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Bitcoin, Crypto Face Declines Amid Worries Over Inflation and Geopolitical Unrest

Bitcoin sank below $113,000 for the first time since August 2, as investors, fretful about inflation, tariffs, and geopolitical unrest, shied away from cryptocurrencies and other risk-on assets. 

Bitcoin has been swooning since reaching a record high of $124,128 last Thursday. Ethereum, which neared its own all-time high less than a week ago, was changing hands at about $4,100, down 4.6% from Monday, while XRP and Solana fell 6.7% and 3.5%, respectively.

Tuesday's drop dovetailed with wider declines in equities and other risk-on assets ahead of key jobs and economic reports that may influence the U.S. central bank’s next decision on interest rates.

Ethereum Treasury SharpLink Boosts ETH Stash Above $3 Billion

SharpLink Gaming purchased $601.5 million Ethereum last week, its largest ETH buy over the past month, the company announced on Tuesday. 

The online gambling marketer, which has shifted its focus to become an Ethereum treasury, purchased 143,593 ETH at $4,648 between August 10 and August 15, the company said. That brings SharpLink’s holdings to 740,460 ETH worth a little more than $3 billion as of writing time. 

The purchase comes as SharpLink speeds toward its goal of acquiring 1% of all circulating ETH, or more than 1.2 million ETH, spearheading a market frenzy that nearly sent the altcoin’s price to an all-time high last week. 

Bullish Holds $1.15 Billion in Stablecoins, Including USDC on Solana and RLUSD on XRP Ledger

Publicly traded crypto exchange Bullish received $1.15 billion in proceeds from its recently completed initial public offering (IPO) in stablecoins, the firm announced on Tuesday. 

The Cayman Islands-based firm received more than $1 billion in funds when it completed the sale of its shares at $37 last week. 

Most of those funds are now being held in stablecoins, or crypto tokens pegged to the value of fiat currencies like the U.S. dollar and backed 1:1 by such assets.

Fed's Top Banking Regulator Floats Allowing Staff to Hold Crypto

Federal Reserve Vice Chair for Supervision, Michelle Bowman, told a crypto conference in Jackson Hole on Tuesday that she favors allowing central bank staff to hold small amounts of crypto, an idea that, if formally proposed, could alter the Fed’s internal rules and spur debate over how the institution engages with digital assets.

The approach should consider allowing Federal Reserve staff “to hold de minimus amounts of crypto or other types of digital assets,” Bowman told audiences in prepared remarks at the Wyoming Blockchain Symposium on Tuesday.

Bowman framed the conversation as one about tokenization’s role in reducing frictions in asset transfers, highlighting how the technology could streamline ownership changes, cut costs, and expand access to capital markets.

SoFi Adding Remittance Payments via Bitcoin Lightning Network

The San Francisco-based fintech firm will integrate Lightspark’s Universal Money Address (UMA), which runs on Bitcoin’s Lightning Network, to facilitate near-instant cross-border payments, SoFi Technologies announced on Tuesday.

Lightning is a layer-2 network designed to help fulfill Bitcoin's original vision of becoming global, peer-to-peer digital cash. By creating a network of off-chain payment channels, it circumvents the slow transaction times and high fees of the main Bitcoin blockchain, enabling instant, high-volume micropayments. This scalability layer could transform Bitcoin into a practical medium for everyday transactions, making it a viable alternative to traditional payment systems.

SoFi's remittance product, which is expected to roll out later this year, will allow users to send U.S. dollars through the SoFi app, with recipients receiving local currency deposits abroad.

Robinhood, Kalshi Launch NFL and College Football Prediction Markets

Robinhood has partnered with Kalshi, a Commodity Futures Trading Commission (CFTC)-regulated and blockchain-based prediction market, to let users trade on the outcomes of NFL and college football games.

The betting market will be available through Robinhood's Prediction Markets Hub, available across the U.S. through Kalshi, the popular trading platform said in a blog post on Wednesday.

Robinhood is positioning the move as an alternative to traditional betting platforms. Rather than routing through sportsbooks, these trades are executed on Kalshi’s federally regulated exchange and treated like commodities, not wagers.

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Tuesday was $523.31 million. The total net asset value of Bitcoin spot ETFs is $146.2 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.47%.

The Bitcoin spot ETF with the highest net outflow on August 19 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of $246.89 million.

Source: SoSoValue

The overall net outflow of the US Ethereum spot ETF on Tuesday was $422.3 million. The total net asset value of Ethereum spot ETFs is $25.94 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.17%.

The Ethereum spot ETF with the highest net outflow on August 19 was Fidelity Ethereum Fund (FETH), with a net outflow of $156.32 million.

Source: SoSoValue