News & Research

Ripple (XRP) has selected BNY Mellon to hold reserves for its new RLUSD stablecoin, reflecting growing institutional interest in crypto, according to Unfolded on X.

Binance’s 32nd Proof of Reserves report, based on a July 1 snapshot, shows user BTC holdings at 573,000, down 3.27% from June. ETH holdings fell 5.34% to 5.051 million, while USDT holdings rose 2.64% to 29.59 billion, according to Wu Blockchain on X.

According to on-chain analyst @EmberCN on X, the 1inch team’s investment fund has spent $4.4 million in USDC to purchase 22.99 million 1INCH tokens since July 6, driving the price up by 14%, from $0.18 to $0.206. The fund also transferred 3 million USDC to Binance Exchange on July 8 and used it to purchase 4.75 million 1INCH tokens ($962,000). Not all the transferred USDC has been used for 1INCH purchases yet, suggesting ongoing buying activity. Adding earlier purchases from February to April, the total amount spent on 33.19 million 1INCH tokens in this cycle is approximately $6.65 million, with an average purchase price of $0.20, @EmberCN concluded.

Most wallet groups, especially retail holders with 1–10 BTC, are selling, according to on-chain analytics firm Glassnode on X. However, entities with 1,000–10,000 BTC are steadily accumulating, showing a clear divide in confidence between small and large investors.

Crypto market maker Cumberland withdrew a total of 23.1 thousand Ethereum (ETH) worth around $59.71 million from cryptocurrency exchange Binance within 24 hours, according to The Data Nerd on X.

Galaxy Digital, a crypto financial services firm, has partnered with crypto custody company Fireblocks to make its staking services directly accessible to over 2,000 financial institutions using Fireblocks, according to CoinDesk. The firm now manages about $2.3 billion in staked assets and marked this as its third custodial integration this year.

A coalition of crypto advocacy groups, including crypto investment firm Paradigm, the DeFi Education Fund, Blockchain Association and Crypto Council for Innovation, has filed an amicus brief supporting blockchain developer Michael Lewellen in a lawsuit against the U.S. Department of Justice (DOJ), Cointelegraph reported. The groups argue that the DOJ is misapplying money transmission laws, specifically Section 1960 of title 18 of the U.S. Code, to open-source software developers, including those who build non-custodial decentralized finance (DeFi) tools like Lewellen’s. They warn this overreach creates legal uncertainty, discourages innovation and risks pushing developers offshore.

A large Ethereum holder, possibly an institution, has unstaked 9,628 ETH ($25.3 million) from the Mantle network and deposited 9,000 ETH ($23.61 million) into Binance, according to Onchain Lens on X.

Crypto market analysis firm 10x Research reported on X that Ethereum (ETH) is showing strong bullish momentum, currently trading above both its 7-day and 30-day moving averages. ETH has gained 3.6% over the past week, driven by $148.5 million in ETF inflows. BlackRock’s spot ETH ETF, ETHA, remains the market leader with $4.6 billion in assets under management (AUM). Meanwhile, blockchain firm BitMine Immersion Technologies is reportedly raising $250 million to implement an ETH-based treasury strategy. In addition, performance marketing company SharpLink Gaming recently purchased $22.8 million worth of ETH, further signaling rising institutional demand and renewed investor confidence.

Circle, the issuer of USDC, has launched a zero-fee USDC-to-U.S. dollar swap service in partnership with crypto exchange OKX, Cointelegraph reported. The new feature allows direct conversions between USDC and USD on the OKX platform.