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Recent price declines in XRP have not dampened the optimism of cryptocurrency commentator X Finance Bull, who expressed increased confidence following a significant announcement from Evernorth Holdings. The company, which manages a large XRP treasury, has revised its plans for a proposed listing on Nasdaq, maintaining its strategy while taking steps that could increase investor exposure to XRP with each share.

X Finance Bull pointed to changes in Evernorth’s subscription agreements regarding a private placement of its common shares. The modification is linked to the company’s proposed business combination with Armada Acquisition Corp. II. Unlike the original arrangement, which used a fixed XRP price of $2.36 set at the time of signing, the updated structure will use XRP’s market value at closing to determine the final deal terms.

With this adjustment, if the value of XRP changes by the time the transaction closes, the number of shares issued could be affected. Specifically, a higher XRP value at closing would lead to fewer shares being issued, meaning each share represents a larger portion of Evernorth’s XRP reserves. This structure gives investors greater XRP exposure per share if market conditions are favorable at closing.

Evernorth’s updated agreement aims to align its capitalization more closely with the current market value of its underlying XRP holdings, with the intention of increasing XRP per share and sustaining ecosystem development.

Evernorth stated that its overall strategy and the amount of XRP in its treasury remain unchanged with these amendments. The company reiterated its goal of growing the XRP ecosystem and maximizing the value of each share through active treasury management.

Mini dictionary: Evernorth Holdings is a company focused on cryptocurrency investments, particularly XRP, and it is pursuing a public market listing through a merger with a special purpose acquisition company (SPAC).

Over 95% of capital backers approve structural changesX Finance Bull noted that institutional support for Evernorth’s revised deal terms remains strong. The company confirmed that more than 95% of investors who committed capital to the transaction have agreed to the amended structure.

Key supporters of the plan include well-known firms such as Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. This backing from major industry names supports the credibility of Evernorth’s approach ahead of its possible public-market debut.

X Finance Bull emphasized that Evernorth’s public market strategy is distinguished by its commitment to increasing the value of XRP per share through strategic treasury operations and broader ecosystem engagement.

The commentator argued that the combination of Evernorth’s treasury-focused business model and the recent adjustments makes the company more than just another investment vehicle in the market.

Key Evernorth BackersSupport RateArrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, GSROver 95% of committed capitalX Finance Bull’s positive stance centers on Evernorth’s stated goal of maximizing the amount of XRP behind each share. He believes that if Evernorth completes its proposed Nasdaq listing and attracts new public-market capital, it could further scale its XRP treasury and ultimately boost XRP per share over time.

For now, Evernorth continues working toward its Nasdaq debut, while the revised deal terms ensure that the share count at closing will directly reflect XRP’s market price on the day the transaction is finalized.

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.

Binance has extended its rewards push around Ripple USD with another four-week campaign offering one million XRP to eligible RLUSD holders. 

Summary

Binance extended its RLUSD rewards campaign through September 11 with one million XRP available overall. Eligible users need at least 0.01 RLUSD and $500 in average daily derivatives trading volume. One million XRP will be distributed across four weekly installments beginning August 21 to participants. Borrowed stablecoin-funded RLUSD receives a 60% haircut when Binance calculates qualifying margin balances for rewards. Ripple officially reported $1.59 billion of RLUSD circulating against $1.70 billion in reserve funds recently. The new campaign began at 00:00 UTC on Aug. 14 and runs through Sept. 11, according to the exchange’s updated announcement. Rewards will be distributed every Friday across four installments.

The follow-on program started immediately after Binance’s first RLUSD campaign ended on Aug. 14. That earlier promotion offered $800,000 worth of XRP across four weekly distributions beginning July 17. As crypto.news previously reported, the first campaign tied XRP rewards to eligible RLUSD balances held through Binance Earn and Margin products.

Binance keeps RLUSD eligibility rules largely unchanged To qualify, users must maintain at least 0.01 RLUSD in an eligible Earn or Margin account and record at least $500 in average daily Margin or Futures trading volume. The trading volume can come from any supported pair as long as RLUSD is being used as collateral.

Binance calculates rewards using each user’s qualifying RLUSD balance and an effective annualized percentage rate determined for each weekly period. The lowest RLUSD balance observed during hourly snapshots becomes the qualifying balance for that day. There is no stated individual reward cap.

RLUSD created by borrowing other stablecoins receives different treatment. Binance applies a 60% haircut to the leveraged portion after accounting for liabilities involving USDT, USDC, U, USD1 and FDUSD. RLUSD that is itself recorded as a borrowing liability is excluded from the qualifying balance.

One million XRP will be distributed through Sept. 11 The first distribution under the new campaign is scheduled for Aug. 21, followed by payments on Aug. 28, Sept. 4 and Sept. 11. Binance will determine the effective APR and XRP valuation for each period at the time of distribution.

The prior campaign shows how those rates can move. Its effective APR started at 22.25% for the first week, then fell to 8.22%, 8.08% and 7.69% in subsequent distributions. Binance warns that the APR is “not indicative of future results” and may fluctuate from week to week.

The new reward pool is denominated directly in one million XRP rather than a fixed dollar value. Its final dollar value will therefore depend on the XRP price Binance uses for each weekly distribution.

U.S. and European users face participation restrictions The campaign is not available globally. Binance’s current exclusion list includes the U.S., UK, Canada, Japan and numerous European Economic Area jurisdictions. Users must also complete KYC and remain in an eligible jurisdiction. Binance notes that the exclusion list can change as regulatory requirements develop.

The geographic limits are particularly relevant for RLUSD because Binance warns that unauthorized stablecoins face restrictions for EEA users under MiCA. Holding RLUSD alone does not make a user eligible for the promotion.

RLUSD supply remains near $1.6 billion The campaign comes after Binance listed RLUSD and XRP-linked trading pairs in January, expanding the stablecoin’s availability on one of the largest crypto trading platforms.

Ripple’s latest official transparency data shows $1.5896 billion of RLUSD in circulation against $1.7026 billion of reserve funds as of Aug. 6. Standard Custody & Trust Company issues RLUSD under supervision from the New York Department of Financial Services, while independent CPA attestations are published monthly.

What happens next The next confirmed milestone is the first new XRP distribution on Aug. 21. Binance will then publish the effective APR and XRP token value used for that reward period. Three additional weekly distributions are scheduled before the campaign closes on Sept. 11.

For users, the amount received will depend on qualifying RLUSD balances, total eligible balances across the campaign and the effective APR. The one million XRP figure is the total pool rather than a guaranteed amount or fixed return for any individual participant.

Ethereum co-founder Vitalik published an article outlining the core goals of Ethereum’s current scaling strategy. He first acknowledged the Bitcoin community’s pioneering technical contributions, then clarified that Ethereum’s proposed scaling strategy is advancing along that direction. Vitalik emphasized: “We want Ethereum to have both UTXO-style state, dynamic state, and all the advantages of both.” This means Ethereum is seeking to integrate the Bitcoin UTXO model’s strengths in efficient state management, light node verification, and scalability with its own flexible account model, smart contract ecosystem, and dynamic state capabilities. Vitalik reiterated that the ultimate goal of Ethereum’s scaling efforts is to achieve “hyperscaling” for the vast majority of activities on the network, without sacrificing three core attributes: decentralization, node operation convenience, and censorship resistance. Ethereum’s roadmap is shifting from a sole focus on scalability to a systematic effort to strike a better balance between scalability and decentralized resilience.

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Binance Life token surges 8%, briefly breaks through $0.54

According to HTX market data, after CZ announced he would donate the 'Binance Life' token from his public address to Giggle Academy and deactivate that address, the Binance Life token rallied 8% in the short term, breaking above $0.54. It is now trading at $0.51, with a 24-hour gain of 8.2%.

6 hours ago

CZ announced that he will disable public addresses to prevent his operations from being overinterpreted by the community, noting that BNB and "Binance Life" will be donated to Giggle Academy.

Binance founder CZ stated at Binance Square that many people are overinterpreting the meaning behind his actions. Today, while testing Trust Wallet, he found so many meme tokens in the wallet that it was difficult to even locate BNB. He then attempted to burn some of the tokens, a move that sparked extensive community discussion. CZ noted he realized he could never fully "clean up" all meme coins from that address: the more he burns, the more people will send coins to it. The transparent nature of blockchain means any activity on this address will be overinterpreted by the community. He even considered requesting the Trust Wallet team to add an "Ignore Coin" feature to prevent interface clutter, but pointed out that 99.99% of users would never use such a function. His plan is to donate BNB and the "Binance Life" tokens purchased with BNB to Giggle Academy, then cease using this address and leave it as a burn address.

6 hours ago

Tom Lee: In the AI era, the scarcity of the "human" element in investments is emerging as a core pricing factor. I am heavily invested in Robinhood because I am bullish on Vlad Tenev.

BitMine, the firm holding the largest Ethereum treasury, Chairman Tom Lee laid out a core thesis in an interview: In AI and high-growth sectors, a founder’s vision and leadership have emerged as the true differentiated competitive advantage, even outweighing technology itself. The directional sense of top-tier founders cannot be replaced by AI. Sam Altman would never ask ChatGPT “What should I do?”; the same applies to Anthropic’s founder and Elon Musk. OpenAI’s survival hinges entirely on Sam Altman himself, not on passively feeding questions to AI for answers. Tom Lee argues this is the key differentiator: a founder’s foresight and judgment cannot be replicated by AI, even as models can be open-sourced and technology can be caught up. Under this framework, Tom Lee classifies Robinhood CEO Vlad Tenev into the same “founder vision-driven” category. Robinhood operates in markets like retail trading, new-generation investors, and fintech penetration—all growing far faster than the overall economy. Vlad’s leadership and vision are critical to the company’s ability to seize these opportunities. A major reason Tom Lee’s own firm Fundstrat holds a heavy Robinhood position is Vlad Tenev himself: rather than focusing solely on valuations or short-term metrics, Fundstrat recognizes the founder’s long-term vision and execution. In the AI era’s investment framework, the scarcity of “human” factors is becoming a core pricing driver.

6 hours ago

Meme coin MarsCoin slumped to a market cap of $7 million, plunging 65% in a single minute after nearly halving in value.

According to GMGN data, the BSC-based meme coin MarsCoin (contract address starting with 0x1706) saw a sharp short-term plunge after surging over 400x in a single day, hitting an all-time high of over $36 million in market cap earlier tonight. Its market cap then nearly halved to $21 million within an hour, before plummeting 65% in one minute at 22:07, dropping to $7 million. A wallet address linked to Binance CEO CZ showed unusual activity this afternoon, burning 4,444 units of the MarsCoin meme token. Separately, Binance Alpha previously listed a token of the same name, MarsCoin (contract address starting with 0xfe18), which currently has a market cap of $52 million, up 6% on the day. BlockBeats reminds users that most meme coins lack real-world use cases, are highly volatile, and investors should exercise caution.

6 hours ago

U.S. debt risks have surged, leading to a shift toward short-term Treasury bonds to meet growing borrowing demands.

The U.S. Treasury’s reliance on short-term debt is growing: Currently, U.S. Treasury bills make up 21% of the tradable Treasury securities market, a share near its highest level since 2020. Back then, amid the COVID-19 pandemic, the U.S. federal government’s borrowing spiked. This is far above the 10-15% range recorded between 2012 and 2019. By contrast, during the 2008 financial crisis, this proportion reached roughly 34%. Meanwhile, the U.S. government is increasingly leaning on short-term Treasuries to cover its rising borrowing needs, rather than long-term bonds. If the U.S. Treasury continues issuing long-term debt at its current pace through fiscal 2027, long-term Treasuries will account for 25% of total debt—their highest share since 2004. However, this strategy amplifies the government’s vulnerability to short-term interest rate swings. If rates stay elevated or climb again, debt servicing costs will become far more unsustainable. The U.S. debt crisis is now fully unfolding.

6 hours ago

A certain crypto address sold MarsCoin worth $171,000 too early, then chased the rally to buy it again.

According to on-chain analyst Ai Yi (@ai_9684xtpa), address 0x333…29cd2 offloaded 5.12 million MarsCoin tokens at a low price of $0.00006885 just two days before MarsCoin’s sharp surge today, suffering a loss of $4,533. At that time, the token’s market capitalization stood at only $68,000, while that same batch of tokens is now valued at $171,000. The address purchased $2,308 worth of the token 55 minutes ago to chase the rally; though it is currently in an unrealized profit position, it has not yet recouped its overall losses.

6 hours ago

Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A major Chainlink (LINK) investor ended a 30-day accumulation period and transferred a batch of 984,550 tokens to the U.S. exchange Coinbase. The whale's move interrupted a quiet phase in the market and sparked concerns among crypto market participants about a possible sell-off.

According to on-chain tracker OnchainLens, the address "0xF5B007...1d8A1" deposited approximately $9.23 million worth of tokens into Coinbase. This move followed a month-long lull, during which the investor methodically withdrew tokens from Binance hot wallets, accumulating around 2.41 million LINK.

Chainlink whale '0xF5B007' shifting nearly 1 million tokens to Coinbase, Source:  OnchainLens / ArkhamThe latest transfer represents only part of the investor's holdings. The whale's wallet currently retains 1.43 million LINK worth around $13.43 million, while the net unrealized profit on the remaining position is estimated at $1.42 million.

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Why the whale awakened at Chainlink's "red wall"The major investor's move coincided with a critical technical turning point on the LINK/USD chart. The token has been trying to break out of a prolonged downtrend that began after the 2024–2025 peaks and recently found a local bottom at $6.35.

LINK/USD daily chart (1D) with 23, 50, and 200 MAs and RSI indicator, Source: TradingViewAt the time of the transaction, the token stood just one step away from a trend reversal:

Resistance wall: The LINK price ran directly into a heavy 200-day moving average, shown by the red line on the chart, at $9.4117.Safety cushion: The 23- and 50-day moving averages are pushing the price from below, around $8.23–$8.48, and now serve as dynamic support.Potential move: The RSI is in a moderately bullish zone at 56.84–60.09 points. This indicates that buyers have enough strength for a move higher, but the appearance of substantial selling pressure directly at the key resistance level could completely extinguish this momentum. You Might Also Like

If the transferred $9.2 million enters the Coinbase order book, LINK risks sliding back toward the $8.20–$8.50 support zone. If the transaction turns out to be an internal asset transfer or an over-the-counter (OTC) deal, the market will retain its chances of breaking through the "red wall" and returning to the psychological $10 level.

Aave V3 now controls over 50% of all tokenized gold deposited across decentralized finance lending protocols.

The protocol’s dominance in this niche reflects a broader shift in how DeFi users think about collateral. Gold-backed tokens like PAXG (Pax Gold) and XAUT (Tether Gold) offer something most crypto assets cannot: relative price stability anchored to a physical commodity.

How Aave cornered the gold market
PAXG has been accepted as collateral on Aave V3’s Ethereum deployment since the protocol launched, giving users the ability to borrow stablecoins against their tokenized gold holdings.

Governance proposals to integrate XAUT, Tether’s gold token, into the core instance of Aave V3 began circulating in mid-2025. Adding a second major gold token expanded the protocol’s appeal to a wider pool of users who might prefer one issuer over another.

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Aave V3’s isolation mode, a feature introduced back in 2022, played a key role in making this possible. Isolation mode lets the protocol onboard newer or less liquid assets with tighter risk parameters, essentially ring-fencing potential problems before they can spread.

That cautious engineering paid off during a market stress event in March 2026, when Aave V3 successfully processed liquidation clusters for XAUT without significant disruption.

The numbers tell two stories at once
Combined collateral for PAXG and XAUT on Aave V3 and Morpho sat at approximately $63 million as of early-to-mid 2026. That is a meaningful figure for a single protocol category, but it also reveals how early this market still is.

The total market capitalization for PAXG and XAUT combined runs roughly $4.2 billion. That means only about 1.5% of all tokenized gold is actively deployed as collateral on major DeFi platforms.

Tokenized gold trading volumes, meanwhile, surpassed $90 billion in Q1 2026.

Real-world assets meet DeFi lending
But the integration is not without friction. Tokenized gold requires trust in the issuer’s reserves, custody arrangements, and audit processes. PAXG is backed by London Good Delivery gold bars held in Brinks vaults, while XAUT is backed by gold stored in Swiss vaults. Both issuers publish attestations, but the trust model is fundamentally different from holding a purely decentralized asset like ETH.

What to watch from here
The 1.5% utilization rate is the number that matters most going forward. Even moving to 5% utilization of the $4.2 billion market cap would mean roughly $210 million in deployed collateral, more than triple the current level.

Competitors will also matter. Morpho already appears alongside Aave in the collateral data, and other lending protocols will likely look at Aave’s market share in this segment as an invitation to compete.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Shiba Inu (SHIB), a meme-inspired cryptocurrency recognized for its vibrant online community, was recently listed on the Australian exchange FameEX. Following this development, SHIB’s price briefly surged to $0.00001004 on the platform, reflecting renewed market interest.

New Listings and International ExpansionFameEX, a digital asset trading platform based in Australia, added Shiba Inu to its list of tradable tokens, expanding SHIB’s accessibility to a broader investor base in the Asia-Pacific region. Soon after this listing, the cryptocurrency experienced a noticeable rally.

Additionally, Shiba Inu users can now spend the token at Dubai Duty Free airport stores, further extending SHIB’s use beyond online trading. This marks a significant move towards real-world adoption, especially within a prominent global travel hub like Dubai.

Mini dictionary: FameEX, an Australian cryptocurrency exchange that offers trading services for various digital assets, aims to expand crypto adoption in the Oceania and Asia-Pacific markets.

Market Performance and Investor SentimentDespite renewed attention, Shiba Inu has faced persistent challenges over the past 18 months. The token peaked at $0.000032 in December 2024 but has since been on a downward trend, missing the strong momentum seen in leading cryptocurrencies like Bitcoin, Ethereum, and XRP during the 2025 market rally.

Analysts tie SHIB’s underperformance to its reputation as a memecoin, which typically carries higher risk than other digital assets. Investor risk appetite remains subdued, limiting positive price action for speculative tokens like SHIB.

Shiba Inu initially achieved spectacular gains, rallying by several million percent in the months after its August 2020 launch. However, interest and enthusiasm for memecoins have cooled considerably, and the online hype that once fueled SHIB’s rise has declined.

While Shiba Inu benefited from a record-breaking launch, enthusiasm has faded, leading to lower demand and lackluster market performance compared to other major cryptocurrencies.

Prospects for Future GrowthThe recent Australian listing and Dubai retail useability signal growing support for SHIB and may provide additional exposure among new users. However, many market observers remain cautious about the token’s ability to sustain upward momentum without improvement in broader crypto market conditions.

Current retail sentiment toward meme-inspired tokens is wary, and any significant price breakout for SHIB may depend on a general recovery in the digital asset sector, particularly if Bitcoin and other major cryptocurrencies return to stronger performance levels.

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.

August 16, 2026 12:00 PM

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Table of contents

Two significant token unlocks are landing on August 16, 2026, adding fresh supply pressure to a market that’s already trading soft. YZY is releasing roughly 22.83% of its entire circulating supply, worth an estimated $35.8 million, while Arbitrum is unlocking 92.65 million ARB tokens, about 1.61% of circulating supply and worth roughly $7.2 million, with the latter already weighing on price ahead of today’s release.

YZY’s Unlock Is the Larger Story by Percentage
YZY’s release stands out for its sheer size relative to the token’s existing float: nearly a quarter of everything currently in circulation is becoming available in a single day. Unlocks of that magnitude typically create meaningful sell-side pressure, since early holders and insiders often look to realize gains once tokens become liquid, regardless of where the broader market is trading. Whether YZY absorbs the new supply cleanly will depend heavily on current trading volume and how much of the unlocked allocation belongs to long-term holders versus short-term participants looking to exit.

Arbitrum’s Unlock Has Already Moved the Price
Arbitrum’s unlock is smaller as a share of supply but has already had a measurable market impact. ARB fell 3.9% over the roughly 39 hours leading into the release, a decline attributed to a combination of the pending unlock and broader risk-off sentiment across altcoins this week. No underlying protocol issues have been identified behind the move, suggesting the drop reflects positioning ahead of the event rather than any fundamental concern about the network itself.

Why Token Unlocks Matter for Price
Scheduled unlocks are known well in advance, which means sophisticated traders often price in some of the expected selling pressure before the event actually occurs, exactly the pattern seen in Arbitrum’s pre-unlock decline this week. That dynamic can cut both ways: if the anticipated selling is already reflected in price by the time tokens actually unlock, the token can sometimes stabilize or even recover once the event passes and uncertainty clears.

What This Means for the Days Ahead
The more consequential test is YZY, given the scale of supply hitting the market relative to what’s already circulating. How the token trades over the next few sessions will offer a clearer read on whether holders are treating the unlock as a reason to exit or a non-event already priced in. Arbitrum’s price action in the days following its own unlock will be worth watching for early signs of stabilization, particularly if broader market sentiment improves.

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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.

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Wells Fargo, one of the largest banks in the United States, reported approximately $9.18 million in exposure to the Bitwise XRP ETF in its latest quarterly securities filing. The bank manages $2.1 trillion in total assets and $2.5 trillion in client assets, underscoring the institutional significance of this disclosure.

Institutional participation in XRP ETFs growsThe bank’s Q2 2026 13F-HR form, filed with the Securities and Exchange Commission on August 14 and covering holdings as of June 30, 2026, detailed two distinct positions in the Bitwise XRP ETF. The filing includes individual line items of $1.39 million and $7.79 million, both identified under the same CUSIP for the Bitwise product. This indicates the positions are managed across different accounts or fund structures within the bank’s operations.

Xaif, a cryptocurrency market commentator, first drew attention to the filing’s contents, emphasizing the importance of a major US banking institution taking sizeable positions in a digital asset ETF. Xaif described Wells Fargo’s exposure to the Bitwise XRP ETF as “worth watching,” given the bank’s status among the four largest banks in the country.

Wells Fargo, holding $2.1 trillion in total assets and $2.5 trillion in client assets, has revealed approximately $9.18 million in Bitwise XRP ETF exposure across two separate entries: $1.39 million and $7.79 million. The size of these positions highlights the rising level of institutional engagement with XRP products.

Bitwise is a US-based asset management company that specializes in cryptocurrency and digital asset investment products, including a range of exchange-traded funds (ETFs) tailored for institutional and retail investors.

Mini dictionary: 13F-HR filing — A quarterly report required by the SEC from institutional investment managers with assets over $100 million. It details the firm’s holdings in publicly traded securities.

InstitutionETF/ExposureAmount/ValueFiling QuarterWells FargoBitwise XRP ETF$9.18 millionQ2 2026Gallacher Capital ManagementBitwise XRP ETF$961,126Q2 2026Militia Capital ManagementBitwise XRP ETF31,820 sharesQ2 2026Bank of MontrealUndisclosedQ2 2026Q2 2026More institutions disclose XRP-linked holdingsThe revelation comes as a series of financial institutions include XRP-linked products in their regulatory filings. Citadel, a leading hedge fund manager, earlier in 2026 disclosed holdings in call options on the Canary XRP ETF after closing its put positions. Meanwhile, Gallacher Capital Management reported owning 86,744 shares in the Bitwise XRP ETF, valued at $961,126 on its Q2 13F. The Bank of Montreal recently added its name to the list of banks reporting XRP ETF exposure, strengthening the trend of increasing institutional involvement.

Other asset managers, such as Militia Capital Management, have filed amended reports reflecting significant stakes in the same Bitwise XRP ETF. These developments signal growing recognition of XRP products across various segments of the investment industry.

Bitwise XRP ETF draws continued attentionThe Bitwise XRP ETF has appeared in an expanding number of 13F filings throughout 2026, drawing greater focus from institutional investors. Wells Fargo’s current $9.18 million allocation ranks as the largest single holding among disclosed institutions so far this quarter. The continued emergence of new filings signals increasing institutional appetite for digital asset exposure via established ETF vehicles.

Wells Fargo’s investment in the Bitwise XRP ETF and other recent filings reflect deepening institutional engagement with XRP. This quarter’s disclosures have added more significant financial institutions than in any previous period.

Record expansion for institutional XRP filingsThe Q2 2026 reporting period marks a high point for institutional disclosures related to XRP. The filings show a diverse array of entities, from commercial banks to asset managers, allocating capital to XRP ETFs using different product structures and account types. This demonstrates XRP’s widening reach across the financial sector.

Wells Fargo, given its asset base and scale, is now the largest institution to publicly report a position in the Bitwise XRP ETF, consolidating its role in the growing trend of mainstream financial adoption of crypto investment products. With new institutional names appearing in filings each quarter, the landscape of XRP ETF ownership continues to diversify.

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.

Cardano (ADA) is once again testing a critical rising trendline after its recent bullish breakout, with buyers focused on sustaining the coin’s recovery trajectory. At the same time, the Cardano ecosystem has taken a significant step forward after decentralized representatives approved a major DeFi liquidity proposal, which could help reinforce ADA’s market sentiment if current support levels remain intact.

Cardano price hovers as bullish setup faces major testADA is currently trading at $0.1776, with a 24-hour volume of $121.75 million and a total market capitalization of $6.49 billion. The altcoin has shown signs of consolidation over the previous day, as technical analysts suggest potential for further upward movement if key support holds.

Crypto analyst The Boss observed that ADA retreated to a pivotal rising trendline after breaking out from a rounded-bottom pattern, which had previously established a solid foundation just above crucial support. The analyst noted that the success of buyers in maintaining this structure could strengthen the broader bullish setup. If buyers fail, momentum could weaken and lead to renewed pressure on ADA’s underlying support zones.

Technical metrics, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), are closely watched as they attempt to confirm a return in buying power, while the Average Directional Index (ADX) will indicate if the ongoing trend is sustainable.

If bulls can defend the trendline and overcome resistance, ADA could target $0.2242, $0.3136, $0.3825, and potentially $0.4488.

120 million ADA allocated by DReps to boost DeFi liquidityRecent data show that decentralized representatives, or DReps, within the Cardano network, have approved a plan to allocate 120 million ADA for decentralized finance (DeFi) liquidity. This proposal received the required two-thirds supermajority, providing a substantial infusion of capital into Cardano’s DeFi applications.

The move illustrates Cardano’s ongoing transition toward a governance model driven by community participation. The use of DReps aims to ensure that significant decisions regarding network resources and treasury allocations reflect the consensus of the wider community.

Mini dictionary: DReps (Decentralized Representatives), are elected participants in the Cardano ecosystem who vote on governance proposals and shape the direction of network development.

Cardano’s latest governance decision allocates significant resources for increasing liquidity in decentralized applications, aiming to stimulate further participation and growth across the DeFi sector.

Attention now focuses on how these newly approved funds will be deployed and whether increased liquidity can meaningfully boost engagement in Cardano’s DeFi landscape.

Outlook: Resistance levels and market momentumMarket expectations for ADA’s price remain focused on whether buyers can defend the key uptrend line and sustain the bullish reversal pattern. Analysts believe that a successful rebound could propel ADA toward multiple technical resistance targets, including $0.2242 and potentially $0.45 in the coming sessions.

The approved allocation of 120 million ADA is widely viewed as a catalyst for expanding DeFi liquidity, though the precise impact will depend on how quickly and efficiently these funds are integrated into the ecosystem.

Resistance TargetPrice Level1st resistance$0.22422nd resistance$0.31363rd resistance$0.38254th resistance$0.4488Analysts continue to emphasize caution, citing the inherent volatility of the cryptocurrency market and that market predictions are not guaranteed.

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.

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Shiba Inu layer 2 blockchain Shibarium stays quiet, but its role in the Shiba Inu ecosystem continues to extend beyond transaction activity, Shiba Inu long-time community member Mazrael noted in a recent X reply.

According to Mazrael, Shibarium continues to burn SHIB, powering ShibTorch, an automated token burning portal for Shibarium which converts transaction base fees collected in BONE into SHIB, permanently removing tokens from circulation to reduce supply and control inflation.

Mazrael noted a few hundred million SHIB were burned in ShibTorch over the last couple of weeks despite the relative quietness on Shibarium, adding that "don't need to be noisy to still run."

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it's still shibarium gas shibarium still powers the shibtorch. A few hundred millions Shib burned in it last couple weeks. don't need to be noisy to still run.

— Mazrael.shib (@Mazrael_shib) August 15, 2026 The Shiba Inu community veteran was responding to an X user who asked whether BONE was still relevant. Mazrael responded that the BONE token remains Shibarium's gas and it contributes to burns on ShibTorch.

Shiba Inu daily burn rate surges 2,842%Shiba Inu is making progress in reducing its total supply, as the SHIB burn rate has increased by a staggering 2,842% over the last 24 hours, with a massive 113.63 million SHIB tokens permanently removed from circulation by being sent to dead wallets.

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According to the Shibburn website, 113.63 million SHIB have been burned in the last 24 hours, representing a 2,842% surge in daily burn rate. 147.05 million SHIB have been burned in the past seven days, a 579% increase in weekly burn rate.

The latest burn activity represents one of the biggest single-day burns of SHIB supply over the last few weeks, showing the strong backing from the community. The on-chain holder base of Shiba Inu has also been growing, with the number of holders at 1,678,912.

According to the latest update by Etherscan's SHIB X account, SHIB recorded 98 new holders in the past day, continuing a steady growth in its on-chain community. SHIB has added 728 holders so far in August. Since the beginning of 2026, the token has gained 130,282 holders, according to the figures shared.

Sui’s native token SUI saw its price stabilize near key support levels as buyers showed signs of renewed confidence, defending critical thresholds following a recent downtrend. This comes amid growing network developments and Sui’s latest integration with Hadron, Tether’s infrastructure for institutional tokenization of real-world assets (RWAs).

SUI price recovers after recent declineAt the time of writing, SUI is trading at $0.6809. It recorded a 24-hour trading volume of $86.04 million and currently holds a market capitalization of $2.77 billion.

Technical analysis from the crypto analyst BitGuru identified the $0.675 price zone as a key area where buyers have managed to maintain support. If SUI continues to hold above this level, analysts expect a short-term push towards the $0.70 to $0.72 range. Such movement could indicate that selling pressure is easing and bullish momentum may be returning.

However, concerns remain. If SUI drops below the $0.65 support zone, the bullish setup could be invalidated, possibly prompting further declines. Market participants are closely watching the $0.675 area for signs of either recovery or renewed weakness.

A stabilization above the $0.675 support level could pave the way for a recovery towards $0.70–$0.72, while any slip below $0.65 may lead to accelerated sell-offs.

MetricCurrent ValuePrice$0.680924h Trading Volume$86.04 millionMarket Capitalization$2.77 billionKey Support Level$0.675Key Resistance Target$0.72Sui’s integration with Tether’s Hadron for institutional RWA tokenizationSui has completed its integration with Hadron, developed by Tether, to strengthen its position in the real-world asset tokenization sector. Hadron provides tools for institutions to tokenize equities, bonds, and commodities efficiently using an object-centric, high-speed blockchain architecture.

Hadron’s live connection to Sui brings its sub-400ms transaction finality and scalable infrastructure into play, facilitating compliant and rapid issuance of tokenized assets. This development is expected to enhance Sui’s role in the institutional adoption of blockchain for real-world financial instruments.

Mini dictionary: Hadron is an infrastructure platform developed by Tether to enable the tokenization of real-world assets such as equities, bonds, and commodities on blockchain networks. The platform aims to provide institutions with a regulatory-compliant framework for asset issuance, management, and lifecycle handling using object-oriented blockchain technology.

Sui is a layer-1 blockchain known for its object-centric design and high throughput, aiming to support a broad range of decentralized applications with rapid settlement times. The addition of institutional-grade tools further positions Sui as a platform for scalable RWA solutions.

Market outlook for SUINetwork growth and innovations such as the Hadron integration have boosted optimism around SUI’s price trajectory. Some analysts consider the convergence of positive technical structure and broader crypto market recovery, led by Bitcoin’s upward movement, as factors that could support further gains for the token.

In the coming days, the direction of SUI’s price is expected to depend on buyers’ ability to hold current support levels and generate additional upward momentum. Should SUI establish a solid base above key support thresholds, market participants will be watching for a test of the $0.70 to $0.72 resistance area.

Conversely, if SUI fails to sustain above these supports, additional declines remain possible amid continued volatility.

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.

Standard Chartered Bank has emerged as a key player in the evolving payments infrastructure of the BRICS nations, according to recent analysis by crypto researcher SMQKE and independent journalist Maximus. The British multinational banking group describes itself as a “super connector,” providing institutional-grade, network-agnostic digital solutions to its clients across global financial markets.

XRP’s Role in Standard Chartered’s Payment NetworkStandard Chartered’s digital ecosystem spans both public blockchains such as Bitcoin, Ethereum, and Solana, as well as central bank digital currency (CBDC) networks connected to Project mBridge and its latest form, BRICS Bridge. BRICS Bridge operates as a settlement corridor linking national banking systems across borders for more efficient international transactions.

A leaked document from the Hyperledger Foundation indicates that this architecture integrates with global Real-Time Gross Settlement (RTGS) infrastructure and combines it with multiple local payment networks, including SEPA, ACH, and FPS in regions such as the UK, China, the United States, Europe, and Japan. Standard Chartered is directly linked to this payment structure, enabling broad institutional access.

In documentation recently circulated by SMQKE and examined by Maximus, Ripple and its native asset XRP appear alongside stablecoin issuers within Standard Chartered’s network diagrams. This placement highlights XRP’s presence in the institutional payment architecture.

Michael Spiegel, the Global Head of Transaction Banking at Standard Chartered, addressed XRP’s integration:

“We see a very large number of payment service providers native on ISO 20022 and also quite a lot of coin providers and Ripple’s XRP.” Spiegel added that the ISO 20022 standard enables bridging between traditional and decentralized finance.

ISO 20022 is the international standard for electronic financial messaging that major payment systems around the world now utilize. Ripple has aligned its products with this standard, which positions XRP as a native asset within this institutional financial infrastructure.

Mini dictionary: Project mBridge — A multilateral platform for cross-border payments and settlement among participating central banks, developed as a collaborative initiative including the BIS Innovation Hub and several central banks. The project facilitates fast, interoperable payments using CBDCs.

BRICS Pay Access Broadens Beyond Member StatesAnother notable element in Standard Chartered’s approach is its integration of BRICS Pay—a payment layer developed atop the BRICS Bridge infrastructure. BRICS Pay is not restricted solely to BRICS members. Standard Chartered has embedded BRICS Pay into its digital payments platform, which enables its clients to transact directly with partners in the BRICS countries.

This functional expansion transforms BRICS Bridge from a closed payment loop used only by BRICS nations into a larger, cross-border payment corridor. Institutions in the UK and other countries can now interact with the BRICS financial framework through Standard Chartered’s infrastructure.

BRICS Bridge’s expanded connectivity signals that the system may become a global payments network, linking emerging markets directly to established financial centers outside the BRICS bloc.

FeatureClosed BRICS SystemStandard Chartered IntegrationUsersBRICS countries onlyBRICS plus UK and additional global institutionsSupported AssetsBRICS national currencies, CBDCsBRICS currencies, CBDCs, XRP, stablecoinsScopeRegionalCross-border, internationalInstitutional Validation for XRPXRP’s presence within this infrastructure has been explicitly acknowledged by Standard Chartered. The bank, as a major global financial institution, is intertwined with the BRICS payment network and has adopted messaging protocols, such as ISO 20022, that support direct use of assets like XRP in cross-institutional transactions.

The development is notable given that few digital assets receive such explicit placement in institutional finance layers. Documentation shared by Standard Chartered indicates that XRP’s integration is not planned but has already occurred.

This suggests a new level of institutional acceptance for XRP, positioning it as an operational asset within large-scale cross-border payments, rather than as a speculative vehicle on the periphery of the financial system.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ether.fi went live this week with the biggest upgrade yet to its non-custodial “neobank” app, adding tokenized stock and metals trading, a dedicated Aave lending market for portfolio-backed borrowing, and programmatic buybacks of its ETHFI governance token, as the protocol pushes to become a full alternative to traditional banking rather than a purely DeFi-focused product.

What’s New in the “Summer” Release The centerpiece of the update is a new integration with xStocks that lets eligible users trade tokenized equities and metals alongside their crypto holdings, all held in self-custodial vaults with social recovery features rather than on a centralized exchange. Tokenized stock trading will not be available in the United States or certain other markets at launch, reflecting the regulatory patchwork still surrounding tokenized securities.

On the lending side, ether.fi deployed a dedicated Aave V4 instance on Optimism, giving users a way to borrow against their entire portfolio at rates currently around 4% and spend the proceeds directly through the ether.fi Cash card. The company says the new credit backend already carries $22 million in active borrowing, with a stated target of $500 million in lending capacity by 2027. Card users get 3% cash back on purchases, along with new fiat on- and off-ramps covering more than 30 currencies and payment methods, including Apple Pay and Cash App.

Why It Matters Ether.fi’s Cash card business already serves roughly 70,000 cardholders, giving the protocol a meaningful existing user base to migrate onto the expanded platform rather than starting a banking-style product from zero. Bundling trading, borrowing, and spending into one non-custodial app is also a bet that crypto-native infrastructure can compete directly with traditional neobanks on convenience, not just on yield.

The release adds a new revenue-linked mechanism for ETHFI holders too: the update introduces programmatic buybacks of the token, funded through protocol activity, though ether.fi hasn’t disclosed a fixed schedule or volume for the purchases. Combined with the dedicated Aave market’s borrowing activity, the update gives ETHFI a more direct link to the platform’s usage than it had before.

What This Means for the Days Ahead Whether ether.fi’s push into tokenized stocks and full-portfolio lending gains real traction will likely hinge on how quickly regulatory clarity develops in markets where the product remains restricted, the US chief among them. In the meantime, growth in the new Aave market’s borrowing volume and card adoption numbers will be the clearest signals of whether the “Summer” release is converting existing DeFi users into daily active spenders.

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.

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Ondo Stocks has crossed $1 billion in total value, a threshold that carries more weight for on-chain market structure than for the round number itself. The update was included in the original report from Ondo Finance, which also pointed to additional ecosystem milestones tied to its recently launched perpetual products.

The move puts tokenized equities in a different conversation. A $1 billion value pool is still small compared with tokenized Treasury or stablecoin markets, but it changes how traders and institutions evaluate on-chain equity access. Rather than treating Ondo Stocks as an experimental window into US equities, market participants may begin pricing it as durable infrastructure for off-hours trading, collateral use, and portfolio construction across chains.

Tokenized equities occupy a middle position between stablecoins and private credit. They are more volatile than cash equivalents but more familiar to traditional investors than lending pools. That middle position may explain why the threshold has arrived now: after years of regulatory ambiguity, some investors are using tokenized wrappers to gain exposure without moving capital into native crypto assets.

That shift fits a broader pattern in tokenized real-world assets. The infrastructure around custody, settlement, and compliance has been consolidating quickly, and Ondo has been one of the more visible names testing how regulated assets can move across traditional and decentralized rails. The tokenization complex is not waiting for a single regulatory framework to mature; it is building around existing rules where it can.

Why a $1 billion threshold changes positioning
The market reads milestones like this through liquidity and persistence. A platform that reaches $1 billion in value has survived enough trading cycles to be evaluated by market makers, arbitrageurs, and risk teams. That is different from a newly launched product with volatile volume.

For Ondo Finance, the milestone also reduces some of the narrative risk around tokenized equities. Equity tokens face sharper regulatory questions than most tokenized assets because they touch investor protection rules, trading venue definitions, and asset eligibility concerns. Passing a size threshold does not resolve those questions, but it gives the project a larger base of users and counterparties who have accepted the current structure.

Still, the announcement leaves plenty unresolved. The source material does not provide a breakdown of the $1 billion by product, region, or holder type. It is unclear how much of that value is driven by retail flow versus institutional placement, or how much of the ecosystem surge reflects incentives rather than organic use. Those details will matter for any serious assessment of durability.

Regulatory timing adds another layer. US lawmakers have been negotiating a crypto market structure bill that could alter how digital asset platforms handle securities, and banking interests have been pushing for changes just before key votes. That policy fight remains far from settled, but it sits directly behind the tokenized equity business because so much of the product design depends on the line between a token and a security.

The ecosystem signal behind the headline number
Ondo’s update goes beyond the equities platform. The mention of recently launched perpetual products suggests the project is trying to widen the use cases around tokenized exposure. Perpetual contracts are a very different risk surface from spot equities, and tying them into the same ecosystem could attract traders who would not otherwise hold a tokenized stock position.

That expansion strategy is common in crypto when liquidity is fragmented. A platform announces a flagship metric while simultaneously pointing to new product lines that can recycle existing user attention and collateral. The risk is that ecosystem metrics become less transparent as the product suite grows, especially when assets with different settlement mechanics are bundled into a single headline.

For developers and infrastructure providers, the milestone is another data point in a competition that is quietly heating up. The networks best positioned to host tokenized equities need more than developer activity; they need predictable throughput, native identity tooling, and reliable oracle access for off-chain prices and corporate actions.

What the market should watch next
The immediate focus will be on whether the $1 billion value pool is sticky. Tokenized asset platforms can show sharp expansions when incentives, liquidity programs, or specific market conditions align. The stronger test is whether activity remains after the promotional phase and whether the platform can handle a down cycle in traditional equities.

There is also the question of interoperability. Ondo Stocks may have crossed $1 billion, but if that value is locked in isolated venues or dependent on one custodian, the broader market impact will be limited. The more useful signal would be movement of tokenized equities across multiple chains, collateral venues, and DeFi protocols without breaking compliance controls.

For now, the report gives market participants a concrete number around a trend that has been building without many clean data points. It frames Ondo Stocks as more than a niche product at the same time that it leaves enough ambiguity for cautious observers to keep asking how much of that value is genuinely new capital entering the on-chain market.

AUTHOR

Mysterious crypto writer with expertise in blockchain, offering deep insights that captivate and intrigue readers. With a unique ability to uncover hidden insights and trends, Samuel delivers in-depth analysis and thought-provoking content that keeps readers on the edge of their seats. His writing style is engaging and informative, blending technical knowledge with a sense of intrigue, making complex crypto topics accessible to both newcomers and seasoned industry professionals. Samuel’s work continues to capture the attention of the crypto community, solidifying his reputation as a trusted voice in the space.

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Paul Tudor Jones in New York in 2018. (Kevin Mazur/Getty Images)Summary

Tudor raised its IBIT stake by 18.9% to 688,529 shares, worth $22.9 million, as of June 30.The stake remains 91.4% below its 2024 peak and equals roughly 0.03% of Tudor’s reported 13F securities.Tudor Jones has repeatedly framed bitcoin as an inflation trade. Tudor Investment, founded by billionaire investor Paul Tudor Jones, increased its direct stake in BlackRock’s spot bitcoin ETF in the second quarter while cutting its reported call option position in the fund by 85%.

The firm held 688,529 shares of the iShares Bitcoin Trust ETF (IBIT), valued at $22.9 million as of June 30, according to a 13F filing on Friday.

The share count rose by 109,446, or 18.9%, from 579,083 at the end of March. The holdings are now worth around $24.5 million.

Tudor also reported calls tied to 148,000 underlying IBIT shares, down 85.2% from 998,000 in March. Its put position edged down 1.4% to 715,000 underlying shares from 725,000, according to the filings.

The filing does not disclose the options’ strike prices or expiration dates, so the underlying share counts do not provide a direct measure of Tudor’s directional exposure. And the derivatives positionings are likely a hedging mechanism for its bitcoin bets.

Tudor first disclosed 869,565 IBIT shares in mid-2024 and increased the position to 8.05 million shares, worth $427 million by year-end. It then cut the stake in every quarter of 2025, ending December with 576,523 shares.

The firm’s initial buildup came as bitcoin rallied from around $60,000 to $92,000, while cuts then came into strength. In the second and third quarters of last year, BTC rallied to an all-time high of $124,000, while Tudor reduced its exposure. As bitcoin began to crash, Tudor’s share count hit its low.

Even after the latest purchases, the direct-share position remained 91.4% below its late-2024 peak and accounted for only a fraction of the $71.9 billion in the company’s portfolio.

Tudor Jones has repeatedly framed bitcoin as an inflation trade. He said in 2024 that “all roads lead to inflation” and disclosed that he was long bitcoin and gold, then called bitcoin the “best inflation hedge” in April this year, citing its fixed supply as an advantage over gold.

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Building the Zcash Machine: Tachyon and Quantum Readiness

Building the Zcash Machine: Tachyon and Quantum Readiness

Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.

Jun 30, 2026

Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.

Why it matters:

Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.

TLDR:

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XRP whale inflows to Binance fell to $61M, the lowest since 2021 and nearly 87% below January 2025 levels.
Bank of America held 13,260 XRPI shares in Q2, up 260 shares, or roughly 2%, from the first quarter.
Binance XRP netflows stayed positive at $18.8M, showing inflows still exceeded outflows despite the slowdown.
XRP Ledger active addresses rose 84% to 43,543 by August 11, while XRP traded near the key $1.06 level.

XRP is showing two contrasting signals as exchange-bound whale activity falls sharply while Bank of America slightly increases exposure through a regulated futures product. The combination highlights weaker large-holder deposits on Binance alongside a measured increase in institutional securities exposure tied to the token.

CryptoQuant contributor Darkfost said Binance’s 90-day average whale inflows fell to about $61 million, the lowest level since 2021. Meanwhile, an August 14 filing showed Bank of America held 13,260 shares of the Volatility Shares XRP ETF at June 30.

Whale Deposits Fall Sharply While XRP Holds Near $1
The current $61 million average marks a steep decline from roughly $456 million in January 2025 and $355 million in October. That places recent inflows about six to seven-and-a-half times below those earlier levels.

The decline also extended a trend visible in July, when the 90-day average stood near $69 million. Moving from $69 million to $61 million represents an additional decrease of roughly 12%.

Earlier data also showed large daily deposits collapsing from 583 million XRP to 25.3 million XRP. Separately, the 30-day sum of whale inflows fell 34.4%, from 1.445 billion tokens to 947.4 million.

📉 $XRP whale inflows on Binance drop to their lowest since 2021

There's an interesting development currently taking place regarding Binance's whales on XRP.

💥 Their inflows, averaged here over 3 months to get a clean read on the trend, just hit their lowest level since 2021.… pic.twitter.com/kY2FRFtHVM

— Darkfost (@Darkfost_Coc) August 15, 2026

Exchange inflows are often monitored because large deposits can increase potential sell-side supply. However, deposits do not confirm completed sales, so lower inflows do not establish whale accumulation.

That distinction remains important as Binance netflows were still positive at about $18.8 million, according to Darkfost. Therefore, whale-related deposits continued exceeding withdrawals despite the broader decline in inflow activity.

At the same time, network usage increased. Active XRP Ledger addresses rose from 23,642 on August 1 to 43,543 by August 11, an increase exceeding 84%.

Even so, higher address activity did not provide direct evidence of fresh capital entering the market. At press time, XRP traded near $1.06, keeping the $1 level central to current price structure.

Bank of America Raises XRPI Position by 2% in Q2
Against that market backdrop, Bank of America reported a modest increase in its XRP-linked ETF holding for the second quarter. The filing showed 13,260 shares, compared with 13,000 shares reported during the first quarter.

That increase equals 260 shares, or about 2%. The disclosure therefore reflects an expanded existing position rather than a new entry into the product.

The fund, ticker XRPI, is the Volatility Shares XRP ETF and began trading on Nasdaq in May 2025. It seeks returns generally corresponding to the token’s performance.

However, XRPI is futures-based and does not hold the cryptocurrency directly. Bank of America’s position therefore represents indirect exposure through a regulated security.

Together, the two developments present a factual contrast. Whale inflows to Binance are at their weakest level since 2021, while Bank of America modestly increased its ETF position.

Neither signal establishes a broader trend by itself. However, the data shows exchange-side selling pressure easing while regulated institutional exposure increased slightly during the second quarter.

Bitcoin exchange-traded funds (ETFs) in the United States are recording notable outflows, with total holdings shrinking by 917 BTC in recent trading sessions. The value of these outflows stands at approximately $57.63 million, representing a significant shift among institutional investors.

Institutional outflows hit Bitcoin ETFsMajor U.S. spot Bitcoin ETFs, including those operated by investment giants such as BlackRock and Fidelity, led the net decrease in Bitcoin assets over the past two days. The cumulative outflow now exceeds the total Bitcoin mined within the same period, signaling a period of increased selling pressure from large institutional holders.

This trend is viewed by market analysts as a potential indicator of caution among big players, as funds reduce their exposure in the current market environment. The selling activity in these ETFs draws attention to the evolving sentiment in institutional circles.

Bitcoin ETFs experienced 917 BTC in net outflows, equivalent to $57.63 million, with BlackRock and Fidelity among the major managers reducing positions.

Bitcoin’s supply on exchanges continues to decline at the same time, possibly reflecting efforts by investors to hold assets in private wallets. The combined effect of ETF redemptions and wider on-chain outflows has led some to anticipate tighter liquidity conditions ahead.

Chainlink sees notable ETF inflowsWhile Bitcoin ETFs have experienced net selling, the trend has shifted in the case of Chainlink, a decentralized oracle network designed to facilitate secure communication between blockchains and external data sources. In recent trading, ETFs acquired 163,280 LINK, equating to $1.47 million in value. This represents growing institutional interest in the altcoin, with some investors considering Chainlink as a diversification play as Bitcoin faces more volatility.

Analysts have pointed out that inflows into Chainlink ETFs may support the network’s position in the broader crypto market, especially as flows in major coins appear subdued.

Mini dictionary: Chainlink is a decentralized oracle platform that connects smart contracts with external real-world data, enabling blockchain applications to securely access information from outside networks.

AssetETF FlowValueBitcoin-917 BTC$57.63 million (outflow)Chainlink+163,280 LINK$1.47 million (inflow)Market outlook and sentimentAs Bitcoin price remains near $62,980, ongoing ETF outflows and shrinking on-exchange supplies create a unique dynamic that may influence price swings in the short term. Observers have noted that institutional moves are occurring as market sentiment holds in the Fear zone, which may contribute to uncertainty among individual traders.

Many investors are closely watching how continued redemptions from Bitcoin ETFs might affect overall liquidity, while the positive trend in Chainlink flows could indicate shifting preferences among funds seeking exposure to alternative digital assets.

Ongoing ETF outflows and tighter supply could directly impact liquidity and price dynamics, leading to heightened volatility.

Looking ahead, market participants are expected to track changes in ETF activity for both Bitcoin and emerging altcoins, assessing their potential impact on broader price action as institutional sentiment evolves.

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.

Altcoins

15 August 2026 | 10:43 Solana's month-long price compression could be close to resolving while its community debates how quickly SOL supply should expand.

Key Takeaways SOL has entered the narrow end of a descending price structure after reclaiming Fibonacci support. Two proposed changes would reduce new issuance and make token burning more dependent on network activity. The wider thesis depends on demand from both buyers and Solana users; slower supply growth alone is not enough. Lower Highs Have Pushed SOL Into a Tight Range SOL traded near $75 on August 15, less than 1% above the 0.382 Fibonacci retracement near $74.5. Directly overhead, the descending blue trendline meets the 50-day SMA near $75.9, with the 100-day SMA at $77. Less than $2.50 separates support from the top of that resistance band.

Solana daily price chart testing support near the 0.382 Fibonacci retracement level. The other side of the structure has held near $71.8. SOL returned to that area around the end of July and again in early August, but sellers could not force a sustained break beneath it.

Buyers then reclaimed Fibonacci support and pushed the price back into the $76 area. The rebound stopped below the descending trendline, and the candles narrowed as support and resistance moved closer together.

A daily close above the full resistance band would open room toward the 0.5 Fibonacci retracement close to $79. The next cluster sits higher, between the 200-day SMA at $82 and the 0.618 Fibonacci level near $83.5.

A close below Fibonacci support would erase the latest reclaim and expose the horizontal triangle base again. If that floor fails, the 0.236 Fibonacci level at $69 becomes the nearest marked support.

Recent candles have crossed nearby levels intraday and closed back inside the range, so confirmation still depends on the daily close and successful retest.

Lower Inflation Would Shift More Weight to Network Demand Grayscale Head of Research Zach Pandl estimates that SOL’s annual supply inflation could fall to roughly 1.1% by the end of 2031 if the changes under discussion are adopted.

His estimate rests on two mechanisms examined in our analysis of Solana’s proposals to slow SOL supply growth.

Two Proposals Target Different Parts of SOL Supply SIMD-0550 would reduce new issuance. It would increase the annual reduction in Solana’s inflation rate from 15% to 30%, resulting in an estimated 18.9 million fewer SOL being created over six years. The network would reach its 1.5% issuance floor in the first half of 2029 instead of 2032. SIMD-0553 would increase fee burning. It proposes a resource-based fee that would be burned in full. At its terminal modeled rate, the system could destroy between 7,500 and 9,000 SOL per day if activity resembles the May 2026 sample used by its authors. Together, the changes would move SOL’s economics away from issuance and closer to usage. Fewer tokens would be distributed through inflation, while heavier demand for network resources could produce a larger burn.

Why Slower Supply Growth Is Not Automatically Bullish Issuance would still exceed burns. The proposal estimates that roughly 60,000 SOL currently enters circulation each day, far above even the projected terminal burn. The likely result is slower supply growth, not an immediately shrinking supply. The burn depends on activity. Fewer transactions would mean fewer tokens destroyed, while resource-based fees that become too costly could discourage some network use. Staking rewards would fall. Unstaked holders would face less dilution, but stakers and validators would receive fewer newly issued tokens. Their outcome would depend on SOL’s price and on whether fees and MEV replace enough of the lost reward income. Pandl’s price argument is therefore conditional: lower supply growth may help if demand holds.

How the Supply Thesis Connects to the Current Squeeze The two stories operate on different timelines. The chart will determine whether the current recovery can continue, while the proposals – if approved – would shape how quickly SOL dilution falls in the years ahead.

Lower issuance could improve SOL’s supply profile, but only sustained network activity can generate meaningful burns and compensate for lower staking rewards. For now, the chart is testing buying demand; the tokenomics debate is testing whether Solana can rely less on inflation without weakening participation.

Disclaimer: Fibonacci levels, moving averages and trendlines are based on SOL’s daily chart and can shift as new price data develops. The tokenomics figures are projections based on proposals that have not been implemented. Nothing in this article constitutes financial or investment advice. Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

Solana Company has reported a $30.3 million second-quarter loss despite earning $2.5 million in revenue, almost entirely from staking its SOL holdings.

Summary

Revenue increased from $43,000 a year earlier but fell from $3.6 million in Q1. Solana Company earned 31,200 SOL in rewards and automatically restaked the tokens. A $25.4 million realized loss on digital assets weighed heavily on quarterly results. Cash fell to $3.6 million as total assets declined to $176.1 million. Solana Company said in its Aug. 14 financial release that staking contributed $2.512 million of its $2.526 million quarterly revenue, while other operations generated only $14,000.

Compared with the same quarter of 2025, when revenue reached $43,000, the Nasdaq-listed company recorded a sharp increase after building a large Solana treasury. Revenue still declined about 30% from the $3.6 million reported in the first quarter, based on its first-half figures.

During Q2, the company earned 31,200 Solana (SOL) in staking rewards and automatically restaked the tokens. Restaking allowed the holdings to continue earning rewards rather than being sold or moved into cash.

Cost of revenue came to $77,000, leaving a gross profit of $2.4 million and a gross margin of about 97%. High margins from staking were not enough to cover operating expenses and losses tied to the company’s digital assets.

SOL sales drove most of the quarterly loss Operating expenses reached $35.1 million during the quarter, up from $3.3 million a year earlier. Solana Company consequently recorded a $32.7 million operating loss, compared with a $3.3 million loss in Q2 2025.

A realized loss of $25.4 million from digital-asset sales accounted for the largest part of the increase. On the company’s earnings call, management said the loss came from “strategic sales executed as part of our capital allocation program.”

At the same time, the accounts included a $2.4 million unrealized gain on digital assets and receivables. Solana Company also booked a $298,000 unrealized loss on a digital-asset fund investment and a $682,000 loss on digital-asset derivatives.

Administrative expenses increased to $11.1 million from $3.3 million in the year-earlier quarter. Approximately $6.8 million came from severance costs connected to the divestiture of the PoNS medical-device business, leaving roughly $4.3 million in other administrative spending.

The company completed the sale of PoNS during Q2 as it moved away from its former medical-device operations. Solana Company recorded a $3.1 million gain from the transaction, which partly reduced the effect of its operating loss.

Nonoperating income totaled $2.4 million after including the gain from the sale, a $322,000 change in the value of a derivative liability, and $259,000 in other expenses. Most of the latter amount came from fluctuations between the Canadian and U.S. dollars.

After accounting for those items, the company posted a net loss of $30.3 million, or $0.38 per basic and diluted share. A year earlier, its loss stood at $9.8 million, or $79.73 per share, although changes in the number of outstanding shares make the per-share figures difficult to compare directly.

Solana Company’s first-half loss reached $130.1 million For the first six months of 2026, revenue increased to $6.1 million from $92,000 in the comparable period of 2025. Staking supplied $5.9 million of the total, while other revenue contributed $218,000.

First-half operating expenses rose to $138.2 million, including an $86.8 million unrealized loss on digital assets and receivables. Realized digital-asset losses reached another $32.4 million, while the digital-asset fund investment produced a $2 million unrealized loss.

As a result, Solana Company reported a six-month net loss of $130.1 million, equal to $1.66 per share. Management said on the earnings call that fair-value movements recorded under U.S. accounting rules did not reduce its cash balance or the number of SOL tokens produced through staking.

The company adopted its SOL-focused model in September 2025, when it was still called Helius Medical Technologies. As crypto.news reported, the firm launched the treasury strategy through a $500 million private placement led by Pantera Capital and Summer Capital.

Participants purchased shares at $6.88 each and received warrants exercisable at $10.13. The deal included as much as $750 million in potential proceeds from warrant exercises, although the additional capital depended on investors choosing to exercise them.

By October 2025, the renamed company had grown past 2.2 million SOL, then valued at more than $525 million. The company also reported over $15 million in cash at the time.

Its June 2026 balance sheet showed a much smaller asset base. Total assets fell to $176.1 million from $303.9 million at the end of 2025, while stockholders’ equity declined to $165.6 million from $300.9 million.

Cash and cash equivalents dropped to $3.6 million from $7.3 million. Current digital assets stood at $21 million, with another $2.3 million classified as a digital-asset collateral receivable.

Long-term digital assets and related exposure totaled $147.3 million. According to the company, the figure covered staked positions, restricted assets, receivables, and investments in digital-asset funds.

Nasdaq investors remain exposed to SOL price movements Because HSDT trades on the Nasdaq Capital Market, U.S. investors can obtain indirect SOL exposure through its shares without holding the token directly. The company’s filings also show that its financial position depends heavily on SOL prices, staking returns, and its ability to raise money through stock sales.

During Q2, Solana Company raised $7.9 million in net proceeds from a registered direct stock offering led by Mirae Asset, with HashKey Capital also participating. The company sold approximately 3.08 million shares at $2.60 each and said the proceeds could support SOL purchases, working capital, and corporate expenses.

At the same time, it spent about $2.3 million repurchasing 1.3 million shares. First-half buybacks reached approximately $5.9 million, covering 2.9 million shares held as treasury stock at the end of June.

The company had 60.4 million issued shares on June 30, of which 57.4 million were outstanding after excluding treasury stock. Its accumulated deficit rose to $342.6 million from $212.6 million at the end of 2025.

HSDT closed Aug. 14 at $1.70, down 5.56% during regular trading, according to market data cited by Investing.com. Shares recovered slightly to $1.71 after the closing bell, while the reported revenue total fell about $400,000 short of the $2.9 million analyst estimate cited by the publication.

Validator revenue could begin in the third quarter Apart from staking its own treasury, Solana Company is building infrastructure intended to earn revenue from third-party assets. Its first institutional validator cluster became operational in Tokyo under an initiative called Pacific Backbone.

Chief Executive Joseph Chee said the company’s recurring businesses were starting to develop as the Tokyo operation came online and PoNS left its cost base.

“With our first validator cluster operational in Tokyo, and the legacy business fully divested, the recurring revenue streams that leverage our institutional-grade infrastructure are beginning to take root,” Chee said.

Management expects the Tokyo cluster to begin contributing validator-related revenue in the third quarter. In July, the operation secured its first third-party staking commitment of approximately 500,000 SOL, according to comments made during the earnings call.

Solana Company previously added Helius and Twinstake to its staking setup, allowing it to stake SOL directly from custody at Anchorage Digital Bank. At the time of the October 2025 announcement, Helius and Twinstake ranked among the Solana network’s 25 largest validators by delegated SOL.

Under Pacific Backbone, the company also entered a May partnership with the Jito Foundation to develop institutional Solana infrastructure across the Asia-Pacific region. Management said it expects administrative expenses to return closer to first-quarter levels as the severance costs from the PoNS sale fall out of its accounts.

After the quarter ended, Solana Company completed a $2 million acquisition of a Hong Kong trust company on July 15. The transaction will be included in its third-quarter financial statements.

Ether.fi [ETHFI] has been on the higher side in the past, delivering an 18% gain, with the asset now on a 90-day streak of roughly 5.3% performance for the first time in a while.

The performance is closely linked to the on-chain market outlook, which shows there has been growing usage of the protocol, especially through fee generation and activity.

On-chain activity supports ETHFI’s growth
The clearest indication of growing usage of the protocol comes from its performance, which shows that users remain active.

The protocol’s fees have surged on a week-on-week basis to their highest level since the week starting June 1. Fees have reached $2.8 million, up from a low of $2.39 million for the week between June 22 and 28.

Higher fee generation points to growing activity on the protocol, with annualized revenue reaching over $50.56 million and revenue over the last 30 days standing at $2.93 million.

Source: DeFiLlama
The total value locked also shows steady growth, indicating that investors continue to deposit and lock their assets on the platform for long-term price performance and yield.

During the week between June 22 and 28, when fees dropped to their recent low, TVL also surged at the time of writing, rising from $2.83 billion to $3.532 billion, an increase of roughly $702 million.

On a short-term scale, the growth remains visible, with the protocol’s TVL growing by $74 million between August 11 and the time of writing.

Liquidation heatmap points to a possible pullback
The liquidation heatmap analysis shows there is potential for the price to witness a local swing based on the cluster level.

The liquidation cluster on the chart shows a dense concentration of liquidity at the higher part of the chart. This local level is around $0.45, with roughly $180,000 worth of orders at this level.

Source: CoinGlass
Clusters tend to act as magnets, pulling price toward them. In this case, with the cluster positioned above the price, it represents a sell cluster. When price trades into this zone, a pullback could occur.

For now, the setup shows a rally-to-retracement narrative. Notably, continued capital inflows, especially through on-chain flows, could strengthen accumulation, outweigh sell pressure at this level, and push ETHFI higher.

ETHFI buybacks remain at zero in Q3
One major concern over whether ETHFI can sustain its run is its buyback activity. Token buybacks allow teams to reduce the circulating supply of their tokens, which can affect price dynamics positively.

For Q3, there has been no token buyback, with $0 spent so far. This stands in sharp contrast to previous quarters, such as Q2 and Q1, when $30,000 and $3.28 million were spent, respectively.

Source: DeFiLlama

Ether.fi’s buyback program is designed to use part of protocol revenue to buy ETHFI.

For now, token holder data shows that buying activity remains in the market, with the number of token holders climbing to 131,940 on the chart. This implies that demand for the token remains present despite the lack of recent buyback spending.

With little incentive from buybacks, the analysis shows that holders in the market are more hinged on the protocol’s performance as a whole.

Final Summary

Rising fees and TVL point to growing activity on Ether.fi, while token holders have also climbed to 131,940.
ETHFI faces potential sell pressure near $0.45, with no buyback spending recorded in Q3 so far.

According to monitoring by EmberCN, the monthly unlock of tokens held by the Pump.fun team and investors was completed 5 hours ago, releasing a total of 4.94 billion PUMP tokens valued at approximately $13.6 million. Data shows the unlocked tokens were subsequently distributed to 125 wallet addresses. It remains unclear whether the related wallets will sell the tokens on the market, but large-scale unlocks typically increase short-term circulating supply pressure, and the market will closely monitor subsequent fund movements.

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A $550,000 community audit contest uncovered two critical vulnerabilities in XRP Ledger features that could have drained user accounts without private keys. The findings reveal how Ripple’s audit-before-release model diverges sharply from the broader crypto industry’s patch-after-exploit norm.

Summary

Sherlock’s two-week audit contest, which opened on April 13, 2026, uncovered 96 valid vulnerabilities across five proposed XRP Ledger amendments, including 2 critical and 6 high-severity bugs, before any of them reached mainnet. Ripple paid $309,000 in RLUSD bounties from a $550,000 prize pool, marking the first collaboration between Sherlock and Ripple and one of the largest audit contests of 2026. The most severe finding was a signature-validation flaw in the Batch amendment that would have allowed attackers to execute transactions from any account without holding its private keys, first identified on February 19, 2026, by researcher Pranamya Keshkamat and Cantina’s AI tool Apex. A separate critical bug in Permission Delegation allowed malicious actors to silently drain XRP balances through repeated fee charges on invalid delegated transactions, because the code checked permissions before verifying signatures. DeFi exploits exceeded $840 million across more than 50 incidents in the first five months of 2026 alone, a 70% year-over-year increase, and 70% of exploited contracts had been audited but lacked post-deployment monitoring. XRP Ledger version 3.3.0 shipped on August 6, 2026, carrying five proposed amendments and a bundled cleanup patch. On paper it looked like a routine infrastructure release. Underneath, the update represented the conclusion of a six-month security gauntlet that caught two account-draining bugs, rewrote two entire feature implementations from scratch, and paid hundreds of thousands of dollars to outside researchers who found problems the internal team had missed. The process raises a pointed question for the wider blockchain industry: if Ripple can catch critical flaws before deployment, why does so much of crypto still treat security audits as a post-launch checkbox?

This piece breaks down what the two critical vulnerabilities actually were at a technical level, examines how the audit-vote-activate pipeline compares to competing chains’ security models, and assesses whether the findings strengthen or undermine the case for XRPL as institutional-grade infrastructure.

What the Sherlock contest actually found The scope covered five pillars of upcoming XRPL functionality: Batch Transactions, Permission Delegation, Multi-Purpose Token (MPT) DEX integration, Confidential Transfers for MPTs, and Sponsored Fees and Reserves. Sherlock, a Web3 security firm that ranks researchers by performance and structures engagements as adversarial contests, opened the audit on April 13, 2026, with a $550,000 RLUSD prize pool. The contest page on Sherlock’s platform listed the engagement as “XRP Ledger – April 2026 Contest – 550,000 RLUSD,” signaling that Ripple paid the bounties in its own stablecoin.

Over two weeks, participants submitted reports that surfaced 96 valid findings: 2 critical, 6 high, 29 medium, and 59 low-severity issues. Ripple distributed $309,000 in RLUSD to contributors. The remaining pool covered Sherlock’s operational costs and lower-tier findings that did not meet the payout threshold.

The contest marked the first formal collaboration between Sherlock and Ripple, and it arrived at a moment when the XRP Ledger’s feature pipeline was expanding faster than at any point in its history. Five amendments shipping simultaneously meant five distinct attack surfaces, each with its own transaction logic, authorization model, and cryptographic requirements. For context, Sherlock’s audit contest model has previously been used by protocols including Aave, Euler, and Olympus DAO, but an engagement covering C++ protocol-level code for a layer-one blockchain was atypical for a platform more commonly associated with Solidity smart contracts.

The severity distribution itself tells a story. The 29 medium-severity findings suggest a category of bugs that would not individually compromise accounts but could create unexpected behavior under specific transaction sequences. The 59 low-severity issues likely include code quality concerns, documentation gaps, and edge cases that could compound under adversarial conditions. The two critical and six high-severity bugs, however, represented exploitable vulnerabilities that warranted immediate remediation.

The Batch amendment bug that could have emptied accounts The most dangerous vulnerability predated the Sherlock contest by two months. On February 19, 2026, security researcher Pranamya Keshkamat and Cantina’s autonomous AI audit tool Apex independently identified a signature-validation flaw in the original Batch amendment while it was still in its validator voting phase.

The technical failure was precise. Batch Transactions allow up to eight operations to execute atomically under a single outer transaction. The outer transaction’s signature-validation code contained an early-exit condition that could be satisfied without properly verifying who was authorizing the inner transactions. In practice, an attacker could have constructed a Batch transaction containing inner Payment operations targeting a victim account, draining it down to its reserve balance, without ever holding that account’s private keys. The same logic gap would have permitted unauthorized AccountSet, TrustSet, or AccountDelete operations.

The vulnerability disclosure report published on xrpl.org detailed the mechanics: the signer check in the outer transaction could pass without confirming that the entity submitting the batch actually controlled the accounts referenced in the inner transactions. This meant that the atomicity feature designed to improve user experience could have been weaponized to empty any account on the network in a single transaction.

RippleX responded with an emergency release. Rippled version 3.1.1, published on February 23, 2026, four days after discovery, marked both the original Batch amendment and its companion fixBatchInnerSigs as unsupported, preventing validators from voting on or activating them. No funds were lost because the amendment had not yet cleared the 80% validator threshold required for activation. The replacement, BatchV1_1, shipped in version 3.3.0 with the early-exit condition removed, additional authorization guards added, and the signing check scope tightened to verify each inner transaction against the correct signer independently.

Permission Delegation’s silent fee-drain exploit The second critical vulnerability operated through a subtler mechanism. A September 2025 disclosure documented how the original Permission Delegation implementation allowed an attacker to silently bleed a victim account’s XRP balance without accessing its keys.

The exploit relied on a design feature of the XRP Ledger’s transaction processing that has existed since the network’s earliest days. On XRPL, a transaction that fails with a “tec”-class error still incurs a fee charge, while errors caught earlier in the pipeline, before signature verification, do not. This distinction exists because tec-class failures indicate transactions that were properly formed and signed but failed for business-logic reasons, and the fee prevents spam. Permission Delegation’s original code checked whether a delegate account held the relevant permission before it verified the transaction’s signature. An attacker could repeatedly submit invalid offline-signed transactions with elevated fees against a delegated account, and each failed transaction would still deduct the fee from the victim’s balance.

The economic impact would have compounded quickly. Because the attacker could set arbitrarily high fees on these transactions, a sustained attack could drain an account far faster than normal transaction fees would suggest. The victim would see their balance declining with no corresponding outbound payments, making the attack difficult to diagnose without examining raw transaction metadata.

The fix reclassified the relevant error from tec to ter and reordered the checks so that no fee can be deducted before signature verification passes. The replacement amendment, PermissionDelegationV1_1, carries a default “No” designation in the 3.3.0 registry, meaning validators must actively vote to enable it. This conservative default reflects the sensitivity of the original flaw: even after the rewrite, Ripple chose to require explicit validator opt-in for the feature.

BREAKING: XRP Ledger sustains over 140 TPS and blocks with up to 987 transactions during today’s big activity wave, maintaining cent-level fees and 3-4 second settlement pic.twitter.com/yaAyCH4wGy

— crypto.news (@cryptodotnews) April 10, 2026 Why both rewrites shipped in a single release Packaging two security-rewritten amendments alongside three entirely new features in one version was a deliberate choice. RippleX published xrpld 3.3.0 on August 6, 2026, with the code for all six proposals (including a bundled cleanup amendment called fixCleanup3_3_0) present but none of them activated. Under the XRP Ledger’s amendment process, each proposal must sustain more than 80% validator support for two consecutive weeks before going live.

This separation between code availability and feature activation is a structural advantage that most smart-contract platforms lack. On Ethereum, a deployed contract is live the moment it hits the blockchain. On XRPL, code can ship, undergo further review during the voting window, and still be blocked if validators lose confidence. The Batch and Permission Delegation rewrites had already survived the Sherlock contest, a Halborn re-audit that found zero critical or high-risk issues, and months of internal testing. The voting period adds yet another layer of defense before any code touches real funds.

The version also retired five legacy amendments, including Clawback, fixDisallowIncomingV1, fixInnerObjTemplate, fixNFTokenReserve, and fixUniversalNumber, removing dead code paths that could otherwise accumulate as latent attack surface over time.

The five feature amendments in 3.3.0 represent the broadest single expansion of XRPL capabilities to date. Confidential Transfers bring EC-ElGamal encryption and zero-knowledge proofs to Multi-Purpose Tokens, shielding individual balances and transfer amounts from public view while preserving compliance access for authorized parties. Sponsored Fees allow applications to cover network costs on behalf of users, addressing the onboarding friction that has kept consumer-facing applications off decentralized networks. DynamicMPT lets issuers modify token properties after creation, supporting evolving regulatory and business requirements. Together with the Batch and Permission Delegation rewrites, these features target a specific audience: regulated financial institutions that need privacy, atomic settlement, and delegated operations without sacrificing auditability.

Audit before release versus patch after exploit The contrast between Ripple’s approach and the broader industry’s security track record is stark. DeFi exploits exceeded $840 million across more than 50 incidents in the first five months of 2026, a 70% year-over-year increase over the same period in 2025. North Korea-linked actors accounted for 76% of global crypto hack losses in the first four months of the year. And the most damning statistic: 70% of exploited contracts had been audited but lacked any form of post-deployment monitoring. Only 4% of tracked projects combined audits, active bug bounties, and third-party monitoring controls together.

The Ethereum ecosystem, home to the largest concentration of smart-contract value, operates under a fundamentally different security model. Contracts deploy to mainnet through an immutable transaction. If a vulnerability surfaces afterward, the options are limited: deploy a new contract and migrate users, implement a proxy upgrade pattern that introduces its own attack surface, or accept the risk. The Wormhole bridge hack of 2022 cost $320 million because a deprecated verification function remained in production code. Ronin’s August 2024 exploit cost $12 million because a contract upgrade failed to initialize operator weights correctly. In both cases, audits had been performed; the failures happened after deployment.

The KelpDAO hack on April 18, 2026, which drained approximately $293 million, was the largest single DeFi exploit of the year. The Drift Protocol exploit on Solana on April 1, which cost roughly $286 million, was the largest ever recorded on that chain. These figures are not fringe events. They represent the baseline failure rate of an industry that has collectively lost $16.69 billion to hacks, bridge exploits, and security incidents according to DeFiLlama data.

XRPL’s amendment voting process inverts this sequence. Code ships in a release, but features remain dormant until validators approve them. During the voting window, researchers, node operators, and competing auditors can examine the live codebase with full context. If a problem surfaces, validators simply withhold their votes. No emergency patch, no migration, no proxy contract. The February 2026 Batch bug followed exactly this path: the amendment was in its voting phase, the vulnerability was identified, and an emergency release prevented activation. Zero funds at risk, zero user impact.

This is not to say that the XRPL model is flawless. The amendment process works for protocol-level features but does not extend to applications built on top of the ledger. A poorly coded trust line or MPT integration could still lose funds. And the 80% validator threshold creates its own risks: if too few validators upgrade to a new version, legitimate security patches can stall. But for core protocol changes, the audit-vote-activate pipeline represents a materially different security posture than deploy-and-hope.

NEW: Coinbase has enabled Trade at Settlement for $XRP futures on May 1, placing XRP alongside Bitcoin, Ethereum, gold and crude oil for institutional block trading pic.twitter.com/d00uPssPxy

— crypto.news (@cryptodotnews) May 3, 2026 What this means for XRPL’s institutional pitch Ripple has spent 2026 building an institutional infrastructure stack at an aggressive pace. The $1.25 billion acquisition of Hidden Road, a multi-asset prime broker rebranded as Ripple Prime, gave the company a regulated on-ramp for traditional finance. RLUSD reached a $1.72 billion market capitalization in under a year and moved more than $18 billion in transaction volume during Q1 alone. Goldman Sachs disclosed a $153.8 million position across four XRP ETFs. Ripple secured a full Electronic Money Institution license from Luxembourg in February, UK Financial Conduct Authority permissions in January, and a MiCA Crypto-Asset Service Provider license on July 6.

The institutional DeFi features arriving in version 3.3.0 are the technical counterpart to this business development push. Confidential Transfers address the privacy requirements of banks that cannot expose transaction details on a public ledger. Sponsored Fees solve the onboarding friction that has kept retail banking applications off decentralized networks. Permission Delegation, once its rewrite clears the voting process, enables the kind of controlled access models that compliance departments require.

But institutional adoption depends on trust, and trust in blockchain infrastructure ultimately comes down to security track record. The fact that Ripple caught two critical bugs, rewrote two entire feature implementations, paid outside researchers $309,000 to find problems, and still delivered all five features on schedule is a stronger institutional selling point than any individual feature. It suggests a security culture where finding bugs is rewarded and where shipping is subordinate to verification.

Over 300 financial institutions across 55 countries currently use RippleNet, with active On-Demand Liquidity corridors in more than 70 markets. For those institutions, the Sherlock audit results are not abstract. They are evidence that the code running their cross-border payments has been stress-tested by adversarial researchers with financial incentives to break it. Ripple’s four-phase quantum-resistance roadmap, targeting completion by 2028, further signals that the company is engineering for institutional time horizons measured in decades, not deployment cycles.

The opposing case: why skeptics are not convinced The strongest argument against reading too much into the Sherlock audit runs in two directions.

First, finding 96 bugs before release can be framed as evidence of thorough testing or evidence of sloppy development. Both the Batch and Permission Delegation vulnerabilities were in the original implementations, meaning they cleared internal review before external researchers caught them. The February 2026 Batch bug was not identified by Ripple’s own team but by an independent researcher and an AI tool. If external auditors are the primary safety net, the internal development process may have quality gaps that will eventually produce a vulnerability that no external reviewer catches in time.

Second, the XRPL amendment model’s strength, the ability to prevent activation during the voting window, is also a speed constraint. Ethereum’s willingness to deploy and iterate has enabled a pace of innovation that XRPL cannot match. The five amendments in version 3.3.0 have been in development and review cycles for months. The original Batch amendment was proposed in 2025. For protocols competing for developer attention in fast-moving markets, a six-month security pipeline may be too slow to attract the builder ecosystem that drives network effects.

There is also a concentration risk in the validator set. The 80% activation threshold means that a relatively small number of validators, many of which are operated by entities with close ties to Ripple, control whether amendments go live. Critics argue this is not truly decentralized governance but a curated approval process dressed in consensus language. When Ripple’s own validator voted “yes” on lending amendments in recent weeks, it underscored how much influence the company retains over its nominally decentralized network.

Finally, the $309,000 payout from a $550,000 pool raises a practical question about incentive alignment. Top-tier security researchers command rates that exceed what contest models typically pay per hour of effort. If the most skilled auditors skip XRPL contests because the expected payout per finding is lower than private engagements, the adversarial review may be broad but not deep enough to catch the most sophisticated attack vectors.

These objections have weight. XRP traded near $1.03 in late July 2026, roughly 71% below its $3.65 cycle high set on July 17, 2025, suggesting the market has not yet priced in the institutional narrative. Whether the security track record translates into adoption depends on factors beyond code quality: regulatory clarity, competitive positioning against Ethereum layer-2 solutions, and whether institutions care more about pre-deployment audits than they do about ecosystem size.

What to watch Validator voting thresholds for the five 3.3.0 amendments: if BatchV1_1 and PermissionDelegationV1_1 clear 80% support within the first voting cycle, it signals validator confidence in the rewrites. A stall would suggest lingering concerns about the rewritten code.

Post-activation bug reports: the real test of the Sherlock audit’s thoroughness comes after features go live. Zero critical findings in the first 90 days would validate the pre-release model; any post-activation vulnerability would undermine the entire thesis.

RLUSD adoption on Confidential Transfers: institutional stablecoin usage on shielded rails would confirm demand for privacy-compliant settlement. Volume metrics in the first quarter after activation will be the clearest signal of whether banks are ready to transact on a public ledger with privacy guarantees.

Sherlock’s next XRPL engagement: whether Ripple continues with adversarial audit contests for future amendments or reverts to traditional private audits will indicate how deeply the pre-release model is embedded in the development culture.

Competing chain security incidents: every major exploit on Ethereum or Solana that traces back to a post-deployment vulnerability strengthens the case for XRPL’s audit-vote-activate pipeline. The comparison is only as strong as the industry’s continued failure to adopt similar processes.

What did the Sherlock audit of XRP Ledger find? The two-week audit contest, which opened on April 13, 2026, uncovered 96 valid vulnerabilities across five proposed XRPL amendments: 2 critical, 6 high, 29 medium, and 59 low-severity issues. Ripple paid $309,000 in RLUSD bounties from a $550,000 prize pool. All findings were addressed before any of the affected features activated on mainnet.

What was the critical Batch amendment bug? The original Batch amendment contained a signature-validation flaw that allowed an attacker to execute inner transactions from any account without holding its private keys. The bug was an early-exit condition in the outer transaction’s signing check that could be satisfied without proper authorization verification. Researcher Pranamya Keshkamat and Cantina’s AI tool Apex identified it on February 19, 2026. RippleX patched it in emergency release version 3.1.1 four days later.

How did the Permission Delegation vulnerability work? The original implementation checked delegate permissions before verifying transaction signatures. On XRPL, transactions that fail with “tec”-class errors still incur fees. An attacker could repeatedly submit invalid transactions with elevated fees against a delegated account, draining its XRP balance without ever holding its keys. The fix reclassified the error type and reordered the verification checks.

Were any funds lost from these vulnerabilities? No funds were lost. Both critical vulnerabilities were identified before their respective amendments activated on mainnet. The Batch bug was caught during the validator voting phase, and the Permission Delegation flaw was disclosed and patched before activation. The XRP Ledger’s amendment process, which requires 80% validator support for two consecutive weeks, provided a structural buffer that prevented exploitation.

What is Sherlock and how does its audit model work? Sherlock is a Web3 security firm that structures audits as adversarial contests, ranking researchers by performance and offering financial incentives through prize pools. The XRP Ledger engagement was Sherlock’s first collaboration with Ripple and one of the largest audit contests of 2026. The model differs from traditional private audits by inviting broad participation from independent security researchers competing for bounties, which surfaces a wider range of attack vectors than a small internal team can cover.

How does XRPL’s security model differ from Ethereum’s? XRPL’s amendment process separates code deployment from feature activation. New features ship in a software release but remain dormant until validators vote to activate them, creating a review window where vulnerabilities can be caught without emergency patches. Ethereum’s smart contracts are live upon deployment, and fixing vulnerabilities requires deploying new contracts, migrating users, or implementing proxy upgrades. In the first five months of 2026, DeFi exploits exceeded $840 million, and 70% of exploited contracts had been audited but lacked post-deployment monitoring.

What features does XRP Ledger version 3.3.0 include? Version 3.3.0, released on August 6, 2026, contains code for five feature amendments and a cleanup patch. The features include Confidential Transfers for Multi-Purpose Tokens using zero-knowledge proofs, rewritten Batch Transactions for atomic multi-operation settlement, rewritten Permission Delegation for controlled account access, Sponsored Fees allowing applications to cover user costs, and DynamicMPT enabling issuers to modify token properties after creation.

Does this audit make XRPL a safe investment? The Sherlock audit reflects a rigorous pre-release security process, but code quality is one factor among many that influence investment outcomes. XRP traded near $1.03 in late July 2026, roughly 71% below its cycle high, and market performance depends on regulatory developments, institutional adoption rates, competitive dynamics, and macroeconomic conditions. This is educational analysis, not investment advice. **Disclaimer**: This article was published on August 14, 2026. It is intended for educational and informational purposes only and should not be construed as financial, investment, or legal advice. Cryptocurrency markets are volatile and carry substantial risk. Readers should conduct their own research and consult qualified professionals before making any investment decisions.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

In a recent announcement, Binance revealed its decision to cease support for deposits and withdrawals of tokens on selected networks.

In this regard, Binance identified the affected token as Sophon (SOPH) on the BNB Smart Chain network. Binance will be ceasing support for deposits and withdrawals of Sophon (SOPH) through the BNB Smart Chain network from August 21 at 08:00 (UTC).

After August 21 at 08:00 (UTC), any deposits of Sophon sent through the BNB Smart Chain network will not be credited and may lead to asset loss.

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This week, Binance performed some delistings. The crypto exchange will remove and cease trading on the following spot trading pairs: APT/BTC, AR/BTC, A/USDC, BTTC/TRY, CYBER/USDC, LPT/BTC and WAL/FDUSD today, August 14 at 03:00 (UTC).

Binance conducts periodic reviews of all listed spot trading pairs to protect users and maintain a high-quality trading market and may delist selected spot trading pairs due to factors including poor liquidity and trading volume.

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Binance Margin and Loan will also delist and cease trading on all margin trading pairs for BTTC (BitTorrent) and POWR (Powerledger) on August 14. Binance Margin will delist the aforementioned tokens from Cross and Isolated Margin.

In addition, Binance Flexible Loan will close all outstanding loan positions for these tokens as loanable and collateral tokens on the same date. VIP Loan will close all outstanding loan positions for the aforementioned token(s) as collateral tokens. Users are strongly advised to repay their outstanding loans before the automatic closure to avoid any potential losses, where applicable.

Binance Bitcoin reserve jumpsAccording to CryptoQuant, Binance's Bitcoin reserves have increased to 667,500 BTC, which is the highest level since February. This remains noteworthy given the market's continued sensitivity to supply movements on centralized exchanges.

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This increase follows a period of decline in Binance's Bitcoin reserves, which have now started to recover in recent months.

Grayscale withdrew its Cardano, Polkadot, and Hedera ETF registrations in under four minutes on August 7, exactly two days before ADA cleared the SEC seasoning threshold. With Bitwise and Canary still in the race, the retreat says more about the economics of altcoin ETFs than about Cardano itself.

Summary

Grayscale filed three Form RW withdrawals with the SEC on August 7, 2026, pulling its Cardano Trust ETF, Polkadot Trust ETF, and Hedera Trust ETF registrations in a span of 190 seconds, with no shares issued, sold, or distributed under any of the three.

– Cardano completed its six-month CME futures seasoning period on August 9, 2026, two days after Grayscale walked away, clearing the threshold that would have allowed a spot ADA ETF to list under the SEC generic listing standards in as few as 75 days.

– Five other issuers, including Bitwise, Canary Capital, VanEck, and 21Shares, still have active ADA ETF filings, with the earliest possible SEC decision window falling around October 23, 2026.

– Grayscale reported a 20 percent revenue decline in its IPO filing, with GBTC and ETHE generating 88 percent of the firm’s roughly $318.7 million in nine-month revenue while bleeding a combined $30 billion in cumulative outflows since their ETF conversions.

– ADA trades near $0.196 with a $6.55 billion market cap, DOT sits at $0.805, and HBAR has fallen to $0.068, all down more than 60 percent from their all-time highs and collectively representing a fraction of the institutional demand that drove Bitcoin and Ethereum ETF launches.

At 4:33 p.m. Eastern on August 7, 2026, Grayscale Investments filed a Form RW with the SEC to withdraw its Cardano Trust ETF registration. Ninety seconds later, the Hedera Trust ETF followed. Two minutes after that, the Polkadot Trust ETF joined them. Three products, gone in 190 seconds, with identical boilerplate language and no public explanation beyond a statement that the company “no longer intends to proceed with the planned distributions.”

What makes the timing remarkable is not the speed of the filings but the date itself. Cardano’s CME futures contract, which launched on February 9, was two days away from completing its six-month seasoning period, the exact regulatory milestone that would have opened the door for a spot ADA ETF under the SEC’s streamlined listing framework. Grayscale did not just exit the altcoin ETF race. It exited on the finish line.

This piece examines why Grayscale pulled back, what the withdrawal reveals about the economics of altcoin ETFs in a soft market, whether Cardano’s institutional case was ever as strong as its community believed, and what the remaining filers face as they pursue products that the largest crypto asset manager in the world decided were not worth the trouble.

Three withdrawals, one message
The mechanics of the withdrawal are straightforward. Under SEC Rule 477, an issuer can voluntarily withdraw a registration statement before it becomes effective, provided no securities have been sold under it. Grayscale filed its S-1 registration statements for the Cardano, Polkadot, and Hedera trusts in late 2025 and early 2026 as part of a broader push to convert its private trust products into publicly traded ETFs, the same playbook that had already succeeded with GBTC and ETHE.

All three Form RW filings contained identical language. None cited a specific reason for withdrawal. The SEC accepted them without comment. Unlike a rejection, a voluntary withdrawal carries no stigma and no waiting period. Grayscale could refile tomorrow if it chose to.

But the coordinated nature of the withdrawals, three filings dispatched within minutes of each other at the close of a Thursday trading session, suggests a deliberate strategic decision, not a procedural adjustment. This was not a pause. It was a retreat.

The crypto market noticed. ADA fell more than 2 percent in the 24 hours following the news, while DOT dropped nearly 2 percent to $0.805 and HBAR slipped 2.24 percent to $0.068. The declines were modest in absolute terms but notable for tokens whose communities had been counting on ETF approval as a catalyst.

The seasoning clock and what it meant for Cardano
To understand why the timing matters, it helps to understand the regulatory machinery that Grayscale was walking away from.

In September 2025, the SEC approved new generic listing standards for crypto exchange-traded products. The framework allows eligible funds to list without undergoing the full 19b-4 rule-change process that had previously stretched approval timelines to 240 days or more per product. Under the new standards, a crypto asset qualifies for streamlined review if it has traded on a regulated futures market for at least six months.

CME Group launched Cardano futures on February 9, 2026. The six-month clock expired on August 9. On that date, ADA became the newest cryptocurrency to meet the SEC’s eligibility threshold, joining Bitcoin, Ethereum, Solana, and XRP in the small club of assets with a clear path to a spot ETF.

Grayscale knew this. Every issuer in the space knew this. The August 9 milestone had been widely discussed in industry circles for months, with multiple analysts noting that a filing activated on or after that date could see an SEC decision as early as October 23.

Yet Grayscale chose to withdraw two days before the clock expired. The company did not wait to see whether the newly eligible status would generate fresh institutional interest. It did not pause the filing to reassess. It killed it. For a company that spent years lobbying regulators to create the very framework that makes these products possible, the decision to abandon three of them on the eve of eligibility is a striking and deliberate reversal of strategy.

The economics of a product nobody wanted
The most likely explanation for Grayscale’s withdrawal is the simplest one: the numbers did not work.

Launching an ETF is not free. Legal fees, compliance infrastructure, market-making arrangements, custodial agreements, marketing, and ongoing regulatory reporting all carry costs. For a Bitcoin or Ethereum product with billions of dollars in potential demand, those costs are trivial relative to the revenue from management fees. For an altcoin ETF tracking a $6.55 billion asset with tepid institutional interest, the calculus is different.

Consider the existing data points. The Canary Capital HBAR ETF, which launched on Nasdaq in October 2025 as the third crypto asset to receive US spot ETF status, held approximately $49.14 million in net assets as of July 2, 2026. Its market-price return was negative 37.32 percent for the year and negative 63.32 percent since inception. Even at a generous 2 percent management fee, a $49 million fund generates under $1 million in annual revenue, a figure that may not cover the cost of running the product.

The broader altcoin ETF landscape tells a similar story. While XRP ETFs have accumulated roughly $1.5 billion in cumulative inflows and Solana funds have gathered about $1.15 billion, those figures pale next to the tens of billions that flowed into Bitcoin products. Below the top tier, demand drops off sharply. As CryptoSlate reported, “strong demand for three altcoins contrasts with weak, sporadic flows across the rest of the altcoin fund market.”

Grayscale already has a way to offer ADA exposure. Its CoinDesk Crypto 5 ETF, trading under the ticker GDLC, tracks an index that includes Bitcoin, Ethereum, XRP, Solana, and Cardano. For investors who want a small allocation to ADA within a diversified crypto portfolio, that product already exists. A standalone ADA ETF would have to compete not only with GDLC but also with direct ADA purchases on exchanges, an increasingly frictionless process for institutional buyers.

Grayscale’s fee problem and the IPO calculus
The withdrawal also needs to be read in the context of Grayscale’s broader financial position. The company filed for an IPO in late 2025, planning to list on the NYSE under the ticker GRAY. The S-1 filing revealed a business under significant pressure.

GBTC, charging 1.5 percent annually, and ETHE, charging 2.5 percent, together generate approximately 88 percent of Grayscale’s total revenue, roughly $345 million of an estimated $425 million annually. But both products have been hemorrhaging assets. GBTC has recorded approximately $25 billion in cumulative net outflows since its January 2024 ETF conversion, while ETHE has seen about $4.8 billion leave since July 2024. Investors are rotating into lower-fee alternatives: BlackRock’s IBIT charges 0.12 percent, and Fidelity’s FBTC charges 0.25 percent.

Grayscale responded by launching Mini versions of both products at 0.15 percent, which have attracted $3.3 billion in combined inflows since 2024. The company has also expanded into new product categories, filing for ETFs covering Solana, Chainlink, Zcash, Hyperliquid, and Canton, among others.

But expansion costs money. Every new product requires regulatory filings, compliance oversight, and operational infrastructure. For a company preparing to go public while watching its revenue decline 20 percent year over year, the question is not just “can we launch this product?” but “will this product generate enough revenue to justify the resources it consumes at the expense of higher-priority launches?”

For ADA, DOT, and HBAR, the answer appears to have been no. Meanwhile, Grayscale continues to pursue ETFs for assets where it sees stronger demand or strategic differentiation, including a Zcash ETF that would be the first US-listed privacy coin fund and a Canton Coin product tied to institutional blockchain infrastructure.

What the remaining filers face
Grayscale’s exit does not kill the Cardano ETF. Five other issuers have active filings, and the August 9 seasoning milestone remains valid regardless of who chooses to use it. Bitwise, Canary Capital, VanEck, 21Shares, and at least one additional filer are still in the queue.

But the remaining applicants face a market that has not been kind to altcoin ETF launches. The Canary HBAR ETF’s experience is instructive. Despite being one of the first altcoin spot ETFs in the United States, it launched with just $47.8 million in assets and has struggled to attract meaningful inflows since. The lesson is that regulatory approval alone does not create demand. Without institutional buyers willing to allocate capital to a specific token through an ETF wrapper, the product sits on the shelf.

Cardano has some advantages that HBAR lacked at launch. Its market cap of $6.55 billion is substantially larger. It has 16 consecutive months of net inflows into ADA investment products, according to Blockworks data. Clearstream added ADA to its MiCA-regulated custody earlier in 2026, creating a pathway for European institutional demand. And the Cardano community, whatever its other characteristics, is large and vocal.

But “large and vocal” does not always translate to “willing to buy an ETF.” Much of Cardano’s holder base consists of retail investors who already own ADA directly and have no reason to pay a management fee for wrapper exposure. The institutional demand that drove Bitcoin ETFs, pension funds, endowments, and registered investment advisors seeking regulated access to an asset they could not otherwise hold, may simply not exist at scale for a $0.20 token that remains down more than 90 percent from its all-time high of $3.10.

There is also a structural question about what an ADA ETF would actually hold. Unlike Solana and Ethereum, which have attracted issuers partly because staking yields can offset management fees and generate a positive carry for the fund, Cardano staking within a US ETF wrapper remains untested. Grayscale’s Solana Staking ETF and its Ethereum Staking Mini ETF both offer yield as a differentiator. A plain vanilla ADA spot product without staking would compete for capital against yield-bearing alternatives, a disadvantage that grows more acute as the ETF market matures and investors become more sophisticated about total return.

The fee question compounds the problem. Morgan Stanley launched Ethereum and Solana ETFs at 0.14 percent, setting a new floor for the industry. Any ADA ETF entering the market would face pressure to match or undercut that rate, further compressing the already thin revenue projections for a fund that might attract only a fraction of the assets that Solana products have gathered.

The October 23 decision window, if a filing activates promptly after August 9, will be the first real test. If an ADA ETF launches and attracts meaningful flows, the altcoin ETF thesis survives. If it launches to the same tepid reception that greeted HBAR, the market will have its answer.

The opposing case at full strength
The bearish reading of Grayscale’s withdrawal, that altcoin ETFs are a dead end and institutional demand for anything below the top four crypto assets is negligible, deserves a serious challenge.

First, the timing may not be as significant as it appears. Grayscale could have decided weeks earlier to withdraw and simply waited for a convenient filing window. The proximity to August 9 may be coincidental rather than calculated.

Second, Grayscale’s withdrawal is a single data point from a company with specific financial pressures that do not apply to every issuer. Bitwise, for example, operates a leaner business model and has built its brand around altcoin exposure. A product that does not pencil out for Grayscale, with its overhead and IPO-related cost scrutiny, might be perfectly viable for a smaller issuer willing to accept thinner margins in exchange for market positioning.

Third, the altcoin ETF market is young. Bitcoin ETFs attracted modest flows in their first weeks before institutional allocators gradually built positions over quarters. The same pattern could repeat with ADA, particularly as the October decision date coincides with a period when institutional investors typically make fourth-quarter allocation decisions.

Fourth, Cardano’s fundamentals have continued to develop. The network processed its highest transaction volumes in early 2026, governance mechanisms are active, and the Ouroboros consensus protocol remains one of the few proof-of-stake systems with formal academic verification. An ETF issuer could reasonably argue that the market has not yet priced in these fundamentals.

Fifth, and most important, the thesis would be invalidated if an ADA ETF launches in October and attracts more than $200 million in its first 90 days. That would suggest institutional demand exists and that Grayscale simply miscalculated. It would also likely prompt Grayscale to refile, as the company has shown no reluctance to reverse course when market conditions shift.

The 190-second signal the market missed
There is a detail in the withdrawal filings that has received less attention than it deserves, and that a competitor publication is unlikely to have noticed.

The three Form RW filings were submitted in a specific order: Cardano at 4:33:37 p.m. ET, Hedera at 4:34:55 p.m., and Polkadot at 4:36:47 p.m. The gaps between them, 78 seconds and then 112 seconds, suggest a single operator submitting sequential EDGAR filings, not three independent decisions happening to arrive at the same conclusion.

This matters because the order tracks roughly with market capitalization at the time of filing. ADA, the largest of the three at $6.55 billion, went first. HBAR, at roughly $3.1 billion, went second. DOT, at approximately $1.5 billion, went last. If Grayscale had withdrawn in alphabetical order or reverse chronological order by filing date, the sequence would have been different.

The implication is that even the largest of the three, Cardano, was not considered worth salvaging. Grayscale did not withdraw DOT and HBAR while keeping ADA alive for another few days to see how the seasoning milestone played out. It treated all three as a single portfolio decision, suggesting that the threshold for “worth pursuing” sits somewhere above ADA’s $6.55 billion market cap and below the market capitalization of the assets for which Grayscale is still filing, such as Solana at roughly $80 billion.

That threshold has implications far beyond Cardano. If the cutoff for a viable standalone crypto ETF sits at tens of billions in market capitalization, then the long tail of altcoin ETF filings currently working through the SEC, covering everything from Chainlink to Worldcoin, may face the same economic headwinds. The broader question of whether altcoin ETF demand can sustain product expansion is one the industry has been reluctant to confront.

What to watch
October 23 decision window: If an issuer activates a spot ADA ETF filing promptly after August 9, the SEC’s 75-day review period points to late October. The size of first-week inflows will reveal whether institutional demand for Cardano exists at scale or remains a community aspiration.

Canary and Bitwise filing amendments: Watch for S-1/A amendments from the remaining ADA ETF applicants. Active amendments signal continued commitment. Silence or withdrawal notices would confirm Grayscale’s assessment that the market is not ready.

HBAR ETF flow trajectory: The Canary HBAR ETF’s performance over the next 60 days serves as a leading indicator for ADA. If HBAR flows stabilize or reverse, it suggests growing comfort with altcoin ETF exposure. Continued outflows would validate the bearish thesis.

Grayscale IPO pricing and product roadmap: When Grayscale sets its IPO price and releases an updated product strategy, look for whether altcoin ETFs feature in the forward plan or are quietly dropped from the narrative. The company’s selective approach to new filings, prioritizing niche products with differentiation over large-cap altcoin duplicates, may become the template for the industry.

ADA price action relative to ETF catalysts: If ADA fails to rally on actual ETF approval after failing to rally on eligibility, the disconnect between community expectations and market reality will be impossible to ignore. A sustained move above $0.30 on ETF-related news would challenge the thesis that the token lacks institutional appeal.

The information presented in this article is for educational and informational purposes only. It does not constitute financial, investment, legal, or tax advice. Cryptocurrency investments carry significant risk, including the potential loss of all invested capital. Readers should conduct their own research and consult qualified financial advisors before making any investment decisions. Crypto.news does not endorse the purchase, sale, or holding of any cryptocurrency or financial instrument. Past performance is not indicative of future results. Published August 14, 2026.

Is the ADA ETF still happening without Grayscale?
Yes. Five other issuers, including Bitwise, Canary Capital, VanEck, and 21Shares, have active spot ADA ETF filings. Grayscale’s withdrawal is a business decision by one company, not a regulatory barrier. The August 9 seasoning milestone remains valid for any issuer that chooses to proceed, and the earliest SEC decision window falls around October 23, 2026.

Why did Grayscale withdraw all three at once instead of keeping the Cardano filing?
The coordinated withdrawal, completed in 190 seconds, suggests Grayscale treated ADA, DOT, and HBAR as a single portfolio decision rather than evaluating each asset independently. The most likely explanation is that none of the three met an internal threshold for projected demand, and the company chose to reallocate resources toward products with stronger revenue potential.

What is the CME futures seasoning period and why does it matter?
The SEC’s generic listing standards require a crypto asset to trade on a regulated futures market for at least six months before it can qualify for streamlined spot ETF review. CME launched Cardano futures on February 9, 2026, and the six-month period ended on August 9. Meeting this threshold allows an ETF to list in approximately 75 days rather than the 240 days required under the old per-product approval process.

How much would a Cardano ETF need to attract in assets to be commercially viable?
Based on the Canary HBAR ETF’s experience, a fund with under $50 million in assets generates less than $1 million in annual fee revenue, even at a 2 percent management fee. A standalone ADA ETF would likely need at least $200 million to $300 million in assets under management to cover operating costs and generate meaningful returns for the issuer. By comparison, XRP ETFs have attracted roughly $1.5 billion and Solana funds about $1.15 billion.

Could Grayscale refile for a Cardano ETF later?
A voluntary withdrawal under SEC Rule 477 carries no penalties, waiting periods, or stigma. Grayscale could refile an S-1 registration statement for a Cardano Trust ETF at any time. The company has previously shown willingness to adjust its product strategy based on market conditions, and a surge in ADA institutional demand could prompt a reversal.

What does Grayscale’s withdrawal mean for DOT and HBAR prices?
The immediate price impact was modest: ADA fell about 2 percent, DOT dropped nearly 2 percent to $0.805, and HBAR slipped 2.24 percent to $0.068. The withdrawals removed a potential catalyst for these tokens but did not change their underlying fundamentals. For HBAR, the Canary ETF already exists, so the loss of a Grayscale competitor may actually reduce selling pressure from fee competition.

Are altcoin ETFs still worth pursuing for issuers?
The market is splitting into tiers. Bitcoin and Ethereum ETFs have attracted tens of billions. Solana and XRP funds have crossed the $1 billion mark. Below that level, flows are sporadic and concentrated among a handful of products. The question is whether assets like Cardano can reach the second tier or whether the viable ETF universe stops at four or five cryptocurrencies.

Should investors buy ADA ahead of a potential ETF approval?
Every previous crypto ETF approval in the United States has followed a pattern where the token price rallied on anticipation and was flat or lower on actual approval day. ADA has already failed to rally meaningfully on its eligibility milestone, suggesting the market may have priced in the possibility. Any investment decision should account for the significant gap between ETF eligibility and actual investor demand for an ETF product. This is educational analysis, not investment advice.

Aug 14 : A national U.S. bank regulator on Friday conditionally approved a bank charter application linked to President Donald Trump and his family’s crypto venture, World Liberty Financial, effectively greenlighting an expansion of its stablecoin operations.

The Office of the Comptroller of the Currency said in a letter published on its website that it has granted conditional preliminary approval of World Liberty Trust Company’s application for a national trust charter, which it applied for in January. 

The charter, if ultimately approved at a later date, would allow World Liberty, through the newly created trust bank, to manage and hold assets on behalf of customers and settle payments faster. It does not generally permit deposit-taking or lending like traditional banks. 

Hoping to capitalize on the Trump administration’s crypto-friendly stance, the industry has been knocking on the OCC’s door for such charters. They allow crypto companies to hold assets on behalf of clients nationwide under a single federal charter, as well as to provide other settlement and asset servicing functions — making it easier to court major institutional clients.

Other crypto firms, including Ripple and Circle, have received preliminary approval for such charters under Comptroller Jonathan Gould, whom Trump appointed to the role last year. 

In the case of World Liberty, the charter would allow it to directly issue its USD1 stablecoin, as well as custody the U.S. dollar assets backing it, both of which are now handled by a business partner, BitGo. 

In a statement on Friday, the firm welcomed the conditional approval, calling it a "milestone" in its efforts to open the bank.

"A national trust bank brings USD1 issuance, custody, and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations. We welcome continuous scrutiny from Federal regulators for many years to come," Zach Witkoff, World Liberty Trust president and chairman, said in a statement.

As in most cases, the charter is subject to conditions, including notifying the regulator of any major business plan changes, maintaining at least $20 million in capital and hiring a qualified employee to serve as the firm's internal audit manager.

In its approval letter, the OCC noted it had received comments raising concerns about non-U.S. investors in World Liberty Financial.

The regulator said such investors were not considered principal shareholders in the bank, adding that the OCC had received so-called "passivity agreements" from several bank investors, including those outside the U.S., who vowed that they would not seek to control or influence the bank's operations or decisions.

Among the signatories on those agreements was Eric Trump, the president's son, as president of a Trump-family affiliated investment vehicle.

In February, two Democratic members of the U.S. Senate Banking Committee asked Trump's Treasury secretary to examine the potential national security implications of a reported purchase of a $500 million stake in World Liberty Financial in a deal linked with the United Arab Emirates' national security adviser.

FIRM HAS TIES TO TRUMP ALLIES

World Liberty Trust’s leadership is deeply intertwined with Trump's longtime allies, the Witkoff family. 

Zach Witkoff is the son of Trump’s special diplomatic envoy, Steve Witkoff. The Witkoffs were among the co-founders of World Liberty Financial with Trump and his three sons in late 2024, with Zach Witkoff currently serving as its CEO. 

Steve Witkoff’s brother Robert Witkoff, a former insurance company executive, will be a director of World Liberty Trust. Another proposed director, Scott Alper, is the president of the Witkoff family’s real estate business. 

The OCC is part of the Treasury Department and unlike many other financial regulators does not have a bipartisan board. 

Democrats have said a World Liberty charter would pose a major conflict of interest, and pressured Gould during a February congressional hearing to confidentially share the company's unredacted application. The public version did not include full details on its capital structure or business plans. 

In its approval letter, the OCC said Gould and staff "acted consistently with their statutory duties and ethical obligations with respect to the application," adding the application was reviewed by career staff and the bank would similarly be supervised by nonpolitical examiners.

LUCRATIVE BUSINESS

World Liberty is the most prominent among the Trump family’s stable of lucrative crypto ventures. Its stated vision is to democratize finance, allowing anyone to bypass a traditional banking system that the Trumps have characterized as restrictive and unfair. 

World Liberty has promoted the USD1 stablecoin as a flagship product that is designed to be a safe, U.S. dollar-backed asset allowing for entry to a range of financial products on the blockchain. 

USD1 has grown quickly since being announced in March 2025. It is currently the fourth largest stablecoin by market capitalization, at around $4 billion. 

Reuters estimated that the Trump family earned about $50 million from the USD1 stablecoin to the end of June 2026.

Overall, World Liberty Financial funneled more than $1.6 billion to the U.S. president and his family as of April, according to Reuters calculations.