Crypto Weekly Market Wrap 28th July: Massive Inflows, Regulatory Milestones and Global Crypto Evolution

Last week, the crypto market witnessed major institutional moves, regulatory advances, and strategic shifts. JPMorgan revealed crypto-backed lending plans, while Tron debuted on Nasdaq. BitGo eyed an IPO, and FTX confirmed creditor payouts. Meanwhile, regulatory developments spanned the U.S., Asia, and Africa, signaling broader mainstream crypto integration. In the section below, we will discuss this crypto weekly market wrap in deep detail. 

JPMorgan Plans Crypto-Backed Lending by 2025

JPMorgan Chase intends to issue crypto-backed loans secured through Bitcoin and Ethereum. The project will enable the clients to get access to capital without having to sell their online assets. This capital-efficient strategy is anticipated to work in favor of institutional investors.

The strategy aligns with increased demand in regulated digital finance solutions. Washington legislators are developing more specific rules governing stablecoins and other virtual ledger-based platforms. This regulated hype is pushing banks to test the water more regarding using crypto. However, CEO Jamie Dimon clarified the boundaries of the bank despite this new direction. He highlighted that the bank is not going to provide crypto custody services. JPMorgan will instead permit asset leverage but in a cautious approach toward involvement in infrastructure.

Justin Sun Brings Tron to Nasdaq

The founder of Tron, Justin Sun, celebrated the U.S. official launch of the blockchain on July 24. Tron went public in a reverse merger with SRM Entertainment. The new entity is being run as Tron Inc. with the ticker symbol TRON.

🔗 From entertainment to blockchain innovation.

📈 Tron Inc. (formerly SRM Entertainment) is now officially #NasdaqListed under its new name, pioneering blockchain-integrated treasury strategies.

🔔 Congrats on this milestone, $TRON! pic.twitter.com/OAn8Lp3pW0

— Nasdaq Exchange (@NasdaqExchange) July 24, 2025

The deal was a $210 million transaction, which involved a $100 million private equity investment in the Tron token treasury. The investment was spearheaded by Dominari Securities, which occurred after the SEC adjourned its probe of Sun. The move is an important milestone in Tron’s U.S. expansion plan.

BitGo Eyes IPO Following Crypto Growth

BitGo confidentially filed for an IPO with the U.S. Securities and Exchange Commission (SEC). The shares and price range have not been disclosed. The move is an indication of increasing certainty in the emerging crypto infrastructure industry. This comes after Grayscale and Bullish with similar filings. As the regulation of crypto becomes increasingly clear in the U.S., corporations are scrambling to join publicly traded lists. The listing would make BitGo one of the first digital asset custody firms on the leading exchanges.

FTX Plans September Payout to Creditors

FTX announced that the next round of creditor repayments will start on September 30. The applicable creditors should ensure that the claims are registered by August 15. The payout comes after a court ruled that FTX should reduce its claims reserve to $4.3 billion as opposed to the initial $6.5 billion. This deduction frees up approximately $1.9 billion, which could be distributed. Repayment will be managed by BitGo, Kraken, and Payoneer. Nearly 98% of creditors may recover at least 119% of their 2022 claim values, which includes 9% annual interest.

WOO X Suffers $14 Million Hack

Hackers breached the crypto exchange WOO X and targeted nine user accounts. They made off with around $14 million worth of digital assets during the breach. To carry out a thorough security audit, the platform suspended withdrawals. Security company Cyvers Alerts verified that the funds were transferred to the identified wallets. WOO X committed to compensating the impacted users fully. The firm is cooperating with security experts and exchanges to monitor and freeze the money.

Western Union Embraces Stablecoins

Western Union is seeking to employ the use of stablecoins in its digital wallet systems. This push aligns with the recent GENIUS Act, which enhances clarity in terms of stablecoin regulation. CEO Devin McGranahan said that on- and off-ramp partnerships are under consideration.

📢 Breaking: Western Union is exploring stablecoin integration for digital wallets, calling it a key opportunity to accelerate cross-border payments.

CEO Devin McGranahan says stablecoins offer benefits in speed, FX stability, and value storage—especially in unstable economies.… pic.twitter.com/JvDdTvwrCc

— CoinRank (@CoinRank_io) July 22, 2025

The legislation mandates that liquid assets like U.S. dollars back stablecoins. It further demands that audits of issuers of over $50 billion be conducted annually. Western Union wants to take advantage of these characteristics to provide better cross-border payments.

CoinDCX Offers Bounty for Hacker’ Capture

Indian exchange CoinDCX said it would offer a bounty of up to 25% to recover stolen funds. The recent hack resulted in the firm losing its treasury of $44.2 million. The hack was carried out using an internal operational account. The stolen assets, now idle on-chain, include over 4,443 ETH and 155,830 SOL. In a move to recover the assets, CoinDCX is collaborating with CERT-In, cybersecurity teams, and global exchanges to recover the assets. The company affirmed that customer funds were not affected.

Russia Bypasses Sanctions via Kyrgyz Crypto

A report showed that Russian groups are turning to crypto exchanges in Kyrgyzstan to get around sanctions. Platforms like Grinex and Meer maintain strong ties with Garantex, a now-shuttered Russian exchange. These platforms ease the ruble-to-crypto transactions with the help of stablecoins. The crypto industry in Kyrgyzstan is almost entirely driven by its customer, Russia. The number of authorized crypto platforms has soared since early 2022. International interest in circumvention of sanctions is increasing.

South Korea Limits Crypto ETF Exposure

The Financial Supervisory Service of South Korea provided verbal guidance on ETF compositions. Asset managers were requested by the regulator to reduce coverage on crypto-related investments such as MicroStrategy and Coinbase. The move addresses the increasing concentration risk in the ETF portfolio.

SOUTH KOREA: Warns Against Crypto ETF Investments

CRYPTO NEWSWIRE: South Korea's FSS cautions asset managers to reduce crypto ETF and Coinbase investments.

CRYPTO REGULATION: A South korean policy from 2017 restricts direct digital asset equity holdings.

South Korea’s… pic.twitter.com/AuuwZy4wK0

— Brian Harrod (@GetTheDailyDirt) July 24, 2025

The emergency measure adopted in 2017 is still in force. This policy does not allow financial institutions to invest in virtual levels directly or in related stocks. The move is accompanied by efforts to regulate systemic risk through the financial markets.

Thailand SEC Proposes Relaxed ICO Tests

Thailand’s SEC suggested the removal of compulsory re-testing of the ICO test every three months. Investors who pass once may remain certified. Meanwhile, the SEC will introduce periodic suitability tests that will be carried out every two years. The purpose of this new test is to coordinate the behavior of the investors with the risks of digital tokens. The amendments will streamline burdens placed on ICO portals and retail investors alike. Comments on the proposal are open until August 1.

Nigeria Supports Stablecoin Projects

Nigeria’s SEC welcomed start-ups to stablecoin activity, which previously had a restrictive approach. The announcement was made by the director-general Emomotimi Agama, during the Nigeria Stablecoin Summit. According to him, projects have to fall within the local laws in order to work in the country. Nigeria has experienced an increased adoption of stablecoins due to the unstable currency. Freelancers and tech-savvy youths are becoming more dependent on dollar-pegged tokens. Agama aims to see Lagos as an African centre of stablecoin innovation.

Dragonfly Faces DOJ Scrutiny Over Tornado Cash

Dragonfly Capital is under investigation by the DOJ for an earlier investment in Tornado Cash. The prosecutors focused on the 2020 correspondence between the two parties regarding the possible KYC integrations. Tom Schmidt of Dragonfly refused to testify, invoking the Fifth Amendment.

🚨NEW from the @rstormsf trial: The DOJ is apparently still considering charges against an unspecified number of people at crypto VC firm @dragonfly_xyz, not just General Partner @tomhschmidt, according to AUSA Rehn.

After saying this in court, Rehn asked for the transcript of… https://t.co/jt1XCCWO0P

— Eleanor Terrett (@EleanorTerrett) July 25, 2025

Dragonfly said that it sought legal counsel prior to investment and never had control over the protocol. Prosecutors highlighted that the firm’s involvement could affect charges against Tornado Cash co-founder Roman Storm. Storm could receive a maximum of 45 years’ sentencing upon conviction.

Bit Digital Expands Ethereum Strategy

Bit Digital intends to increase the shares authorized to 1 billion, compared to 340 million. The funds will be used to increase Ethereum buying activities. The offer will be voted on by the shareholders in September. Recently, the company purchased 19,683 ETH worth $67.3 million. Bit Digital currently possesses more than 120,000 ETH, valued at about $450 million. The plan provides for maintaining 10 million of the preferred shares, so overall flexibility will remain.

Anchorage Launches First GENIUS-Compliant Stablecoin

Anchorage Digital teamed up with Ethena Labs to launch USDtb, the first stablecoin compliant with the GENIUS Act. Being a federally regulated bank, it enables the smooth integration of this new product for U.S. institutions. USDtb benefits from full regulatory clarity under the GENIUS Act. The stablecoin enters the U.S. market amid rising institutional interest in compliant crypto assets. Anchorage’s scalable platform ensures efficient digital dollar distribution.

Kraken Founder Cleared in DOJ Probe

DOJ ended its probe on Kraken founder Jesse Powell. The case was based on claims of cyberstalking, associated with the creation of a nonprofit organization, which he co-founded. Powell refuted the allegations and claimed that he had lost the right to use communication tools in the struggle with internal disagreements.

💥BREAKING

FBI DROPS INVESTIGATION INTO KRAKEN FOUNDER

NO CHARGES FILED. CASE OFFICIALLY CLOSED. pic.twitter.com/pGzV89HDzR

— DustyBC Crypto (@TheDustyBC) July 22, 2025

In 2023, authorities raided his house and took several of his devices. However, the DOJ has returned the equipment and confirmed it wouldn’t press any charges. The case was not related to Kraken’s crypto business and operations.

CoinShares Gains MiCA License in France

CoinShares, through its French arm CoinShares Asset Management, secured a MiCA license directly from France’s financial regulator, the AMF. With this move, CoinShares has officially become the first crypto asset manager registered under EU rules. The company has MiFID and AIFM licences as well. The license permits CoinShares to execute its operations in Europe under a single regulation. It will be able to provide crypto portfolio management and advisory services. CoinShares is already active in eight countries, and it plans to widen its activity soon.

Senate Introduces Draft Crypto Regulation

The U.S Senate Banking Committee published a draft of a new market structure against crypto regulation. The bill builds on the CLARITY Act, which the House has already approved. It has guidelines on asset classification, custody, and compliance. Under the bill, the Commodity Futures Trading Commission would oversee commodities, while the SEC would take charge of securities. According to the bill, most digital tokens are considered to be ancillary assets on the secondary markets. In addition, it provides regulations for banks handling crypto.

Tyler Winklevoss Accuses JPMorgan of Retaliation

Gemini co-founder Tyler Winklevoss accused JPMorgan of cutting ties with his firm. He said the decision was due to his criticism of a new data access policy at the bank. The policy requires fintech firms to pay for user data.

My tweet from last week struck a nerve. This week, JPMorgan told us that because of it they were pausing their re-onboarding of @Gemini as a customer after they off-boarded us during Operation ChokePoint 2.0. They want us to stay silent while they quietly try to take away your… https://t.co/c9Ls7QpAmT

— Tyler Winklevoss (@tyler) July 25, 2025

Winklevoss opined that the change disadvantages crypto services and interferes with free data-accessing tools such as Plaid. He said JPMorgan was re-onboarding Gemini and had suspended it. The bank has not made a public response.

Tesla Reports Q2 Profit Boost from Bitcoin

Tesla reported Q2 earnings that have burgeoned on Bitcoin and AI progress. The company reported Bitcoin profits of $284 million against the reported Q1 loss of $125 million. This increased the net earnings of Tesla to $1.2 billion.

The company currently possesses 11509 BTC, valued at approximately $1.2 billion. A new accounting rule has enabled Tesla to make unrealized crypto gains. Although the total revenue decreased by 12%, the company used digital assets to achieve profitability. Tesla keeps investing in full self-driving technology and AI. Elon Musk indicated that the European operations might soon receive regulatory approval. Tesla is planning to introduce U.S. autonomous ride-hailing services by the end of 2025.

Wall Street Banks Move to Tokenize Money Market Funds

Goldman Sachs and BNY Mellon have begun tokenizing $7.1 trillion of money market funds. Their strategy enables institutional investors to have tokenized stocks on a blockchain. Traditional records will be kept at BNY Mellon as well.

BNY’s LiquidityDirect and @GoldmanSachs’ Digital Asset Platform have collaborated to launch tokenized money market funds (MMFs). 🤝

This significant initiative sets our clients on a path to access a new capability to increase the utility and potential transferability of MMFs in… pic.twitter.com/WJ1lv7m6T4

— BNY (@BNYglobal) July 23, 2025

Major asset managers, such as BlackRock and Fidelity, are joining. This is aimed at accelerating settlements and providing real-time ownership tracking. Contrary to stablecoins, tokenized money market shares provide a yield and collateral.

Strategy Launches 9% Yielding Preferred Stock Offering

Strategy formerly MicroStrategy announced the IPO of STRC Stock. The offering includes 5 million shares with a 9% annual dividend. Payments begin monthly from August 31, 2025. Proceeds will fund general operations and Bitcoin purchases. Redemption terms allow a $101 buyback price if $250 million remains outstanding. The stock includes clauses to protect investors during structural or tax events.

Digital Asset Investment Products Market Overview

Digital asset investment funds pulled in $1.9 billion last week, pushing monthly totals to a new high of $11.2 billion, according to the latest CoinShares report. This marks 15 straight weeks of gains, with the United States leading inflows at $2 billion, followed by Germany with $70 million. Meanwhile, Brazil, Canada, and Hong Kong all posted outflows.

📈 Digital asset inflows surge to record monthly highs with US$1.9B inflows last week amid Ethereum-led rally.@ethereum attracted US$1.59B inflows with @solana and XRP @Ripple also experiencing substantial inflows of US$311M and US$189M respectively. @Bitcoin saw minor outflows… pic.twitter.com/fBt9f46EWJ

— CoinShares (@CoinSharesCo) July 28, 2025

Ethereum grabbed attention with $1.59 billion in new investments, marking its second-best week ever. Year-to-date inflows now stand at $7.79 billion, surpassing all of 2024. Solana and XRP followed with $311 million and $189 million, respectively, while SUI added $8 million. Bitcoin slipped by $175 million, reflecting caution ahead of possible ETF news. Some altcoins saw losses too, including Litecoin and Bitcoin Cash. The market remains divided as investors weigh their next moves.

Bitcoin Price Performance

The largest cryptocurrency, Bitcoin, displayed mild fluctuations with the price trading in a range-bound between $120k and $115k on the weekly chart. During this period, BTC recorded a decline of 1% with the market cap and trading volume dropping to $2.35 trillion and $60 billion, respectively.

Technical indicators on the weekly chart indicate that BTC’s upward journey is losing momentum. Red candlesticks have started to form, which is a sign of the bulls’ exhaustion. The RSI has started trending downwards from the overbought region, which signals a shift in market dynamics. In addition, the MACD is positive, but the green histograms are fading away, meaning that the selling pressure is present in the market.