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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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In Today's Edition
Fed Holds Steady: Rates Unchanged
Coinbase x Chase: Bridging TradFi and Crypto
Pendle Expands to HyperEVM
ETH Treasuries Surge Past $10B
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Now let's get back to the top stories of the day.
1. Fed Holds Steady: Rates Unchanged
The Federal Open Market Committee (FOMC) concluded its July 30 meeting with no surprises on rates, maintaining the federal funds target range at 4.25%-4.50%. This decision aligns with market expectations, as CME FedWatch priced in a 96.9% probability of no change, reflecting ongoing concerns over sticky inflation at 2.7% and robust GDP growth of 3% in H1 2025.
However, the meeting wasn't without drama: Governors Michelle Bowman and Christopher Waller dissented, advocating for a 25 basis point cut. This signals internal fractures amid external pressures, including President Trump's calls for lower rates to fund deficits, potentially ushering in an era of "fiscal dominance" where monetary policy bends to government spending needs.
Fed Chair Jerome Powell's press conference struck a hawkish tone. He emphasized data dependency and noted that increased tariffs are pushing up prices without prompting hikes. He reiterated that policy remains "appropriately restrictive" and that easing won't occur until inflation clearly cools, with no firm commitment to September cuts.
Crypto markets reacted swiftly: Bitcoin dipped 2% below $116,000, triggering $200M in long liquidations across assets like SOL, AVAX, and HYPE. Altcoins fell harder initially, but a quick bounce ensued, with BTC recovering to $118,300.
2. Coinbase x Chase: Bridging TradFi and Crypto
Coinbase announced a landmark partnership with JPMorgan Chase, the U.S.'s largest bank, to streamline crypto access for Chase's 80 million+ customers. Starting in fall 2025, users can fund Coinbase accounts directly with Chase credit cards (previously restricted) and link bank accounts for seamless transfers. By 2026, Chase Ultimate Rewards points will be redeemable for USDC, Circle's dollar-pegged stablecoin, at a 1:1 ratio, turning everyday spending into crypto exposure without sell-offs.
On-chain, this could boost USDC circulation (already $63B+ market cap) and drive inflows to Coinbase's ecosystem, including Base Layer-2. This follows Coinbase's push for rewards innovation, like its Coinbase One Card offering up to 4% back in BTC. This is a game-changer for retail adoption, potentially injecting billions in stablecoin liquidity.
3. Pendle Expands to HyperEVM
Pendle, the leading yield-trading protocol with $6.7B TVL, launched on HyperEVM, Hyperliquid's EVM-compatible chain, bringing fixed-yield tools to its users. The integration includes strategic tie-ups with Kinetiq (liquid staking) and HyperBeat (yield aggregator), enabling PT/YT splits on assets like kHYPE, HyperBeat USDT, Ultra HYPE, and beHYPE pre-deposits. Yields hit 11.11% on select pools, driving DeFi growth on HyperEVM.
This cements HyperEVM as a DeFi hotspot, with PENDLE token utility expanding cross-chain. Farm kHYPE loops for multi-yield alpha, but watch gas and caps. Bullish for HYPE ecosystem tokens, TVL inflows could spark a mini-boom as Hyperliquid's validator performance shines.
4. ETH Treasuries Surge Past $10B
Ethereum's institutional appeal is exploding: Corporate ETH treasuries now exceed $10B across 64 entities (2.26% of supply), surpassing the Ethereum Foundation's holdings for the first time. Top holders include BitMine Immersion Tech (625K ETH, $2.42B), SharpLink Gaming (438K ETH, $1.7B), and The Ether Machine (334K ETH). This growth reflects strategic diversification, staking yields, and DeFi opportunities.
Spot ETH ETFs matched a record 19-day inflow streak, adding $5.38B, far outpacing the prior $1.37B run. Total holdings: ~5.7M ETH ($22B, 4.7% of circulating supply). BlackRock's ETHA dominates with $4.19B (78% of streak), followed by Fidelity's FETH ($591M). Cumulative inflows since July 2024 debut: $9.7B.
ETH's "supply shock" narrative is alive, treasuries + ETFs could drive scarcity, targeting $4K+ if flows persist. Favor ETH-beta plays (e.g., L2s, DeFi) over BTC in rotations. SEC ETH options approval by Q4 adds leverage potential. Standard Chartered's 10% treasury hold prediction suggests room to run.
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