Crypto Daily | Bitcoin Surpasses $118K and ETH Surges Above $3,100; SharpLink Gaming Sold $413M Shares to Boost ETH Holdings

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Bitcoin Surpasses $118,000 with a Narrowed 1.10% Increase in 24 Hours

Bitcoin has crossed the $118,000 benchmark and is now trading at $118,263, with a narrowed narrowed 1.10% increase in 24 hours.

Ethereum Surpasses $3,100 with a 3.16% Increase in 24 Hours

Ethereum has crossed the $3,100 benchmark and is now trading at $3,153, with a 5.88% increase in 24 hours.

SharpLink Gaming Sold $413M Shares to Boost ETH Holdings

SharpLink Gaming announced that in addition to becoming the largest Ethereum (ETH) holder among corporate entities, SharpLink raised approximately $413 million in net proceeds through its ATM program from July 7th to 11th. Of this amount, around $156 million has been used to purchase Ethereum, with the remaining approximately $257 million available for future Ethereum acquisitions.

Cantor Preps Second Bitcoin Treasury Company With 25,000 Tokens

An investment vehicle backed by Cantor Fitzgerald is working with Bitcoin pioneer Adam Back on a new treasury company in what would be the second such deal for the investment bank.

Blockchain infrastructure provider Blockstream Corp., where Back is a co-founder and its chief executive officer, is in talks to contribute around 25,000 Bitcoin — worth $3 billion at current prices — to the new company, according to people familiar with the conversations who asked not to be named discussing confidential plans.

The FT reported on the plans earlier on Tuesday.

Trump Announces Imminent Passage of GENIUS Act

U.S. President Donald Trump announced that the GENIUS Act is set to pass tomorrow. He stated that he has communicated with all dissenting parties today.

Crypto Mixer Co-Founder on Trial as Trump Embraces Digital Assets

While President Donald Trump’s administration has dropped or rolled-back several high-profile actions against the US digital asset industry, the ongoing case involving crypto mixer Tornado Cash is a significant exception.

Roman Storm, co-founder of a software platform that facilitates anonymous crypto transactions, is facing a trial on charges that he helped launder more than $1 billion. That sum includes hundreds of millions allegedly stolen by the Lazarus Group, which the US says is a cybercrime organization that works for the North Korean government.

Assistant US Attorney Kevin Mosley told jurors during opening statements on Tuesday that Storm and his co-conspirators helped hackers move hundreds of millions of dollars of “dirty money” through Tornado Cash and made millions doing it.

Crypto-Betting Platform Polymarket's Probes Dropped by DOJ, CFTC - Report

Polymarket received formal notice earlier in July that the U.S. Justice Department and Commodity Futures Trading Commission had ended their investigations into the crypto-based predictions exchange, Bloomberg reported Tuesday, citing a person with direct knowledge of the matter.

Polymarket saw a spike in activity during last year's election season as users rushed to place crypto bets on the results. But its popularity also triggered scrutiny over whether the platform was allowing U.S. users to trade, potentially breaching an earlier settlement with federal authorities.

Citigroup Looks to Issue Its Own Stablecoin to Smooth Payments

Citigroup is considering issuing its own stablecoin, positioning the company as a possible early mover in the push by traditional banks to expand into cryptocurrencies.

“We are looking at the issuance of a Citi stablecoin,” Chief Executive Officer Jane Fraser said on an earnings conference call with analysts Tuesday, adding that the bank is also focused on tokenized deposits and custody for cryptoassets.

Coinbase's Deribit Launches Rewards Program for USDC Holders

Deribit, the crypto derivatives exchange that is in the process of being acquired by Coinbase Global, Inc., is rolling out a new rewards program offering yield to eligible users who hold stablecoin USDC directly on the platform, it said on Tuesday.

The reward rate for USDC holders on Deribit stood at 4% in July, although Coinbase regularly reviews the rate and may change it periodically.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $402.99 million. The total net asset value of Bitcoin spot ETFs is $149.66 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.46%.

The Bitcoin spot ETF with the highest net inflow on Jul. 15 was iShares Bitcoin Trust ETF, with a net inflow of $416.35 million. Following that was VanEck Bitcoin ETF, with a net outflow of 18.99 million, according to SoSoValue.