The cryptocurrency market experienced a notable downturn, with Ethereum (ETH) leading major digital assets lower. This decline coincided with shifting investor preferences, as Bitcoin ETF inflows surged while Ethereum faced outflows. In regulatory developments, the United States is collaborating with Chainlink (LINK) and Pyth Network (PYTH) to explore on-chain data solutions, signaling growing institutional adoption of blockchain technology. Simultaneously, U.S. authorities are crafting pathways for offshore exchanges to re-enter regulated markets, potentially expanding market access. Product innovation continues unabated, with 92 crypto-related exchange-traded products in development. 21Shares has filed for ETFs tracking Sei (SEI) and Hyperliquid (HYPE), while American Bitcoin is set to list on Nasdaq in September. JPMorgan analysts noted that Bitcoin’s current valuation appears undervalued, contrasting with Solana’s DeFi total value locked (TVL), which has returned to all-time highs. Market activity remained robust, with DFDV acquiring $77 million in SOL and Caliber establishing a LINK treasury. Robinhood expanded its offerings with TON spot trading, and CoinShares is pursuing a U.S. listing. Despite brief technical issues on Binance Futures, the infrastructure landscape strengthened with a $200 million Bitcoin-focused SPAC formation. China’s CNPC is again examining stablecoin applications, underscoring global interest in digital asset integration.
