A $116 million Bitcoin wallet exploit puts self-custody under scrutiny as ETF inflows rebound, Strategy eyes more BTC and miners chase billions in AI deals. A $116 million hardware wallet exploit has reopened one of Bitcoin’s oldest debates: Is holding your own keys worth the risk? Days later, US spot Bitcoin ETFs recorded their strongest inflows since April, prompting Bloomberg analyst Eric Balchunas to wonder whether security scares could eventually push more investors away from self-custody and toward ETFs. Elsewhere, Strategy is preparing to resume Bitcoin purchases after a rare bout of selling, Riot Platforms is reportedly turning its mining infrastructure into a $9 billion AI deal, and Trump Media is rethinking its crypto treasury strategy after a $238 million quarterly loss. Strategy CEO Phong Le said the company plans to resume Bitcoin accumulation later this year, seeking to reinforce its long-term strategy after a series of relatively small sales drew scrutiny over its once-firm “never sell” stance....
Bitcoin falls further toward new August lows, ignoring positive US inflation trends while US stocks continue to circle all-time highs. Bitcoin (BTC) declined into Friday’s Wall Street open as traders increasingly saw a BTC price breakdown next. Key points: Data from TradingView showed BTC/USD down 1.3% on the day at $62,570, near its lowest levels month-to-date. Read more
Morgan Stanley’s reported IBIT holdings rose to 16.5 million shares in Q2, while Ether ETF positions and several crypto-linked stocks also increased. US investment banking giant Morgan Stanley reported larger crypto fund positions in the second quarter, led by an increase of more than 3 million shares in BlackRock’s Bitcoin exchange-traded fund (ETF). Morgan Stanley’s reported holdings in BlackRock’s iShares Bitcoin Trust ETF (IBIT) increased by 23% to around 16.5 million shares from 13.4 million, according to its Q2 13F filing with the US Securities and Exchange Commission on Thursday. Morgan Stanley also reported 2.57 million shares of its own Morgan Stanley Bitcoin Trust (MSBT), worth about $43.3 million. The product began trading in April. Read more
JPMorgan reported a 25% increase in its Bitcoin ETF position and more than quadrupled its Ether ETF position in the second quarter. JPMorgan’s reported position in BlackRock’s Bitcoin exchange-traded fund increased by about 25% in the second quarter, while its Ether ETF position more than quadrupled, according to its latest securities filing. The Form 13F filing with the US Securities and Exchange Commission, submitted Wednesday, covers holdings as of June 30 and includes 17 other investment managers across JPMorgan. That makes it difficult to determine whether individual positions reflect a directional market view, Jonatan Randin, senior market analyst at PrimeXBT, told Cointelegraph. Read more
Binance said it will stop processing transactions for involving 11 crypto platforms, including HTX, which was recently listed in the EU’s sanctions package targeting Russia. Binance will stop processing transactions involving crypto exchange HTX and 10 other listed crypto platforms and service providers from Aug. 23. The cryptocurrency exchange cited recent regulatory developments for the decision in a Friday announcement. Binance will stop processing transactions involving HTX, Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto INC., Tradex, Monease Ltd, BitPapa, Exnode and EXMO. Transactions attempted on or after the effective date may be held and subject to compliance review. Binance said restrictions may also be applied to impacted wallets while the review is ongoing. Read more
Solana’s proposed fee overhaul would make resource-heavy transactions more expensive while cutting costs for simpler activity, and it increases the amount of SOL burned. Solana is preparing to change how it charges for computing resources on the network. Solana Improvement Document (SIMD-0553) would make its most resource-intensive users pay more while cutting the costs for simpler transactions. As a bonus, it would increase SOL’s burn rate in stages — and one day could even help make it deflationary. Cavey, a researcher at Solana infrastructure firm Temporal and author of the proposal, tells Magazine that fees currently don’t reflect the real costs: Read more
Credit card and staking revenue drove Gemini’s services growth in Q2 as exchange revenue fell 38% and trading volume dropped by two-thirds. Cryptocurrency exchange Gemini reported a 37% year-over-year increase in second-quarter revenue to $45.5 million, while posting a $107.7 million net loss as exchange trading weakened. Exchange revenue fell 38% to $12.5 million as trading volume dropped to $3.8 billion from $11.3 billion, the company said Thursday. Services revenue climbed 149% to $23.5 million, led by a 231% increase in credit card revenue to $16.2 million and a 50% rise in staking revenue to $4 million. Including interest income, services revenue and interest income totaled $26 million. Read more