PA Daily | ETH fell back after breaking $4200; Coinbase launched DEX trading feature within the app

Today's News Highlights:

1. Harvard's endowment fund invested approximately $116 million in BlackRock's Bitcoin ETF, exceeding its investment in Google's parent company Alphabet.

2. ETH fell back after breaking through $4200, with an intraday increase of 3.94%.

3. Coinbase announces the launch of DEX trading within the app, unlocking millions of on-chain assets on the Base network.

4. Binance Alpha will launch Xeleb Protocol on August 11 (XCX)

5. BlackRock: Currently, there are no plans to submit XRP or SOL ETFs.

6. The original pink wool hat by Dogwifhat was sold for approximately $800,000.

7. Arthur Hayes: Had to buy back all ETH, swore never to take profit again.

8. Ethereum spot ETF had a net inflow of $461 million yesterday, continuing a net inflow for 4 days.

macro

El Salvador plans to establish the world's first Bitcoin bank.

According to information released by the El Salvador Bitcoin Office (@bitcoinofficesv) on the X platform, El Salvador will launch "Bitcoin Banks", marking it as possibly the first country in the world to establish such institutions.

The Wall Street Journal: The U.S. government is preparing to allow Fannie Mae and Freddie Mac to go public later this year.

According to The Wall Street Journal, informed sources say that the U.S. government is preparing to list Fannie Mae and Freddie Mac later this year, with the issuance expected to raise about $30 billion and likely to launch later this year. Some insiders say that in the plans being discussed by some government officials, the total valuation of the two companies could reach about $500 billion or more, with the issuance involving the sale of 5% to 15% of their stock. However, it is still under discussion whether these two mortgage giants will go public (IPO) as a single company or as two independent entities. Fannie Mae and Freddie Mac mainly engage in the packaging and sale of mortgage loans and have been under government oversight since the financial crisis of 2008, relying on government-backed guarantees to protect investors from losses.

The three major U.S. stock indexes all closed higher, with Apple rising over 4%.

According to reports from the Financial Associated Press, the three major U.S. stock indexes closed higher, with the Dow Jones rising by 0.47%, accumulating a 1.35% increase this week; the Nasdaq rose by 0.98%, with a total increase of 3.87% this week; the S&P 500 index increased by 0.78%, with an accumulated rise of 2.43% this week. Circle surged by 3.99%, while Coinbase fell by 0.08%. Popular tech stocks generally rose, with Apple up more than 4%, marking a weekly increase of 13%, the best weekly performance since July 2020. Google and Tesla both rose by over 2%, and Nvidia increased by over 1%.

Ukraine will conduct a preliminary review of the cryptocurrency market regulation bill at the end of August.

Danylo Hetmantsev, the chairman of the Ukrainian Parliament's Committee on Finance, Taxation and Customs Policy, stated that the Ukrainian Parliament plans to conduct a preliminary review of the cryptocurrency regulation bill by the end of August. Once approved, the bill will establish a legal framework for digital assets that aligns with European standards. "The preparation work for the draft law on taxing virtual asset transactions is currently in the final stages." "The bill is expected to be submitted for a first reading to the Ukrainian Verkhovna Rada by the end of August 2025."

A key provision of the bill is to allow individuals to legalize previously acquired digital assets. According to this regulation, holders seeking asset legalization will pay a 5% personal income tax and a 5% military tax.

opinion

Vitalik: The original intention of Visa is similar to the concept of DAO, but it is now seen as a centralized institution.

Vitalik Buterin pointed out in a post that Visa was originally established with a decentralized philosophy, and its original intention is highly similar to that of modern DAOs (Decentralized Autonomous Organizations). However, today Visa is viewed by many as an "extractive" or "oppressive" institution. Vitalik believes that this transition process provides important lessons for the governance and development of current Web3 and cryptocurrency networks. The related discussion also mentioned the concept of "Chaordic Organization" proposed by Visa's founder Dee Hock, emphasizing that Visa was once a pioneering example of decentralized governance and ownership, which is worth reflecting on and learning from for the crypto industry.

BlackRock: There are currently no plans to submit an XRP or SOL ETF.

BlackRock has stated that there are currently no plans to submit an XRP or SOL ETF. Companies including ProShares, 21Shares, Canary, and Bitwise have submitted potential XRP ETF applications to the U.S. Securities and Exchange Commission (SEC) and are awaiting its review. Some sources have indicated that if BlackRock wanted to list an XRP ETF, it would have already submitted an application.

The president of The ETF Store: So far this year, Ethereum-holding companies and spot ETFs have purchased $19 billion worth of Ethereum.

Nate Geraci, the president of The ETF Store, tweeted that so far this year, Ethereum-holding companies and spot ETFs have purchased Ethereum worth $19 billion, with ETFs investing $7 billion and companies investing $12 billion.

Arthur Hayes: I had to buy back all the ETH and vowed never to take profits again.

Arthur Hayes tweeted: "I have to buy everything back, Tom Lee (the chairman of Bitmine, the largest ETH treasury company), will you forgive me? I swear I won't take profits anymore."

According to previous news, Arthur Hayes has sold approximately 13.35 million USD worth of ETH, ENA, and PEPE. He stated that Bitcoin will test $100,000, and Ethereum will test $3,000. Today's news shows that after ETH broke through $4,200, it retraced, with a daily increase of 3.94%.

Project Updates

PeckShield: The official CrediX X account has been deactivated.

According to a warning from PeckShield, the official X account of the currency market protocol CrediX (@CrediX_fi) has currently been deactivated.

Previously, CrediX experienced a security incident, resulting in a loss of approximately 4.5 million dollars.

Dogwifhat's original pink beanie sold for approximately $800,000.

The original pink knitted hat of Dogwifhat (WIF) was auctioned on the Ord City platform and ultimately sold for 6.8 BTC (approximately $794,000) to Finn, the founder of the Solana Meme token incubation platform Bags. The hat had previously been sold as an NFT photo on the Foundation platform for 1210.8 ETH (approximately $4.3 million). The founder of Bags stated that they would participate in the bidding using the transaction fees obtained from the platform's related token "BUY THE HAT" and may associate the hat with the token in the future. Dogwifhat (WIF) currently has a market capitalization close to $1 billion, with its price down over 70% from the NFT auction peak.

The SPAC listing plan for the Solana treasury company led by Joe McCann has been terminated.

The plan for Solana Digital Asset Vault, led by Joe McCann, to go public via a SPAC has been halted. The company originally intended to raise up to $1.5 billion through a merger with Gores Holdings X's SPAC, with McCann serving as co-founder and CEO. According to insiders, the reasons for the current cancellation of the deal have not been disclosed, and they may seek other routes for going public in the future. Previously, McCann's hedge fund Asymmetric reported a nearly 80% loss for its LPs this year.

Last month it was reported that the new Solana treasury company Accelerate plans to raise $1.5 billion, and Joe McCann will serve as CEO.

Coinbase announces the launch of DEX trading within the app, unlocking millions of on-chain assets on the Base network.

According to Coinbase's official blog, Coinbase has now launched decentralized exchange (DEX) functionality within the app, allowing U.S. users (excluding New York State) to trade millions of on-chain assets directly on the Base network. Users can trade using their Coinbase balance or USDC through the integrated self-custody wallet, and the platform will automatically filter mainstream DEXs (such as Aerodrome, Uniswap) to obtain the best prices while blocking confirmed malicious or fraudulent assets. Coinbase plans to support more networks like Solana in the future and gradually expand to the global market.

Bloomberg: World Liberty Financial plans to establish a public company to hold its WLFI tokens, aiming to raise $1.5 billion.

According to Bloomberg, World Liberty Financial, invested by the Trump family, plans to establish a publicly traded company that will hold its WLFI token, joining the wave of digital asset finance companies. According to insiders, the structure of the deal is still being finalized, with a funding target of approximately $1.5 billion. The company has engaged with large investors from the technology and cryptocurrency industries regarding this joint venture. Negotiations are reportedly progressing rapidly.

Bitcoin mining company TeraWulf's net loss in the first half of the year widened to over $79 million.

According to The Block, Bitcoin mining company TeraWulf's latest financial report shows that its net loss for the first half of this year has widened to over $79 million due to continued investment in high-performance computing and mining operations. Operating costs (excluding depreciation) were approximately $22 million, a quarter-on-quarter increase from $13.9 million in the second quarter of 2024. Its stock price rose nearly 3% at the opening but is currently down nearly 4%.

TeraWulf CEO Paul Prager stated: "TeraWulf will continue to execute its strategy of developing scalable and sustainable digital infrastructure to support high-performance computing hosting and proprietary Bitcoin mining."

Linea releases product roadmap for the next 9 months

Linea has released its product roadmap for the next 9 months, focusing on four key areas of progress:

• Performance: Expand Ethereum and achieve 0.5 gGas/s (~5,000 TPS), with real-time proof on Ethereum before the second quarter of 2026.
• Ethereum Compatibility: Ensure compatibility with Ethereum, follow L1 forks, and contribute positively to the ETH economy through a burn mechanism, with the main goal of achieving Type-1 zkEVM by Q1 2026.
• Trust Minimization: Achieve the first phase in Q4 2025, eliminating single points of failure and trust assumptions, and decentralizing block construction to a set of permissioned nodes in 2026.
• Capital Efficiency: Starting from the launch of Native Yield in the fourth quarter of 2025, Linea will become the best place for ETH capital, providing substantial risk-adjusted returns.

Binance Alpha will launch Xeleb Protocol on August 11 (XCX)

According to the official announcement, Binance Alpha will launch the Xeleb Protocol (XCX) on August 11. Eligible users can use Binance Alpha points to claim airdrops on the Alpha event page, and they can claim them once trading opens.

A certain Web3 team claiming to be from Ukraine lured members to clone malicious code under the pretext of an interview.

According to SlowMist, a community member was recently asked to locally clone a GitHub repository during an interview with a Web3 team claiming to be from Ukraine, and the member wisely declined.

Analysis shows that the codebase contains a backdoor that, if cloned and executed, will load malicious code, install malicious dependencies, steal sensitive browser and wallet data (such as Chrome extension storage, possible mnemonic phrases), and leak it to the attacker’s server. This is a scam that traps people with job opportunities. Stay vigilant and do not run code from unverified sources.

Binance: Hold at least 200 Alpha points to receive an airdrop of 510 BSU tokens.

According to the official announcement from Binance, trading for Baby Shark Universe (BSU) Alpha will start on August 9 at 17:00 (UTC+8). After trading begins, users holding at least 200 Binance Alpha points can claim an airdrop of 510 BSU tokens, on a first-come, first-served basis. If the reward pool is not fully distributed, the points threshold will automatically decrease by 15 points every hour. Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm their claim on the Alpha event page within 24 hours, otherwise, it will be considered as forfeiting the claim.

Important data

In the past month, over 1.035 million ETH have been accumulated by multiple unknown whales/institutions, worth approximately $4.167 billion.

According to on-chain analyst Yu Jin's monitoring, over 1.035 million ETH (4.167 billion USD) have been accumulated by multiple unknown whales/institutions through exchanges or institutional business platforms over the past month since July 10. The price of ETH has also increased from 2,600 USD to 4,000 USD during this month, a rise of 45%.

Most of the ETH accumulated in these addresses should belong to institutions or US stock companies that are holding ETH reserves. ( does not include SBET, and the SBET address is known to be ). The average price of the accumulated ETH is around $3,546.

The Bitcoin spot ETF saw a net inflow of $404 million yesterday, marking three consecutive days of net inflows.

According to SoSoValue data, yesterday (Eastern Time August 8) the total net inflow of Bitcoin spot ETFs was $404 million.

The Bitcoin spot ETF with the highest net inflow yesterday was the Blackrock ( ETF IBIT, with a net inflow of 360 million USD for the day. Currently, the historical total net inflow for IBIT has reached 57.786 billion USD.

The second is Fidelity ( ETF FBTC, with a net inflow of 30.4889 million USD in a single day, and the total historical net inflow of FBTC has reached 12.028 billion USD.

As of the time of writing, the total net asset value of Bitcoin spot ETFs is $150.697 billion, with an ETF net asset ratio (market value as a proportion of Bitcoin's total market value) reaching 6.48%. The historical cumulative net inflow has reached $54.426 billion.

Ethereum spot ETF saw a net inflow of $461 million yesterday, continuing a net inflow for 4 days.

According to SoSoValue data, yesterday (August 8th, Eastern Time), the total net inflow of Ethereum spot ETF was 461 million dollars.

The Ethereum spot ETF with the highest net inflow yesterday was the Blackrock ETF ETHA, with a net inflow of 255 million USD. Currently, the total historical net inflow of ETHA has reached 9.848 billion USD.

Secondly, there is the Fidelity ETF FETH, with a net inflow of 132 million USD for a single day, and the historical total net inflow of FETH currently stands at 2.375 billion USD.

As of the time of writing, the total net asset value of the Ethereum spot ETF is $23.384 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) reaching 4.77%, and the historical cumulative net inflow has reached $9.816 billion.

After ETH broke through $4200, it fell back, with a daily increase of 3.94%.

According to OKX's market data, ETH briefly broke through $4200, reaching a high of $4214.96, and is currently reported at $4169.25 per coin, with a daily increase of 3.94%.

"Four-War ETH 75% Win Rate Whale" has fully closed positions, resulting in a loss of $20.73 million from shorting ETH.

According to on-chain analyst Yu Jin's monitoring, the [Four Wars $ETH 75% Win Rate Whale] did not continue to add positions after being further liquidated this afternoon, but instead closed all positions. This short position on ETH incurred a loss of 20.73 million dollars.

According to previous news, a certain whale was liquidated with over 10,000 ETH short positions in the early morning, currently with a loss of approximately 19 million dollars.

An address that has held ETH for 8 years sold 3,280 ETH 2 hours ago, achieving a return of 288 times.

According to on-chain analyst Yu Jin's monitoring, an address that has held ETH for 8 years sold 3,280 ETH (13.38 million USD) 2 hours ago. This address turned 50,000 USD into 14.43 million USD in 8 years (288x).

In early 2017, it was proposed and accumulated 3,865 ETH from Kraken, worth 50,000 dollars, with an ETH price of 13 dollars. Later, 565 ETH were sold off in succession, and most of the remaining ones were held until today, 8 years later, to be sold at a price of 4,079 dollars.

An ancient whale that has hoarded ETH for 9 years sold 4,723 ETH, with an average purchase price of $7.7.

According to on-chain analyst Yu Jin's monitoring, an ancient whale that accumulated 14,945 ETH at a price of $7.7 nine years ago sold ETH at a price of $4,005 last December and has sold ETH again today. Both sales of ETH were at prices above $4,000.

• 9 years ago ( in 2016 received and hoarded 14,945 ETH from ShapeShift, when the price of ETH was only 7.7 dollars, making these ETH worth 115,000 dollars;
• Last year, starting from December 2024, sold ETH: sold 7,808 ETH at a price of $4,005 for 31.27 million USDT;
• 3 hours ago, it continued to sell 4,723 pieces at a price of $4,141.

) Institutional Holdings

Harvard's endowment fund invested approximately $116 million in BlackRock's Bitcoin ETF, surpassing its investment in Google's parent company Alphabet.

Harvard Management Company, which manages Harvard University's $53 billion endowment fund, reported in a filing with the U.S. Securities and Exchange Commission (SEC) that as of June 30, it held approximately 1.9 million shares of IBIT, valued at about $116.6 million. This makes it the fifth-largest investment of the fund during the same period, behind Microsoft, Amazon, travel technology company Booking Holdings, and Meta, slightly above its investment in Google's parent company Alphabet.

Thumzup Media Corporation, a publicly traded company, has initiated a stock issuance aimed at raising funds for cryptocurrency and mining investments.

According to PR Newswire, social media marketing public company Thumzup Media Corporation (NASDAQ: TZUP) has announced the launch of a stock issuance, with a par value of $0.001 per share ("Preferred Stock"). The net proceeds of the proposed issuance will be used to explore the accumulation of cryptocurrency and mining equipment, working capital, and general corporate purposes. This issuance will be subject to market conditions, and there is no guarantee that the issuance will be completed or when it will be completed, nor is there any guarantee regarding the actual size or terms of the issuance. Dominari Securities LLC is serving as the exclusive placement agent for this issuance.