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CROWDFUNDINSIDER: Ethereum (ETH) Liquid Staking Protocol Lido Initiates Overhaul by Shifting Billions in Staked Ether to Higher-Capacity Validators

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Bitcoin ETFs Bleed While Ethereum Funds Post Third Straight Weekly Inflow

Sneha Agrawal

With over four years of experience in covering and tracking the financial markets, Sneha Agrawal is a dedicated Crypto Journalist and Editor with passion for researching and writing the crypto pieces. She is currently leading the Block of Fame, here at CoinGape. She likes to keep track of political, legal and financial happenings all around the world - without which she deems her day incomplete. Apart from her Journalistic endeavours, she is a solo traveler, museum goer, and a keen reader of books.

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29 July 2026 | 11:12 Ethereum is trading near $1,913 after defending the 0.382 Fibonacci retracement around $1,870 and rebounding directly into the horizontal resistance.

That shelf has carried weight since July 15, with repeated trading around the same area building a well-established supply zone. ETH has now reached it, and today’s daily close will decide whether the rebound counts as a successful retest.

Key Takeaways Price reached the expected horizontal resistance identified in our previous Ethereum analysis. The harder test sits near $1,950. Ethereum wallets have crossed 200 million. Central-bank decisions could disrupt the setup. The Retest Depends on Today’s Close For the setup to improve, Ethereum needs to finish the session above both the horizontal shelf and the Fibonacci level beneath it.

Closing above the shelf would show buyers absorbing the supply built there since mid-July, and would confirm Tuesday’s defence of $1,870 as something more durable than a short-lived reaction.

Daily Ethereum/USD technical chart and market indicators. A close back under the shelf while price holds above $1,870 would leave the setup unresolved. Dropping beneath the Fibonacci level would weaken it decisively and reopen a way for a move towards $1,800.

Daily RSI stands near 57, above its signal line. Momentum has improved while staying well short of stretched, leaving room for another advance on confirmation.

The Harder Resistance Sits at $1,950 Clearing the current shelf brings the next test into view.

The $1,950 area combines a second horizontal level with the 100-day simple moving average. The horizontal level reflects supply from earlier trading, while the moving average serves as a widely followed medium-term trend gauge.

That overlap gives the zone more weight than either component would carry alone. Buyers would need to absorb existing sell orders while pushing ETH back above an average that has stayed overhead throughout the recovery.

An intraday spike through $1,950 would be encouraging. A close above it, held into the following session, would provide the stronger evidence that this is more than a relief bounce.

The June Channel and $2,000 Form Another Barrier Above $1,950, attention shifts to the 0.5 Fibonacci retracement at $1,985, where the lower boundary of Ethereum’s June ascending channel also sits.

That channel supported ETH through its earlier recovery until price broke beneath it on July 23. Former support approached from below tends to attract sellers.

The psychological level at $2,000 sits immediately above, concentrating the barrier between $1,985 and $2,000.

Ethereum began its broader decline towards $1,500 from this same region on June 2. Traders who bought before that drop may treat another visit as a chance to reduce exposure, adding supply to an already visible zone. Clearing the whole band in a single move would be a tall order, and a pause or rejection near $2,000 would fit the pattern even after a successful break of $1,950.

Wallet Growth Helps Support the Longer-Term Picture The defence of $1,870 comes against a broader expansion in Ethereum’s holder base. Santiment data shows the network crossed 200 million non-empty wallets for the first time during the past two weeks.

Santiment chart tracking holder milestones for Ethereum, XRP Ledger, USD Coin, and Chainlink. The figure covers addresses, not people, since one individual, exchange or institution may control several. What it does show is that more wallets are holding an ETH balance even after the recent decline.

A growing base of balance-holding addresses can help the market absorb supply during pullbacks. Nothing in the data proves those wallets bought at $1,870, though it offers a structural reason why selling around the Fibonacci level met demand instead of cascading.

Holder growth carries no breakout signal on its own. Its relevance grows if ETH converts the current shelf into support and then challenges $1,950.

Days of Macro Risk Ethereum’s technical test arrives inside a tightly packed sequence of central-bank events.

The Federal Reserve decision lands on 29 July. An unchanged rate is the expected outcome and is largely priced in, which leaves the market sensitive to the tone of the accompanying guidance. A hawkish message could lift the dollar and bond yields, weakening demand for risk assets and turning any break above $1,950 into a failed one.

Attention then shifts to the Bank of Japan across Thursday and Friday. As covered in our analysis of how Japan’s rate path affects crypto, any signal of faster tightening could strengthen the yen and pressure the carry trades that fund positions across equities and digital assets.

Friday’s US economic releases close the week. A favourable macro response would give buyers a better chance of clearing $1,950 and testing the $1,985 to $2,000 region, while a hawkish surprise could undo an otherwise sound technical breakout.

The Levels That Matter Now ETH sits below both its 100-day and 200-day moving averages, so the advance remains a recovery inside a weak broader structure.

Upside scenario: A close above the current shelf, held above $1,870, opens the $1,950 test. Clearing the 100-day average from there exposes the $1,985 to $2,000 band, where the June channel and the psychological level converge. Rejection scenario: Failure at the current shelf puts $1,870 back under pressure. Losing that level brings $1,800 into play. The chart might only change character if buyers reclaim $1,950 and prove they can hold the cluster above it. Everything below that is range behaviour inside a downtrend, and three central-bank events over the next three days could decide it either way.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Technical levels may fail, particularly around major central-bank and economic announcements. Methodology: The analysis uses the ETH/USD daily chart, Fibonacci retracement levels, horizontal trading zones, the 100-day and 200-day simple moving averages, RSI and Santiment holder-count data through July 28. Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

Once again, XRP is getting close to one of its most crucial levels of psychological support. The asset broke out of a tightening symmetrical triangle and is currently trading close to $1.06, putting the $1.00 threshold firmly within reach after failing to maintain its most recent recovery attempt. 

XRP is unable to withstand the pressureThe next significant move could see XRP testing a level it has been able to defend throughout the second half of 2026 unless buyers intervene swiftly. After a few days of compression between converging trendlines, the most recent breakdown occurred. XRP eventually lost support, confirming bearish momentum rather than a continuation of the recent bounce, even though such patterns can resolve in either direction. 

Selling pressure increased noticeably in tandem with the breakout, giving the move more legitimacy. Over almost all time periods, the technical picture is still poor. The 20-day, 50-day, 100-day, and 200-day exponential moving averages are all still above where XRP is trading, indicating a clear bearish trend. 

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XRP/USDT Chart by TradingViewMore significantly, buyers have been prevented from gaining sufficient momentum to reverse the market structure by the 20-day EMA acting as dynamic resistance once more. The first support is currently located around $1.00, a level that is both technically and psychologically significant. When stop-loss orders are activated and market sentiment worsens, losing it would probably hasten selling activity.

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If the $1 barrier fails, there isn't much structural support because the next significant support doesn't show up until about $0.95 below that. On the plus side, before any recovery could be deemed credible, XRP would need to reclaim the 20-day EMA around $1.10. Even so, the first significant barrier bulls would have to get past in order to reverse the medium-term trend is the 100-day EMA at $1.22, which remains a much stronger resistance level. Additionally, momentum indicators advise caution. 

The RSI has dropped to about 39, which suggests that buying pressure is waning without yet reaching extremely oversold levels. In other words, there is still potential for the market to drop before technical exhaustion turns into a strong bullish argument. 

The recent consolidation has seen comparatively low trading volume, indicating that neither buyers nor sellers made significant commitments prior to the most recent breakdown. Because of this lack of conviction, markets are frequently exposed to more aggressive moves once support levels collapse.

Ethereum's rise continuesDespite a slight decline, Ethereum has continued to rise; the second-largest cryptocurrency is currently trading slightly below $1,900 and is setting itself up for another attempt to reclaim $2,000. 

ETH has established a series of higher lows after recovering rapidly from the capitulation lows in June, indicating that buyers are still in control even as the market pauses beneath a significant resistance zone. 

The 100-day exponential moving average, which has once again capped the most recent rally at $1,930, is the most immediate obstacle. Ethereum made a brief intraday surge above the level but was unable to achieve a strong breakout, indicating that sellers are still actively defending the area. 

ETH/USDT Chart by TradingViewNevertheless, the price has remained comfortably above the rising 20-day EMA at $1,845, indicating that the rejection has been rather shallow. That is a positive sign for bulls. Ethereum keeps consolidating just under resistance rather than giving back a sizable portion of the recent gain. 

When buyers absorb selling pressure before attempting another breakout, this kind of price action frequently indicates accumulation. A clear close above the 100-day EMA would probably draw attention to the psychological $2,000 barrier. 

The 200-day EMA around $2,175, which continues to characterize Ethereum's longer-term decline, is still the next significant technical barrier after that level. It would be the strongest bullish signal ETH has produced in months if both moving averages were reclaimed. 

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Despite the recent slowdown, momentum indicators continue to be positive. The RSI is still well below overbought levels, but it is comfortably above neutral territory at 53. This implies that Ethereum still has potential to rise further without experiencing the momentum exhaustion that is usually brought on by intense rallies. Throughout the recovery, volume has also remained comparatively stable. 

Although buying activity has decreased in comparison to the sharp recovery from June's lows, it still supports the string of higher lows that have emerged over the last few weeks. The 20-day EMA around $1,845 is the crucial support to watch. The current recovery structure is unaffected as long as Ethereum stays above that threshold. A break below it would probably push the asset closer to the 50-day EMA at about $1,757, where buyers would be put to the test in a more significant way. 

Near Protocol's rally is overThe technical framework that helped Near Protocol (NEAR) recover over the last two months has officially been lost. The token broke below its main support cluster after consolidating above important moving averages for a few weeks, ending the previous uptrend and reversing momentum in favor of sellers. 

NEAR moved decisively below the 20-day, 100-day, and 200-day exponential moving averages with the most recent decline, pushing it to about $1.63. Throughout July, a strong technical floor was created as those averages converged between $1.81 and $1.88. The asset cut through all three levels in a single move rather than rising again, indicating that buyers are no longer in control of the short-term trend. 

NEAR/USDT Chart by TradingViewBecause NEAR had been forming a comparatively stable consolidation following its explosive rally in late May and early June, the breakdown is especially significant. The token briefly surged above $3 during that rally, but momentum gradually waned and each subsequent attempt at recovery resulted in lower highs. The most recent sell-off appears to complete that downward trend. 

The 200-day EMA, which frequently divides long-term bullish and bearish conditions, has now failed to hold as support. Losing that level is rarely a good technical signal, especially when there is weakness across shorter-term moving averages as well. Any short-term bounce will probably be viewed by the market as another selling opportunity unless NEAR swiftly reclaims the region above $1.82. 

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Additionally, momentum indicators suggest growing weakness. The RSI has dropped to about 33, which is close to oversold territory but still above the extreme levels that usually lead to more robust relief rallies. In other words, while selling pressure has increased, the chart does not yet show that bears have exhausted themselves. 

The fact that volume has not skyrocketed during the breakdown indicates that a lack of buying interest rather than outright panic has been the primary driver of the decline. Demand gradually declines rather than collapsing in a single capitulation event, which is often indicative of trend deterioration. 

The $1.50-$1.55 range, which served as resistance prior to the May breakout, is the next support worth watching. NEAR may return to the $1.30 area, thereby erasing a large portion of the summer recovery, if buyers are unable to defend that range. On the plus side, reclaiming the moving-average cluster around $1.82–$1.88 is now crucial.

Consistently moving back above those levels would be the only way to refute the current breakdown and rebuild confidence that the broader recovery is still intact. However, the technical data currently favors the bears.  

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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TECHINASIA: Morgan Stanley debuts Ethereum, Solana trusts on NYSE Arca

Morgan Stanley Launches America’s Cheapest ETH and SOL ETFs With Staking Rewards

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A state-backed Chinese company has started mass production of domestically developed immersion deep-ultraviolet (DUV) lithography machines, a critical technology for advanced semiconductor manufacturing previously dominated by Dutch firm ASML.

The development, first reported by The Information and later detailed by Reuters, marks progress in Beijing’s push for semiconductor self-reliance amid ongoing Western export restrictions.

Shanghai Aishengna Electronic Technology Group, a relatively obscure state-owned entity established in 2023 with backing from Shanghai Electric Holding and a subsidiary of Shanghai International Trust, is leading the effort.

It has incorporated teams from Chinese lithography startups, including Yuliangsheng (linked to Huawei-backed SiCarrier) and Shanghai Micro Electronics Equipment.

Plans call for roughly five machines in 2026 and about 20 in 2027, with initial deliveries expected this year to major domestic chipmakers such as SMIC, Hua Hong Semiconductor, and ChangXin Memory Technologies (CXMT).

Immersion DUV systems use a water layer between the lens and wafer to enable finer circuit patterns than dry tools.

While Chinese chipmakers remain barred from ASML’s most advanced extreme-ultraviolet (EUV) systems and face limits on certain high-end DUV equipment, the new domestic tools could serve as a fallback if further restrictions on exports or servicing take effect.

Analysts note, however, that the machines still require extensive testing, lag ASML models in performance, yield, overlay accuracy, throughput, and long-term reliability, and will not pose an immediate commercial threat.

News of the breakthrough rattled global financial markets.

AI and semiconductor stocks declined sharply, with ASML shares dropping as much as 8% initially before partially recovering. Selling pressure extended to broader indices, including the S&P 500.

Cryptocurrencies, which have shown strong correlation with risk assets, also experienced downward pressure: Bitcoin slipped below $64,600 and XRP moved under $1.10, though Solana posted a modest gain.

Ethereum stood out for its relative resilience.

It advanced about 2.3% over 24 hours—the strongest performance among major tokens—while the ETH/BTC ratio has trended higher for a full month. This suggests ongoing capital rotation toward Ethereum within the crypto market.

Decentralized finance tokens also showed comparative stability, benefiting Ethereum as the primary base layer for most DeFi activity. Bitcoin, by contrast, managed only marginal gains.

The episode highlights how semiconductor geopolitics now influence risk appetite across equities and digital assets.

While a handful of early-stage Chinese DUV tools will not upend ASML’s dominance in the near term, the development underscores limits to export-control strategies and keeps markets sensitive to further advances in China’s domestic chip equipment capabilities. Investors continue to monitor whether Ethereum’s relative strength persists amid broader macroeconomic uncertainty.

Why ETH Is The Strongest Major Right Now?Trader Pentosh1 said on X that ETH remains the strongest major in the market and sees the $1,700s as a potential accumulation zone if price pulls back there over the next few weeks.

He put short-term upside in the low $2,000s, with some chop expected heading into the midterms.

The ETH/BTC ratio climbed to 0.030, its highest reading in three months.

“We view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening,” Lee said.

Three Bullish Signals Behind The MoveThe first signal as discussed is the ETH/BTC ratio hitting a three-month high, pointing to Ethereum outperforming on a relative basis regardless of broader market direction.

The second is Ethereum’s validator exit queue dropping to zero after peaking above 2.6 million ETH in September. 

Analyst Merlijn The Trader said on X that the clearing of the queue into a 47% drawdown means whoever wanted out is already out. 

Meanwhile, roughly 2.5 million ETH is now queued to enter staking with waits near 43 days, locking up supply rather than releasing it.

The third is ETF inflows turning consistently positive. Ethereum ETFs recorded three straight weeks of net buying totaling roughly $294 million, according to SoSoValue data:

Week ending July 24 — $103.90M inflow Week ending July 17 — $105.44M inflow Week ending July 10 — $84.42M inflow ETH Price Today: Key Technical LevelsETH holds at $1,908, sitting inside the 0.382 to 0.5 Fibonacci zone between $1,837 and $1,939. 

The Parabolic SAR at $1,852 sits just below price, and a daily close below it immediately re-confirms the downtrend. 

The 20-day EMA at $1,860 and 50-day at $1,840 are converging just overhead as near-term resistance.

Holding $1,837 is the key condition for the recovery thesis to stay intact. Losing it opens $1,711 fast, with $1,506 as the next level below that.

Key levels for ETH:Image Source: Shutterstock

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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.

Operators have to lock up their own ETH as collateral now.

Liquid staking app Lido has started moving the bulk of its staked ETH onto Ethereum’s larger post-Pectra validators, and the operators running them are now putting up their own capital for the first time.

The main idea is that Lido’s curated node operators stop running thousands of identical 32 ETH validators and collapse them into far fewer, much larger ones.

$16B in ETH Moved Moreover, Ethereum’s Pectra hardfork, activated in May 2025, raised the maximum effective balance per validator to 2,048 tokens through what are known as 0x02 credentials. Curated Module v2 is the piece of Lido Core that now supports them natively (Phase 1 went live on Monday).

The scope is the Curated Module itself, the permissioned operator layer that has handled well over 90% of Lido’s staked ETH since the protocol launched in 2020. That covers more than 265,000 existing validators and more than 8 million ETH, worth about $16 billion.

It’s worth knowing Lido is doing this in a tighter market. As CryptoPotato reported, its revenue fell roughly 25% last year, and its share of all staked ETH slid from more than 28% in 2024 to just over 24% in December 2025.

No Longer Trust, Operators Now Must Post Bonds Basically, trust alone is no longer enough, and operators have skin in the game. This means they have to lock up their own ETH as collateral, so if they get or fail operationally, that ETH is taken.

Their bond is smaller than in Lido’s permissionless modules because they’re still considered more trustworthy than open applicants. The governance update also removes unnecessary DAO votes for routine administrative tasks like changing an operator address, reducing bureaucracy.

You may also like: Tom Lee’s Bitmine Keeps Buying Ethereum, Treasury Nears 5.8 Million ETH Allbridge Pauses Protocol After $1.65M Exploit Drains Stablecoin Liquidity Pools Ethereum Tops $1,900 in a Six-Week High, Where to Next For ETH? The migration will take months because Ethereum limits how quickly validators can exit and be restaked. While they’re offline, they stop earning rewards, which Lido estimates will cost about 738.5 ETH. The 117-day figure is the fastest Ethereum theoretically allows, while six months is the practical estimate.

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Bitcoin slipped below $64,000 on Tuesday as a selloff in Asian tech equities reflected investor caution ahead of the Federal Reserve’s interest rate decision Wednesday.

Notable Statistics:

Coinglass data shows 133,415 traders were liquidated in the past 24 hours for $620.81 million.        SoSoValue data shows net outflows of $11.6 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net inflows of $9.23 million. In the past 24 hours, top losers include Audiera, LayerZero and Shiba Inu. Notable Developments:

Trader Notes:

Crypto chart analyst Ali Martinez said Bitcoin has lost the key $63,800 support level, weakening its near-term technical structure.

With that breakdown, analyst sees $60,000 as the next major downside target unless bulls quickly reclaim the lost support.

Ted Pillows noted Bitcoin is forming a falling wedge, a pattern often viewed as a potential bullish reversal, just as the CLARITY Act nears its final legislative stage.

The trader argues that if the bill passes, it could validate Tom Lee‘s bullish outlook, while a rejection would likely delay, but not necessarily invalidate, his longer-term thesis.

Trader Crypto Poseidonn believes Bitcoin’s summer uptrend has ended, citing a loss of key support and the formation of a lower high.

Drawing parallels with the April-May decline, he expects Bitcoin to revisit sub-$60,000 levels in the coming weeks.

Image: Shutterstock

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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 disclosed about $15.1 million across Bitcoin, Ethereum, XRP, and Solana exchange-traded funds in its latest US regulatory filing.

Summary

Bitcoin ETFs accounted for about $10.4 million, led by Bitwise’s BITB fund. Clear Creek reported nearly $4.3 million across three Ethereum ETFs. XRP and Solana products expanded the firm’s disclosed crypto allocation beyond BTC and ETH. The filing provides a quarter-end snapshot, meaning Clear Creek may have changed its positions since then. Clear Creek’s Bitcoin ETF holdings top $10 million Clear Creek’s largest disclosed crypto position was the Bitwise Bitcoin ETF (BITB). The investment adviser reported owning 304,155 shares valued at about $9.69 million at the end of the reporting period.

The firm also held approximately $477,412 in BlackRock’s iShares Bitcoin Trust ETF and $248,539 in the Grayscale Bitcoin Trust ETF. Together, its three Bitcoin ETF positions were worth roughly $10.4 million.

BITB accounted for close to 93% of the firm’s disclosed Bitcoin ETF allocation. Clear Creek manages more than $1.5 billion in assets, placing the crypto positions at a relatively small share of its wider portfolio.

Form 13F requires institutional investment managers overseeing at least $100 million in qualifying US securities to disclose certain long positions every quarter. However, the reports are backward-looking and do not include cash, short positions or assets that fall outside the filing rules.

Clear Creek could therefore have increased, reduced or exited some positions after the reporting date.

Ethereum becomes the firm’s second-largest crypto allocation Ethereum ETFs formed Clear Creek’s second-largest digital asset allocation at almost $4.3 million.

The firm reported 337,162 shares of the Bitwise Ethereum ETF, valued at approximately $3.8 million. It also disclosed 14,336 shares of the iShares Ethereum Trust worth $170,455.

Clear Creek held a further 21,374 shares of the Grayscale Ethereum Staking ETF, valued at $321,251. The staking product gives investors exposure to ETH while incorporating rewards generated through Ethereum’s proof-of-stake network, subject to the fund’s structure and fees.

Separately, Morgan Stanley launched Ethereum and Solana staking ETFs on July 28. The products charge a management fee of 0.14%, adding another major Wall Street name to the expanding US crypto fund market.

The developments show how regulated products are giving investment advisers several ways to allocate to the same digital asset, including products from Bitwise, BlackRock, Grayscale and Morgan Stanley.

XRP and Solana ETFs broaden Clear Creek’s strategy Clear Creek also reported smaller positions tied to XRP and Solana, taking its disclosed crypto ETF portfolio beyond the two largest digital assets.

The investment manager held 11,621 shares of the Bitwise XRP ETF, valued at $135,501 at the reporting date.

Its Solana allocation was split between two funds. Clear Creek owned 11,258 shares of the Bitwise Solana Staking ETF worth $112,693 and 28,144 shares of the Grayscale Solana Staking ETF valued at $155,636.

Those positions brought the firm’s total reported Solana ETF exposure to about $268,329. Although small compared with its Bitcoin and Ethereum holdings, the allocations show that some US advisers are using regulated funds to gain exposure to a wider group of crypto assets.

Morgan Stanley also recently disclosed an XRP ETF position, providing another example of traditional financial firms moving beyond Bitcoin-only exposure.

US and global crypto ETF markets continue expanding Clear Creek’s filing arrives as the SEC considers changes to how it reviews a growing pipeline of ETF proposals.

Brian Daly, an official in the SEC’s Division of Investment Management, said the agency receives roughly 200 ETF applications each month, according to Bloomberg ETF analyst Eric Balchunas. Daly also acknowledged that the regulator had handled crypto poorly and wanted a more orderly process for reviewing novel products.

The SEC is reportedly considering confidential ETF filings, which could allow issuers to submit proposals privately before making them public. Such a system could protect new fund ideas from competitors while regulators conduct an initial review.

Other markets are also examining broader crypto fund access. Japan could allow its first Bitcoin ETF by 2028 as regulators prepare rules permitting investment trusts and ETFs to hold digital assets directly.

For US investors, Clear Creek’s disclosure does not prove that the firm remains invested at the same levels today. It does, however, provide a documented view of how one registered adviser distributed its crypto exposure across four assets and several competing issuers.

In brief Morgan Stanley launched spot Ethereum and Solana exchange-traded products under the ticker symbols MSSE and MSOL. Both funds will stake a portion of their holdings, with staking rewards passed through to investors. The launch follows a series of crypto initiatives this year, including a Bitcoin ETF, E*TRADE crypto trading, and tokenization plans. Morgan Stanley Investment Management is expanding beyond Bitcoin with the launch of Ethereum and Solana exchange-traded products that will generate staking rewards for investors, the latest step in the Wall Street firm's growing push into digital assets.

Announced on Tuesday, the Morgan Stanley Ethereum Trust (NYSE Arca: MSSE) and Morgan Stanley Solana Trust (NYSE Arca: MSOL) will track the price of Ethereum and Solana, respectively. The company said each fund will charge a 0.14% expense ratio, stake a portion of its holdings, and pass any staking rewards through to investors.

“Since introducing our first ETFs in 2023, we've built a diversified suite of ETFs and ETPs that now exceed $14 billion in assets under management,” Global Head of ETFs for Morgan Stanley Investment Management, Ally Wallace, said in a statement. “The addition of MSSE and MSOL reflects the natural evolution of our product suite, which seeks to provide simplified access to digital assets through the ETP wrapper.”

The launch follows Morgan Stanley's April introduction of its spot Bitcoin Trust. According to the company, the fund had attracted more than $381 million in assets under management through July 16, while its ETF and ETP platform had grown to more than $14 billion across 22 products.

The launch is the latest crypto initiative that Morgan Stanley has announced this year.

Also in April, Morgan Stanley executives said the firm was exploring tokenized money market funds, digital asset tax-management strategies through subsidiary Parametric, and other blockchain-based products.

“We’re not going to stop at just Bitcoin,” Amy Oldenburg, head of digital-asset strategy at Morgan Stanley, previously told Decrypt. “It’s really about the longer-term journey, and there’s quite a long way to go.”

In July, Morgan Stanley rolled out spot Bitcoin, Ethereum, and Solana trading for eligible E*TRADE customers through a partnership with Zero Hash, allowing clients to buy, sell, and hold digital assets alongside stocks and other investments.

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Morgan Stanley Investment Management has introduced new exchange-traded products tracking Ethereum and Solana, marking another major move in the firm’s growing digital asset portfolio.

New Ethereum and Solana ProductsThe Wall Street giant unveiled the Morgan Stanley Ethereum Trust (MSSE) and the Morgan Stanley Solana Trust (MSOL) on Tuesday, both listed on NYSE Arca. Each fund closely tracks its underlying asset and features a 0.14% expense ratio.

In a departure from traditional spot offerings, both MSSE and MSOL will stake portions of their holdings, passing any staking rewards directly to shareholders. This adds an additional layer of potential return for investors.

Since introducing our first ETFs in 2023, we’ve built a diversified suite of ETFs and ETPs that now exceed $14 billion in assets under management. The addition of MSSE and MSOL reflects the natural evolution of our product suite, which seeks to provide simplified access to digital assets through the ETP wrapper.

Morgan Stanley Investment Management, a division of Morgan Stanley, offers a vast range of investment products and solutions, managing assets globally for a variety of clients.

Mini dictionary: NYSE Arca, an electronic securities exchange in the United States, is known for trading exchange-traded funds and products with a focus on innovation and liquidity.

Staking and Investor ReturnsBy integrating staking features, these new funds allow investors to benefit from on-chain rewards typically earned by network validators. Unlike standard exchange-traded products, staked assets can generate additional income, which is distributed to investors participating in the funds.

The addition of staking may appeal to institutional and retail clients looking for passive yield opportunities within regulated structures.

Expanding Digital Asset OfferingsMorgan Stanley’s expansion into Ethereum and Solana follows its launch of a spot Bitcoin Trust in April. That product quickly attracted over $381 million in assets under management as of July 16. The firm’s broader ETF and ETP platform has now surpassed $14 billion across 22 products.

FundAsset TrackedExpense RatioStakingLaunch DateMSSEEthereum0.14%YesJuly 2024MSOLSolana0.14%YesJuly 2024Bitcoin TrustBitcoinVariesNoApril 2024The company previously indicated its intention to push beyond Bitcoin. Amy Oldenburg, head of digital-asset strategy at Morgan Stanley, remarked on the firm’s plans for further digital asset integration, emphasizing a long-term approach and broadening product range.

We’re not going to stop at just Bitcoin. It’s really about the longer-term journey, and there’s quite a long way to go.

Executives have confirmed ongoing exploration of other innovations, such as tokenized money market funds and tax management strategies involving Morgan Stanley’s subsidiary, Parametric, as well as increased use of blockchain technology in traditional finance products.

In July, the company broadened its digital reach by partnering with Zero Hash to provide spot trading in Bitcoin, Ethereum, and Solana for eligible E*TRADE brokerage customers, allowing users to manage crypto alongside stocks and other investments.

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.

RWAs Higher Than Any NetworkAccording to 21Shares investment strategist Max Michielsen, Robinhood Chain now has roughly 328,000 holders of tokenized RWAs, more than any other blockchain network.

The milestone comes less than a month after the network’s mainnet launch.

Tokenized assets on the chain nearly doubled over the past week to around $24 million, excluding stablecoins, while the number of listed assets climbed to 97.

Robinhood can promote blockchain-based financial products directly to approximately 28 million funded brokerage accounts.

"Distribution is the product now, and Robinhood is demonstrating how quickly it compounds," the strategist added.

Robinhood Chain initially generated attention through meme coin trading, recording more than 17 million transactions and over $1 billion in decentralized exchange volume during its first week.

Activity surged after CEO Vlad Tenev said the network "works well for memes," helping trigger a short-lived memecoin rally.

CASHCAT, a token based on Robinhood’s original mascot, jumped between 700% and 962% following the post before subsequently declining.

Deposits Rise While Trading SlowsRobinhood Chain’s total value locked has continued climbing without a daily decline and currently stands at around $325 million, The Block reported citing DefiLlama data.

However, most measures of network activity peaked during the second week and have since weakened.

DEX volume witnessed a drop of 27% from the previous week, while daily active accounts fell 7% to an average.

Meanwhile, trading volume per active account declined to about $2,000 from a peak of approximately $2,800 two weeks earlier.

The chain’s turnover ratio, calculated by dividing DEX volume by TVL, dropped from 9.25 times during the second week of July to 1.68 times by last Friday.

That suggests capital is entering the network faster than it is being actively traded.

The trend may reflect demand for Robinhood Earn, which offers an estimated 7% annual percentage yield on the USDG stablecoin, rather than organic trading demand.

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