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Your Bi-Weekly Crypto Market Overview

Spot Bitcoin ETFs took in $853.5 million for the week ending August 7. It's their best since April. The week after, they gave back $389.7 million, the largest outflow in six weeks. BTC hit a wall at $65,400 last Monday and fell Friday to a 10-day low of $62,500. Ethereum funds went negative too, about $2.25 million out. Solana led the inflows at $10.26 million, its best week since May. XRP and HYPE funds also finished positive.

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Gainers & Losers

Akedo (AKE) climbed on an AI-GameFi breakout, with futures volume running about 40x spot. Velvet (VELVET) rose as traders piled into its synthetic pre-IPO markets ahead of SpaceX's listing, plus a short squeeze. GoPlus Security (GPS) jumped on an 860% volume spike.

Audiera (BEAT) kept bleeding from the August 1 unlock that added 6.9% of supply. Viction (VIC) fell after Binance announced it would delist the token, effective this morning.

AKEDO AKE

$0.0093 ▴ 127.32%

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Velvet VELVET

$0.62 ▴ 1.14%

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GoPlus Security GPS

$0.018 ▴ 87.06%

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What Shaped the Market

The SEC Cancelled Its Own Historic Vote

Friday's meeting was going to produce the first crypto-specific rulemaking in the SEC's 90-year history: roughly 400 pages, with exemption routes that would let qualifying startups raise money without full securities registration. The cancellation notice went up Thursday citing an unforeseen scheduling issue, with no new date.

Congress isn't moving either. The CLARITY Act missed its window before the August 8 recess, cloture is set for September 15, and Polymarket has passage odds at roughly 10 to 16%, down from 82% in February.

Goldman Buys a 27% Yield With No Bitcoin Behind It

Goldman Sachs is paying up to $2.25 billion for NEOS Investments and its three options-based crypto income funds. The main one is BTCI, which pays out around 27% a year and holds no Bitcoin, only call options written against Bitcoin ETPs. It's also down about 43% over the past year.

Strategy Sold BTC to Buy Its Own Stock

Strategy sold 1,690 BTC between August 3 and 9 for $108.6 million, at an average of $64,262, and spent all of it buying back its STRC preferred stock. Around the same time, MSCI opened a consultation on rules that would classify companies like Strategy as non-operating and remove them from its indexes. JPMorgan estimates the forced passive selling at about $2.8 billion of MSTR. Strategy's answer was that Bitcoin doesn't need MSCI. MSCI decides on October 16.

Same Wallet that Was Fished Twice

One address lost $24.2 million to phishing in 2023, and that attacker eventually returned about 90% of it. On August 12 it happened again, $25.6 million, swapped into DAI and ETH and split across four fresh addresses. PeckShield has seen no sign of a refund this time.

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