US spot XRP ETF holdings rose to a new high, and Bitcoin spot ETFs also continued to see net inflows, while the market's attention turned to the Federal Reserve meeting at the end of the month. Meanwhile, the DeFi sector experienced three attacks on the same day, resulting in a total loss of over $35 million.
XRP ETF holdings rose to 1.47%.
The report, citing market data, states that US spot XRP ETFs currently hold approximately 1.47% of the total XRP supply, corresponding to assets of approximately $1.04 billion. As the deadline for the US Senate to pass the CLARITY Act on digital asset regulation approaches, institutional funds continue to buy XRP through the spot market and transfer it to custodial wallets.
The article states that after these tokens were transferred to ETF custody, they are no longer involved in daily trading on exchanges, potentially reducing the depth of the spot market. The article mentions that Bitwise and Franklin Templeton were the main sources of net inflows, recording approximately $501 million and $416 million in net inflows, respectively.
- The ETF currently has approximately $1.04 billion in assets.
- Historical cumulative investment is approximately US$1.49 billion.
- The average daily trading volume is approximately US$10.9 million.
Grayscale says interest rates are more important than halving.
According to Zach Pandl, director of Grayscale Research, the Bitcoin market is weakening the traditional "four-year cycle" narrative, and the core variables affecting prices are shifting towards the macro environment, especially Federal Reserve policies and the performance of the US economy.
According to the article, conventional wisdom had predicted a deeper pullback for Bitcoin after its previous high, but the current price remains around $65,800. Pandl believes that if the US economy remains resilient, the market bottom may have already passed. The report also mentions that the Federal Reserve meeting on July 28-29 is likely to be the most closely watched macroeconomic event this week.
Three attacks resulted in $35.56 million in losses.
The DeFi market experienced three consecutive attacks on the same day, involving AFX Trade, Verus Bridge, and B² Network, resulting in a total loss of approximately $35.56 million. The affected components were primarily cross-chain bridges and administrative privileges.
Among them, AFX Trade on Arbitrum suffered the largest loss, with approximately $24.15 million USDC being transferred out of the escrow bridge. The project has suspended operations and brought in SlowMist and Zellic to participate in the investigation, while proposing a negotiation plan to return part of the funds.
Verus's cross-chain bridge with Ethereum has been attacked again. Reports indicate that attackers exploited an old vulnerability to transfer 3,816 ETH, worth approximately $7.55 million. The project experienced a similar issue in May of this year, and after partially returning funds in July, it was exploited again on July 23rd by a similar vulnerability.
B² Network's staking contract on BNB Chain was also attacked, resulting in a loss of approximately $3.86 million. The project team stated that the vulnerability has been closed and plans to use reserve funds to fully compensate affected users.
Bitcoin ETFs saw net inflows of $1 billion over seven days.
The article also mentioned that US spot Bitcoin ETFs have recorded net inflows for seven consecutive trading days, accumulating approximately $1 billion, with BlackRock and Fidelity remaining the main recipients of funds. The report suggests that this round of inflows has, to some extent, offset previous selling pressure.
In terms of price, Bitcoin is fluctuating around $65,500. The article states that if it breaks through the key level of around $67,400, the market structure could improve further.
