taha shows Gemini’s Ethereum reserve fell to 384,400 ETH on July 24. This marks its lowest level since March 2024.
Notably, the exchange has lost about 188,600 ETH, or 32.9%, since holding 573,000 ETH on April 23.
Meanwhile, Bitfinex has also seen a major decline. Its Ethereum reserve dropped from 2.71 million ETH on May 11 to 2.24 million ETH. That represents a reduction of roughly 470,000 ETH, or 17.3%.
Meanwhile, Binance’s Ethereum reserves have remained largely unchanged at around 3.8 million ETH during the same period.
Together, Gemini and Bitfinex now hold about 658,600 fewer ETH than before. At Ethereum’s current price of around $1,880, the reduction is worth approximately $1.24 billion.
Taha said that falling exchange balances reduce the amount of ETH immediately available for trading. However, reserve movements alone do not show investor intent or predict Ethereum’s future price direction.
Binance Ethereum Funding Rates Reach Six-Month High as Market Sentiment Improves In a separate market update, Arab Chain highlighted improving sentiment in Ethereum’s derivatives market.
The 30-day simple moving average (SMA) of funding rates for Ethereum perpetual contracts on Binance has risen to approximately 0.00339. This is the highest level in six months, with ETH trading near $1,920.
Funding rates represent the cost traders pay to maintain leveraged positions. A rising positive funding rate usually signals stronger demand for long positions and growing bullish sentiment.
According to Arab Chain, the indicator has reversed after declining for several months. The shift comes as Ethereum has recently recovered in price.
ETH is trading at $1,885, down 2.3% over the past day but remains up 2.56% over the past week. Moreover, the monthly chart shows ETH is up 13%.
Essentially, the move in the derivative markets suggests traders are willing to pay to hold long positions, reflecting expectations that ETH could continue moving higher.
However, Arab Chain noted that funding rates are still below the elevated levels that have historically appeared before major market corrections.
He added that continued increases could signal rising leverage in the market. This may increase the risk of widespread liquidations if Ethereum faces a sharp price decline.
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.
Verus Ethereum Bridge byl podruhé za něco přes dva měsíce hacknut a přišel asi o 7,54 milionu USD v kryptoměnách. Útočník zneužil stejnou chybu jako v květnu.
The Verus Ethereum Bridge has been targeted by a major security breach for the second time in just over two months, resulting in the theft of approximately $7.54 million in various crypto assets. The incident occurred on July 23 when attackers exploited a vulnerability, once again raising concerns about the security of cross-chain protocols in decentralized finance (DeFi).
Attacker Drains Bridge’s Ethereum ReservesThe breach allowed the attacker to abuse the bridge’s submitImports function, which triggered Ethereum-side payouts without equivalent assets being locked on the Verus blockchain. This vulnerability enabled the unauthorized extraction of funds from the bridge’s reserves.
Blockchain security firm Blockaid and independent researcher exvulsec both confirmed and investigated the exploit. According to on-chain data, roughly 1,137 ETH, as well as tBTC, USDC, USDT, EURC, MKR, and scrvUSD, were drained from the bridge reserves at around 03:45 UTC. The stolen assets were quickly swapped through decentralized exchanges, then consolidated into nearly 3,916 ETH before parts of the funds were routed through Tornado Cash.
Mini dictionary: Tornado Cash, a decentralized non-custodial privacy solution on Ethereum, is designed to break the on-chain link between source and destination addresses, making transaction tracing more difficult.
AssetAmount stolenEstimated valueETH1,137Included in $7.54M totaltBTCUnknownUSDCUnknownUSDTUnknownEURCUnknownMKRUnknownscrvUSDUnknown Investigators noted that by exploiting the same contract, function entry point, and vulnerability as a previous May breach, the attacker bypassed standard cross-chain verification and triggered unbacked payouts, draining several digital assets from Verus’ Ethereum bridge reserves.
Recurring Security Flaws and Recent HistoryThe latest breach revived scrutiny over Verus’ handling of a previous exploit in May, which resulted in an $11.58 million loss. Experts stated that this attack exploited the exact vulnerability from the earlier incident, indicating that core issues may have remained unaddressed. Blockaid observed that while this latest event involved a different attacker wallet, the method and targeted contract remained unchanged.
Following the May attack, the same attacker returned 4,052 ETH—about 75% of the stolen funds—after reaching an agreement with Verus. Despite that partial restitution, the repetition of the exploit has heightened doubts regarding the bridge’s security remediation process.
Experts pointed out that the repeated vulnerability likely resulted from an incomplete technical fix after the earlier breach, leaving Verus exposed to additional attacks. There is growing pressure for the protocol team to publish a thorough incident report and technical breakdown.
Ongoing Investigations and Broader RisksThe Verus incident is one of several recent DeFi bridge attacks highlighted by on-chain monitoring services. Lookonchain reported that combined losses from incidents involving Verus, AFX Trade, and B² Network have climbed to approximately $35.55 million.
Mini dictionary: Lookonchain is an on-chain analytics platform known for monitoring blockchain transactions and identifying patterns related to hacks, large movements, and abnormal activities.
Security analysts explained that bridge protocols are increasingly targeted due to logical flaws in cross-chain messaging mechanisms, which, if exploited, can allow fund withdrawals without equivalent collateralization.
Next Steps for Verus and UsersAmid the investigation, Verus halted all bridge operations but has not announced a compensation plan or released a detailed technical report. The absence of a clear official explanation has drawn criticism from the user community.
Observers expect the Verus team to prioritize closing the technical vulnerability, improve their validation process, and offer a roadmap to locate and potentially recover missing assets. Until these steps are made public, scrutiny around trust and transparency in the protocol will likely 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.
Augur vyzval držitele REP k povinné migraci 1:1 do 1. srpna 2026, jinak legacy tokeny přestanou sledovat aktivní protokol a mohou ztratit ekonomickou hodnotu.
All REP holders must migrate their tokens by August 1, 2026, to remain part of the active Augur ecosystem Augur, one of Ethereum’s earliest decentralized prediction-market and oracle projects, today announced that the second and final phase of its Moon Fork is entering its final days, with the two-month migration window for all holders of its REP token closing on August 1.
REP holders must migrate their tokens 1:1 into an outcome-specific version of REP by August 1, 2026. Migration is one-way and irreversible. Tokens that remain in the legacy Augur universe after the window closes will no longer be able to follow the active protocol and are likely to lose their economic value. After that point, unmigrated REP can no longer be converted.
Migration tooling is available through Augur’s official fork interface at 6.augurfork.eth.limo, together with a step-by-step guide and frequently asked questions.
The fork is a live demonstration of how a decentralized system can defend a truthful outcome without any central authority ruling on the result. That security depends on participation: REP only protects the protocol when its holders act.
A live test of Augur’s economic security model The Moon Fork began on April 8 with an intentionally escalated dispute over the question: Did the Artemis II mission successfully lift off in the first week of April?
The dispute was initiated by longtime Augur community member Micah Zoltu to test the protocol’s full resolution process under real economic conditions. The correct outcome was “Yes.”
The process was designed to test the mechanism from beginning to end, including participant incentives, capital formation, dispute escalation and token migration. Augur entered the fork after enough REP was committed across successive dispute rounds to activate the protocol’s final resolution backstop.
The fork consists of two phases.
Phase one: The escalation game From April through early June, REP holders could stake on competing answers through a series of increasingly expensive dispute rounds.
Each round required more capital than the one before it. Participants staking on the ultimately accepted outcome were eligible to earn a return funded by the losing side, creating a financial incentive for the wider market to oppose manipulation.
“Most people will interact with Augur during the escalation game, which lets outcomes battle it out by seeing who can raise more money. The losers pay out the winners. Since it’s easier to raise money on an outcome people believe to be true, that’s the one with the advantage. So in this phase we try to outspend the attacker, and if we can’t, we go to phase two,” said Phill Monastirsky, co-founder of the Lituus Foundation, which stewards Augur.
The escalation process continued until the dispute reached Augur’s fork threshold. Phase one is now complete.
Phase two: Mandatory REP migration The protocol has now split into separate outcome-specific universes. Every REP holder must choose a universe and migrate their REP into the corresponding token.
“Failing to outspend the attacker, we now try to maximize their cost by forcing them into a worthless token,” said Phill. “The protocol splits into tokens corresponding to the possible outcomes, with 51% required to win. Since future Augur fees only continue on the truthful token, the attacker is forced to move 51% of the token supply into something worthless. In the Augur Lituus design, this rises to near 100%. As long as it costs them more to do that than they gain from misresolving the market, we are safe.”
Future official Augur development funded by the Lituus Foundation will continue on the universe corresponding with the truthful outcome: that Artemis II successfully lifted off during the period specified by the market.
The Foundation has migrated its own holdings and added liquidity to the corresponding token.
What REP holders need to do REP holders should take the following steps before August 1:
Hold REP in a self-custodied Ethereum wallet or confirm that their exchange will support the migration Visit 6.augurfork.eth.limo/#/migration Connect the wallet holding REP Migrate REP 1:1 into the outcome-specific token corresponding with the truthful result Confirm receipt of the new REP token in the connected wallet Migration cannot be reversed once completed.
REP held on centralized exchanges may require action by the exchange rather than the individual user. The Lituus Foundation has been working with exchanges to support migration on behalf of their users. Kraken has confirmed support; other exchanges have not, and holders should not assume support unless their exchange states it explicitly. Current exchange-support status is maintained at v3.augur.net/#exchange-support.
Exchange support may change during the migration period. Holders who cannot confirm support should withdraw their REP to a self-custodied wallet and complete the migration directly.
Why the fork matters Prediction-market platforms ultimately depend on a resolution process to determine which outcome occurred and where funds should be paid.
Many systems rely on companies, committees, token votes, multisigs or discretionary intervention. Augur was designed around a different model: an open economic process in which participants can challenge an outcome and are financially rewarded for defending the result the broader market recognizes as true.
When a dispute reaches the fork stage, REP separates into tokens associated with each possible outcome. Holders decide which universe will carry the protocol’s future economic activity by migrating into it.
The design shifts the security question away from whether a sufficiently wealthy attacker can temporarily influence a vote. Instead, it asks whether an attacker is willing to acquire and sacrifice enough REP to support a false universe that users, developers and liquidity providers may subsequently abandon.
Demonstrating the mechanism behind Augur’s next chapter The Moon Fork is testing Augur v2’s dispute architecture. Future implementations will differ from the original system, but the live exercise demonstrates the escalation-and-fork pattern underpinning Augur’s continuing oracle research.
That work includes Augur Lituus, a proposed modular resolution layer designed to allow prediction markets and other applications to outsource disputed real-world outcomes to an open, economically secured oracle.
The Lituus Foundation is funding continued work on Augur’s decentralized resolution infrastructure. The prediction-market platform under development through the separate Dark Florist workstream is expected to support the branches created through the fork, rather than the legacy unmigrated REP token.
The live migration provides a practical demonstration of Augur’s core thesis: a prediction market should not depend on any single party having the authority to declare what happened.
Important migration information Migration deadline: August 1, 2026
Migration ratio: 1:1
Migration status: Mandatory for holders who want to remain part of the active Augur ecosystem
Migration direction: One-way and irreversible
Migration portal: 6.augurfork.eth.limo/#/migration
Holders should consult the official migration interface and Augur channels for the latest technical instructions and exchange-support updates.
About Augur Augur is a decentralized prediction-market and oracle project originally built on Ethereum. Its dispute system uses open participation and economic incentives, with algorithmic forking as a final backstop, to resolve contested real-world outcomes.
About the Lituus Foundation The Lituus Foundation stewards the revival and continued development of Augur. The Foundation supports open-source development carrying Augur’s oracle research and engineering forward.
Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this Press Release.
Morgan Stanley získala souhlas k listingu a obchodování spotových ETF na Ethereum a Solanu na NYSE Arca pod tickery MSSE a MSOL. Oba fondy mají poplatek 0,14 %.
Morgan Stanley has gained approval to list and trade its Ethereum and Solana ETFs on NYSE Arca as the issuer submitted 8-A and other filings with the US SEC. The Wall Street giant could soon launch its spot Ethereum and Solana ETFs.
Morgan Stanley Ethereum ETF Gains Approval According to the latest SEC filing, Morgan Stanley has gained approval to list shares of its spot Ethereum ETF from NYSE Arca. The ETF will list and trade on NYSE Arca under the ticker symbol MSSE.
Morgan Stanley has also filed 424B3, with no details on the fee waiver. The filing has become auto-effective pursuant to Section 12(b) of the Exchange Act, pending CERT filing for details on the trading date.
As CoinGape earlier reported, Morgan Stanley updated delegated sponsor, Coinbase Prime, Coinbase custodial and trade finance agreements. The latest amendment indicates the Morgan Stanley Ethereum ETF could become effective soon.
The spot Ethereum ETF will levy a sponsor fee of 0.14%. Also, it plans to stake 50-80% of holdings via providers such as Figment, Galaxy Blockchain, and Coinbase Canada. Notably, staking services providers and custodians are to receive only 5% of the staking rewards.
Morgan Stanley Investment Management, the delegated sponsor, said it will not receive or retain the remaining staking rewards, resulting in higher earnings for investors.
Moreover, The Bank of New York Mellon and Coinbase Custody will serve as custodians for the Morgan Stanley Ethereum ETF.
NYSE Arca Approves Wall Street Giant’s Solana ETF Listing Morgan Stanley also filed 8-A and 424B3 with the US SEC for its spot Solana ETF. NYSE Arca has also approved Morgan Stanley Solana ETF to list and trade under the ticker MSOL.
Notably, the approval comes as $10 trillion Morgan Stanley’s brokerage firm E*TRADE completed the rollout of spot Bitcoin, Ethereum, and Solana trading. Clients can buy, sell, and hold crypto in a linked Zerohash account.
Morgan Stanley Solana ETF will have a 0.14% management fee. Also, the issuer plans to stake up to 100% of SOL holdings through Figment, Galaxy Blockchain, and Coinbase Canada.
The staking rewards distribution mechanism for staking service providers, custodians, and investors is the same as in the Morgan Stanley Ethereum ETF. Cash custodians, crypto custodians, administrator, transfer agent, and marketing agent are similar to those of its Morgan Stanley Bitcoin ETF.
The MSBT holds over $391 million in total assets, with BTC holdings worth over $396 million. MSBT saw $5 million in inflows in the latest session, while spot Bitcoin ETFs recorded $255.18 million in outflows.
While Morgan Stanley plans to capture passive yields internally for its ETF, retail investors looking for direct control over their assets can explore the best crypto staking platforms to earn competitive APYs on their Ethereum and Solana holdings.
Boardwalk, a protocol built around fee protection and transparent token economies, has flipped the switch on its BMX-to-BWLK migration module. The tool, now live on the project’s website, lets eligible holders of BMX tokens on Base convert them into staked BWLK tokens on Ethereum at a clean 1:1 ratio.
How the migration works BMX holders connect to the migration module, submit their tokens, and receive staked BWLK in return. The 1:1 exchange rate removes guesswork.
Boardwalk first announced the migration on July 15, followed by a timeline confirmation on July 20. The module itself went live on July 23, sticking to the announced schedule.
The migration window will remain open for approximately six months.
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BWLK is being deployed across multiple platforms, including Ethereum, Base, Robinhood, and Arbitrum. Native liquidity incentives are part of the rollout, designed to bootstrap trading activity across these venues.
The supply math behind BWLK BWLK was originally launched through a Uniswap Continuous Clearing Auction, or CCA. The initial planned supply was 3,150,000 tokens.
Boardwalk burned 160,222 tokens, bringing the current total supply down to 2,989,778 BWLK — about 5% of the planned supply permanently removed before the migration module went live.
The burn aligns with Boardwalk’s stated focus on maintaining a “balanced supply” while keeping its community actively involved in governance decisions. The project has implemented public snapshot reviews and staked token distributions as part of this framework.
Why cross-chain migrations matter The inclusion of Robinhood in the deployment list is particularly notable. Robinhood’s crypto platform caters to retail users who may never interact with a DEX or bridge, opening BWLK to an audience outside traditional DeFi.
Boardwalk has been sharing official links through its Discord and other community channels specifically to help users avoid scam contracts that impersonate migration tools.
The staked nature of the received BWLK tokens means migrated tokens are immediately put to work within the protocol’s staking mechanism. Holders should understand any lock-up periods or unstaking delays before committing.
What this means for investors For existing BMX holders, the migration offers six months to convert at a guaranteed 1:1 rate into a token with a current supply of 2,989,778 — live on Ethereum, Base, Arbitrum, and Robinhood.
A supply of just under 3 million tokens is already quite small by crypto standards. Thin order books on a low-supply token can lead to violent price swings in either direction.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
BitMine zvýšil objem stakovaných ETH z 0,41 milionu na více než 4,9 milionu a roční výnosy zhruba na 244 milionů USD. Firma nyní drží asi 5,77 milionu ETH, tedy kolem 4,8 % nabídky.
BitMine Immersion Technologies has gone from staking 0.41 million ETH to over 4.9 million, catapulting its annualized revenue from roughly $34 million to an estimated $244 million. For a company that used to be known primarily as a Bitcoin miner, that’s quite the career change.
The NYSE-listed firm (ticker: BMNR), co-founded by Fundstrat’s Tom Lee, now holds approximately 5.77 million ETH tokens. That’s about 4.8% of Ethereum’s entire circulating supply, making BitMine the largest corporate Ethereum treasury on the planet, valued at roughly $11.1 billion at recent prices.
From pickaxes to proof-of-stake BitMine’s pivot began around June 30, 2025, when the company restructured its operations to focus almost entirely on ETH accumulation and staking.
The vehicle for this transformation is MAVAN, BitMine’s proprietary validator network built to handle large-scale staking operations. Over 85% of the company’s ETH holdings, more than 4.9 million tokens, are now actively staked through this infrastructure.
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In the fiscal quarter ended May 31, 2026, BitMine reported total revenues of $46.5 million, a 22x increase year-over-year. Ethereum staking contributed $45.7 million of that total, representing 98% of all revenue.
Annualized projections for staking revenue land somewhere between $235 million and $284 million, depending on yield assumptions.
The Alchemy of 5% BitMine has branded its accumulation strategy the “Alchemy of 5%,” targeting ownership of 5% of Ethereum’s total supply. At 4.8%, they’re essentially there already.
The institutional backing behind this bet is notable. ARK Invest, Founders Fund, and Pantera are all counted among BitMine’s investors.
BitMine’s approach mirrors what MicroStrategy (now Strategy) did with Bitcoin, but with a critical difference. Staked ETH generates yield. Bitcoin sitting in a corporate treasury does not.
The risks no one wants to talk about Accumulating nearly 5% of any asset’s supply creates concentration risk that cuts both ways. BitMine’s position is large enough to influence staking yields across the Ethereum network, and any forced selling, whether due to regulatory pressure, operational issues, or liquidity needs, could move the market in ways that would hurt the company itself.
One specific concern worth flagging: BitMine has entered a decade-long partnership agreement with Ethereum Tower. The details of that arrangement raise questions about how easily BitMine could exit its staking positions if circumstances required it.
There’s also the yield compression issue. As more capital flows into Ethereum staking, rewards per validator trend downward. The difference between the low and high end of their annualized revenue estimate, $235 million versus $284 million, essentially reflects this uncertainty.
Slashing risk, while statistically rare for well-run validators, also scales with the size of the operation. Running thousands of validators through MAVAN means thousands of opportunities for something to go wrong, and at BitMine’s scale, penalties would translate into millions of dollars in losses.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
ETH ve čtvrtek klesl o 3 % a zůstává pod 1 900 USD, i když open interest v derivátech vzrostl na 14,60 milionu ETH. US spot ETH ETF zároveň zaznamenaly čtvrtý den čistého přílivu 72,64 milionu USD.
Ethereum price today: $1,880Ethereum shaved 3% off its market cap on Thursday following an increase in open interest and brief negative funding rate flip.Four consecutive days of inflows into US spot ETH ETFs indicate continued recovery in institutional demand, but spot sentiment in the region has yet to flip positive.ETH fails to clear the 100-day EMA overhead.Ethereum (ETH) is hovering slightly below the $1,900 level, down 3% on Thursday following a slight expansion in derivatives interest.
The top altcoin's open interest has increased to 14.60 million ETH, marking a 600K ETH increase over the past two days and its highest level since June 7.
Open interest is the total worth of outstanding contracts in a derivatives market. Earlier in July, when ETH began its recovery, OI remained flat before the slight rise this week.
ETH Open Interest. Source: CoinglassA similar trend is noticed in the Estimated Leverage Ratio (ELR), which has largely remained flat before a slight rise over the past week.
The ELR measures an asset's open interest compared to its exchange reserves to give a view of the amount of leverage traders are using relative to spot pressure.
ETH Estimated Leverage Ratio. Source: CryptoQuantFunding rates have also been largely positive throughout the month but have begun to ease this week and briefly flipped negative on Thursday, the first time since June 29. Funding rates are periodic payments between long and short traders in perpetual futures markets to keep a contract's price aligned with its underlying spot counterpart.
Funding Rates. Source: CoinglassThe returning leverage could help expand ETH's recent rise, but emerging signals of a negative flip in funding rates also bring a price squeeze into the picture.
Meanwhile, on the institutional side, US spot ETH exchange-traded funds (ETFs) continued their positive streak, recording $72.64 million in net inflows on Thursday, according to SoSoValue data. The move marks a fourth consecutive day of net inflows for the products.
While US institutional interest is recovering, spot traders' sentiment in the region has yet to flip positive. The Coinbase Premium Index, which tracks sentiment among traders in the region, has remained in negative territory for nearly three months. A sustained move into positive territory could spread bullish sentiment into other regions.
ETH Coinbase Premium Index. Source: CryptoQuantEthereum Price Forecast: ETH falters before 100-day EMA againEthereum recorded $41.55 million in liquidations over the past 24 hours, led by $34.40 million in long liquidations, per Coinglass data.
On the daily chart, ETH is holding a constructive short-term tone as it remains above both the 20- and 50-day Exponential Moving Averages (EMAs) at $1,837 and $1,829. However, the upside remains challenged by a broader downtrend, with the 100-day EMA at $1,937 acting as a key overhead barrier, while momentum gauges remain supportive.
The Relative Strength Index (RSI) and Stochastic have eased toward 57 and 66, respectively, both hinting at steady but not extreme buying pressure.
On the topside, initial resistance emerges at the horizontal level of $1,909, ahead of the 100-day EMA at $1,937, with further bullish extension targeting $2,018 and then $2,107, where a denser supply zone begins toward $2,211 and $2,388.
ETH/USDT daily chartOn the downside, immediate support comes from the 20- and 50-day EMAs, followed by a more established floor at $1,806. A deeper pullback would expose $1,741, while only a break below $1,524 would seriously undermine the current constructive bias toward higher levels.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
LayerZero a Keeta spolupracují na nativních převodech tokenizovaných bankovních vkladů mezi Ethereum, Solana, Base a vlastní sítí Keeta. Vklady jsou kryté v poměru 1:1 skutečným bankovním vkladem a mají zůstat v souladu s bankovní regulací.
Tokenized real-world assets have been the crypto industry’s favorite buzzword for two years running. Now someone is trying to do it with the most boring financial instrument imaginable: your bank deposit.
LayerZero, the omnichain messaging protocol that connects over 70 blockchains, has partnered with Keeta, a Layer-1 chain built for payments and fiat interoperability, to enable native cross-chain transfers of tokenized bank deposits. The integration spans Ethereum, Solana, Base, and Keeta’s own network.
What tokenized bank deposits actually are Think of a tokenized bank deposit as a digital twin of the dollars sitting in your checking account. Each token is backed 1:1 by an actual deposit at a regulated bank, retaining the protections and compliance features you’d expect from traditional banking. The difference is that these tokens can move on-chain, 24/7, across multiple networks.
This matters because stablecoins, for all their growth, exist in a regulatory gray zone that makes traditional financial institutions nervous. Tokenized deposits, by contrast, are designed to sit squarely within existing banking frameworks. They’re regulated. They’re backed. And they potentially carry the same federal insurance protections as the deposits behind them.
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The distinction is subtle but significant. Stablecoins like USDC are liabilities of the issuer (Circle, in that case). Tokenized deposits remain liabilities of the bank itself. For institutional players and regulators, that’s a meaningful difference in risk profile.
How LayerZero and Keeta make it work LayerZero’s role here is straightforward but critical. Its messaging protocol allows these tokenized deposits to move natively between chains rather than relying on wrapped assets or centralized bridges. The protocol is currently live on Solana’s mainnet beta and connects with Ethereum, Base, Avalanche, Polygon, Arbitrum, Optimism, and BNB Chain, among others.
Native transfers matter because wrapped tokens introduce counterparty risk. Every time you wrap an asset to bridge it, you’re trusting the bridge operator to actually hold the underlying token. LayerZero’s approach lets the asset move without that intermediary step, which is a big deal when the asset in question is supposed to represent insured bank deposits.
Keeta brings the payments infrastructure to the table. The Layer-1 blockchain claims to support millions of transactions per second with sub-second settlement times. Keeta’s native token is KTA, while LayerZero operates with its ZRO utility and governance token.
Why this partnership matters for the broader market Investors should pay attention to the competitive dynamics here. JPMorgan has been experimenting with tokenized deposits through its Onyx platform. Citigroup has run pilots.
No specific transaction volumes or total value locked figures are available for the partnership yet, which means the market is pricing this on potential rather than proven traction.
One risk worth flagging: the success of tokenized deposits depends heavily on banks actually participating. LayerZero and Keeta can build the pipes, but someone has to turn on the water. The partnership creates the technical capability for cross-chain deposit transfers, but adoption will ultimately be driven by whether regulated financial institutions see enough demand and enough regulatory clarity to commit.
For traders watching the ZRO and KTA tokens, the near-term catalyst is clear. Every new institutional partnership or bank integration announcement will likely move these assets. Given that global bank deposits measure in the tens of trillions, even capturing a fraction of that flow would be transformative for any protocol involved.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Beefy Finance spustila na Ethereum mainnetu Cowcentrated Liquidity Manager, který automatizuje správu koncentrované likvidity na Uniswap V3. Cílí na páry jako AAVE-WETH, UNI-WETH a LINK-WETH.
Beefy Finance has deployed its Cowcentrated Liquidity Manager, or CLM, on the Ethereum mainnet. The product automates the notoriously tedious process of managing concentrated liquidity positions on Uniswap V3, targeting blue-chip pairs like AAVE-WETH, UNI-WETH, and LINK-WETH.
How the CLM actually works Concentrated liquidity, for those who haven’t been deep in the DeFi weeds, is the innovation Uniswap V3 introduced that lets liquidity providers focus their capital within specific price ranges rather than spreading it across the entire price curve. In English: instead of deploying $10,000 across every possible price from zero to infinity, you pick a narrower band where trading actually happens. Capital efficiency goes way up, but so does the management burden.
Beefy’s CLM pools user deposits together into aggregated positions. It then automates three critical functions: daily compounding of trading fees back into the position, range resets every six hours, and position rebalancing that avoids selling tokens during the adjustment process.
That last detail matters more than it sounds. Many automated liquidity managers rebalance by selling one token to buy the other, which can trigger taxable events and create MEV extraction opportunities for bots. Beefy’s approach redisposes positions into 50:50 allocations alongside single-sided “alt” positions, keeping liquidity active while reducing impermanent loss exposure relative to traditional automated solutions.
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When users deposit into a CLM vault, they receive cowTokens representing their stake in the pooled position.
Two years of track record, now on Ethereum The protocol has been running these vaults across various blockchains for nearly two years, managing hundreds of millions in total value locked without any recorded failures. The Ethereum mainnet launch is less of an experiment and more of a graduation ceremony.
The blue-chip pairs Beefy is targeting—AAVE-WETH, UNI-WETH, and LINK-WETH, along with WBTC/WETH and stablecoin pairs like USDC and USDT—represent some of the most actively traded combinations on Uniswap V3.
The 9.5% performance fee undercuts the market average for automated liquidity management products, which sits around 10%.
What this means for liquidity providers For retail liquidity providers, the value proposition is straightforward. You deposit into a vault, receive cowTokens, and the protocol handles range management, fee compounding, and rebalancing.
The impermanent loss mitigation aspect deserves particular scrutiny from investors. Beefy’s approach of using single-sided alt positions alongside standard 50:50 allocations is designed to reduce this exposure, though liquidity providers should understand that no mechanism eliminates impermanent loss entirely.
The risk factors include smart contract risk, dependency on Uniswap V3’s continued operation, and the inherent volatility of the underlying assets. A 9.5% performance fee also means Beefy only earns when depositors earn, which aligns incentives in the right direction, but doesn’t eliminate the possibility of periods where yields are thin or impermanent loss exceeds fee income.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Tři krypto protokoly byly během 24 hodin napadeny a přišly o více než 35,5 milionu USD. Největší ztrátu utrpěl AFX na Arbitrum, který při bridge exploitu přišel zhruba o 24,15 milionu USD v USDC.
Three separate crypto protocols got carved up within a single 24-hour window, with combined losses topping $35.5 million. The victims span three different chains, three different attack vectors, and one very familiar story: bridges remain the soft underbelly of decentralized finance.
The largest hit landed on AFX, an Arbitrum-based protocol that lost approximately $24.15 million in USDC through a bridge exploit on July 22. BSquaredNetwork on BNB Chain saw $3.86 million in B2 tokens drained. And the Verus cross-chain bridge on Ethereum hemorrhaged $7.55 million, a wound made worse by the fact that Verus had already been exploited for roughly $11.58 million back in May.
How each exploit played out The AFX breach was the headliner. Attackers siphoned $24.15 million in USDC from the protocol’s bridge infrastructure on Arbitrum, then moved the funds to Ethereum and swapped them into around 12,467.5 ETH.
BSquaredNetwork’s exploit was smaller in dollar terms but arguably messier for holders. The $3.86 million in stolen B2 tokens were exchanged for more than 5,000 WBNB, which were then converted into roughly 1,128 ETH. The sell pressure from the dump sent B2’s price cratering more than 15%.
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Then there’s Verus. The $7.55 million loss on July 23 is concerning on its own, but context makes it worse. This is the same cross-chain bridge that suffered an approximately $11.58 million exploit in May 2026. That means Verus has lost north of $19 million in roughly two months to what appear to be related security vulnerabilities.
PeckShield, the blockchain security firm, was among the first to flag each incident on-chain.
A brutal quarter for crypto security These three exploits didn’t happen in a vacuum. According to data from TRM Labs, the first half of 2026 saw a record 207 security incidents. Q2 alone accounted for $764 million stolen across 67 separate incidents, with operational weaknesses cited as a primary attack surface.
Vitalik Buterin flagged bridge security risks as far back as 2022, arguing that multi-chain futures would not be secured by the same trust assumptions as single-chain applications.
What this means for investors B2’s 15%-plus price drop is the most direct example of immediate market impact. When three protocols get exploited in a single day, it puts a chill on risk appetite across the broader DeFi ecosystem.
The $764 million stolen in Q2 2026 alone represents real capital permanently removed from the ecosystem. That’s money that funded development, provided liquidity, and backed lending markets.
For individual investors, the Verus situation is particularly instructive: a protocol that gets exploited once and doesn’t fully remediate its vulnerabilities before getting hit again is broadcasting something important about its security posture. The first hack might be bad luck. The second one is information.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
A sharp reversal in Ethereum staking dynamics has taken shape. The validator exit queue—which ballooned past 2.6 million ETH in September 2025—has fallen to zero, according to data from Arkham and beaconcha.in cited in the original report. For the first time in months, unstaking requires no wait at all. Meanwhile, the entry queue tells a different story: roughly 2.48 million ETH is lined up to join the consensus layer, facing an estimated delay of 43 days.
That asymmetry—zero time to leave, over a month to get in—captures a moment where capital is tilting back toward Ethereum’s core infrastructure. Total staked ETH sits at about 40.9 million, representing 33.55% of the circulating supply, spread across roughly 885,000 active validators. The annualized reward hovers at a modest 2.64%, which makes the renewed staking appetite more notable.
From a Wall of Exits to an Empty Queue The earlier exit congestion was partly driven by regulatory unease and market pressure during the 2025 drawdown. Validators wanting to unwind staking positions faced weeks of waiting, and the queue served as a visible thermometer of stress. Its collapse now implies that forced selling from validators has eased dramatically. New exit requests are clearing almost instantly, removing a supply overhang that had weighed on sentiment.
But the absence of an exit queue also changes the calculus for liquid staking protocols and institutional validators. With no friction on the way out, staked ETH behaves more like a liquid instrument than a locked commitment. That could lower the barrier for more conservative capital to participate, even at a 2.64% APR.
What the Entry Queue Signals A 43-day wait to start earning rewards is not trivial. Yet demand persists, suggesting that participants are looking beyond the headline yield. Some of it may reflect expectations of future network fee growth once on-chain activity picks up; validator rewards are partially derived from priority fees and MEV, not just issuance. In weeks where execution-layer activity runs hot, real APR can punch far above the average.
This trend aligns with Ethereum’s continued dominance in developer engagement. As covered in BlockchainReporter’s latest developer activity rankings, Ethereum still commands the lion’s share of weekly commits and active contributors. Developers staying close to the base layer tend to reinforce staking demand, because running a validator often doubles as a way to stay plugged into network upgrades.
The institutional dimension also matters. While Ethereum staking yields remain compressed, dedicated staking-as-a-service firms and exchange-traded products are maturing. Parallel moves in other ecosystems—such as the institutional staking push behind SUI’s recent 18% price surge, detailed here—illustrate how structured staking products can attract capital even when headlines are quiet. Ethereum, with its deeper liquidity and custody rails, is arguably the main beneficiary of that institutionalization.
Broader Market Context The staking queue shift occurs as the on-chain economy is seeing renewed activity in adjacent sectors. Real-world asset tokenization recently crossed $20 billion in on-chain value, and major TradFi players have begun settling tokenized Treasury transactions directly with banks, a turning point noted in this weekly roundup. When the broader blockchain ecosystem tips toward institutional-grade settlement, the asset that underpins settlement—ETH—tends to attract long-term staking flows rather than short-term speculative trades.
What remains uncertain is whether the entry queue will translate into a sustained increase in the staking participation rate, or if it mainly reflects rotation among existing validators. A total of 33.55% of ETH supply already staked leaves limited headroom before consensus-layer liquidity risks begin to surface. Some analysts have raised concerns about the health of validator set diversification if the entry queue is dominated by a handful of large operators.
Even so, the 43-day entry wait, combined with zero exit friction, gives Ethereum’s staking mechanism a self-regulating quality. If rewards become too dilute, participants can leave without penalty. That market-driven guardrail matters in an environment where the Federal Reserve’s rate path, SEC rulemaking, and global stablecoin legislation can quickly alter the risk-reward calculation for yield-bearing crypto assets.
The Road Ahead For traders and protocol designers, the immediate takeaway is that staking infrastructure no longer looks strained on the exit side. That could reduce selling pressure from redemptions and make ETH more attractive as collateral in DeFi. For validators, the queue data offers a clear signal: the rush for the door is over, and a new cohort is quietly taking its place.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
Aave v4 has officially entered the big leagues, hitting a new milestone with $300 million in deposits across Ethereum and Avalanche as of mid-July 2026. This surge underscores the protocol’s accelerating adoption and market appeal in a competitive DeFi landscape.
The Details For those keeping score at home, the $300 million in deposits is complemented by $100 million in active loans, demonstrating robust user engagement and capital flow. This deposit base has ballooned by 50% over the past month alone—a clear indication that the rollout strategy following Aave v4’s Ethereum launch is paying off.
After initially setting up shop on Ethereum’s mainnet on March 30, 2026, Aave expanded its reach by crossing over to Avalanche on July 15, 2026. The protocol’s move into Avalanche territory marks a deliberate effort to tap into a broader DeFi ecosystem, aligning with Aave’s longstanding multi-chain strategy.
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Background Aave, originally known for pioneering decentralized finance lending, has been on a relentless path of innovation. The v4 upgrade isn’t merely an incremental change; it’s a reimagining of what a lending protocol can be. With features like the Reinvestment Module and hub-and-spoke architecture, this latest version aims to enhance capital efficiency and user experience.
This commitment to innovation is embodied in the activity seen beyond financial metrics. Developer engagement, a key indicator of a protocol’s health, has surged. From May to July 2026, the number of core developers grew from around 10 to 15, mirroring the uptick in GitHub output and pointing to an increasingly vibrant development community.
What This Means for Investors For investors with a keen eye on DeFi, Aave v4’s performance could signify larger shifts underway. The nearly 8% rise in the AAVE token price, from $88 to $96, post-announcement, suggests market participants are buying into the platform’s promise. It signals a vote of confidence in Aave’s capability to not only advance technologically but also sustain momentum in the DeFi space.
Moreover, Aave is doubling down on its multi-chain integration strategy. This move could attract projects focused on tokenized real-world assets, a burgeoning aspect of the DeFi arena that could lead to an influx of liquidity. Given the current trajectory, Aave might soon find itself at the epicenter of transformative developments in decentralized finance.
As Aave continues to harness its robust feature set and attract developer talent, traders should keep a close watch on its developments. The platform’s trajectory could lead to increased transaction volumes and smart contract deployments, translating into impactful market trends and investment opportunities.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Americké spotové Ethereum ETF zaznamenaly třetí den v řadě čisté přílivy ve výši 37,47 milionu USD. BlackRock ETHA přilákal 52,79 milionu USD, zatímco Fidelity FETH zaznamenal odliv 15,32 milionu USD.
US spot Ethereum ETFs have recorded a third consecutive day of net inflows, giving ETH traders another sign that institutional demand is improving after a choppy stretch for the products.
Farside Investors data shows the Ethereum ETF group brought in $37.47 million in net inflows on July 21. BlackRock’s ETHA led the day with $52.79 million in net inflows, while Fidelity’s FETH posted $15.32 million in net outflows.
That split matters. The headline number was positive, but the flow picture was not evenly distributed across issuers. BlackRock continued to attract capital, while Fidelity saw money leave the product.
For Ethereum, the short-term message is still constructive. A third straight day of net inflows suggests demand is not isolated to a single session. But it is also too early to call it a durable trend.
TL;DR US spot Ethereum ETFs recorded $37.47 million in net inflows on July 21. BlackRock’s ETHA led with $52.79 million in inflows. Fidelity’s FETH saw $15.32 million in outflows, showing the demand is still uneven across issuers. Ethereum ETF Demand Is Improving, But Unevenly Ethereum ETFs have had a more complicated start than Bitcoin ETFs.
Bitcoin’s spot ETF launch quickly became one of the market’s dominant demand stories. Ethereum’s products have had to fight harder for attention, partly because ETH sits in a different part of the market structure. It is not only a monetary asset or store-of-value trade. It is also tied to staking, DeFi, stablecoins, Layer 2 networks, and smart contract activity.
That makes the ETF story more nuanced.
Investors are not just asking whether ETH is “digital gold.” They are asking whether Ethereum remains the core settlement layer for crypto finance and whether an ETF is the cleanest way to express that view.
A third day of inflows helps answer part of that question. It shows that investors are still allocating through the ETF wrapper, even after periods of weaker demand.
But the issuer split is important. BlackRock pulling in more than $50 million while Fidelity saw outflows suggests capital is concentrating around the largest and most liquid products. That is common in ETF markets. Larger issuers often attract the deepest flows because institutions prefer liquidity, brand familiarity, and tight trading conditions.
For smaller or less dominant products, that can make the competitive environment harder.
Why BlackRock’s ETHA Matters BlackRock’s ETHA remains one of the key products to watch because BlackRock has already shaped the Bitcoin ETF market.
When BlackRock’s Bitcoin ETF began attracting large flows, traders treated that as a major sign of institutional demand. The same logic applies to Ethereum, although the scale is different.
If ETHA continues to lead inflows, the market may start viewing BlackRock’s Ethereum product as the main institutional gateway into ETH exposure.
That would not automatically mean ETH price strength. ETF inflows are only one part of the market. Spot demand, derivatives positioning, staking dynamics, macro liquidity, and broader risk appetite all matter.
Still, ETF flows are visible, trackable, and easy for traders to use as a sentiment gauge.
That is why a positive three-day streak gets attention.
Fidelity Outflows Keep The Picture Balanced The Fidelity outflow is the part of the data that prevents the story from becoming too bullish.
A healthy ETF market can still have mixed flows across issuers. Money can move from one product to another, or investors can reduce exposure in one fund while adding elsewhere. But outflows from a major issuer show that demand is not broad-based across the full category.
That is a reminder to keep the data in proportion.
The Ethereum ETF group had a positive day. BlackRock led strongly. The streak extended. But this is not the same as saying all Ethereum ETFs are seeing synchronized demand.
The market will need more sessions before the trend becomes more convincing.
ETH Traders Need More Than Three Days For ETH traders, the key question is whether ETF demand can become persistent.
A few days of inflows can support sentiment, especially when they come during a market that is already watching institutional products closely. But sustained inflows over several weeks would carry more weight.
The ETF story also needs to be read alongside Ethereum’s broader fundamentals.
Ethereum transaction activity, Layer 2 usage, stablecoin settlement, DeFi liquidity, and staking demand all feed into the market’s long-term view of ETH. ETFs give traditional investors access to the asset, but they do not replace the need for Ethereum itself to remain useful on-chain.
That is why the ETF data is important but not complete.
For now, the July 21 inflow number is a positive signal. BlackRock’s ETHA continues to show institutional pull, and the group has extended its inflow streak to three days.
The next test is whether that demand can continue without relying on one issuer to carry the category.
This article is based on Farside Investors Ethereum ETF flow data and supporting SoSoValue ETF data.
This article was written by the News Desk and edited by Samuel Rae.
Arthur Hayes v červenci nakoupil více než 3 270 ETH za zhruba 6,2 milionu USD, poté co v červnu prodal 6 000 ETH se ztrátou. Ethereum zároveň naráží na odpor mezi 1 963 a 2 000 USD.
Key Highlights BitMEX co-founder Arthur Hayes purchased 1,332.5 ETH for approximately $2.53 million, continuing his July accumulation spree exceeding 3,270 ETH valued at $6.2 million After selling 6,000 ETH at a loss during June, Hayes reversed strategy and began aggressive accumulation throughout July The percentage of staked Ethereum reached an all-time high of 33.9%, representing approximately 40.9 million ETH secured in validator nodes Three freshly minted wallets extracted 30,000 ETH (approximately $58 million) from Coinbase Prime, while additional major holders transferred ETH from exchanges ETH confronts critical resistance between $1,963 and $2,000, with crypto analyst Ali Martinez suggesting a decisive close above $2,000 could trigger moves toward $2,060 and beyond BitMEX co-founder Arthur Hayes has resumed his Ethereum accumulation strategy. Blockchain analytics from Lookonchain reveal he acquired 1,332.5 ETH in a single on-chain transaction valued at approximately $2.53 million, securing an average entry around $1,899 per token.
This acquisition builds upon two previous July transactions. The first involved approximately 646 ETH obtained following a USDC exchange with Galaxy Digital. The second represented a direct purchase of roughly 1,293 ETH costing about $2.48 million.
In total, Hayes has amassed more than 3,270 ETH throughout July. The aggregate value based on transaction prices approaches $6.2 million.
This strategy marks a dramatic shift from June’s activity. Hayes liquidated 6,000 ETH last month, incurring an estimated $606,000 loss. He subsequently re-entered the market during Ethereum’s price correction.
Crypto analyst Daan Crypto Trades observed on X that ETH is pursuing a breakout pattern and successfully closed above its Bull Market Support Band for the first time since late 2025. He emphasized that bulls require sustained momentum, noting that a climb above the 0.03 ETH/BTC ratio would confirm a full breakout with strong continuation potential.
$ETH Attempting a breakout and closd above its Bull Market Support band again for the first time since late 2025.
Need to see some follow through here by the bulls though. Above 0.03+ and I will consider this a full on breakout and likely a move that will continue for a while… https://t.co/KdJcqarrjG pic.twitter.com/63jIJmgKaV
— Daan Crypto Trades (@DaanCrypto) July 21, 2026
Ethereum Staking Reaches Unprecedented Levels According to Token Terminal metrics, Ethereum’s staking ratio has climbed to an unprecedented 33.9% of total circulating supply. This milestone represents approximately 40.9 million ETH locked within validator infrastructure.
An additional 2.47 million ETH currently waits in the entry queue, facing an estimated 43-day delay before activation. Meanwhile, the exit queue remains empty. Current staking APR hovers around 2.64%.
Tokens committed to staking cannot be immediately accessed for spot market trading without utilizing liquid staking derivatives. An increasing staking ratio, coupled with shrinking exchange reserves, effectively constrains the ETH volume available to potential sellers.
Major Holders Withdraw ETH From Trading Platforms Significant accumulation activity has intensified across whale addresses. Three recently established wallets extracted 30,000 ETH, valued near $58 million, from Coinbase Prime custody. Additional wallets executed substantial withdrawals from Binance and Gemini before directing funds toward staking.
Such outflows diminish the available supply on exchange order books, potentially restricting selling pressure when buying demand strengthens.
Ethereum Price Analysis and Critical Thresholds ETH is trading above the $1,900 level, with today’s session spanning between approximately $1,852 and $1,950. The asset encounters resistance clustered between $1,963 and $2,000.
Ethereum (ETH) Price Crypto analyst Ali Martinez indicated that a convincing daily close above the $2,000 threshold could unlock movement toward the $2,060 zone, with sustained bullish momentum potentially reaching the $2,150–$2,200 corridor.
Support infrastructure remains firm near $1,850–$1,870. A daily close beneath $1,850 could reactivate the $1,700–$1,750 trading range.
Market intelligence indicates substantial liquidation clusters above $1,968. A decisive breach above this level could trigger forced short position closures through cascading market buy orders.
ETH currently maintains position just above $1,900 as market participants evaluate whether buyers possess sufficient strength to overcome the psychological $2,000 resistance barrier.
TRON DAO spustila povinný upgrade GreatVoyage v4.8.2 (Pyrrho), který posiluje kompatibilitu s Ethereem a bezpečnost protokolu. Uzly musí být aktualizovány do 16. srpna 2026, 23:59 SGT, jinak hrozí narušení synchronizace blockchainu.
TRON DAO, the decentralized autonomous organization that governs the TRON blockchain, has introduced GreatVoyage v4.8.2 (Pyrrho) as a mandatory upgrade. The new network upgrade focuses on fortifying Ethereum compatibility, protocol security, and improving node operations. As TRON DAO mentioned in its official announcement, with this update, all node operators need to upgrade ahead of August 16, 2026, to avoid any disruptions concerning blockchain synchronization. Additionally, TRON has advised operators leveraging the Event Plugin to upgrade to its version 3.0.0 ahead of installing the exclusive node software.
GreatVoyage-v4.8.2 (Pyrrho) has been officially released.
This is a mandatory upgrade. Node operators should upgrade by August 16, 2026, 23:59 SGT to avoid disruption to block synchronization.
Key updates:
🔻 TVM compatibility with Ethereum Pectra and Osaka, including CLZ and… pic.twitter.com/J3JMP6LQVx
— TRON DAO (@trondao) July 21, 2026 TRON’s GreatVoyage v4.8.2 Upgrade Advances Ethereum Compatibility A crucial element of the new GreatVoyage v4.8.2 upgrade of TRON DAO is that it is closely aligned with the new Osaka and Pectra upgrades of Ethereum. Additionally, TVM now backs the Count Leading Zeros (CLZ) opcode while also introducing Secp256r1 signature validation. This enables compatibility with the latest authentication mechanisms like Apple Secure Enclave, WebAuthn, and Android Keystore.
Apart from that, the release enhances the MODEXP precompile with the integration of input limits, standardized signature validation, and updated pricing. Thus, the developers can build more effective dApps while keeping compatibility with resilient Ethereum standards intact. The upgrade also bolsters the core protocol of TRON by unveiling TIP-2935. It enables seamless storage of historical block hashes.
Simultaneously, the respective feature is beneficial for stateless users and L2 solutions while enhancing interoperability with advanced Ethereum-based networks. More protocol optimizations take into account securer recourse window calculations through BigInteger, enhanced calldata verification, improved TVM execution safeguards, and adjustable time restrictions for consistent contract calls. Keeping this in view, such changes are poised to elevate ecosystem security, long-term scalability, and execution reliability.
Driving Network Reliability and Network Performance According to TRON DAO, the GreatVoyage v4.8.2 notably enhances node performance as well as operational efficiency. Additionally, TRON has modernized the API layer thereof by using Jackson in place of the fastjson library, strengthening security and guaranteeing compatibility with already working integrations. The update brings forth enhanced JSON-RPC compatibility. Ultimately, the release underscores one of the leading inclusive infrastructure upgrades of TRON, attempting to increase security, operational reliability, compatibility with the advancing Ethereum network, and developer experience.
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.
S&P Dow Jones Indices a Pantera Capital spustily S&P Pantera Digital Asset Index, který zcela vynechává Bitcoin. Index dává přednost protokolům s prokazatelnými tržbami a zahrnuje 18 kryptoměn, včetně Etheru, BNB a Solany.
S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a new crypto benchmark that excludes Bitcoin (BTC) entirely.
CEO Cathy Clay said Bitcoin fails the index’s core test, generating real protocol revenue instead of trading purely on speculation.
How the Index Weighs Its TokensThe index holds 18 constituents. Its five largest holdings are Ether (ETH), Binance Coin (BNB), Solana (SOL), Tron (TRX), and Hyperliquid (HYPE), a decentralized derivatives exchange.
The benchmark weights holdings by market capitalization and rebalances quarterly. No single token can exceed 35% of the total, and no other holding can top 20%. These caps mirror rules S&P applies to its own equity benchmarks.
Clay wants to bring stock-index discipline into digital assets. She favors protocols with verifiable economic activity over ones that trade on name recognition alone.
Pantera co-developed the methodology with founder Dan Morehead. The firm has managed over $3 billion across three investment strategies since launching its first crypto fund in 2013.
“S&P Dow Jones Indices helps investors cut through market noise with benchmarks you can trust.”
Clay, CEO of S&P Dow Jones Indices
Wall Street Warms to Altcoin SeasonThe exclusion highlights a widening split in how institutions define crypto value. By this measure, revenue beats Bitcoin’s dominant narrative as the market’s largest asset. Pantera’s history with institutional crypto access suggests more revenue-screened benchmarks could follow.
The launch lands as retail altcoin season signals stay unconfirmed but improving. CoinGlass’s Altcoin Season Index climbed to 58 in mid-July, building on a June 4 spike to 64. That reading sits above the neutral midpoint, but it remains short of the 75 threshold that confirms genuine rotation.
Institutional flows tell a parallel story. A March BeInCrypto Expert Council discussion found major allocators narrowing institutional crypto bets to Bitcoin, Ethereum, and a short list of DeFi names.
A revenue-screened benchmark like the S&P Pantera Digital Asset Index offers portfolio managers a compliant route into that same thesis. It provides exposure to large-cap altcoins with real usage, skipping meme coins and speculative networks entirely.
If other index providers copy the approach, institutional capital could rotate into select altcoins early. That could happen well before retail-driven altcoin season data confirms a broader move.
Base a Coinbase připravují tokenizované akcie kryté 1:1 skutečnými akciemi na síti Ethereum. Produkt má dávat přímé vlastnictví, ne jen syntetickou expozici.
Base, an Ethereum layer-2 network developed by Coinbase, is working with its parent company to introduce tokenized stocks backed one-to-one by actual shares. Jesse Pollak, founder of Base, outlined the plans in a recent post, revealing ongoing product development in collaboration with Coinbase.
Coinbase and Base pursue fully backed tokenized equitiesPollak stressed that the upcoming product aims to represent direct equity ownership, distinguishing it from synthetic stock tokens that merely follow share prices. “Robinhood made the right call bringing tokenized equities to EVM. We fell behind, but we’re very close to fixing it with Coinbase,” he stated. However, neither Pollak nor Coinbase disclosed a launch date or technical specifics.
Coinbase, a leading US-based cryptocurrency exchange, had previously announced its intention to launch tokenized equities for international clients. The company specified that these digital assets will be fully backed by underlying shares, with associated shareholder rights and dividends. Coinbase also confirmed that US residents will not have access to the product at launch. However, there has been no official explanation about the mechanics of issuing, storing, or transferring these tokenized stocks.
Pollak acknowledged Robinhood for moving quickly to bring tokenized equities to Ethereum infrastructure but indicated that Base’s upcoming product is designed for direct ownership: “We’re very close to fixing it with Coinbase.”
Details on custody, regulatory frameworks, and supported stock markets remain unannounced. Pollak explained that a 1:1-backed issuance could improve institutional trust and capital efficiency, but operational aspects are yet to be revealed.
Robinhood Chain sets early pace in tokenized stocksRobinhood, a prominent retail trading platform for stocks and cryptocurrencies, deployed Robinhood Chain in early July as an Ethereum-compatible blockchain. Their tokenized stock solution, called Classic Stock Tokens, operates as regulated derivatives under Europe’s MiFID II standards. Users gain exposure to price movements, but do not receive actual share ownership or rights such as voting.
According to Robinhood, the assets behind these contracts are safeguarded via a US-licensed institution, and users access them solely as derivatives. In contrast, Base and Coinbase are targeting direct tokenization of shares, aiming to give investors onchain ownership rather than synthetic exposure.
Mini dictionary: MiFID II (Markets in Financial Instruments Directive II) is a European Union regulatory framework designed to increase transparency and investor protection in financial markets, impacting trading and reporting standards for investment services.
PlatformToken TypeOwnershipShareholder RightsRegulatory FrameworkBase/Coinbase1:1-backed tokenized stocksDirectYesUndisclosedRobinhood ChainClassic Stock Tokens (derivatives)NoNoMiFID II (EU)Tokenized equities market heats upWith interest in real-world asset tokenization accelerating across the industry, competition for onchain equity products is intensifying. Data from recent industry research values the total tokenized stock market at approximately $1.85 billion. The broader market for tokenized real-world assets, excluding stablecoins, has reached between $31 billion and $34 billion.
Alongside Coinbase and Robinhood, platforms like Backpack and XStocks, supported by crypto exchange Kraken, are also rolling out tokenized equity offerings. This growing activity underlines the sector’s race to attract both retail and institutional investors to blockchain-based share ownership.
Despite Pollak’s signals about imminent progress, major questions remain about the details of Base’s product, including its launch timeline, supported stock exchanges, integration with traditional markets, and availability to US users. Coinbase recently secured approval in the United Kingdom to offer investment services beyond crypto, potentially laying the groundwork for new regulated products in equities and derivatives.
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.
Movement Labs podalo návrh na bankrot podle Chapter 11 po měsících sporů kolem tokenu MOVE a restrukturalizace. Firma uvedla méně než 1 000 věřitelů a závazky přes 1 milion USD.
Movement Labs, the developer of the Movement blockchain, has filed for Chapter 11 bankruptcy.The project came under scrutiny after a market-making deal enabled the rapid sale of 66 million MOVE tokens, triggering a steep price drop and prompting investigations and a token buyback.Movement Labs, the developer behind the Movement blockchain, has filed for Chapter 11 bankruptcy, marking the latest setback for a crypto project that has spent much of the past year navigating governance disputes, a token market-making controversy and a failed strategic reset.
The company said in a bankruptcy filing that it had under 1,000 creditors, somewhere between $100,000 and $500,000 in assets and north of $1 million in liabilities. Its largest creditors include co-founder Rushi Manche, the Delaware Division of Revenue, Anchorage Digital and other entities.
The filing follows months of turmoil for Movement, an Ethereum layer-2 network built using the Move programming language, which was originally developed at Meta. The project launched with the goal of bringing Move-based smart contracts to Ethereum (ETH) while offering faster and cheaper transactions through a scaling network.
Its troubles began shortly after the December launch of the MOVE token.
An April 2025 CoinDesk investigation found that Movement was examining whether it had been misled into signing a market-making agreement that handed a single counterparty unusual influence over MOVE's circulating supply. Internal documents reviewed by CoinDesk at the time showed the arrangement allowed 66 million MOVE tokens to be sold into the market one day after the token debuted, contributing to a sharp decline in price.
The controversy centered on Rentech, a little-known intermediary that appeared in contracts connected to Chinese market maker Web3Port. According to documents obtained by CoinDesk, Movement executives later questioned whether the foundation believed Rentech was affiliated with Web3Port when it was not. Rentech has denied any wrongdoing or misrepresentation.
The fallout extended beyond Movement. Binance banned the market-making account involved in the token launch for what it described as misconduct, while Movement launched a token buyback program and hired outside firm Groom Lake to review the events surrounding the deal.
Movement Labs and co-founder Rushi Manche separated in May 2025.
More recently, the company attempted to chart a new course.
In June, Move Industries, a separate legal entity from MVMT Labs, the company that filed for bankruptcy, announced it would pivot away from competing with other Ethereum scaling networks and instead focus on cross-border payments, remittances and stablecoin settlement. The company said it had secured access to licensed payment infrastructure in the U.S., Canada and the European Union as it sought to build services aimed at emerging markets.
The strategy reflected a wider trend across the crowded layer-2 sector, where blockchain projects have increasingly shifted toward real-world financial applications as competition among scaling networks has intensified.
CORRECTION (July 21, 2026, 18:26 UTC): Corrects that Move Industries and not Movement Labs pivoted from Ethereum scaling.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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TRON Network - Q2 2026
TRON Network - Q2 2026
In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
11 hours ago
In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
Why it matters:
In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
Robinhood Chain má po třech týdnech celkovou uzamčenou hodnotu (TVL) 278,81 mil. USD a stablecoiny za zhruba 433 mil. USD. Od spuštění už dosáhl kumulativního objemu na DEX 4 mld. USD.
@RobinhoodCrypto launched its Ethereum Layer 2 blockchain on July 1, and the numbers coming out of the network just three weeks later are difficult to ignore. DeFi TVL has climbed to $278.81 million, up nearly 10% in a single day, while stablecoins on the network have reached approximately $433 million after a 32% weekly jump.
For context, the chain started with just $39 million in locked capital three days after going live. That kind of trajectory, multiplying several times over in weeks, has drawn comparisons to some of the fastest Layer 2 ramps on record.
Trading Activity AcceleratingThe volume figures are equally striking. Robinhood Chain has reached a cumulative DEX trading volume of $4 billion since its launch, according to DefiLlama data. Weekly DEX volume has now cleared $4.2 billion, perps volume is up 146% on the week, and bridged value has crossed $950 million. The chain processed $3.1 billion in DEX volume over a seven-day window, ranking it among the top five chains, according to Bernstein.
Robinhood Chain generated about $878 million in 24-hour DEX volume on July 12, briefly leapfrogging Coinbase's Base and Ethereum, according to DefiLlama. At one point it even overtook Hyperliquid in daily DEX volume, a result that would have seemed unlikely when the chain was still just an announcement.
What Is Driving the GrowthRobinhood Chain launched as a permissionless Ethereum Layer 2 built on the Arbitrum stack, the same technology base that powers several of DeFi's largest ecosystems. It runs 100-millisecond block times and uses ETH for gas with no proprietary native token, and launched with three day-one protocol integrations: Uniswap for spot trading, Chainlink for price oracles, and Morpho for lending.
Robinhood is covering gas fees for the first 90 days, which has clearly encouraged experimentation. The chain's broader offering includes 95 tradeable stock tokens, a zero-fee DEX built by the dYdX team, and a roughly 7% APY lending product with Lloyd's of London smart contract insurance.
The bigger unlock may still be ahead. Robinhood argues that its opportunity is not to take volume from established crypto-native venues, but to leverage its more than 27.6 million funded customers to bring new investors into tokenized assets and onchain derivatives. With tens of millions of retail accounts sitting one step away from the chain, the early metrics may only be a preview.
Bernstein said the launch strengthens Robinhood's strategy to expand tokenized equities and other real-world assets through DeFi.
Sources:
CoinDesk: Robinhood Chain scores strong debut, Bernstein says
CoinDesk: Inside Robinhood's high-stakes bet to onboard millions onto blockchain finance
DefiLlama: Robinhood Chain on-chain data
T. Rowe Price spustila kryptoměnové ETF vedené bitcoinem, který tvoří zhruba 41 % portfolia, a ETH asi 18 %. Blue Macellari říká, že trh je stále v „crypto winter“.
Bitcoin Provides Defensive ExposureBlue Macellari, T. Rowe Price’s head of digital assets and the ETF’s lead portfolio manager, said the fund reflects the company’s longstanding emphasis on active management and fundamental research.
"We were never going to launch just a Bitcoin ETF," Macellari said during an appearance on the Crypto Prime podcast on Monday.
Its initial portfolio was led by Bitcoin at roughly 41% and ETH at about 18%, followed by positions in BNB, SOL XRP, HYPE and smaller allocations to other assets.
Macellari described the current market as a crypto winter and noted the fund is positioned relatively defensively, explaining its substantial Bitcoin weighting.
‘Tokenization Good, Crypto Bad’ Is A False DivideMacellari argued that Wall Street often tries to separate tokenization from cryptocurrencies by claiming tokenization is valuable while native digital assets are not.
She rejected that distinction.
If stocks, funds and other financial products migrate to public blockchains, their activity could create value for the networks and native tokens underpinning those systems.
The broader portfolio reflects T. Rowe Price’s bullish outlook on what she called "on-chain finance."
Macellari highlighted Hyperliquid’s revenue model as particularly compelling because it can be understood and valued using metrics familiar to traditional investors.
ETH and SOL may also benefit as financial institutions move tokenized assets and around-the-clock markets onto blockchain networks, she predicts.
Crypto Winter May Approach Its Final StageMacellari explained that the market has been in a persistent downturn since the October 2025 selloff, marking the first crypto winter experienced by many investors through spot exchange-traded products.
Bitcoin has suffered a drawdown of about 50%, while Ethereum, Solana and other altcoins have faced deeper declines.
However, she said the selloff has created more attractive asymmetric opportunities in projects whose underlying adoption and economics remain intact.
The key difference from previous winters is that banks, asset managers and financial platforms have continued developing digital-asset infrastructure rather than abandoning the sector.
Macellari expects choppy conditions and the possibility of further declines through the summer but believes the market could begin emerging from crypto winter heading into Q4.
Image: Shutterstock
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Ethereum zaznamenalo za poslední týden 113 000 velkých převodů WETH nad 100 000 USD, nejvíce od května 2021. Aktivitu podporují přílivy do spot Ether ETF a nové institucionální nákupy.
Ethereum’s blockchain has registered an exceptional surge in large transactions, as Wrapped Ethereum (WETH) recorded 113,000 whale transfers exceeding $100,000 within the past week. This figure marks the most active whale movement since May 2021 and suggests substantial capital flows across Ethereum’s trading venues, lending markets, and decentralized finance protocols.
Institutional demand on the riseSeveral demand-side factors have contributed to this spike in on-chain activity. U.S. spot Ether exchange-traded funds have seen an uptick in inflows, while BlackRock’s ETH investment products continue to capture new capital from institutional investors. Market participants are interpreting these developments as potential triggers for further network and price growth.
Robinhood Chain’s adoption of ETH as a gas fee currency has also increased the utility of Ethereum in the decentralized exchange landscape, making ETH an even more integral asset for transaction fees and liquidity provision.
In a reflection of this momentum, Bitmine reportedly strengthened its Ethereum reserves to around 5.8 million ETH, signaling a move to position itself ahead of anticipated institutional demand. This action is viewed as part of a broader trend among corporate treasuries leveraging Ethereum’s ecosystem for capital allocation.
Strategic moves and robust network activityAdditional investments from players such as SharpLink and Ethlabs, the latter backed by Joe Lubin, further reinforce expectations of institutional interest within the Ethereum space. These entities see an opportunity in the convergence of ETF adoption, growing Layer 2 development, and increasing corporate engagement.
With numerous technical indicators and capital inflows in play, analysts warn that a sustained upward price movement is not necessarily assured. However, the recent upsurge in high-value transactions highlights a network environment ripe for strategic moves from both retail and institutional users.
The convergence of ETF adoption, Layer 2 expansion, and growing institutional allocations presents a critical point for Ethereum, making its network activity and whale behavior important signals to monitor for market shifts.
Extreme fear underscores current market sentimentDespite the significant on-chain action, market sentiment remains cautious, with indicators currently reading Extreme Fear. This situation amplifies the potential influence of whale activity on price volatility and trader psychology.
At the time of writing, Ethereum trades at approximately $1,932, reflecting a market dynamic shaped by both new institutional accumulation and prevailing uncertainty in sentiment. The balance between these factors could drive further volatility in the days ahead.
In light of heightened transaction volumes and shifting market signals, tools providing real-time analytics and alerts are becoming increasingly essential for active participants trying to stay informed amid rapid market changes. CryptoAppsy, which requires no account creation hassle, combines your crypto investments with real-time prices, detailed charts, and multi-currency portfolio management on a single screen. With this all-in-one financial assistant, you can instantly seize opportunities by setting up smart price alerts, filter news specific to your coins, discover newly listed altcoins without missing them, and always stay one step ahead of the market with critical macroeconomic data such as Fed interest rates.
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.
Tokenized ETFs just crossed a milestone that would have sounded absurd two years ago. The total market cap of exchange-traded funds living on blockchains hit $526.4 million, an all-time high, with Ethereum hosting 62.2% of those assets.
That’s a jump from roughly $430 million in mid-May, meaning the sector added nearly $100 million in market cap in about two months.
Ondo Finance is running the show When one player controls roughly 66.4% of an entire market, they’re not just a participant. They’re the market. That player is Ondo Finance, whose Ondo Global Markets platform launched in September 2025 and now offers more than 440 tokenized US stocks and ETFs.
The platform’s cumulative trading volume has exceeded $9 billion, attracting tens of thousands of holders, primarily non-US individuals. People outside the United States are using blockchain rails to access American financial products around the clock, something traditional brokerages still can’t offer.
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Ondo rolled out a 24/7 mint and redeem feature in June 2026. Users can create or cash out tokenized ETF positions at any hour, any day, with continuous access to financial instruments that traditionally operate on a 9:30-to-4 schedule, Monday through Friday.
One of Ondo’s specific offerings, IVVon, posted gains of approximately 150% in a single month. The product essentially mirrors BlackRock’s iShares Core S&P 500 ETF but lives on-chain, which means it can be composed into DeFi protocols, used as collateral, or traded without the friction of traditional settlement.
Why Ethereum and not somewhere else Ethereum’s 62.2% dominance in tokenized ETFs isn’t accidental. When BlackRock launched its BUIDL tokenized fund, it chose Ethereum. When Franklin Templeton moved its money market fund on-chain, same choice.
Ondo Finance is expanding beyond Ethereum to Solana and BBN Chain, which signals that the market may not stay so concentrated forever.
What this means for investors $526.4 million sounds impressive until you remember that traditional ETFs manage trillions of dollars globally. The tokenized version represents a rounding error in the broader ETF universe.
Ondo Finance filed for SEC registration in February 2026, which suggests the company is positioning for a future where US investors can legally participate. Right now, the user base skews heavily toward non-US holders, but regulatory clarity could open the floodgates to American capital.
The 24/7 trading capability eliminates the gaps created when traditional markets close for weekends, holidays, and overnight hours, which matters most during periods of volatility when the ability to exit a position at 2 AM on a Sunday could be the difference between a manageable loss and a catastrophic one.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Retail od Etherea ustoupil, zatímco banky dál budují na jeho síti. ETH přesto zůstává kolem 1 800 USD, protože trh sleduje klesající poplatkové příjmy.
Ethereum chatter has collapsed to 2020 levels while banks build on the chain and a nonprofit teaches institutions to buy it. The token trades as if neither audience exists. Three groups are pricing three different assets, and only one of them is right.
Summary
Retail attention on Ethereum has collapsed: tweet volume is at 12-month lows near 40,000 mentions, levels last seen in 2020, NFT activity has gone quiet, and daily active addresses have fallen from above 1.5 million in January toward 544,000. Institutional commitment is moving the opposite way: a dedicated nonprofit launched to onboard institutions, tokenization is a headline topic in traditional finance, ETF flows turned positive again in July, and BlackRock, JPMorgan, and Robinhood all build on Ethereum rails. The price has ignored both signals, trading near $1,800, down roughly 42% this year and about 64% from its August peak near $5,000, while network fee revenue sits near cycle lows. The loudest defection came from inside: Bankless co-founder David Hoffman sold his remaining ETH in May, arguing the money thesis has run its course, and doubled down this month on the fee problem behind it. The divergence resolves through one question, value accrual: whether the activity institutions bring ever becomes fees the token captures. Retail priced a story that died. Institutions price rails that work. The token prices cash flows that keep falling. Three different groups of people are currently looking at Ethereum, and they are not seeing the same asset. The first group, crypto-native retail, has mostly stopped looking: social mentions of Ethereum have fallen to roughly 40,000, a level last recorded in 2020 when Wall Street did not know the chain existed, and the loud consumer corners of the ecosystem, NFTs above all, have gone quiet enough to hear the servers hum. The second group, institutional finance, is arriving in the opposite direction, with a purpose-built nonprofit teaching banks how to hold ETH, tokenization on every conference agenda, and the largest asset managers in the world settling real products on Ethereum rails. And the third participant, the market itself, is pricing the token as if neither group matters: ETH trades near $1,800, down about 42% on the year and nearly two-thirds below its August peak, while the chain’s fee revenue scrapes along at cycle lows. In May, the divergence produced its emblematic moment, when one of Ethereum’s most committed public advocates announced he had sold every coin he owned while insisting he still believed in the network. All three groups are behaving rationally. They are simply pricing three different things, and working out which of the three the token actually is has become the most consequential question in crypto’s second-largest asset.
The retail exit, measured The evidence that ordinary crypto users have checked out of Ethereum is not anecdotal; it shows up in every proxy for attention and grassroots usage at once.
The cleanest measure is the crudest: how much people talk about it. Tweet volume for Ethereum has fallen to fresh 12-month lows around 40,000 mentions, with Bitcoin near 130,000, and the comparison point is what makes the number land, because attention this low was last seen in 2020, before the ETFs, before the Merge, before the institutional era the industry spent a decade demanding. Social chatter is a rough instrument, but it has historically tracked retail capital and marked cycle temperature, and its collapse while institutional adoption sets records is precisely the inversion that makes this moment strange. Rising mentions once meant rising retail inflows; now the crowd that generates mentions has left the theater.
On-chain, the story repeats with better instrumentation. Daily active addresses, above 1.5 million in January, have trended down toward 544,000, a fall of nearly two-thirds that tracks the price drawdown from above $3,400 in December to under $2,000. The consumer economy that once made Ethereum a cultural object, NFT trading, consumer mints, the speculative long tail, has thinned to the point where daily NFT volumes measure in the hundreds of thousands of dollars against a $41 billion DeFi treasury sitting largely still. The capital stayed; the crowd left. Total value locked has barely budged through the attention collapse, which tells you who remains: professional and semi-professional capital that thinks in quarters, parked in lending markets and liquid staking, indifferent to vibes.
The generous reading of the exit is rotation, that retail attention went to memecoins on faster chains and to the AI trade, and rotations reverse. The harsher reading is that Ethereum’s retail base was loyal to a story, the ultrasound money, world-computer, ETH-is-money story, and stories do not survive a 64% drawdown from peak while the supply inflates and the burn sits idle. Either way, the measurable fact stands: the audience that carried Ethereum through every previous cycle is not currently in the building.
The institutional entry, measured Run the same exercise on institutions and every needle points the other way, which is what makes this a divergence, not a decline.
The most explicit signal is organizational: the launch of Ethereum Institutional, a nonprofit created specifically to educate banks, asset managers, and corporates on adopting Ethereum, with contributors drawn from the ecosystem’s core. Institutions do not get dedicated onboarding bodies for networks in decline; the entity exists because inbound demand outgrew the ecosystem’s capacity to answer it. Around it sits a thickening layer of professional evangelism, Etherealize pitching Wall Street directly, with its leadership publicly arguing that institutional engagement has moved past pilots into production, and a restructured Ethereum Foundation spinning out ETH Systems as a for-profit focused on institutional privacy tooling, funded by trading firms and treasuries. The ecosystem is visibly reorganizing itself around the client it now serves.
The client, meanwhile, keeps shipping. The tokenization wave that dominates traditional-finance conferences runs disproportionately on Ethereum and its L2s: BlackRock’s tokenized fund complex, JPMorgan’s settlement infrastructure reaching public rails, Robinhood building its chain as an Ethereum L2, stablecoin issuance concentrating on the network that hosts the deepest collateral markets. For more context on the institutional product driving adoption, crypto.news has explained how tokenized money market funds are moving regulated cash instruments on-chain. Even the flow data, the weakest leg of the institutional case, has stopped arguing against it: after a heavy second quarter of net outflows, US spot ETH ETFs turned positive again in July, with inflow days in the tens of millions, uneven but real. And the treasury bid persists through the drawdown, with corporate and fund vehicles continuing to accumulate at prices the retail cycle would have considered a catastrophe.
Institutions, in short, are doing exactly what the industry spent years saying it wanted: adopting the infrastructure, at scale, without asking permission from the price. Which sharpens the puzzle instead of resolving it, because their arrival has coincided with the asset’s worst sustained underperformance of the modern era.
The defection that named the problem The reason the price ignores both audiences was articulated most clearly by the person whose exit hurt the narrative most.
David Hoffman spent years as one of Ethereum’s most effective advocates, co-founding Bankless and popularizing the ETH-is-money thesis, the argument that Ethereum’s token would become the internet’s base money, scarce, productive, and re-rated accordingly. On May 21 he sold the last of his personal ETH, and his explanation was more damaging than the sale: the thesis, he argued, has largely run its course, with ETH unlikely to be re-rated meaningfully higher or lower from here, money to some degree, but not the maximally successful version the ecosystem set out to build. Former core developer Eric Connor’s response compounded it, noting ETH has grossly underperformed the broader crypto market for years and attributing the lag to relentless supply from early millionaires, not protocol failure, an explanation that manages to be reassuring about the technology and damning about the asset simultaneously.
Hoffman has kept pressing the underlying point since, arguing this month that Ethereum faces a false choice between maximizing fees and being money, and that while it hesitates, distribution-rich competitors, Robinhood’s chain among them, are positioned to eat the revenue base out from under it. That is the distribution rival eating the revenue base. Strip the personalities away and his case reduces to an arithmetic claim: layer-one tokens are ultimately priced on the fees their block space earns, Ethereum deliberately pushed activity to L2s that pay almost nothing back, mainnet fee revenue has fallen from roughly $40 million a day in early 2025 toward $10 million, and no amount of institutional construction on top of the network changes the token’s cash flows if the construction happens where the token does not collect rent. It is the value-accrual critique, delivered by someone who spent five years selling the opposite conclusion, which is exactly why it landed.
Three prices for three assets Here is the resolution of the divergence, and it requires taking all three groups seriously at once, because each is pricing a real thing.
Retail priced the story, and the story died. The asset retail owned was ultrasound money: a supply that shrinks with use, a burn that turns adoption into scarcity, a meme that fit on a sticker and compounded reflexively. That asset genuinely existed for a stretch after the Merge and genuinely does not now, with the burn collapsed, supply mildly inflating, and the December blob-fee floor a patch on the leak, not a restoration. That is the monetary mechanics under this divergence. Attention followed the story out. Retail is not wrong to be gone; the thing it bought is gone.
Institutions price the rails, and the rails work. The asset institutions are adopting is not the token’s monetary narrative but the network’s properties: the deepest liquidity, the most battle-tested settlement, the compliance tooling, the credible neutrality that lets BlackRock and a DeFi protocol share infrastructure. That asset is thriving, and nothing in the price contradicts it, because most institutional use, tokenized funds, L2 settlement, stablecoin rails, consumes Ethereum’s security while paying trivially for it. Institutions are not wrong to build; the thing they are buying works regardless of what ETH costs.
The market prices the cash flows, and the cash flows are falling. The token, stripped of both stories, is a claim on fees plus a staking yield plus a monetary premium the market is currently revoking. Fee revenue down roughly three-quarters from early 2025, activity migrated to venues that remit almost nothing, and a persistent seller overhang from the early-holder class Connor described: the price is not ignoring the fundamentals, it is agreeing with them, and its verdict is that until institutional construction becomes token revenue, construction is not a bull case.
Which means the entire divergence compresses into one testable question: does the institutional economy on Ethereum ever start paying Ethereum? The mechanisms are known and partly shipped, the blob-fee floor reconnecting L2 growth to burn, mainnet settlement of high-value tokenized assets that does pay real fees, staking demand from treasuries and ETFs that locks supply. If tokenization scales and its settlement gravity pulls value to mainnet, the fee line inflects, and the market re-rates the token toward what institutions already believe about the network. If the activity stays where the rent is lowest, Ethereum becomes magnificent public infrastructure attached to a stagnant asset, the outcome Hoffman priced when he sold. Both futures are live. The tape, for now, is voting with him, and the burden of proof sits, for the first time in Ethereum’s history, on the bulls’ arithmetic rather than their story.
One more actor deserves a paragraph before the watchlist, because the divergence is reorganizing Ethereum’s own institutions in real time. The Ethereum Foundation, historically the ecosystem’s ambivalent center, has spent the year restructuring around exactly the split this piece describes: research and protocol work continuing in the nonprofit core, a new institutional-outreach apparatus forming at arm’s length, and ETH Systems spinning out as a for-profit, funded by trading firms and corporate treasuries, to build the privacy and compliance tooling institutional users keep requesting. Longtime contributors have scattered across the new entities, and the ecosystem’s own commentators describe the reorganization with a candor that borders on gallows humor. The institutional turn, in other words, is not something happening to Ethereum from outside; it is something Ethereum’s leadership has chosen, budgeted, and staffed, accepting the retail exit as a completed fact and reallocating toward the audience that stayed. That choice has consequences for the token question this piece turns on. An ecosystem organized around institutional settlement will prioritize exactly the upgrades, privacy, compliance hooks, high-value mainnet settlement, most likely to make institutional activity pay mainnet fees, which is the bull path. It will also, inevitably, deprioritize the consumer-facing culture that once generated the monetary meme, which forecloses the old path back. The foundation has effectively placed the ecosystem’s bet for it: that the second audience can be converted into revenue before the absence of the first audience becomes terminal for the asset’s premium. The fee line, again, will grade the wager.
What to watch Three lines on three charts settle this faster than any debate.
The fee line. Daily network fee revenue near $10 million is the bear case in one number; a sustained inflection, driven by blob-fee floors under growing L2 volume or high-value mainnet settlement, is the single cleanest signal the value-accrual gap is closing. Watch the trend through the fall, not any single week. That is where the fee line actually comes from.
The flow composition. ETF inflows resumed in July after a negative quarter; whether they compound, and whether staking-enabled vehicles and treasuries keep locking supply through price weakness, tests whether the institutional bid extends from the network to the token. Uneven, headline-driven flows extend the stalemate; a durable streak changes the supply math. Crypto.news has also explained how the flow machinery works.
The attention floor. Retail metrics this depressed have historically marked accumulation zones as often as terminal decline, and tweet volume at 2020 levels with institutional adoption at record highs is a configuration crypto has simply never printed before. If price ever starts responding to the institutional story, the crowd’s return would be the accelerant. Its continued absence is the cheapest real-time measure of how dead the old narrative remains.
Ethereum’s strange summer is best understood as an estate in probate. The old asset, the retail money-meme, has died, and its heirs have left. The new asset, institutional settlement infrastructure, is thriving but pays no rent to the name on the deed. And the token is the estate itself, valued daily by a market that only counts income. The network has never been more used or less loved, and the gap between those two facts is either the buying opportunity of the cycle or the proof that usage was never the same thing as value. Three audiences have placed their bets. The fee line will grade them.
Frequently asked questions What does the retail exit from Ethereum look like? Tweet volume for Ethereum has fallen to roughly 40,000 mentions, a 12-month low last seen in 2020, while Bitcoin sits near 130,000. Daily active addresses have declined from above 1.5 million in January toward 544,000, NFT activity has thinned to daily volumes in the hundreds of thousands of dollars, and the consumer-speculative corners of the ecosystem have gone broadly quiet, even as DeFi’s roughly $41 billion in locked value stays put.
What is the evidence institutions are moving in? A dedicated nonprofit, Ethereum Institutional, launched to onboard banks and asset managers, alongside Etherealize’s direct Wall Street outreach and the Ethereum Foundation spinning out a for-profit institutional tooling arm. BlackRock’s tokenized funds, JPMorgan’s settlement rails, and Robinhood’s L2 all build on Ethereum, tokenization dominates traditional-finance agendas, ETH ETF flows turned positive again in July, and treasury vehicles kept accumulating through the drawdown.
Why did David Hoffman sell his ETH? The Bankless co-founder sold his remaining ETH on May 21, arguing the ETH-is-money thesis has largely run its course and that he does not expect the market to re-rate the asset meaningfully in either direction. He has since pressed the structural point: layer-one tokens are priced on fees, Ethereum’s activity moved to L2s that pay almost nothing back, and competitors with distribution are positioned to erode the remaining revenue base.
Why is the ETH price ignoring institutional adoption? Because most institutional use pays the token almost nothing. Tokenized funds, L2 settlement, and stablecoin rails consume Ethereum’s security while generating minimal mainnet fees, and daily fee revenue has fallen from roughly $40 million in early 2025 toward $10 million. The market prices the token on cash flows plus monetary premium, and with the premium fading and fees falling, the price tracks the arithmetic, not the adoption headlines.
Is this different from the ultrasound money problem? It is the same root with a different face. The ultrasound story broke because cheap L2 data ended the fee burn that made ETH deflationary, which is monetary mechanics. This divergence is about audiences: retail owned the monetary story and left when it died, institutions own the infrastructure story and keep building, and the token’s price follows fees rather than either narrative. The December blob-fee floor addresses both by reconnecting L2 growth to mainnet revenue, at a baseline level.
What would make the price start responding? A durable inflection in fee revenue is the cleanest trigger: growing L2 volume paying meaningful blob fees under the December floor, high-value tokenized-asset settlement on mainnet, and staking demand locking supply through ETFs and treasuries. If institutional activity starts converting into token cash flows, the market has something to re-rate. Without that conversion, adoption and price can stay decoupled indefinitely.
Could retail attention at 2020 levels be a buy signal? Historically, deeply depressed attention has coincided with accumulation zones as often as with terminal decline, and the current configuration, record institutional adoption against 2020-level retail interest, has no precedent to price from. Low attention removes a reflexive bid but also exhausts sellers. It is a condition, not a signal, and its resolution depends on the fee and flow lines rather than on sentiment itself. This is not investment advice.
What are the key numbers to track from here? Daily network fee revenue against the roughly $10 million cycle low, the persistence of ETH ETF inflows after July’s turn positive, staking and treasury accumulation as a share of supply, active addresses against the 544,000 area, and the growth of tokenized-asset settlement that pays mainnet fees. Together they answer the only question that closes the divergence: whether use of Ethereum ever becomes revenue for ETH.
Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. It describes market conditions and network metrics that change quickly, and past patterns do not guarantee future outcomes. Nothing here is a recommendation to buy, sell, or hold any asset. Always do your own research. Information is accurate as of July 21, 2026.
Solana spustila dashboard pro tokenizované akcie s on-chain analytikou napříč řetězci. Nabízí přehled podílu na trhu, data na úrovni emitenta i aktiva.
Solana has unveiled a new platform that provides detailed, on-chain analytics for tokenized stocks, positioning itself prominently in the evolving landscape of digital asset management. Unlike early tokenized equity pilots, this development transforms tokenized stocks into quantifiable and transparent operations directly recorded on the blockchain.
New analytics platform emergesThe new Solana-based dashboard allows users to explore, filter, and compare tokenized equity market share across various blockchains. Investors and other stakeholders can analyze data by company, asset type, or token issuer, offering a level of insight that has rarely been available in the sector. Visualization tools include stacked horizontal bar charts, doughnut charts, and line graphs.
Users are able to drill down by metric, issuer, and underlying asset, providing customizable views of the tokenized equities ecosystem. This setup contrasts with typical total value locked (TVL) dashboards, offering nuanced analytics that track growth rates of individual issuers in relation to the broader development of digital assets.
The platform’s design responds to growing calls for transparency as more physical financial assets transition to digital forms. This increased openness seeks to reduce knowledge gaps between participants, benefiting institutional investors, funds, and exchanges through reduced informational asymmetry.
Institutions can now assess differences in liquidity, distribution mechanisms, and custody models among issuing platforms more efficiently. Developers are equipped to benchmark issuance activity and monitor evolving trends, while exchanges gain access to comparative data across multiple chains.
Mini dictionary: Tokenized equity, also known as tokenized stocks, refers to digital tokens that represent ownership in traditional company shares but are settled and tracked on a blockchain network, enabling fractional investment and transparent transfer of equity assets.
Solana’s focus on issuer-level and asset-level analytics offers a mature framework that provides not only visibility for traders, but also robust benchmarking and comparison capabilities for institutional market players.
Competitive environment among blockchainsSolana’s launch arrives at a time when other major blockchain networks, including Ethereum, Base, and some Layer 2 solutions, are expanding their own real-world asset (RWA) tokenization offerings. This environment of heightened competition drives innovations in analytics, transparency, and settlement technology.
The dashboard’s ability to compare Solana’s market share directly with rival chains is seen as a key differentiator. Analysts report that issuer- and asset-level data may help set industry standards as tokenized equities gain broader adoption.
The ongoing development of settlement systems, compliance mechanisms, and collaboration with broker-dealers is anticipated to shape the next phase of growth for digital securities. Reliable, standardized data feeds are expected to become vital infrastructure for exchanges and financial institutions in this space.
BlockchainFocus AreaKey Analytics AvailableSolanaTokenized equity, on-chain analyticsIssuer-level, asset-level, market shareEthereumRWA tokenization, DeFi integrationTVL, asset distributionBaseLayer 2 scaling, RWA initiativesTokenization metrics, scaling statsWith customizable data filters and multiple visualization formats, the Solana dashboard provides investors and developers with deeper insights into the growth and distribution of tokenized stocks across competing chains.
Industry strategies evolveSolana is reinforcing its position by providing market participants with actionable data for evaluating the performance and structure of tokenized asset issuers. The transition from basic experiments to measurable, on-chain operations marks a shift toward greater institutional adoption as transparency and comparability become industry standards.
As asset tokenization expands, future performance is expected to rely not only on market interest but also on enhancements to exchange features, compliance infrastructure, and settlement solutions. Collaborative initiatives involving broker-dealers are increasingly becoming integral to advancing digital equity trading.
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.
Bitmine Immersion Technologies minulý týden odkoupila asi 5,5 milionu vlastních akcií za téměř 86 milionů USD a zpomalila nákupy Ethereum. Ve stejném týdnu koupila jen 7 430 ETH za zhruba 14 milionů USD.
Bitmine Immersion Technologies repurchased approximately 5.5 million of its common shares for nearly $86 million last week, redirecting capital from its aggressive Ethereum accumulation strategy to support its own stock.
The company paid an average of $15.6156 per share under its previously authorized $4 billion repurchase program. Chairman Tom Lee said Bitmine viewed the transaction as accretive to shareholder value.
The decision marks a notable shift in Bitmine’s capital allocation. The company acquired only 7,430 ETH during the same week, worth about $14 million. Lee directly attributed the reduced pace of Ethereum purchases to the stock repurchase.
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Bitmine has continued buying ETH every week since launching its treasury strategy on June 30, 2025. However, its latest acquisition was among its smallest weekly purchases after the company regularly added tens of thousands of ETH throughout the first half of the year.
The repurchase program was expanded from $1 billion to $4 billion in April. At the time, Lee said the authorization would allow Bitmine to retire shares when management believed the stock was trading below its intrinsic value. The latest transaction suggests Bitmine currently sees greater per share value in buying its own stock than using all available capital to accelerate ETH purchases.
Bitmine now holds 5,777,468 ETH, representing approximately 4.8% of Ethereum’s total supply. Its wider portfolio includes 207 Bitcoin, $385 million in cash and marketable securities, a $180 million stake in Beast Industries and a $58 million position in Eightco Holdings. The company valued those combined holdings at $11.5 billion as of July 19.
The company has staked 4,917,189 ETH, or about 85% of its total Ethereum position. Bitmine projects that the staked assets will generate approximately $247 million in annualized revenue based on a seven day yield of 2.67%. That staking income gives the company another potential source of capital for future ETH purchases or additional share repurchases.
BMNR shares traded around 2.7% higher at $16.12 during Monday’s session, placing the stock above Bitmine’s average repurchase price.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Výstupní fronta pro validátory Etherea spadla na nulu, což naznačuje slabý zájem o výběr stakovaného ETH. Síť má zároveň 884 440 aktivních validátorů a přes 40,8 milionu ETH ve stakingu.
Ethereum‘s validator exit queue has dropped to zero for the second time this year, signaling that stakers are not seeking to withdraw their holdings from the network.
Validator exit queue remains emptyOn-chain data from ValidatorQueue shows that the exit queue has remained empty from July 18 to July 20, with no validators in line to exit the Ethereum network. This situation indicates that there is no substantial desire among participants to withdraw staked ETH at this time.
Previously, in September 2025, the exit queue backlog soared as high as 2.67 million ETH, valued at approximately $11.7 billion. This spike led to significant sell-side pressure for ETH and created concerns among investors about network stability. However, the network’s staking environment changed direction, and by January 2026, the queue had dwindled to zero.
At present, Ethereum supports 884,440 active validators. More than 40.8 million ETH are currently staked, accounting for over 33.51% of Ethereum’s total circulating supply.
Since September 2025’s peak, Ethereum’s staking dynamics have shifted, eliminating the validator exit backlog and easing pressure on the market.
Despite the absence of an exit queue, interest in joining the validator set remains high. There are 2,499,792 ETH awaiting activation as validators, with newcomers facing an expected wait time of 43 days and 10 hours, according to ValidatorQueue data.
MetricCurrent ValueActive Validators884,440ETH Staked40.8 millionETH Awaiting Activation2,499,792Wait Time to Activate43 days 10 hoursPercentage of Circulating Supply Staked33.51%Plans for scaling validator capacityEthereum’s staking process relies on validators who confirm and secure transactions on the network. The beacon chain, which manages validator data, must process and store records for each participant, making scaling to larger sizes technically challenging as the validator count grows.
On July 26, co-founder Vitalik Buterin proposed a new design strategy. He introduced a concept labeled “The Extremely Lean Chain,” which aims to significantly reduce the per-validator state to around 6 bytes by leveraging zero-knowledge proofs. This technical approach would modernize how the network tracks individual validator balances and activities.
The proposed changes include replacing per-epoch balance updates with a single daily ZK-STARK proof and assigning more state management responsibilities to validators. This would allow full nodes to remain lightweight and help Ethereum move toward the concept of a “Lean Ethereum.”
Mini dictionary: ZK-STARKs, or Zero-Knowledge Scalable Transparent Arguments of Knowledge, are advanced cryptographic proofs used to verify computations with strong privacy and scalability, and form a key innovation enabling more efficient blockchain design.
Buterin claimed this would be the network’s third major overhaul and could enable Ethereum to scale up to millions of validators should the demand arise.
Vitalik Buterin suggested that the new design could support millions of validators, marking a significant step forward in Ethereum’s evolution.
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.
Poměr stakingu Etherea dosáhl rekordních 33,9 %, což znamená, že je uzamčena zhruba třetina všech ETH. Ve stakingu je asi 40,9 milionu ETH v hodnotě kolem 74,5 miliardy dolarů.
Ethereum’s staking ratio has reached an unprecedented 33.9%, according to data from Token Terminal. This milestone indicates that approximately one-third of all ETH is now locked in staking contracts, reflecting increased confidence in the network’s security and potential future value. The rise in staking comes amid record-low exchange balances of liquid ETH, as institutional investors continue to channel funds into staked-ETH ETFs, such as those offered by BlackRock. With roughly 40.9 million ETH staked and valued near $74.5 billion, this development suggests a notable shift in Ethereum’s market dynamics.
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Key Takeaways The new all-time high in Ethereum’s staking ratio suggests increased confidence in the network’s future potential. The substantial amount of ETH staked indicates a supply squeeze on liquid ETH, which could impact market liquidity. Current market pricing appears to reflect cautious optimism about Ethereum’s long-term value, with some scenarios supportive of a significant price increase. What to Watch Watch for further movements in institutional capital flows into staked-ETH ETFs, as these could indicate growing investor confidence. Additionally, developments such as Ethereum Improvement Proposals (EIPs) or regulatory changes could further influence Ethereum’s market dynamics. Market participants will likely keep a close eye on any announcements from key figures like Vitalik Buterin or major financial institutions that could impact Ethereum’s future price trajectory.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31, 2026 1.9% — — View market → December 31, 2026 2.4% — — View market → December 31, 2026 2.8% — — View market → December 31, 2026 3.2% — — View market → December 31, 2026 5.5% — — View market → January 1 2027 9.5% — — View market → January 1 2027 12.5% — — View market → January 1 2027 2.1% — — View market → January 1 2027 2.5% — — View market → January 1 2027 2.9% — — View market → January 1 2027 3.6% — — View market → January 1 2027 7.5% — — View market → January 1 2027 45.6% — — View market → January 1 2027 7.5% — — View market → January 1 2027 2.6% — — View market → January 1 2027 30.5% — — View market → January 1 2027 25.5% — — View market → January 1 2027 17.5% — — View market → January 1 2027 82.5% — — View market →
Spotové ETF na Ethereum přilákaly za týden 13.–17. července čisté přílivy kapitálu 105 milionů USD, nejvíc od dubna 2026. BlackRockův ETHA opět táhl většinu přílivů.
Ethereum spot ETFs pulled in $105 million in net inflows during the week of July 13-17, marking the strongest weekly performance for the category since April 2026. The number represents a meaningful acceleration from the prior week’s roughly $84 million in net inflows, which itself was notable for being the first positive week after two straight months of redemptions.
Breaking the outflow streak The $105 million weekly figure carries extra weight when you consider what came before it. Ethereum spot ETFs had endured an eight-week stretch of net outflows. The prior week’s $84 million in inflows snapped that streak, and last week’s acceleration to $105 million suggests the reversal might have some staying power.
BlackRock’s iShares Ethereum Trust ETF, trading under the ticker ETHA, has been doing the heavy lifting. The fund has consistently accounted for the majority of daily net positive flows across the Ethereum ETF landscape.
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Ethereum was trading at approximately $1,845 during the inflow week, reflecting a modest price recovery. The $1,800 to $1,900 range has served as a critical zone for ETH, with buyers stepping in consistently near the lower end.
What changed the momentum Data from flow-tracking platforms like SoSoValue and Farside Investors confirms the trend of renewed institutional interest, contrasting sharply with the prolonged redemption period that preceded it.
What this means for investors The $105 million figure, while the best since April, still represents relatively modest flows compared to the peaks that Ethereum ETFs have seen during more euphoric periods.
The concentration of flows in BlackRock’s ETHA means the health of the entire Ethereum ETF category depends heavily on a single product. If ETHA flows slow, the broader category could easily tip back into net outflow territory.
For investors watching Ethereum’s price action, the $1,800 level has become a key support zone. Sustained ETF inflows tend to provide a floor under prices, as the ETFs need to purchase actual ETH to back their shares. If weekly inflows continue at the $80-105 million pace, that represents consistent buy pressure that didn’t exist during the outflow streak.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
