Comparative news, according to OKX market data, the market collectively plummeted in a short period of time. Among them, TRUMP fell by more than 15%, ZEC, SOL, and XRP all fell by more than 10%, and ETH fell by more than 8%.
According to SosoValue data, yesterday (August 21, EST), XRP spot ETF had a total net inflow of $18.3832 million in a single day. The XRP spot ETF with the highest net inflow yesterday was the Bitwise XRP ETF (XRP), which had a net inflow of US$168.90,800 in a single day, and the total net inflow in history has now reached US$543 million. The Franklin XRP ETF (XRPZ) was followed by a single-day net inflow of USD 1.4924 million, with a total historical net inflow of USD 434 million. At press time, the total net asset value of the XRP spot ETF was $1,328 billion, the XRP net asset ratio was 1.54%, and the cumulative historical net inflow had reached $1,552 million.
Comparative news, according to the Financial Times, after US Treasury Secretary Bezent announced the expansion of long-term US bond repurchases, market hedging and currency depreciation transactions heated up, and assets such as Bitcoin and gold rose sharply. Bitcoin rose nearly 8% on Friday, with a cumulative increase of 24% this week. The price surpassed 78,000 US dollars, a new high since May this year, and is expected to record its best weekly performance in more than three years. Gold also performed strongly during the same period. It rose 1.5% to about 4,585 US dollars/ounce on Friday, with a cumulative increase of more than 13% in August, which is expected to be the biggest monthly increase since 1999. Market participants believe that the core factor driving the current market is the expansion of the US Treasury's long-term treasury bond purchase plan. US Treasury Secretary Scott Bessent said earlier that he would at least double the scale of long-term US debt repurchases. The measure reduced the yield on 30-year US Treasury bonds in the short term, but it also raised concerns about the decline in the purchasing power of the US dollar, and the dollar index continued to weaken thereafter. Jefferies chief European economist Mohit Kumar said that gold and crypto assets rose sharply after Bezent announced related measures, further supporting expectations of a weaker dollar. This rise has reignited currency depreciation transactions (Debasement Trade), where investors hedge against the risk of declining fiat currency purchasing power by allocating assets such as gold and bitcoin. Previously, the conflict between the US and Iran led to a rise in inflationary pressure, which once interrupted the logic of this transaction, but now the market has returned to expectations of liquidity easing. In addition to Bitcoin, Ethereum, Solana, and XRP have risen 29%, 17%, and 40%, respectively, over the past week. Previously, the crypto market continued to be sluggish since the fall of last year, and Bitcoin's biggest decline in the past year once reached 31%. Meanwhile, crypto-related stocks rose at the same time: Coinbase is up 16% this week, stablecoin issuer Circle is up 17%, and Bitcoin holding company Strategy is up 21%. Analysts pointed out that Bitcoin's rapid rise triggered a squeeze on bears, and large numbers of short positions were forced to close, further driving up the price. Furthermore, US President Trump's meeting with regulators and heads of crypto companies this week and the introduction of new crypto regulation proposals by the US Securities and Exchange Commission (SEC) were also viewed by the market as good for the industry. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)
In comparison, Ripple is supporting a new institutional credit fund that will partner with lending platform Clearpool and credit management agency Cicada Partners to provide working capital loans to fintech and payment companies using RLUSD, a stablecoin issued by Ripple on XRP Ledger. According to the disclosure, the fund will issue loans in RLUSD. Cicada Partners will be responsible for finding borrowers, formulating loan terms, and managing credit risk; Clearpool will be responsible for building the infrastructure to create and manage loan pools; and Ripple will provide financial support as one of the investors, but the exact size of the investment has not been disclosed. Currently, this product is not available on the XRP Ledger mainnet. Ripple will participate as a limited partner, enjoy the same terms as other investors, and will not be liable for loan losses. Borrowers will receive RLUSD and use RLUSD to repay loans, which will drive demand for this stablecoin while introducing borrowing activity to XRP Ledger.
According to Twitter, the CEO of Bitwise posted an article on the X platform saying that today's trading volume of the Bitwise ETF once again exceeded 300 million US dollars, the same as yesterday. Today's top five turnover rankings have changed slightly: Bitwise Bitcoin ETF BITB is about $106 million, Bitwise XRP ETF XRP is about $82 million, Bitwise Solana ETF BSOL is about $45 million, Bitwise Ethereum ETF ETHW is about $42 million, and Bitwise Hyperliquid ETF BHYP is around $30 million. The price appears to have revived market interest, it said.
According to SosoValue data, yesterday (August 19, EST), XRP spot ETF had a total net inflow of US$2.3517 million in a single day. The XRP spot ETF with the highest net inflow yesterday was the Bitwise XRP ETF (XRP), which had a net inflow of $1.19.26 million in a single day, and the total net inflow in history has now reached $516 million. The Franklin XRP ETF (XRPZ) was followed by a single-day net inflow of $1.1591 million, with a total historical net inflow of $429 million. As of press time, the total net asset value of the XRP spot ETF was $1.06 billion, the XRP net asset ratio was 1.46%, and the cumulative historical net inflow had reached $1,521 million.
After months of silence, the crypto market finally ushered in a round of general rise after a long absence. In the US market on August 19, Bitcoin quickly rose from a low of about 64,100 US dollars during the day, and recently hit 69,000 US dollars again. At the beginning of June, Bitcoin fell below 70,000 US dollars and returned to around 69,000 US dollars. Since then, it has fluctuated more than 60,000 US dollars for most of the time. Now, after a lapse of nearly 3 months, it has once again reached this position, and market sentiment has clearly heated up. At one point, Ethereum rose by about 8.6%, and altcoins such as XRP and SOL all rose by more than 6%. The Fear and Greed Index also rebounded from the extreme fear range to a neutral fear level of around 40. This wave of markets is coming very fast, but it's not without any signs. Over the past few weeks, Bitcoin has been stuck in a sideways trade of more than $60,000. Prices are falling little, and buying is not strong enough, and the market is waiting for new catalysts every day. As of today, several factors have just come together: the fall in US bond yields, the weakening of the US dollar, improved US regulatory expectations, and the continued absorption of funds by large players on the chain have finally ignited the market. The first flash came from the US Treasury bond market, which had the biggest impact on the market today, and came from the US Treasury. The US Treasury Department announced that it will increase the liquidity support repurchase scale of 10-year to 30-year treasury bonds. The maximum limit for a single operation will be raised from 2 billion US dollars to at least 4 billion US dollars, which will be implemented on September 9. After the news came out, the yield on US long-term treasury bonds fell rapidly. The 30-year US Treasury yield fell by nearly 10 basis points, the 10-year yield returned to around 4.65%, and the US dollar index also weakened markedly. This is important for Bitcoin. US bond yields have remained high for some time. The 30-year US Treasury yield was once close to 5.34%, a multi-year high. As far as global capital is concerned, when US Treasury bonds can provide a yield of about 5%, capital is naturally more cautious; there is not much need to chase the volatile Bitcoin. Now that long-term yields have begun to decline, the US dollar is weakening at the same time, market concerns about liquidity have temporarily eased, and high-risk assets are also taking a breather. Jeremy Stretch, head of foreign exchange strategy at CIBC, believes that the actions of the US Treasury indicate that the policy level has noticed the pressure on the long-term bond market and the impact of this pressure on other assets. Second catalyst, SEC's new draft token issuance The US SEC proposed a new draft rule called “Regulation Crypto Assets” on August 18. It plans to establish a more targeted issuance system for some investment contracts involving crypto assets, including a maximum issuance exemption of up to 5 million US dollars for startup projects and a financing exemption of up to 75 million US dollars every 12 months. The key benefit is the “safe harbor” rule. Simply put: In the past, many crypto projects could be treated as “securities” by the SEC as “securities” and faced fines and removal at any time. Now, the draft provides a clear way out: the project party has completed (or officially stopped) the promised development and operation, and after reporting to the SEC, this coin is no longer considered a security. In the future, everyone will be able to trade and trade more freely, and there is no need to worry about sudden regulatory action. In addition, early projects can raise up to 5 million US dollars, and the procedures are much simpler. One sentence: The US has finally drawn a clear “graduation line” for crypto projects to reduce uncertainty and facilitate project implementation and transactions with ordinary investors. However, it is still only a proposal, which does not mean that the US crypto regulation issue has been completely resolved. However, market transactions have never been just reality, but also expectations. Crypto concept stocks such as Coinbase and Circle also clearly strengthened on the same day, indicating that this part of the expectation was not only reflected in currency prices. Today's surge in giant whales, which have been collecting funds for a long time, seems sudden, but from an on-chain perspective, the big money movement did not appear until today. CryptoQuant data shows that over the past 60 days, large Bitcoin holders — which excludes exchange and mining pool wallets from the statistics — have increased their net holdings by about 43,000 BTC. Based on the previous price of around 64,000 US dollars, the value is about 2.75 billion US dollars; if calculated at around 69,000 US dollars today, this batch of bitcoins is already close to 3 billion US dollars, and some of the large capital has slowly begun to be received. Real demand for goods is also picking up. According to recent CryptoQuant research, Bitcoin's 30-day “spot demand” has quickly recovered from negative about 206,000 BTC on July 23 to negative 5,000 on August 18. It is only one step away from recovering to a positive value, and the closest to a correction since the end of February. This indicator measures whether there are actually people in the market who are really willing to buy coins with money. CryptoQuant's historical backtesting shows that when this demand indicator changed from negative to positive, Bitcoin rose at a median rate for the next 60 days...
In comparison, Blockworks released the XRP Q2 report. At the end of the quarter, XRP closed at $1.04, down 19.9%, with a market capitalization of $65.8 billion, and is still the fourth largest non-stablecoin asset. The net inflow of XRP ETP was $253.6 million, the third consecutive quarter of positive inflows, with a cumulative total of over $1.9 billion. CEX's spot trading volume was $57.6 billion, down 53.5% from the previous month, and perpetual contract trading volume decreased by 44%. XRPL native stablecoin supply increased 195.4% to $8255 million, of which RLUSD supply was $676.9 million, up 257% from month to month. OKX has listed over 280 RLUSD spot trading pairs, and the Financial Services Agency of Japan approved RLUSD as an electronic payment tool and distributed through SBI VC Trade. The total value of XRPL tokenized RWA increased 102.5% month-on-month to US$4.46 billion, a quarterly high, with Justoken's energy class JMWH accounting for about half. Stablecoin transfers increased 207.5% month-on-month to around $10 billion, with RLUSD accounting for about 90%. In terms of online activity, the total transaction volume was 222.4 million (down 6.5% month-on-month), the average daily active addresses were 16,800 (down 10.7%), DEX trading volume was 482.9 million US dollars (down 35.9%), and transaction costs fell to $0.00024 (five consecutive quarters of decline). The loan agreement XLS-65/66 was supported by 9/35 and 8/35 validators, respectively. There is still a gap between the activation threshold of 29 votes, and a revised version will be submitted in Q3. In terms of institutional cooperation, Ondo, J.P. Morgan Kinexys, Mastercard and Ripple completed cross-chain redemption of tokenized US bonds, and Aviva Investors launched tokenized fund shares on XRPL after the season.
Source: ChainCatcher Author: Zhou Original title: Q2 Wall Street Institutional Crypto Positions: Most institutions bucked the trend, and ETH exposure completely outperformed BTC in the second quarter. ETF capital flows and institutional behavior were decoupled, and the institutionalization of crypto assets deepened; at the same time, institutional differences over crypto-related stock targets are also getting bigger. August 14 is the legal deadline for the US SEC to require institutional investors to submit Q2 13F forms. After the centralized disclosure of documents, Wall Street's crypto holdings were once again spread out on the table. There was a clear contrast between institutional movements and currency price trends this season. The price of Bitcoin fell by about 14.2%, while crypto holdings declared by institutions increased. According to Bitcoin Strategy's calculation of 13F data, institutional Bitcoin holdings increased 7.5% from about 498,000 to about 536,000, up 7.5% month-on-month, while total ETF holdings fell from about 1.297,000 to about 1,211,000 during the same period. According to SosoValue data, the US spot Bitcoin ETF continued to make net redemptions in the second quarter, with net outflows of about 2.4 billion and 4.5 billion US dollars in a single month in May and June, respectively. Among them, June set the worst monthly record since listing. The Ethereum ETF also had a cumulative net outflow of around $700 million over the same period. At the same time, the chips are concentrated on the head. The number of institutions declaring Bitcoin holdings dropped from about 2,000 to about 1,900. According to Bloomberg data, as of August 13, the number of institutional holders of an IBIT product reached about 1,500, with a net worth of about US$47.35 billion. The growth rate of Ethereum on the bank side completely outperformed Bitcoin. Previously, ChainCatcher wrote in the first quarter position review: Institutional interest in Ethereum's allocation is increasing, and Jane Street, Wells Fargo, and J.P. Morgan Chase all added Ethereum ETFs during the outflow phase. In the second quarter, this sign was confirmed on the bank side. According to DWF Labs estimates, in terms of the number of corresponding crypto assets, Morgan Stanley's exposure to BTC increased 3.7% month-on-month and ETH exposure increased 18.6% in the second quarter. J.P. Morgan's BTC exposure increased 12.2%, and ETH exposure increased 67.3%. Both banks are growing at a significantly higher rate of ETH than BTC. The individual level is more intuitive. Morgan Stanley's ETHA increased by about 202% to 4.6 million shares, J.P. Morgan's ETHA increased by about 338% to nearly 1.17 million shares, and Bank of America ETHA increased from about 67,500 shares to about 1.98 million shares, about 29 times the previous one. But in fact, there was an overall net outflow of Ethereum spot ETFs in the second quarter. According to SosoValue data, there was still a net inflow of about 356 million US dollars in April, net outflows of about 541 million and 529 million US dollars in May and June respectively, and a total net outflow of about 714 million US dollars in the second quarter. Jane Street bought it back. Hedge funds moved their positions into options. Last season, Jane Street cut IBIT holdings by about 71%. The market once speculated that it was bearish on Bitcoin. This quarter, it reversed IBIT and added back about 24.9 million shares, a sharp increase of about 324% over the previous quarter, making it one of the biggest buyers of the quarter. Its current spot Bitcoin ETF exposure is approximately $9.9 billion, of which approximately $828 million is in IBIT. As an authorized participant and market maker, its end-of-quarter inventory is related to redemptions and hedging, and a large amount on spot is not equal to a directional bet. It is worth noting that 13F only reported a long spot volume at the end of the quarter. If options were added, the image of several institutions would also reverse. Global macro hedge fund Brevan Howard cut spot IBIT from 24.3 million shares to 7.21 million shares in the second quarter, reducing its holdings by about 70.4%. But it also holds a call option corresponding to approximately 7.23 million IBIT shares and a put option of 5.27 million shares. Graham Capital reduced its current IBIT from about 926,000 shares to 259,000 shares, reducing its holdings by about 72%, while holding down options corresponding to about 1.74 million IBIT shares, with a declared value of about $57.94 million. Multi-strategy giant Millennium reduced current IBIT from about 19.29 million shares to 9.69 million shares, reducing holdings by about...
In comparison, according to CoinDesk, Cash App integrates with the crypto payment platform MoonPay to expand its cryptocurrency service from previously mainly supporting Bitcoin and the US dollar stablecoin USDC to various digital assets such as Ethereum, Solana, XRP, and USDT. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)