Category: Business

On-chain data analysis platform CryptoQuant has reported that investors known as “whales,” who hold large amounts of assets in Bitcoin (BTC), Ethereum (ETH), and $XRP, have recently increased their holdings. According to the company, this trend indicates that the cryptocurrency market may be approaching the final stage of its long-running bear cycle.

According to an analysis shared by CryptoQuant, it has been noted that historically, a significant indicator is when large investors buy rather than sell during periods of continued price decline. Similar movements have been observed in past market cycles when long-term investors believed prices had reached attractive levels.

However, the analytics firm emphasized that the current data alone is not sufficient to confirm the market bottom. According to CryptoQuant, while whales buying is considered a positive signal, Bitcoin, Ethereum, and $XRP prices may fall further before a bottom formation is finalized. Therefore, investors should be cautious about short-term fluctuations.

Experts note that the accumulation process of whales is often part of a long-term investment strategy. Large investors prefer to buy at low prices during periods when fear dominates the markets, while individual investors often act more cautiously due to uncertainty. This is a common characteristic observed many times in the final stages of market cycles in the past.

CryptoQuant noted that while there are signs that the bear market may be approaching its final phase, macroeconomic developments and global liquidity conditions will continue to be decisive factors in price movements. In particular, central bank monetary policies, regulatory developments, and the attitude of institutional investors towards the market are among the main factors influencing the direction of crypto assets.

*This is not investment advice.

Ethereum [$ETH] was trading just below the $2,000 psychological resistance level. It has previously traded above this level in May. In recent weeks, repeated attempts to clear this level have been met with rebuttals from the sellers.

On August 4, the U.S. spot ETF Ethereum flows measured $53.75 million in net inflows. If this investor appetite continues, it could help usher $ETH back above $2,000.

Developers recently proposed EIP-8361. The draft introduces a mechanism called tapered issuance burn, which would automatically burn a growing share of those rewards as the share of $ETH staked increases.

It is still an open draft. While the fundamentals look encouraging, some onchain signals were worth keeping an eye on.

Ethereum metrics do not completely justify a strong scarcity narrative

Market intelligence division Novaque Research observed that the leading altcoin showed “a widening gap between supply restraint and economic demand”.

Factors such as the falling exchange reserves and Coinbase Premium Index, among other metrics, were used to assess perceived scarcity.

Falling exchange reserves point to lower immediately available supply, a trend often associated with accumulation rather than imminent selling. The falling exchange supply could make for an $ETH-led crypto market rally.

At the same time, Ethereum staking was growing. Around 41.4 million $ETH, or 34% of the supply, has been staked. It highlighted the supply constraint for the altcoin.

Coinbase Premium has been negative since May, showing U.S. investors primarily selling and completely unwilling to pay a premium to buy $ETH.

The funding rates were positive, but the 7-day moving average reflected a downward trend over the past month. It was reminiscent of the falling funding rate moving average in March.

As prices climbed higher, the rates briefly turned negative, marking a local top for Ethereum around the $2.4k mark.

A lack of Coinbase premium, combined with a weak base-layer burn, did not generate enough fee pressure to make for a strong scarcity narrative. Higher settlement volume and fees need to be seen to mark a turnaround for $ETH, Novaque Research concluded.

The anticipated price action ahead

Crypto trader and analyst Credibull Crypto outlined an idea for a price pullback. In a post on X, the analyst wrote that Ethereum was on the verge of short-term breakdown.

The $1,847 level, which matched a local high from mid-June, has acted as support over the past two weeks. The lows around $1,500, where the upward impulse move originated from in July, could be a target in case of a pullback.

Final Summary

• The perceived scarcity of Ethereum was based on falling exchange reserves and rising staked volume, but the altcoin also lacked steady demand in recent weeks.
• A short-term pullback toward $1,500 is possible, and $2,000 remained an obstinate supply zone that was not yet flipped to support.

South Korean cryptocurrency exchange Upbit has announced the addition of $CAP to its Korean Won (KRW), Bitcoin ($BTC), and Tether ($USDT) trading pairs. The listing is scheduled to go live at 5:00 a.m. UTC on August 6, according to an official notice from the exchange.

What is $CAP and Why Does It Matter?

$CAP is a digital asset that has been gaining attention in the crypto community, though its specific use case and underlying technology are still being evaluated by market participants. The token’s listing on Upbit, one of the largest exchanges in South Korea by trading volume, provides a significant liquidity boost and opens access to a broader retail investor base.

Upbit’s decision to list $CAP across three major trading pairs—KRW, $BTC, and $USDT—signals confidence in the token’s market viability. The inclusion of a KRW pair is particularly noteworthy, as it allows South Korean investors to trade $CAP directly with fiat currency, bypassing the need to first convert to a stablecoin or another cryptocurrency.

Timeline and Trading Details

According to the announcement, trading for all three pairs will commence simultaneously at 5:00 a.m. UTC on August 6. Upbit has not yet disclosed any specific restrictions or preliminary conditions for the listing, but the exchange typically enforces standard listing protocols, including deposit and withdrawal support timelines.

Investors should note that Upbit often imposes temporary limits on new listings, such as price fluctuation caps or order size restrictions, during the initial hours of trading to ensure market stability. However, no such measures have been confirmed for $CAP at this time.

Market Impact and Trading Considerations

The listing of $CAP on Upbit is expected to generate increased trading volume and price volatility, particularly in the first 24 hours. Historically, tokens listed on major South Korean exchanges have experienced short-term price surges due to the influx of retail demand. However, such movements are often followed by corrections, and traders should exercise caution.

For holders of $CAP, the Upbit listing offers a new exit and entry point, enhancing overall market accessibility. For traders, the availability of a KRW pair may provide arbitrage opportunities compared to other exchanges where $CAP is traded only against $BTC or stablecoins.

Conclusion

Upbit’s addition of $CAP to its KRW, $BTC, and $USDT trading pairs is a notable development for the token and its community. The listing expands $CAP’s reach in one of the world’s most active cryptocurrency markets and provides new opportunities for both retail and institutional participants. As always, investors are advised to conduct their own research and consider the inherent risks of trading digital assets.

FAQs

Q1: When will $CAP trading start on Upbit?
Trading will begin at 5:00 a.m. UTC on August 6, simultaneously across all three pairs (KRW, $BTC, and $USDT).

Q2: Can I deposit $CAP to Upbit before the listing?
Upbit has not yet announced a specific deposit schedule. Typically, deposits are enabled shortly before or at the time of trading commencement. Check Upbit’s official announcements for the latest updates.

Q3: Are there any restrictions on trading $CAP initially?
While no restrictions have been announced for $CAP, Upbit sometimes imposes temporary price fluctuation limits or order size caps on new listings to maintain market stability. Monitor the exchange’s notices for any such measures.

Some details of the Clarity Act itself are still being negotiated. Provisions addressing illicit finance and agriculture issues are still under discussion, a legislative staffer told CoinDesk on Wednesday, not to mention the ethics provision aiming to block senior government officials like President Donald Trump from profiting off of the crypto industry.

The White House is still pondering a proposal on ethics language from Senators Thom Tillis and Ruben Gallego, which the senators sent to the White House last week. If the White House accepts the proposal, or has feedback on it, that could move the needle for Democrats on the vote.

Tillis told reporters on Wednesday that the White House had begun to engage with the proposal, Punchbowl News’ Brendan Pedersen reported.

Outside of the Clarity Act, the Senate is currently grappling with the nomination of Todd Blanche to become the next Attorney General, a continuing resolution to fund the federal government, a Russia sanctions bill and possibly a college sports bill.

Possible futures

If the Senate does leave town on Friday, then Wednesday night is essentially the final moment where Majority Leader John Thune can file for cloture, given that the Senate needs to let the motion ripen for a full day before it can take a first procedural vote. However, Thune can also announce that the Senate will continue working into the weekend or until next week on Thursday, which would give the Senate more time for Clarity.

INCUCAI, Argentina’s national organ transplant coordinator, is introducing decentralized identity and document notarization. The system connects INCUCAI with 24 provincial procurement agencies, hospitals, and transplant centers across the country. $IOTA was selected as the public infrastructure for the system.

Extrimian, a Latin American decentralized identity company, developed the infrastructure using self-sovereign identity technology. The company focuses on digital identity, data control, and verifiable credentials.

Authorized officials can sign documents electronically and notarize them on $IOTA. Only cryptographic proofs are stored on-chain, while patient-identifiable information remains private.

The system went live on the $IOTA Mainnet on June 10, 2026. In June, INCUCAI also introduced electronic signatures across processes managed through SINTRA, Argentina’s national transplant information system. The official IncucaiID wallet allows patients, healthcare professionals, and other authorized users to manage credentials and sign documents electronically.

Image: Magnific

Legislative work in the US Senate regarding the cryptocurrency sector is at a critical juncture.

Speaking at the Rare Evo Conference in Las Vegas, veteran journalist Eleanor Terrett discussed the latest developments regarding the highly anticipated “CLARITY Act” and the likelihood of its passage this year.

The US Senate is working intensely before the August recess, but the fate of the CLARITY Act hangs on procedural hurdles and intra-party vote calculations. The bill needs 60 votes to pass the cloture vote and be considered in the Senate plenary session.

Because Republicans hold 53 seats in the Senate, the bill needs the support of at least seven Democratic senators to pass. Terrett noted that Senate Leader John Thune’s call for a vote could force the parties to compromise, and that policymakers might even postpone the August recess to finalize the bill.

One of the biggest obstacles to the bill’s progress lies in ethical regulations. Democratic senators argue that the prepared ethics text is insufficient to prevent former President Donald Trump from profiting from his own crypto projects (platforms like memecoin TRUMP and World Liberty Financial).

Democrats are calling for state attorneys general to be authorized to sue the Department of Justice (DOJ) for potential ethics violations. Republicans and the White House oppose the proposal, arguing that this authority would lead to politically motivated lawsuits at the state level.

The draft text includes a provision, valid until 2029, that prevents government officials and members of Congress from issuing digital assets while in office.

Another important point of contention in the Senate is the BRCA (Blockchain Regulatory Certainty Act) provisions, drafted by Representative Tom Emmer. These provisions would grant immunity from criminal liability to programmers who write protocols or code if their code is misused by third parties or illegal actors (such as North Korean hacker groups). While the crypto sector considers this provision “essential,” prosecutors and law enforcement oppose it.

While the probability of the CLARITY Act being enacted before the end of 2026 is priced at around 30% in the forecast markets, Eleanor Terrett stated that she sees a higher chance of the law being passed this year.

*This is not investment advice.

While expectations regarding the Fed’s September interest rate decision lack a clear direction, forecasting markets and leading Wall Street banks are pricing in different scenarios. According to forecasting market data, investors are almost equally divided between the Fed keeping rates unchanged and raising them by 25 basis points.

In the forecasting markets, the probability of the Fed not changing interest rates at its September meeting is priced at 49 percent, while the probability of a 25 basis point rate increase is at 47 percent. A rate increase higher than 25 basis points is only considered a 2 percent probability.

Wall Street banks’ forecasts similarly show significant differences. Bank of America expects the Fed to implement a total of three interest rate hikes in September, October, and December. JPMorgan forecasts that rates will remain unchanged in September and that the final rate hike of the year will occur in December.

Goldman Sachs, Morgan Stanley, and Barclays all predict the Fed will not raise interest rates again until the end of the year. Citi, however, expects rates to remain unchanged in September, followed by rate cuts in October, December, and January.

Bank of America CEO Brian Moynihan also reiterated the bank’s expectation of three interest rate hikes. Moynihan stated that the US labor market remains strong and that inflation needs to fall further, suggesting the Fed could raise rates in September, October, and December.

Moynihan also stated that spending habits among high-income and low-income consumers are beginning to converge. The Bank of America CEO considered this development a positive sign for the US economy.

*This is not investment advice.

Bitcoin $BTC$64,032.87 was little changed, adding 0.16% since midnight UTC to trade near $64,000, even as global equities hit new highs, fueled by optimism over AI and progress toward reopening the Strait of Hormuz, which pushed oil prices lower.

MSCI’s All Country World Index rose 0.4% toward another record close, its Asia Pacific benchmark gained 2.2%, and Australian shares hit a new peak after the S&P 500 and Dow Jones Industrial Average closed at all-time highs Tuesday.

The broader CoinDesk 20 (CD20) is unchanged since midnight, with 11 components rising and nine declining.

The divergence points to crypto-specific weakness. U.S. spot bitcoin ETFs recorded $5.4 billion of net outflows in the first half of the year as capital rotated into AI-linked assets.

“Institutional and retail interest in crypto as an investment has cooled as AI absorbs a disproportionate share of capital and attention; most sectors, not just crypto, have underperformed AI over the past year,” DWF Labs wrote in a report.

Today’s direction may find a catalyst in U.S. employment figures and ISM services PMI due later.