Ethereum’s New Frontiers

In case you missed it! Our recap of last week’s reports:

• Panoptic x Block Scholes: Perpetual Options
• DeFi Analytics 15th August 2025
• Block Scholes x Bybit Crypto Derivatives

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Daily Updates:

• Signs that traders and investors are unwilling to make any major bets on the market ahead of Chair Powell’s Jackson Hole speech were once more on display yesterday.
• The S&P 500 ended the day with a 0.24% loss while the Nasdaq 100 dropped by a larger 0.58%; both recording their fourth consecutive day in losses.
• BTC extended its rangebound trading between $112K and $115K, though altcoins performed slightly better yesterday and into today. ETH is up 0.74% over the past 24 hours, while SOL is up 1.27%.
• Both BTC and ETH Spot ETFs however continued their run of outflows. BTC ETFs sold $315.9M worth of bitcoins, while Ethereum ETFs saw outflows of $240.2M.
• In options markets, traders continue to demand a premium for protection against further downside moves, with 7-day skew for BTC and ETH options at -2.9% and -3.7% respectively.

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• Two year treasury yields were little changed at 3.74% while July’s Fed meeting minutes showed “a majority of participants judged the upside risk to inflation as the greater of these two risks” minutes of the July meeting said.
• The meeting minutes also showed the two Fed members who dissented against the committee's decision to hold  interest rates were largely alone in their view — "Almost all participants viewed it as appropriate to maintain the target range for the federal funds rate at 4.25% to 4.50% at this meeting”.

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• Since the start of 2025 we’ve maintained the view that BTC and the wider crypto market would be driven by three main drivers throughout the year: macro, supply and demand, and regulation.
• With the current macro picture is more uncertain given recent data releases in the US, markets are hoping for some clarity from Chair Powell’s speech on Friday. However, the US administration on the other hand, continues to make positive developments on the regulation front.
• Senator Cynthia Lummis said yesterday that the US Congress will pass major legislation providing further clarity on the structure of the cryptocurrency market later this year.
• Senate Republicans have released a discussion draft of their version of the CLARITY Act that was passed by the US House earlier this year.
• Speaking at the Wyoming Blockchain Symposium, Lummis said she expects the crypto market structure bill to pass out of the Senate Banking Committee by the end of September — “We will have market structure to the president’s desk before the end of the year, I hope it’s before Thanksgiving”.

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• A total of 69 organizations now hold more than 4.1M ETH in their treasuries, worth roughly $17.6B, according to StrategicETHReserve. Collectively, these holdings represent about 3.39% of Ethereum’s total supply.
• BitMine Immersion Technologies leads the pack with roughly 1.5M ETH ($6.6 billion), having shifted its focus from Bitcoin mining to Ethereum accumulation. SharpLink Gaming holds around 740,800 ETH ($3.2B), followed by The Ether Machine with 345,400 ETH.

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• Hong Kong-based engineering and construction company Ming Shing Group Holdings Limited (NASDAQ: MSW) announced yesterday, Aug 20, that it has entered a Bitcoin purchase agreement with Winning Mission Group Limited to acquire 4,250 BTC for approximately $482.96M, averaging $113,638 per Bitcoin. The purchase will be funded via convertible promissory notes and accompanied by warrants to purchase 402.5M ordinary shares of Ming Shing.

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• Singapore’s DBS Bank announced today that it will tokenize structured notes on Ethereum, offering them via ADDX, DigiFT, and HydraX to institutional and accredited investors.
• The first product is a crypto-linked note designed to pay out when cryptocurrency prices rise, with built-in downside protection. Each token represents a $1,000 slice of the underlying note, allowing fractional investment in instruments that typically require a $100,000 minimum.
• DBS has already executed over $1B in crypto-linked structured note trades in H1 2025. The bank plans to expand tokenization to equity- and credit-linked notes, targeting Singapore’s 2,000+ single-family offices and broader institutional market.

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• Singapore-based RWA exchange DigiFT announced today that it has raised $11M in a funding round led by Japan’s SBI Holdings, bringing total funding to $25M. Other participants included Mirana Ventures, Offchain Labs, Yunqi Partners, and Polygon Labs.
• The capital will help DigiFT expand its tokenized investment offerings across equities, fixed income, alternatives, and crypto, while developing new on-chain real-world asset use cases and smart contract infrastructure. The company partners with major asset managers like Invesco, UBS, and Wellington, operating under Singapore and Hong Kong licenses.

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• The 10-year notes carry 3% annual interest and are convertible into shares at $1.20 per share, subject to ownership limits and standard adjustments. The transaction is expected to close on or before December 31, 2025.

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• San Francisco-based TRM Labs announced on Aug 20 the launch of Beacon Network, the first real-time crypto crime response network. Built with law enforcement, exchanges, and stablecoin issuers.
• Founding members include Coinbase, Binance, PayPal, Robinhood, Stripe, Kraken, Ripple, Crypto.com, Zodia Custody, Blockchain.com, Anchorage Digital, Bitfinex, HTX, Poloniex, OKX, 1inch, Rhino.fi, Coinspot, and ChangeNow.

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• BNB treasury company, Windtree Therapeutics (WINT) will be delisted from Nasdaq with trading suspended from August 21, 2025, following its failure to meet the $1.00 minimum bid price requirement under Listing Rule 5550(a)(2).
• WINT has fallen nearly 80% over the past 5 days in response to the news yet BNB is trading up 1.31% over the same period.

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This Week’s Calendar:

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Charts of the Day:

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