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JPMorgan Considers Offering Loans Backed by Clients' Cryptocurrency Holdings

JPMorgan Chase is exploring plans to offer loans backed by clients' cryptocurrency holdings, including bitcoin and ethereum, as early as next year, the Financial Times reported on Tuesday, citing people familiar with the matter.

The move comes as other major U.S. banks, including Bank of America and Citibank, are developing stablecoins amid a broader push for more crypto-friendly regulation in Washington.

CEO Jamie Dimon, a longtime bitcoin skeptic, recently said that the bank will be involved in stablecoins.

Telegram Crypto Wallet Launches for US Users

Telegram's native crypto wallet app is rolling out to users in the United States.

The TON Wallet allows users to buy, sell, and send crypto directly in the Telegram messaging app.

TON Wallet is developed by The Open Platform, the TON ecosystem's first company with unicorn status.

SpaceX Moves $153M in BTC After Three-Year Silence

SpaceX has moved 1,308 Bitcoin, worth approximately $153 million, in its first onchain activity in three years. The movement was flagged by Arkham Intelligence, which tracks wallets tied to the company.

The Bitcoin was withdrawn from 16 Pay-to-Public-Key-Hash (P2PKH) addresses and consolidated into a single SegWit-compatible Pay-to-Witness-Public-Key-Hash (P2WPKH) address, where it remained at time of publication. The movement of BTC from 16 separate addresses into one could make it easier to manage and possibly cheaper to spend the funds later.

While the reason for moving the assets is unclear, the nature of the transfer suggests a strategic adjustment rather than a reactive action.

“Bizarre Situation“: SEC Halts Conversion for Another ETF Holding Bitcoin, Ethereum, and XRP

The SEC halted another crypto index ETF approval on Tuesday, marking the second time this month that the commission has intervened to block a staff-level recommendation.

This time around, the move affects Bitwise’s 10 Crypto Index ETF, which was approved earlier in the day by the SEC’s Division of Trading and Markets. 

The twin reversals have unsettled crypto ETF observers, especially those backing multi-asset funds. The pause suggests internal resistance to broader crypto products.

US Senate Republicans Release Draft Bill for Crypto Market Structure

Republican leaders on the US Senate Banking Committee have released their version of legislation for a digital asset market structure, suggesting they may be combining their efforts with a bill passed in the House of Representatives.

In a Tuesday notice, four Republican senators, including banking committee chair Tim Scott and digital assets subcommittee chair Cynthia Lummis, released a discussion draft of crypto market structure legislation.

According to lawmakers, the tentatively titled Responsible Financial Innovation Act “builds on” the Digital Asset Market Clarity (CLARITY) Act, which was passed in the House on July 17.

Bitcoin, Ethereum ETF Issuers Likely to Get SEC Approval for In-Kind Redemptions: Analyst

The SEC appears increasingly likely to approve in-kind redemptions for Bitcoin and Ethereum ETFs, according to Bloomberg analyst James Seyffart. 

Five issuers with Bitcoin and Ethereum ETFs on the CBOE filed amendments to their prospectuses, suggesting “positive movement” from regulators on approving in-kind redemptions for the funds. 

The SEC has delayed deadlines for approving or denying in-kind redemptions for crypto-based funds, raising concerns over security risks posed by the process. 

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Tuesday was $67.93 million. The total net asset value of Bitcoin spot ETFs is $154.77 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.50%.

The Bitcoin spot ETF with the highest net inflow on July 22 was Grayscale Bitcoin Trust ETF (GBTC), with a net inflow of $7.51 million.

Source: SoSoValue

The overall net inflow of the US Ethereum spot ETF on Friday was $296.59 million. The total net asset value of Ethereum spot ETFs is $19.60 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.32%.

The Ethereum spot ETF with the highest net inflow on July 22 was Fidelity Ethereum Fund (FETH), with a net inflow of $125.93 million. Following that was iShares Ethereum Trust ETF (ETHA), with a net inflow of 101.98 million, according to SoSoValue.

Source: SoSoValue