Portofino Mint - 18 August 2025

🚀 𝗪𝗲𝗹𝗰𝗼𝗺𝗲 𝘁𝗼 𝘁𝗵𝗲 𝗣𝗼𝗿𝘁𝗼𝗳𝗶𝗻𝗼 𝗠𝗶𝗻𝘁!

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🧭 This Week in Crypto: ETH surges toward record territory, and altcoins ride the rotation wave.

Last week was packed with volatility, high-profile headlines, and notable institutional moves — a reminder that crypto never stands still.

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📊 Market Highlights

• Bitcoin: After hitting a new all-time high of $124,500, Bitcoin retraced to around $117,400 following over $1B in liquidations (longs accounted for $782M). BTC dominance fell from ~63% to ~59%, signaling rotation into high-quality altcoins. Bitcoin ETFs: -$195.6M in outflows — a modest pullback amid broader market swings.
• Ethereum: ETH continued its dominance, climbing from $4,250 to $4,788, just shy of its all-time high $4,868. Market sentiment and ETF flows are clearly in its corner. Ethereum ETFs: +$2.9B inflows, including $1.02B Monday and $729M Wednesday, marking one of the largest weeks for ETH ETFs to date. Read more about Ethereum here.

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🌐 Macro & Market context

Markets experienced a classic “two-step”:

1. Tuesday CPI: Soft headline at 2.7% y/y (vs 2.8% expected) and core holding at 3.1%, fueling dovish bets and expectations for a 25bps September cut. Equities shrugged off volatility, while easing geopolitical risks (China tariffs extended, Ukraine tensions eased) supported sentiment.
2. Friday PPI: A sharp upside surprise +0.9% m/m (vs +0.2% expected) cooled market optimism. Two-year yields rose 6bps, the USD firmed, and gold lost some luster. Fed expectations now firmly baked in a 25bps September move (~92% odds).

Crypto mirrored these swings: BTC surged and corrected, ETH strengthened further, and altcoins rotated into the spotlight, all while macro headlines dictated sentiment.

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💰Flow & Desk Highlights

• Spot & OTC: HYPE led two-way interest; consistent activity in ALGO, NEAR, XRP. Stablecoin pairs (USDT, USDC) across AUD, USD, EUR saw high volumes, while AUDD rails gained traction.
• Corporate treasuries: Big-ticket moves this week:
  • BitMine Immersion (BMNR): 1.15M ETH (~$4.9B)
  • FG Nexus: $200M ETH for a 10% network stake
  • Metaplanet: 18,113 BTC, adding $61.4M in reserves
  • Strategy: 155 BTC added; total holdings now 628,946 BTC
  • DeFi Development Corp: 110,000 SOL (~$22M)
• ETF inflows: Ethereum continues to capture real-money flows, reinforcing its structural scarcity with staking, corporate demand, and ETF momentum. BTC ETFs saw modest outflows, but broader adoption remains steady.

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🏛 Regulation & Policy

• Federal Reserve: Shuts its crypto-focused supervision program, reverting to standard bank oversight.
• U.S. Treasury: No new BTC purchases for the strategic reserve; seized assets to be held.
• SEC: Solana ETF decisions delayed to Oct 16 for further review.
• South Korea: Stablecoin regulations expected October 2025, covering issuance, collateral, and risk management.
• Hong Kong: Strengthens crypto custody requirements.
• Google Play: Non-custodial wallets remain allowed; custodial apps need local licensing (MiCA in EU, FCA in UK, FinCEN in US).

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🔒 Security

• BtcTurk: Suspected $48M hot wallet hack; withdrawals paused, stolen assets traced across multiple chains (ETH, AVAX, ARB, BASE, OP, MANTLE, MATIC).

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🏢 Corporate & Ecosystem Moves

• Gemini: Files S-1 for U.S. IPO, aiming for a major public debut.
• Do Kwon: Pleads guilty to TerraUSD/LUNA fraud.
• OKX: Burns 278,999,999 OKB (~$26B) from reserves and buybacks — a historic token destruction.
• Pantera Capital: $300M+ investment into Digital Asset Treasury (DAT) companies.
• Web3/Payments: KuCoin Pay partners with BitTopup; BTCC signs Jaren Jackson Jr. as global ambassador; NFL Rivals hits 6M+ downloads.

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🔮 What to Watch

• Fri: Jackson Hole — Powell speaks on Fed independence & Sept policy path
• Wed: NVDA earnings — key risk sentiment gauge
• Macro Calendar: RBA decision, UK jobs, US CPI/PPI, EZ GDP, China activity data, US retail sales & Michigan sentiment

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⚡ Bottom Line

• Ethereum is the star: ETF inflows, corporate treasuries, and staking narratives pushing it toward new ATHs.
• Bitcoin remains bullish: Despite pullbacks, structural trends and adoption support its market position.
• Altcoins awaken: BTC dominance decline is creating room for SOL, ADA, HYPE to shine.
• Regulatory clarity emerging: US, Korea, and Hong Kong moves provide guidance, while Solana ETFs await October verdict.
• Catalysts ahead: Jackson Hole and NVDA earnings could set the tone for crypto and broader markets into September

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📅 Missed last week’s market update? Catch up on all the key moves, ETF headlines, and altcoin breakouts in last week’s Portofino Mint.

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𝘛𝘩𝘪𝘴 𝘮𝘦𝘴𝘴𝘢𝘨𝘦 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘐𝘭𝘭𝘶𝘴𝘵𝘳𝘢𝘵𝘪𝘰𝘯 𝘨𝘦𝘯𝘦𝘳𝘢𝘵𝘦𝘥 𝘸𝘪𝘵𝘩 𝘊𝘩𝘢𝘵𝘎𝘗𝘛.

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