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Risk assets pushed higher after July CPI came in at 2.7% year-on-year, a touch under the 2.8% consensus. The print helped extend equity strength with the S&P 500 sitting near record highs, while global crypto market cap added 2% as BTC and ETH led spot gains. Futures open interest across major tokens slipped, hinting at lighter positioning into the move.
Spot ETH ETFs in the US had a record session, pulling in over $1 billion in net inflows yesterday for the first time. It caps a volatile week for flows that saw the worst outflow on Monday Aug 4 at $465.1 million and the best inflow on Monday Aug 11 at just over $1 billion. Cumulative inflows now total $10.8 billion with $25.7 billion in assets under management.
Circle gained 8% after reporting a 53% YoY jump in Q2 revenue. The stablecoin issuer also unveiled plans for Arc, a new blockchain aimed at stablecoin payments, FX, and capital markets activity.
In macro, investors continue to parse the CPI print for clues on the Fed’s next steps on rates. Market pricing still leans toward cuts in the near term, a stance reinforced by President Trump’s 90-day extension of the pause on higher tariffs for Chinese goods. The bet is that easier policy could offset tariff headwinds.
On the corporate side, SEC filings show BitMine Immersion Technology, the miner that pivoted to an ETH treasury model under Fundstrat’s Thomas Lee, expanding its stock sale program to raise as much as $20 billion more for ETH purchases. The company’s target is 5% of total ETH supply, with nearly $5 billion already acquired as of Aug 10.
Elsewhere, Pudgy Penguins landed Formula 1 branding at the Singapore Grand Prix after topping Kraken’s memecoin trading contest. And in a notable TradFi–DeFi crossover, Digital Asset and a group including Bank of America, Citadel Securities, DTCC, Societe Generale, and Tradeweb completed the first real-time, on-chain financing of US Treasuries against USDC on the Canton Network, executing on a Saturday to bypass legacy settlement constraints.
Crypto Charts
ETF Flow
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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