Bitcoin Tests Supports While Ethereum Treasuries Accelerate Amid Institutional Momentum

Happy Monday, TM Family!

Welcome to the Token Metrics Research | Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors. 

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Now let's get back to the top stories of the day.

Bitcoin (BTC) continues demonstrating its role as the market bellwether, testing critical support levels over the weekend before rebounding. Following weaker-than-expected U.S. jobs data that sparked recession fears, BTC dipped to around $111,965, aligning with the previous all-time high from May. This resulted in over $670M in perpetual futures liquidations, predominantly longs.

This flush of excess leverage has positioned BTC for a more sustainable uptrend, with analysts like John Glover from Ledn forecasting a rally to $140,000 by year-end. This morning, BTC is trading at approximately $114,967, up 0.94% in the last 24 hours, holding above the $113,000 psychological level. Technicals show consolidation between $112,000 and $118,000 this week, with strong support at $111,965 offering attractive risk-reward for entries.

Ethereum (ETH) has shown relative strength, trading at $3,662 with a 5.5% 24-hour gain. July closed with ETH up 56%, breaking above the $2,813 pivot that capped prices for over a year, signaling a structural shift toward $4,000 resistance.

Whales capitalized on the dip, with one accumulating millions in ETH, underscoring long-term conviction. ETF inflows and on-chain activity could drive ETH to $3,800 this week, though BTC dominance may cap altcoin gains unless risk-on sentiment returns.

Solana (SOL) is hovering around $166, up 2.8% today but down from $206 highs in late July. Analysts eye a potential drop to $140 if the cup-and-handle pattern plays out, but whales are accumulating amid ETF buzz and memecoin hype like $BONK. Base has surpassed SOL in daily token launches, but SOL dominates trading volume via platforms like Pump. Predictions for August range from $160-$175, with occasional dips to $140 as buying opportunities.

Bullish, the institutional-focused crypto exchange owned by Block. One, has filed for an IPO on the NYSE, aiming to sell 20.3 million ordinary shares at $28–$31 each under the ticker "BLSH." This would raise $629M for general corporate purposes and acquisitions at the high end, valuing the firm up to $4.2B. Underwriters have an option for 3.045 million more shares. 

Headquartered in the Cayman Islands, Bullish offers spot/derivatives trading and liquidity services. It reported Q2 net income of $106–109M but a $349M Q1 loss after $80M profit in 2024. Backed by Peter Thiel, the filing highlights interest from BlackRock and ARK funds for up to $200M in shares.

This could boost liquidity for institutional inflows, but watch for dilution risks. Bullish's success may pave the way for more exchange listings, enhancing crypto's TradFi integration. Peter Thiel's involvement adds credibility, and we expect volatility around the close of the IPO.

Ondo Finance ($ONDO) capped a transformative July with acquisitions, partnerships, and regulatory nods, positioning it as a tokenized real-world assets (RWAs) leader. Key highlights: Launched $250M Ondo Catalyst with Pantera Capital; acquired blockchain studio Strangelove and SEC-registered broker Oasis Pro for compliant U.S. tokenized securities; featured in the White House's Digital Asset Markets Report as a compliant finance pioneer. USDY stablecoin integrations on Sei Network and Alchemy Pay boosted adoption, while the Global Markets Alliance expanded to 25 members, including BNB Chain.

Products: Ondo Chain (Layer 1 for RWAs), USDY (tokenized Treasuries), OUSG (bonds), and Flux Finance for DeFi lending. On X, buzz centers on RWA standardization and institutional credibility.

Ondo's growth could accelerate RWA adoption, attracting TradFi inflows. For investors: High utility and partnerships make ONDO a core hold in DeFi portfolios, watch for breakouts above $1.

Verb Technology (NASDAQ: VERB), a social commerce firm, is pivoting to crypto with a $558M PIPE led by Kingsway Capital and over 110 investors, including Blockchain.com, Pantera, and Animoca. Selling 58.7M shares at $9.51, Verb will rebrand to TON Strategy Co. (TSC) and allocate 77% of proceeds to acquire TON, targeting 5% of circulating supply. This makes it the first public firm with TON as its primary treasury asset, generating staking yields. Close expected August 7; 36% shares locked 6–12 months.

TON powers Telegram's Web3 infra, with integrations for mini-apps and payments amid 1B+ users. New execs include Veronika Kapustina (ex-Morgan Stanley) as CEO and Sarah Olsen (ex-JPM Onyx) as CFO. TON trades at $3.37, down 6.9% today, with an $8.1B market cap.

Corporate Ethereum treasuries are surging, with aggregate holdings exceeding $10B as firms front-run institutional adoption. BitMine Immersion Technologies (BMNR), chaired by Tom Lee, now holds 833,000 ETH ($2.9B), the largest among publics after adding 208,000 ETH ($739M). Strategy: Rapid equity/convertible raises to target 5% of ETH supply ("alchemy of 5%"); plans to stake for yield. Investors include ARK ($52.3M in BMNR) and Peter Thiel.

The Ether Machine added 10,605 ETH ($40M), totaling 345,362 ETH ($1.2B), ranking third behind BitMine and SharpLink Gaming (480,000 ETH, $1.7B). Mandate: Buy, stake, restake ETH on-chain; public listing Q4 under ETHM after Dynamix merger, targeting $1.6B raise. Chairman Andrew Keys: "Building a machine to grow Ethereum's capital base."

GameSquare added 2,717 ETH ($10M), totaling 15,630 ETH ($55.9M), ranking top 20. It uses dialectic for 8–14% yields to fund a $5M buyback; up to a $250M allocation is authorized. CEO Justin Kenna: "Disciplined capital allocation... reflects undervaluation." Also holds CryptoPunk NFT as a treasury asset.

Ethena's synthetic stablecoin USDe has surged to third place with a $9.3B market cap, up 75% in three weeks. It has overtaken FDUSD and trailed only USDT ($164B) and USDC ($63B). Total stablecoin supply hit $257B, up seven months straight. 

Growth drivers: GENIUS Act enabling compliant issuance; partnership with Anchorage Digital for U.S. markets; 10–19% APY via staking + funding rates, outpacing Treasuries. TVL at $10B, seventh in DeFi. Delta-neutral design: Backed by crypto collateral and hedged shorts; diversified to BTC/USDT.

That's today's wrap. Institutional tailwinds are building, but macro risks persist. Stay vigilant, manage risk, and let's navigate this cycle together. 

As crypto markets surge, one multi-chain financial protocol is being targeted for massive institutional investment before retail discovers it.

Its transaction volume is skyrocketing across all major blockchains while its price remains suppressed as retail has yet to discover it – creating a coiled spring ready to release.

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