Crypto Showcase

📉 Bitcoin slips below $78K after US inflation comes in hotter than expected Bitcoin failed to challenge $80,000 after July US PCE inflation came in slightly above forecasts. Stocks opened weaker, gold fell below $4,600, and risk assets lost momentum again. ➡️ What happened 🟡 BTC slipped below $78,000 after July PCE inflation came in at 3.7% year-on-year, above the expected 3.6% 🟡 The monthly PCE increase was 0.2%, including the core reading excluding food and energy ➡️ Why markets reacted 🟡 PCE is one of the Fed’s key inflation gauges, and inflation is still running well above the 2% target 🟡 Higher inflation makes it harder for markets to expect easier policy, which pressures Bitcoin, stocks and gold ➡️ What traders are watching next 🟡 Nvidia’s Q2 earnings are the next major volatility trigger for risk assets 🟡 The Fed’s Jackson Hole event is also in focus, with markets watching for signals on rates and inflation ➡️ Key Bitcoin levels 🟡 Analysts are watching whether BTC can avoid another macro lower high on the monthly close 🟡 The 50-week EMA near $77,251 is a key level Bitcoin needs to reclaim and hold Conclusion: Bitcoin’s rebound is not confirmed yet. If BTC fails to break the lower-high structure, the recent 25% weekly move may still look like a bear-market relief rally, not the start of a clean trend reversal. Crypto Showcase 💸

🏦 US banking groups plan nationwide blockchain network for 2027 A group of 39 US state banking associations has formed the BankChain Alliance to build an industry-owned blockchain network for banks. The target launch is 2027, and the goal is to bring deposits, payments and settlement closer to onchain infrastructure. ➡️ What happened 🟡 BankChain Alliance wants to create a nationwide blockchain network owned by the banking industry 🟡 The network is expected to support tokenized deposits, stablecoins, smart payment tools and automated settlement ➡️ What is still unclear 🟡 BankChain has not named individual banks that have committed to join 🟡 It also has not disclosed the governance model, funding structure or final technology partner ➡️ Why this matters 🟡 The participating associations represent thousands of financial institutions across the US 🟡 If banks take ownership stakes, BankChain could become a shared blockchain layer for regulated financial institutions ➡️ The bigger trend 🟡 Major banks including JPMorgan, Bank of America, Citi, BNY and Wells Fargo are already backing a separate onchain money initiative 🟡 Regional and community banks are also building tokenized-deposit networks through projects like Cari and the DTX Consortium Conclusion: US banks are no longer just testing blockchain from the sidelines. They are building shared infrastructure for tokenized deposits, stablecoins and onchain payments — but the key question is whether these networks can connect smoothly instead of becoming another fragmented banking layer. Crypto Showcase 💸

🏦 Strategy raises $2B, builds cash pool and pauses Bitcoin buys Strategy raised about $2 billion from MSTR stock sales last week, but did not buy more Bitcoin. Instead, the company expanded its cash reserves and launched a new dollar cash account for more flexible capital management. 🟡 What happened 🟡 Strategy sold 18.26 million MSTR shares between Aug. 17 and Aug. 23 🟡 The company raised about $2 billion through its ATM stock offering program 🟡 Where the money went 🟡 Strategy repurchased $136.4 million worth of STRC preferred shares and added $300 million to its dollar reserve 🟡 The rest went into a new cash account, bringing total cash across both pools to $6.69 billion 🟡 What about Bitcoin 🟡 Strategy made no BTC purchases or sales during the week 🟡 Its holdings stayed at 840,447 BTC, bought for $63.36 billion at an average price of $75,385 per Bitcoin 🟡 Why this matters 🟡 The new cash account can be used for Bitcoin purchases, dividends, debt payments or securities repurchases 🟡 Strategy is still keeping long-term BTC exposure, but its treasury model is now more focused on liquidity and obligations Conclusion: Strategy is not abandoning Bitcoin, but the playbook has changed. The company is building a larger cash buffer before buying more BTC, because dividends, debt and market conditions now matter almost as much as accumulation. Crypto Showcase 💸

🪙 Bitget CEO expects Bitcoin to end the year near current levels Bitget CEO Gracy Chen does not expect a dramatic Bitcoin breakout by year-end. Even after the recent rally, she says macro pressure, interest rates and market uncertainty could keep BTC close to where it is now. ➡️ Her Bitcoin outlook 🟡 Chen says BTC could finish the year about $10,000-$20,000 above or below current levels 🟡 She called that a more responsible forecast than trying to guess whether Bitcoin ends above or below $70,000 ➡️ Why she is cautious 🟡 Bitcoin is now more connected to traditional finance, so rates, liquidity and macro conditions matter more 🟡 If interest-rate pressure returns, BTC could still face downside despite the crypto-friendly mood in the US ➡️ US reserve question 🟡 Chen doubts the US government will actively buy Bitcoin for its reserve within the next two years 🟡 She says buying BTC would be a much bigger political decision than simply holding coins already seized by the government ➡️ Current US position 🟡 The US Strategic Bitcoin Reserve was created in March 2025 using forfeited BTC 🟡 The government holds an estimated 328,372 BTC, mostly from law enforcement seizures and asset forfeitures Conclusion: Chen’s message is cautious: Bitcoin may have strong long-term narratives, but year-end price action still depends on macro conditions. And when it comes to the US reserve, holding seized BTC is one thing — buying more with government backing is a much harder political step. Crypto Showcase 💸

🇺🇸 US debt tops $40T — and Bitcoin is back in the debate US federal debt has crossed $40 trillion for the first time, reviving the argument that Bitcoin could benefit from long-term concerns over government borrowing, currency debasement and rising interest costs. ➡️ What happened 🟡 US federal debt passed $40 trillion, while interest costs became the government’s second-largest budget expense after Social Security 🟡 Long-term Treasury yields recently climbed to their highest levels since 2007, forcing the Treasury to step in with larger bond buybacks ➡️ Why Bitcoin reacted 🟡 The Treasury plans to double buybacks of 10- to 30-year debt to at least $4 billion per operation 🟡 That initially pushed yields and the dollar lower, while Bitcoin and gold moved higher ➡️ What analysts are watching 🟡 Some analysts say the debt milestone supports Bitcoin’s long-term case as a scarce asset outside government control 🟡 Others warn it is not automatically bullish: BTC still depends on dollar strength, Treasury yields, inflation expectations and overall liquidity ➡️ Where BTC stands 🟡 Bitcoin traded around $72,600, up about 6% in 24 hours and 15% over the week 🟡 The rally also came after Trump’s White House meeting with crypto executives, which added optimism around US crypto policy Conclusion: $40 trillion in US debt does not guarantee a Bitcoin rally, but it strengthens the narrative. If investors keep worrying about deficits, yields and currency debasement, BTC will stay in the conversation next to gold as a long-term protection asset. Crypto Showcase 💸

📈 HYPE jumps 20% after Trump points to a legal US path for Hyperliquid HYPE rallied after Donald Trump said CFTC Chair Michael Selig is working on a compliant way to bring Hyperliquid to US users. The market read it as a major regulatory signal, even though no formal plan has been released yet. ➡️ What happened 🟡 HYPE moved from around $62 before Trump’s remarks to a high above $72 🟡 The token later traded near $70, up about 20% over 24 hours ➡️ Why the market reacted 🟡 Trump said the CFTC is working to bring Hyperliquid into the US in a fully legal and compliant way 🟡 Hyperliquid is already the largest decentralized perpetuals venue, with about 40% of sector volume over the past 30 days ➡️ What is still unclear 🟡 Neither the CFTC nor Hyperliquid has published a formal US access plan 🟡 There is no confirmed timeline, application detail or structure for a compliant launch ➡️ The PURR angle 🟡 Hyperliquid Strategies, a Nasdaq-listed HYPE treasury company under ticker PURR, jumped more than 30% 🟡 A large PURR call-options trade placed hours before Trump’s comments drew attention, but public data does not prove the buyer had nonpublic information Conclusion: HYPE moved because the market saw a possible bridge between decentralized perps and regulated US access. But for now, this is still a signal, not a finished regulatory pathway. Crypto Showcase 💸

📈 Kraken launches US stock trading for EEA customers Kraken is expanding beyond crypto again. Eligible users in the European Economic Area can now trade more than 7,000 US-listed stocks through Kraken, alongside crypto assets and tokenized equities. ➡️ What launched 🟡 Eligible EEA customers can trade US-listed stocks through Kraken Pro and the Kraken mobile app 🟡 The service is offered under Kraken’s MiFID II authorization through its Cyprus-based entity Payward Europe Digital Solutions ➡️ What users get 🟡 More than 7,000 US stocks are now available alongside 600+ crypto assets 🟡 Kraken also offers 700+ xStocks, which are tokenized versions of publicly listed equities ➡️ Why it matters 🟡 Users can hold traditional shares and tokenized versions of similar assets on one platform 🟡 Kraken says eligible customers can trade US-listed stocks commission-free, subject to conditions ➡️ The bigger picture 🟡 Kraken launched xStocks in 2025, and the product has already processed more than $38 billion in volume 🟡 xStocks is now the second-largest tokenized stock issuer by market cap, behind Ondo Finance Conclusion: Kraken is pushing deeper into the overlap between crypto and traditional finance. The move gives European users one platform for crypto, tokenized stocks and real US-listed shares — exactly the kind of hybrid model exchanges are racing to build. Crypto Showcase 💸

2️⃣ Ethereum Foundation warns some tools may break with Glamsterdam upgrade Ethereum developers have been warned to test their wallets, indexers and gas tools before the Glamsterdam upgrade moves further through testnets. The issue is a new gas model that may break software built around old assumptions. ➡️ What happened 🟡 Ethereum Foundation says tools with hardcoded maximum gas limits “will break” 🟡 Developers are being urged to test on Plataberget before Glamsterdam reaches Sepolia, Hoodi and mainnet ➡️ What changes with gas 🟡 EIP-8037 adds a separate state-gas dimension for operations that create new state 🟡 A normal ETH transfer to an existing account stays at 21,000 gas, but sending ETH to a new account will add a state-gas cost ➡️ Who needs to update 🟡 Wallets, indexers and gas estimators that assume every ETH transfer costs 21,000 gas may give wrong results 🟡 Tools that calculate fees using only one gas dimension also need to be reviewed ➡️ What else is in Glamsterdam 🟡 The upgrade includes enshrined proposer-builder separation and block-level access lists 🟡 It also raises limits for contract size and initialization-code size Conclusion: Glamsterdam is not just another background upgrade. If Ethereum tools still rely on old gas assumptions, users may face broken estimates, failed transactions or incorrect indexing. The message from EF is simple: test now, not after mainnet. Crypto Showcase 💸

⚖️ Chainalysis sues US government over $95M ICE contract with TRM Labs Chainalysis is challenging a US government decision to award a major ICE contract to its competitor TRM Labs. The case is still partly sealed, so the exact objections and requested remedy are not public yet. ➡️ What happened 🟡 Chainalysis Government Solutions filed a lawsuit in the US Court of Federal Claims on July 27 🟡 The challenge targets ICE’s sole-source contract award to TRM Labs ➡️ What the contract covers 🟡 The contract is valued at about $94.6 million and runs from July 2026 to June 2027 🟡 It covers forensic software and support services for Homeland Security Task Force investigations ➡️ Why Chainalysis is pushing back 🟡 Chainalysis says ICE’s decision was arbitrary, capricious and unreasonable 🟡 The company says it had submitted a capability statement after ICE signaled plans to buy services from TRM ➡️ Where the case stands 🟡 The complaint remains sealed because it includes confidential information and trade secrets 🟡 TRM has intervened in the case, with arguments scheduled for Sept. 2 and the government asking for a decision by Sept. 10 Conclusion: this is more than a fight between two blockchain analytics firms. The case touches a bigger question: how US agencies choose crypto investigation tools when contracts are large, sensitive and tied to law enforcement. Crypto Showcase 💸

🏦 JPMorgan reportedly cut banking ties with Polymarket over regulatory concerns JPMorgan Chase reportedly ended its banking relationship with Polymarket in October 2025, citing regulatory concerns. But the bank has not fully stepped away from the prediction market platform. ➡️ What happened 🟡 JPMorgan told Polymarket to find a new bank in October 2025 🟡 Polymarket now works with another unnamed lender ➡️ Why it matters 🟡 Prediction markets are facing growing pressure from regulators in the US and abroad 🟡 More than a dozen US states have taken legal action against Polymarket, Kalshi or both over sports event contracts ➡️ The interesting part 🟡 JPMorgan may still want an underwriting role if Polymarket decides to go public 🟡 Polymarket reportedly says it still has a close and active relationship with the bank Conclusion: JPMorgan’s move shows the strange position prediction markets are in right now. Banks may be cautious about regulatory risk today, but they still want to stay close if platforms like Polymarket become major public-market opportunities. Crypto Showcase 💸

🪙 Strategy says it will resume Bitcoin accumulation this year Strategy CEO Phong Le says the company still plans to buy more Bitcoin later this year, despite recent BTC sales that raised questions about its long-standing accumulation strategy. ➡️ What happened 🟡 Strategy bought around 175,000 BTC this year and sold roughly 7,000 BTC 🟡 Le said that means the company bought about 25 times more Bitcoin than it sold ➡️ Why the sales mattered 🟡 Strategy has sold BTC four times since May, including a recent sale of 1,690 BTC 🟡 The proceeds were used for preferred stock dividends, share repurchases and the company’s dollar reserve ➡️ The key message 🟡 Le says Strategy has moved from the world’s second-largest institutional Bitcoin holder to the largest 🟡 He also said the company will return to buying more BTC throughout the year ➡️ Why investors are watching 🟡 The concern is not the size of the sales, but the shift away from the “never sell Bitcoin” narrative 🟡 The corporate BTC treasury model is under pressure as bear-market conditions make capital raising harder Conclusion: Strategy is trying to reassure the market that it remains a net Bitcoin accumulator. But the story is now more complicated: the company still wants more BTC, while also managing dividends, reserves and shareholder pressure. Crypto Showcase 💸

⚖️ CFTC uses emergency powers to keep Kalshi running amid New York fight The CFTC has ordered prediction market Kalshi to keep operating, escalating a legal fight with New York over whether federally regulated event contracts can be treated as illegal gambling by states. ➡️ What happened 🟡 The CFTC said New York’s enforcement action created a market emergency and directed Kalshi to continue normal operations 🟡 New York wants to block Kalshi from offering event contracts tied to sports, culture, elections and other outcomes in or from the state ➡️ Why this matters 🟡 Kalshi argues states cannot shut down a federally licensed exchange, while the CFTC says it has exclusive authority over these swaps 🟡 New York says the contracts are illegal gambling and is seeking damages, penalties and other remedies ➡️ The bigger conflict 🟡 The dispute is about whether federal derivatives law overrides state gambling rules for prediction markets 🟡 The CFTC says exchanges should not face a patchwork of state gaming laws if they are already federally regulated ➡️ What happens next 🟡 The emergency order keeps Kalshi operating, but it does not end New York’s lawsuit 🟡 It also does not settle the core legal question of federal authority versus state gambling enforcement Conclusion: Kalshi has become a test case for the future of prediction markets in the US. If states can treat event contracts as gambling, federally regulated platforms may face a fragmented market. If the CFTC wins, prediction markets could get a clearer national path. Crypto Showcase 💸

🇺🇸 Trump Media resets crypto treasury strategy after $238M Q2 loss Trump Media is changing how it manages its digital assets after a difficult second quarter. The company says it still wants long-term crypto exposure, but now plans to handle volatility more carefully and put more focus back on its core media business. ➡️ What happened 🟡 Trump Media reported a $238 million net loss in Q2 🟡 The result included $190.4 million in unrealized losses across digital assets, pledged digital assets and equity securities ➡️ What the company wants to change 🟡 Trump Media says the new treasury framework should preserve long-term digital asset exposure while making the balance sheet more productive 🟡 The company also plans to direct more resources toward Truth Social, Truth+ and other media products ➡️ What happened with Bitcoin 🟡 As of June 30, Trump Media held 9,477 BTC, slightly down from 9,542 BTC at the end of the previous quarter 🟡 After selling $159.6 million in Bitcoin-related securities in July, the company increased its reported Bitcoin holdings to about 14,139 BTC by July 31 ➡️ Where the risk is 🟡 Trump Media is already using options to manage Bitcoin volatility and generate premium income 🟡 It has also deployed part of its BTC through lending and other yield strategies, which creates counterparty and recovery risk if something goes wrong Conclusion: Trump Media is not walking away from Bitcoin, but its crypto treasury is becoming more complex. The strategy is shifting from simple exposure to a more active balance-sheet model with options, collateral, lending and yield — which can help returns, but also adds new layers of risk. Crypto Showcase 💸

🇬🇧 UK regulators are preparing rules for tokenized gold The UK’s Financial Conduct Authority is reportedly working on a framework for tokenized gold. The focus is not just trading, but whether tokenized gold can be used as collateral in wholesale financial markets. ➡️ What happened 🟡 The FCA has reportedly held talks with banks and industry players about rules for tokenized gold 🟡 The regulator also asked for feedback on using tokenized gold as collateral in wholesale markets ➡️ Why gold matters here 🟡 London is the world’s biggest over-the-counter gold trading hub 🟡 It accounts for about 70% of global notional gold trading volume, according to the World Gold Council ➡️ The bigger UK plan 🟡 The UK is trying to expand tokenized financial markets 🟡 A government-backed task force said tokenization could add up to £33 billion, or $44 billion, to annual UK output by 2035 ➡️ What comes next 🟡 The roadmap includes the UK’s first tokenized government bond by early 2027 🟡 The goal is to make tokenized securities usable for trading, settlement and collateral Conclusion: the UK is not treating tokenization as a crypto side story. It is looking at real market infrastructure — gold, bonds, collateral and settlement. If the FCA builds clear rules for tokenized gold, London could turn one of its oldest financial markets into a major test case for tokenized assets. Crypto Showcase 💸

🇺🇸 Senate delays CLARITY Act vote until September The US Senate is leaving for its August recess without voting on the CLARITY Act. The crypto market structure bill will now wait until at least September, narrowing the timeline for one of the industry’s biggest regulatory priorities. ➡️ What happened 🟡 Senate Majority Leader John Thune confirmed there will be no CLARITY Act vote before the recess 🟡 He said Democrats are opposing a vote now, but the bill will be prioritized when senators return ➡️ Why the delay matters 🟡 The CLARITY Act is meant to create a federal framework for digital asset markets and clarify the roles of the SEC and CFTC 🟡 Without enough Democratic support, Republicans may struggle to reach the 60 votes usually needed to move the bill past a filibuster ➡️ What happens next 🟡 Thune could still file cloture before the recess, which would prepare the bill for a possible September vote 🟡 That would not be a vote on the bill itself, but it could keep the process alive for when the Senate returns ➡️ Industry reaction 🟡 Crypto Council for Innovation CEO Ji Hun Kim called the delay disappointing 🟡 He argued that the lack of a clear framework keeps pushing US users and builders offshore while leaving consumers exposed Conclusion: the CLARITY Act is not dead, but the path is getting tighter. September now becomes the next key window for US crypto market structure rules — and the bill still needs political support that it does not fully have yet. Crypto Showcase 💸

🥇 Gold hits 6-week highs while Bitcoin stays stuck near $64K Gold and US stocks took the spotlight on Wednesday, while Bitcoin failed to build momentum. BTC stayed near $64,000 even as gold jumped and the S&P 500 touched a fresh record. ➡️ What happened 🟡 Gold rose 2.8% to $4,213 per ounce, its highest level since June 22 🟡 Bitcoin stayed flat near $64,000, showing weak momentum against stocks and precious metals ➡️ Why gold is moving 🟡 Chinese demand is back in focus after 14 straight days of inflows into domestic gold-backed ETFs 🟡 China’s central bank also kept buying gold, adding 82 tonnes over the 20 months through June ➡️ What stocks are showing 🟡 The S&P 500 touched a new record above 7,793 before pulling back 🟡 Market breadth also looked stronger, with most S&P 500 stocks trading above their 50-day moving average ➡️ Why Bitcoin still looks heavy 🟡 Traders are watching the $58,000-$66,000 range, where weaker rebounds could lead to another breakdown 🟡 CryptoQuant says BTC needs stronger spot ETF inflows, cooler US bond yields, no Fed hike pressure and a positive Coinbase Premium for a durable rebound Conclusion: Bitcoin is not leading this part of the market. Gold is getting support from China, stocks are pushing records, and BTC is still waiting for real demand signals before it can break out of its range. Crypto Showcase 💸

⚪️ Ethereum staking debate heats up as researchers propose cutting rewards Ethereum researchers are pushing a new draft proposal that would reduce validator rewards if too much ETH gets staked. The goal is to slow dilution and keep ETH from becoming too dependent on liquid staking, but critics say the plan could hit solo validators and DeFi first. ➡️ What is being proposed 🟡 EIP-8363 would burn part of validator consensus rewards as staked ETH moves toward 60.25 million ETH, around 50% of current supply 🟡 If that threshold is reached, net consensus rewards could fall to zero, with the transition phased in over 18 months ➡️ Why researchers want it 🟡 More than 33% of ETH is already staked, and the authors argue that endless staking incentives create pressure to stake or be diluted 🟡 They also warn that liquid staking tokens could replace raw ETH as the main working asset inside the ecosystem ➡️ Why critics are against it 🟡 Lower rewards may hurt solo validators more than large institutions, because big players can survive on thinner yields 🟡 Aave founder Stani Kulechov says the proposal could weaken institutional demand for ETH and reduce DeFi borrowing activity ➡️ The real conflict 🟡 Supporters want Ethereum to become less dilutive and more neutral as a store of value 🟡 Critics say the change could make staking more centralized instead of less centralized ➡️ Current status 🟡 EIP-8363 is still an early draft and has not been approved or added to Hegotá 🟡 Hegotá is expected to reach mainnet in Q2 2027, so the debate is only beginning Conclusion: this is not just a technical proposal. It is a fight over Ethereum’s monetary policy: should the network reduce staking incentives before they become too dominant, or would that punish the validators and DeFi markets that already support the ecosystem? Crypto Showcase 💸

🤖 Crypto firms still can’t get full access to frontier AI models Crypto companies want the strongest AI tools to defend their code, but access is still uneven. A few players have reached restricted models, while major exchanges and security teams are still waiting. ➡️ What happened 🟡 Coinbase said it secured access to Anthropic’s restricted Mythos model 🟡 Zcash’s Zooko Wilcox said Anthropic used Mythos to audit the Zcash protocol 🟡 Binance says it still has no access to a frontier model like Mythos 🟡 The gap creates a new security divide inside the crypto industry ➡️ Why access is restricted 🟡 Frontier cyber models can help defenders find bugs faster 🟡 But they can also help attackers move faster 🟡 Anthropic says Mythos 5 is based on the same model as Fable 5, but without some cybersecurity safeguards 🟡 OpenAI uses a similar tiered approach for cyber access ➡️ Why crypto firms are worried 🟡 Exploits in crypto can put billions of dollars at risk 🟡 Open-source AI models are becoming more capable 🟡 Attackers may get strong enough tools even if top labs restrict access 🟡 Defenders argue they need faster verification paths to use the best models legally ➡️ Who is pushing for broader access 🟡 Binance security chief Jimmy Su says limited rollout can make sense at first 🟡 But he says pressure will rise as other powerful models become available 🟡 Solana Foundation CISO Michael Coates says legitimate defenders need streamlined access 🟡 Blockchain Capital’s Sean Cheetham says broader access could help defenders scale faster than attackers ➡️ Why this is becoming urgent 🟡 Boltz paused its non-custodial bridge after a rise in AI-assisted exploit attempts 🟡 Coinkite said attackers may have used AI to review old Coldcard firmware 🟡 The Ethereum Foundation has been running coordinated AI agents to find bugs 🟡 Crypto security is moving from manual audits to AI-assisted defense and attack Conclusion: frontier AI access is becoming a security advantage. If only a few crypto firms get the strongest defensive models while attackers keep improving with open tools, the industry may face a new kind of imbalance — not in liquidity, but in protection. Crypto Showcase 💸

📉 Wintermute: the next altseason may no longer be for everyone Wintermute warns: the next altcoin rally may be much more selective than before. Institutional money is becoming increasingly concentrated in a limited number of tokens, while the broader market of smaller alts is getting less attention. ➡️ What the report showed 🟡 In the first half of 2026, institutional investors accounted for 72% of Wintermute’s spot OTC turnover 🟡 This is the highest share ever recorded 🟡 In the second half of 2025, the figure was 61% 🟡 In the first half of 2025, it was 59% ➡️ Why this matters for altcoins 🟡 Large capital is trading an increasingly narrow list of assets 🟡 Liquidity is gathering in tokens that are interesting to funds and professional participants 🟡 Activity in the “long tail” of smaller alts is weakening 🟡 This means the next altseason may lift not the whole market, but only selected strong stories ➡️ How fund and retail behavior differs 🟡 From 2024 to 2026, the number of tokens traded by institutions at Wintermute grew by only 24% 🟡 For retail clients, growth was 76% 🟡 After a sharp token rally, institutional activity usually fades after about one day 🟡 Retail interest stays elevated for about three days ➡️ What is happening in the broader market 🟡 According to CryptoQuant, the classic scheme where “profit from BTC flows into smaller alts” has almost disappeared 🟡 Altcoin trading volumes in Bitcoin pairs are near their weakest levels since 2021 🟡 The 10 largest altcoins excluding stablecoins account for about 80.5% of the market cap outside BTC and stablecoins 🟡 Kaiko has also recorded growing volume concentration in the largest alts ➡️ What this means for investors 🟡 The old scenario where “almost everything rises” is becoming less reliable 🟡 There is no longer enough capital for thousands of tokens 🟡 Institutions are more often looking at Bitcoin, Ethereum, major alts and tokenized real-world assets 🟡 So sector, liquidity and real demand are becoming more important than simple hope for a general pump Conclusion: the next altseason may not be a mass celebration, but a tough selection. Money will not flow into every coin in a row, but into places where there is liquidity, a clear narrative and interest from major players. Crypto Showcase 💸

🇺🇸 US imposed sanctions on Iranian maritime companies over Bitcoin payments The US Treasury said Iranian company HormuzSafe accepted Bitcoin and other digital assets to bypass Western restrictions. According to the US, the scheme was connected to maritime insurance and could generate income for the Islamic Revolutionary Guard Corps. ➡️ What happened 🟡 Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority were hit with sanctions 🟡 The US considers them part of an insurance network linked to the IRGC 🟡 The companies allegedly required commercial vessels to buy approved insurance before passing through the Strait of Hormuz 🟡 8 companies linked to Iran’s shadow fleet were also sanctioned ➡️ Where Bitcoin comes in 🟡 OFAC said HormuzSafe accepted BTC and other crypto assets 🟡 According to the US, this helped bypass sanctions restrictions 🟡 Earlier, reports appeared that Iran was considering a maritime insurance platform with payments in Bitcoin 🟡 HormuzSafe’s website allegedly offered digital insurance policies for maritime cargo ➡️ Why it matters 🟡 The Strait of Hormuz is one of the key routes for global oil trade 🟡 Around 20% of the global oil market passes through it 🟡 Any attempt to control payments, insurance or vessel passage through this route immediately becomes a geopolitical issue 🟡 The US believes such a scheme could have financed the IRGC ➡️ Why crypto was chosen 🟡 Bitcoin can be convenient for bypassing restrictions because it has no central issuer 🟡 Unlike centralized stablecoins, BTC cannot simply be frozen by a company’s decision 🟡 In April, the US had already frozen $344 million in USDT linked to Iran 🟡 That is why sanctions players may look for instruments with less centralized control ➡️ What the US said 🟡 The US Treasury accused Iran of using international shipping to finance the IRGC 🟡 Treasury Secretary Scott Bessent said the US will not allow Iran to “hold global commerce hostage” 🟡 HormuzSafe has now become not just an idea or project, but a direct sanctions target 🟡 This increases pressure on any crypto schemes linked to bypassing restrictions Conclusion: the HormuzSafe story shows that Bitcoin is appearing more often not only in investment news, but also in sanctions policy. For the market, this is a double signal: crypto remains a tool for independent settlements, but exactly because of that, regulators will monitor its use in geopolitical schemes more strictly. Crypto Showcase 💸