Top Stories of The Week
Ether ETFs hit $13.7B as inflows surge and corporate treasuries grow
Ether spot exchange-traded funds (ETFs) have seen steady growth since their US debut in July 2024, while corporate treasuries tied to the token are also on the rise.
Inflows into Ether funds climbed 44% this month, rising from $9.5 billion on Aug. 1 to $13.7 billion on Aug. 28, according to cryptocurrency research platform SoSoValue. Market participants say renewed institutional demand is fueling the momentum.
“After an extended period of underperformance relative to Bitcoin and a souring investor sentiment, Ethereum has recently experienced a significant revival in the recognition of both its adoption rate and value proposition,” Sygnum Chief Investment Officer Fabian Dori told Cointelegraph.
Crypto market to unlock $4.5B in tokens in September
Crypto projects are set to unlock about $4.5 billion in vested tokens in September, according to data tracker Tokenomist.
Tokenomist data shows that about $1.17 billion will come from cliff unlocks, while $3.36 billion will be released through linear unlocks. About $4.5 billion in tokens will become available to investors, project teams and other stakeholders as vesting agreements expire.
Cliff unlocks are typically larger, one-time token releases that happen at the end of a specified lockup period. This often affects the market more due to supply shocks. On the other hand, linear unlocks distribute tokens over time, which helps smooth out the impact on the supply.
Elon Musk’s lawyer to chair $200M Dogecoin treasury: Report
Elon Musk’s attorney Alex Spiro is set to chair a new public company that aims to raise $200 million to invest in Dogecoin, according to a Fortune report citing six people familiar with the deal.
The initiative is being pitched to investors as a Dogecoin treasury vehicle with the endorsement of House of Doge, the corporate entity launched in early 2025 by the Dogecoin Foundation and headquartered in Miami, Fortune reported Friday.
The company seeks to raise at least $200 million as a public vehicle to hold Dogecoin on its balance sheet, giving investors stock-market exposure to the token without direct ownership.
The effort remains at the pitch stage, with details on its structure or launch timing not yet disclosed.
Strategy Bitcoin lawsuit dismissed as investors withdraw case
Lead plaintiffs and an investor have voluntarily dismissed their lawsuit against Bitcoin treasury company Strategy, permanently ending the case, according to a court filing obtained by Cointelegraph. The move represents a potential win for crypto treasury companies, with Strategy standing as the industry’s largest player.
According to a Thursday court filing, two lead plaintiffs, Michelle Clarity and Mehmet Cihan Unlusoy, and an investor representing other shareholders, submitted the stipulation for dismissal.
“The dismissal with respect to Co-Lead Plaintiffs’ claims and Anas Hamza’s claims, but not absent class members’ claims, is with prejudice,” the court document reads. In addition, “the Action has not been certified as a class action.”
Trump has 11 on his Fed chair list, 3 may be crypto-friendly
The Trump administration is considering at least 11 candidates to replace Jerome Powell when his term as Federal Reserve chair expires in May. At least three of them have taken positive stances toward crypto.
Treasury Secretary Scott Bessent told Fox News on Wednesday that there are 11 “very strong candidates” for Fed chair, which he’ll begin to vet and shortlist starting next month.
The list of candidates, as CNBC reported on Aug. 13, citing two administration officials, includes Dallas Fed President Lorie Logan, former St. Louis Fed President James Bullard, Fed Vice Chair Philip Jefferson, Fed Governor Christopher Waller, Fed Vice Supervision Chair Michelle Bowman and former Fed Governor Larry Lindsey.
The list also includes Bush administration economic adviser Marc Sumerlin, investment bank Jefferies chief market strategist David Zervos and BlackRock’s chief investment officer for global fixed income Rick Rieder.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $108,309, Ether (ETH) at $4,374 and XRP at $2.82. The total market cap is at $3.77 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Cronos (CRO) at 94.97%, Pyth Network (PYTH) at 41.07% and Pump.fun (PUMP) at 11.96%.
The top three altcoin losers of the week are SPX6900 (SPX) at 22.68%, Aerodrome Finance (AERO) at 21.67% and Pendle (PENDLE) at 19.07%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“Let’s say that your protocol or layer 1 blockchain becomes more secure. Then they may target human beings behind it. The people who have the private key and so on.”
Ronghui Gu, co-founder of CertiK
“There are other currencies that will come up as flashes in the pan but I think overall, we’re in a major trend toward Bitcoin.”
Tim Draper, founding partner at Draper Associates
“This whole system was weaponized against them, no different than it had been weaponized against us for different reasons.”
Eric Trump, son of US President Donald Trump
“Crypto gets pretty sketchy below the top 10, certainly below the top 20.”
Greg King, founder and CEO of REX Financial
“We have to go through the tough liquidation days so that we can go up.”
Bobby Ong, co-founder of CoinGecko
“Timeline bearish and calling for the bear market. Time to go max long.”
James Wynn, millionaire leverage trader
Top Prediction of The Week
XRP ‘distribution’ phase doesn’t change $20 price target: Analyst
XRP’s price fell 22% to $2.72 from its multi-year high of $3.66 reached on July 18, before recovering to current levels around $3.
Has the popular altcoin finally topped out, or is there a stronger rally in the cards?
XRP price action reveals a consolidation within a symmetrical triangle on the daily chart, suggesting that the altcoin may be preparing another bullish impulse, according to analyst XForceGlobal.
XRP price at “$20 remains the primary cycle target,” the pseudonymous analyst said in an X post on Wednesday.
Although the price still faces strong resistance around the $4 psychological level, “this does not alter the overall bullish outlook on the macro,” the analyst said, adding that XRP could now follow two possible scenarios.
Top FUD of The Week
US banks moved $312B in dirty money, but critics still blame crypto
US banks were responsible for moving $312 billion for Chinese money launderers between 2020 and 2024, according to a new report.
In a US Financial Crimes Enforcement Network (FinCEN) advisory on Thursday, the watchdog analyzed over 137,000 Bank Secrecy Act reports from 2020 to 2024.
It found that over $62 billion per year on average has gone through the US banking system from Chinese money launderers.
Chinese money-laundering networks have formed a symbiotic relationship with Mexico-based drug cartels. The cartels need to launder US dollar drug proceeds, while Chinese gangs want US dollars to circumvent China’s currency control laws, it reported.
“These networks launder proceeds for Mexico-based drug cartels and are involved in other significant, underground money movement schemes within the United States and around the world,” said FinCEN Director Andrea Gacki.
Kanye West’s YZY token: 51,000 traders lost $74M, while 11 netted $1M
More than 51,000 traders incurred losses on Kanye West’s recently launched memecoin, highlighting the potential risks of trading celebrity-endorsed tokens with no intrinsic technological utility.
The Kanye West-linked YZY token was launched on the Solana blockchain on Aug. 21. It rallied 1,400% within the first hour before losing over 80% of its value.
Of the 70,200 traders who invested in the celebrity-endorsed token, more than 51,800 realized losses, with three traders losing over $1 million, according to blockchain data platform Bubblemaps.
“Meanwhile, 11 wallets made $1M+,” wrote Bubblemaps in a Wednesday X post.
Amid large-scale losses from the majority of the token’s traders, only 11 out of 70,000 wallets generated over $1 million in profit, while 99 generated over $100,000, highlighting the financial risks of celebrity-endorsed meme tokens with a lack of blockchain utility.
Fenwick denies allegations that it was key to multibillion-dollar FTX fraud
Law firm Fenwick & West denied allegations from an updated class-action lawsuit claiming it was central to crypto exchange FTX’s fraud and eventual collapse.
Earlier this month, FTX users asked to update their suit against Fenwick, first filed in 2023, claiming new information from a bankruptcy and criminal case shared evidence that the law firm “played a key and crucial role in the most important aspects of why and how the FTX fraud was accomplished.”
Fenwick told a Florida federal judge in a filing on Monday that the court should deny FTX users’ request to update the suit against the firm, arguing their theory that it helped the exchange carry out fraud “is as facile as it is flawed.”
“Fenwick is not liable for aiding and abetting a fraud it knew nothing about, based solely on allegations that Fenwick did what law firms do every day — provide routine and lawful legal services to their clients,” it said.
Top Magazine Stories of The Week
The one thing these 6 global crypto hubs all have in common…
Nations around the world are competing to become the most popular global crypto hubs. Here are some of the best.
BTS Jungkook’s hacker, Ripple backs Singapore payments firm: Asia Express
BTS Jung-kook’s identity thief tied to international crypto scam ring, Ripple and Circle bet on Singapore fintech, and more.
3 people who unexpectedly became crypto millionaires… and one who didn’t
Three real-life tales of people who became hilariously rich with crypto — could you be next?
Editorial Staff
Green consumers want supply chain transparency via blockchain
Ethical consumption is a trend on the rise as the world grapples with exhausted landscapes. Initiatives like the EU Digital Product Passport may force the trend forward.
Read more
Edgelord version of 3AC’s big fat bet on memecoin supercycle: Asia Express
3AC has been born again as the edgelord memecoin outfit Three Arrowz Capitel, and the South Korean Kimchi Premium has turned to a discount.
Read moreXRP ‘cycle target’ is $20, Strategy Bitcoin lawsuit dismissed: Hodler’s Digest, Aug. 24 – 30