BofA: Stablecoin Supply Could Surge by $75 Billion Following GENIUS Act
Bank of America (BofA) predicts that the GENIUS Act, signed by US President Donald Trump last week, will spark significant growth in the stablecoin market. According to the bank, stablecoin supply could increase by between $25 billion and $75 billion in the short term. This increase is expected to be driven by regulatory clarity, new product launches, and infrastructure investments.
The law paves the way for greater adoption of tokenized assets and money market funds, while banks are also preparing to issue their own stablecoins. BofA CEO Brian Moynihan stated that the bank is ready to take action in this area. Furthermore, increased stablecoin demand could increase interest in short-term U.S. Treasury bonds, which could impact the Treasury Department’s issuance strategy.
BlackRock’s Ethereum ETF Becomes 3rd Fastest ETF to Reach $10B AUM Target
BlackRock’s iShares Ethereum ETF (ETHA) has become the 3rd fastest ETF to reach $10 billion in assets in just 251 days. This pace makes ETHA a faster-growing product than the JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). This growth was notable as ETHA went from $5 billion to $10 billion in just 10 days.
The Bitcoin ETF surpassed its $10 billion target in 34 days, making it the fastest-growing ETF of all time. Ether ETFs have also attracted significant interest recently, attracting more inflows than Bitcoin ETFs.
Michael Saylor’s Strategy Firm Increases Bitcoin Purchases with $2 Billion
In response to investor demand, Michael Saylor’s Strategy firm has increased its preferred stock offering from $500 million to $2 billion to increase its Bitcoin purchases. The firm will use the funds, raised through the new preferred stock, which will sell at $90, to fund the Bitcoin purchases. The new shares will offer a 9% dividend and provide additional payments to existing shareholders.
Strategy currently holds more than 3% of the entire Bitcoin supply and has a Bitcoin portfolio totaling 607,770 BTC, valued at approximately $72 billion. Since 2020, the company has been using equity and debt to support its Bitcoin purchases, and these investments have significantly increased both the company’s stock and Bitcoin prices.
Ripple Founder Transfers $175 Million in XRP
Ripple co-founder Chris Larsen transferred 50 million XRP, worth $175 million, to different wallets between July 17 and 23. Two of the transactions were made to addresses associated with exchanges, while the remaining XRP was transferred to two new wallets. Larsen’s wallets still hold 2.81 billion XRP (approximately $8.4 billion).
It’s noteworthy that these transfers coincided with a period of sharp decline in the XRP price and a week that saw an increase in XRP scams. Ripple executives warned the community about fake airdrops, deepfake videos, and phishing attacks. Ripple, in its official statement, urged users to “never send XRP.”
10,000 Galaxy Digital Satoshi-Era Bitcoins Sent to Exchanges
Galaxy Digital transferred more than 10,000 Bitcoins (worth approximately $1.2 billion) to crypto exchanges in the last eight hours. These Bitcoins moved from a Satoshi-era “whale” address that had been dormant for 14 years and had recently reactivated. The transfer coincided with Bitcoin reaching all-time highs. However, the price of Bitcoin experienced a slight decline following the transaction, falling below $116,000.
The Bitcoins in question attracted significant attention in the crypto world because they came from an address that had previously been inactive for many years. This massive transfer of Galaxy Digital is expected to cause market volatility, with Bitcoin prices expected to fluctuate in the short term.
Injective Tokenizes SharpLink’s Stock
Injective is tokenizing SBET, the stock of SharpLink, a leading Ethereum treasury firm, on the blockchain, launching its first tokenized digital asset treasury (DAT). SharpLink currently ranks as the second-largest among Ethereum treasury firms, and this move represents an innovation that blurs the lines between stocks and crypto assets.
SBET DAT, built on Injective’s iAssets framework, boasts programmability, governance, liquidity, and cross-protocol composability. This new digital asset transforms companies’ Ether reserves not just into an asset but also into a yield-bearing on-chain instrument. SharpLink holds $1.3 billion worth of Ether, which can be directly integrated with financial instruments like tokenized stocks, lending markets, and derivatives. This development heralds an era where tokenized stocks and institutional crypto treasuries converge.
Solana Developers Plan 66% Block Limit Increase to Increase Network Capacity
Solana developers are proposing to increase the block limit from 60 million CUs to 100 million to increase the network’s transaction capacity. This proposal, numbered SIMD-0286, would allow Solana blocks to carry 66% more transaction load. The increase comes amid the rise of high-intensity applications like restaking protocols, NFT mints, and DePIN projects.
This change aims to reduce “compute budget exceeded” errors on the network and will require more processing power for validators. The current infrastructure, which supports 1,700 TPS per day, was increased to 60 million CUs with the SIMD-0256 update in July. If the new proposal is accepted, it will automatically activate in a later epoch with the software update. Solana’s move coincides with other networks’ efforts to increase capacity and functionality, such as Ethereum’s Pectra update and Bitcoin’s OP_CAT discussions.
TON Foundation to Raise $400 Million for Toncoin Treasury Company
The TON Foundation, along with Kingsway Capital Partners, aims to raise $400 million to establish a public company that will hold Toncoin as its primary treasury asset. This initiative, similar to MicroStrategy’s Bitcoin strategy, would allow institutional investors to access cryptocurrencies on the public market. The company plans to use a Private Investment Share (PIPE) transaction, which allows investors to purchase publicly traded shares at discounted prices. The funds raised will be used to purchase Toncoin, the native token of the Telegram Open Network (TON) blockchain.
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BITCOIN (BTC)
Bitcoin is trading at $115,260 as of the morning hours with a 2.53% loss. If the price stays below the $116,050 level, it may pose as the next strong support level at $113,827. If the downward movements continue, the $111,924 level will stand out as a significant support level.
On the upward movements, 116,050 is the first resistance level while $118,175 is the next resistance level. If this level is broken, the $120,217 level can be targeted.
ETHEREUM(ETH)
ETH is priced at $3,624 with a 2.21% loss in value as of the morning hours. The price is likely to find support near the $3,479 levels but if it breaks below this level, the $3,311 levels could be the next key support. If the price continues to hold above the $3,479 level, the $3,633 and then the $3,847 levels will be watched as the next resistance levels.
RIPPLE(XRP)
XRP is priced at $3.06 with a 2.49% loss as of the morning hours. The price recently entered a correction after the strong resistance formed at $3.40. It’s currently trading close to the $3.03 support area, which is critical for the short-term rally to continue.
If the price breaks below $3.03, the $2.97 and $2.86 levels could be the next areas to watch for support. Holding these supports will be crucial for the continuation of the rally. On the other hand, if the $ 3.14 level is breached again, the $ 3.24 and $ 3.34 levels may stand out as the next targets.
AVALANCHE(AVAX)
AVAX is trading at $23.0 as of the morning hours with a 2.79% loss in value. The price has recently started to retreat due to selling pressure. If it stays below the $23.22 support zone, the $22.59 and $21.52 levels can be watched as the next support zones.
For an upward recovery, it can be said that first 23.22 and then 23.91 must be overcome. If it remains persistent above this level, $24.79 and $25.0 levels can be targeted.
SOLANA(SOL)
SOL is traded at $ 177.75 with a 2.83% loss in value as of the morning hours. SOL has retreated with the selling pressure coming from the resistance at $ 184.95 in recent days. For SOL, which also broke the support level at $ 179, if it stays below this level, the support levels of $ 173.71 and $ 169.55 can be followed. If it can rise again above the $179.05 level, the $184.95 level can be targeted and then an acceleration towards the $193 levels can be seen.
