Speedbump
While it looked as if the crypto markets were looking stronger than ever, a hotter-than-expected PPI figure for July has put a damper on the party.
The US Producer Price Index (PPI) jumped by 0.9% in July, much higher than the expected increase of 0.2%, which reignited macroeconomic fears and sent equities and crypto assets tumbling.
According to Coinglass, close to $950M of leveraged positions were liquidated from the market.
However, open interest on Bitcoin remains elevated at $83, shedding just $1.3B in the past 24 hours.
Shortly after setting a new ATH of $124.1K yesterday, the price of Bitcoin plunged by 5% to a daily low of $117.9K, but has since recovered to $119.2K today.
Similarly, ETH plummeted by 6.5% from $4,780, just shy of the $4.8K level, to $4,470 but quickly found its footing and rebounded to $4,660 as of this writing.
Elsewhere, altcoins are still on the rise, with the main beneficiaries of ETH’s outperformance regaining their momentum.
DeFi governance tokens such as AERO, HYPE and PENDLE are still in the green for the day, rising by 10%, 6% and 5%, respectively.
The Tokenized Stock Network
Tokenization platform Dinari will be launching its own network using Avalanche infrastructure.
The blockchain, known as the Dinari Financial Network, aims to become the unifying layer for tokenized stocks across different networks such as Arbitrum, Plume and Solana.
The network itself will be governed by real-world institutions such as Gemini, Bitgo and VanEck, who will also serve as validators.
Dinari CEO Gabriel Otte stated that the testnet for the Dinari Financial Network is now live, and the mainnet is expected to go live in the coming weeks.
Metamoney
No Token Yet, But a Stablecoin?
As reported by CoinDesk, a confidential source claimed that wallet provider Metamask may be gearing up to release its own stablecoin very soon.
The existence of Metamask’s mmUSD stablecoin was first revealed in a deleted Aave governance proposal that was posted last week.
The stablecoin is expected to be launched in collaboration with payment services company Bridge as well as the stablecoin issuance protocol M^0.
Asset management firm Blackstone will also be appointed to custody and manage the stablecoin’s backing.
The timing behind the supposed stablecoin deployment coincides with Coinbase lowering USDC on-ramp fees for Metamask users on Base.
Working with payments platform Mercuryo, on-ramp fees on the Base L2 could potentially be halved.
Odin Overturned
A memecoin launchpad built on the Bitcoin network has suffered a ~$7M exploit.
Peckshield reported that the Odin.fun launchpad was drained of 52.8 BTC after attackers utilized a liquidity manipulation attack, inflating token prices and then withdrawing them to receive BTC.
In a recent announcement addressing the attack, co-founder Bob Bodily claimed that the team is still evaluating the total amount of BTC explained.
Bodily also added that the protocol’s treasury is insufficient to cover all losses.
However, he claims that the team is working on a compensation plan to make users whole.
In Other News…
Respecting the IPO Pump. Cathie Wood’s Ark Invest buys $177M of Bullish (BLSH) shares, the parent company of a crypto exchange and crypto news platform, CoinDesk. BLSH’s stock price tripled on IPO day, but has since settled down at $75/share, 2x higher than its listing price ($37).
Another Way to Capitalize on Stablecoins. JPMorgan analysts said that Ethereum is suited for the “meteoric growth” of stablecoins. They say that ETH is an indirect investment into the stablecoin sector which is poised for success with the passing of the GENIUS stablecoin act.
BtcTurk Hacked Again? Turkish crypto exchange BtcTurk has suspended customer withdrawals after detecting a suspicious $50M crypto withdrawal. Investigations are ongoing. BtcTurk was previously hacked in 2024, losing $54M.
Ex-Pump.fun Employee Guilty of $2M Theft. Former Pump.fun employee Jarett Dunn has pleaded guilty to fraud by abuse of position, draining over $2M of SOL from Pump.fun.
Coinbase’s Sixth Acquisition Completed. Crypto exchange Coinbase has officially closed its $2.9B acquisition of Deribit, the world’s largest crypto options trading platform by volume. This is the sixth firm that Coinbase has acquired in 2025.
A Boost from Google. Shares of the Bitcoin miner TeraWulf (WULF) jumped over 50% after it announced that it has secured a $3.7B computing lease deal which will see Google receiving an 8% equity stake into TeraWulf. The deal will see TeraWulf leasing computing power to FluidStack, an AI cloud platform.
The Forgotten Billion. A lost wallet belonging to Estonian banker Rain Lõhmus now holds over $1B worth of ETH. The wallet’s origin dates back to the 2014 ETH pre-sale.
Bitcoin Raining on ETH’s Parade. Bitcoin has reached a new ATH of $124K amid ETH’s recent bull run. ETH however, is just shy of also hitting a new ATH of $4.87K. ETH is currently priced at $4.7K.
Coinbase Loses $300K to MEV Bots. Coinbase has lost approximately $300K in accumulated token fees due to a misconfigured interaction with the 0x Project’s swapper contract. All losses are isolated to corporate DEX accounts, no customer funds are affected.
Uno Reverse on Lazarus. Crypto investigator ZachXBT revealed the inner workings of the North Korean crypto hacking group through an anonymous source that counter-hacked a North Korean IT worker. The data shows that a team of six workers used at least 31 fake identities complete with government identification and more.