Ethereum ETFs Soar, BitMine Bets Big, and South Korea Goes Stable

All eyes on Ethereum this week, with U.S.-listed spot ETH ETFs recording $1.85 billion in inflows—marking the second-largest week since launch. The momentum helped drive ETH to $3,900, as altcoins broadly rallied on declining Bitcoin volatility. Meanwhile, BitMine unveiled a $2B ETH treasury and secured fresh backing from ARK Invest, while Japan’s Metaplanet outlined plans to raise $3.7B to fund a 210,000 BTC long strategy. After a period of crypto policy headlines originating from the US, this time South Korea's central bank established a virtual asset division as stablecoin regulation gains steam.

With volatility subdued, markets are shifting focus to macro catalysts ahead of the Fed’s September meeting. Fiscal and monetary policy uncertainty, ETF innovation, and a push for liquid staking in Solana products are now what’s on investors minds.

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Key Developments

Ethereum ETFs See Second-Largest Weekly Inflow

• $1.85B net inflows into U.S. spot ETH ETFs (Jul 21–25)
  
• Total weekly volume of ETH ETF reached $10.39B
  
• ETH price rose 3.4% to $3,901; BTC up 0.8% to $119,077
  
  

Ethereum ETFs have gained significant traction with institutional buyers. While down slightly from the prior week's $2.18B inflow, the trend signals growing demand for ETH exposure amid declining BTC volatility.

Altcoins Rally as Volatility Dips

• XRP +2.5%, BNB +6.6%, SOL +3.3%
• BTC consolidates near $119,000
• Traders expect rotation toward ETH and small-caps as BTC stalls
  

Lower BTC volatility has encouraged traders to seek risk elsewhere. Analysts note that large BTC holders appear to be taking profit, while new institutions quietly accumulate altcoins for reserve diversification.

ARK Invest Doubles Down on BitMine, Sells Coinbase and Robinhood

• $20M in fresh BitMine shares bought across ARK ETFs
  
• BitMine ETH treasury surpasses $2B
  
• Sold $12.7M of Robinhood and $6.9M of Coinbase shares
  

Cathie Wood’s ARK continues to shift its crypto allocation. BitMine’s ETH-focused treasury model is drawing interest despite recent share price volatility. Meanwhile, Coinbase and HOOD were rotated out amid mixed earnings.

Metaplanet to Raise $3.7B for BTC Treasury

• Plans to issue Bitcoin-backed perpetual preferred shares
  
  
• Goal: 210,000 BTC by 2027
  
  
• Shares to offer up to 6% annual dividend
  
  

Nicknamed "Asia’s Strategy," Metaplanet is emulating U.S. treasury-heavy firms by scaling up its BTC holdings. If successful, this effort could place it among the largest corporate holders of Bitcoin globally.

South Korea Establishes Stablecoin Division

• Bank of Korea forms dedicated crypto unit
• Shift from CBDC to KRW-based stablecoin focus
• Major banks filing stablecoin-related trademarks
  
  

South Korea is pivoting toward a stablecoin-first strategy as the U.S. accelerates its regulatory approach under the GENIUS Act. The BOK's new unit signals greater institutional support for KRW-backed tokens.

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Featured Themes

Push for Liquid Staking in Solana ETFs Gains Support

• VanEck, Bitwise, Jito Labs appeal to SEC for LST inclusion
  
• Goal: improve ETP efficiency and minimize rebalancing costs
  
• At least nine Solana ETFs await regulatory approval
  

The proposal would allow Solana ETF issuers to use liquid-staked tokens (LSTs) instead of unstaked SOL. Proponents argue this could improve product design, tracking accuracy, and capital efficiency.

Bitcoin’s Next Macro Catalyst May Be Fiscal, Not Monetary

• Fiscal uncertainty to be in the focus after Labour Day holiday
  
• 60.8% chance Fed holds rates at Sept. 17 FOMC [source]
  
• Crypto markets may front-run congressional gridlock
  
  

While ETF flows dominate headlines, some analysts point to a less obvious driver: U.S. fiscal policy. As Congress reconvenes in September, unresolved budget talks could push investors back toward BTC as a hedge.

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Market Outlook & Critical Catalysts

Tuesday, August 5

• ISM Services PMI & Employment & Price Indices
  The Institute for Supply Management releases its Services PMI, along with sub-indexes for employment and services prices—critical for gauging inflationary pressures within the service sector

Thursday, August 7

• Employment & Productivity Cost KPIs
  The U.S. marks a key data day with the release of the Employment Cost Index (Q2), providing insight into wage growth and labor cost inflation.
  
  
• New Tariffs Take Effect
  President Trump’s new tariffs on select trading partners (including Canada at 35%) officially roll out this day, potentially reshaping trade flows and investor sentiment.