🔮 All Hype or Hyperliquid, SOL Starts Shipping Phones, Crypto in 401(K), A Guilty Tournament, Battle of the TradFi Titans

Top Stories

Hyperliquid Hits Record $320B Monthly Volume, Maintains Perps DEX Dominance

Hyperliquid posted a record $320 billion in July 2025 trading volume, up 47% from June and 28% above its previous high, while holding over 75% market share in the perpetual futures DEX space. Its Hyperliquid/Binance ratio hit a new peak at 11.89%, as Binance logged $2.59 trillion in perps volume, up 35% MoM. Solana-based Drift surged 336% to $14.8 billion, driven by a zero-fee BTC-PERP campaign, yet the overall DEX-to-CEX futures volume ratio remained flat at 7.77%.

Source: The Block, DefiLlama

Solana Mobile Ships Seeker Crypto Smartphones Worldwide

Solana Labs’ mobile arm has started shipping “tens of thousands” of its $450 Seeker devices to customers in over 50 countries. The second-generation crypto smartphone features Seed Vault key storage, a Solana dApp Store, and a soulbound Genesis Token offering early app access and SKR token rewards. With over 100 apps already in its mobile ecosystem and plans to integrate AI and DePIN, Solana aims to build on the BONK airdrop-fueled success of its Saga handset and strengthen its position in the crypto smartphone market.

$SOL Treasury Premium

The largest public Solana treasury companies vary widely in the premiums they trade at compared to their $SOL holdings, from Upexi’s 0.787x discount to Classover’s 3.306x premium. While low premiums may seem like bargains, the real opportunity lies in companies that pair reasonable valuations with strong investor momentum, allowing share prices to outpace the growth of their SOL reserves. This balance of fair pricing and market demand can make them more attractive than simply holding SOL directly.

Source: Coindesk

Coins on the Hood

Coinbase shares fell over 16% after reporting Q2 2025 revenue of $1.5 billion, down 26% from last quarter, with transaction-based gross profit plunging 46% and trading volumes off nearly 40% QoQ, though up 4.8% YoY. The exchange’s BTC holdings grew by 2,509 to 11,776, while ETH holdings dipped by 552 to 136,782. Assets on its balance sheet hit a record $425 billion. Robinhood’s Q2 results were stronger, with total revenue down 7.5% QoQ but up 65% YoY, driven by record highs in non-crypto products. Crypto revenue fell 36% QoQ on a 39% drop in volumes, yet surged over 97% YoY, boosted by tokenization efforts, EU expansion, and institutional growth via Bitstamp.

Source: Yahoo Finance, FTX

Regulation

Trump Executive Order to Open 401(k)s to Crypto and Alternatives

President Trump will sign an executive order today directing the Labor Department to permit crypto, private equity, and other alternative assets in 401(k) plans. The order instructs Labor Secretary Lori Chavez-DeRemer to revise ERISA guidance and work with federal agencies to enable digital assets in retirement accounts, while also pushing the SEC to ease barriers for products like bitcoin ETFs. Targeting $12.5 trillion in defined-contribution accounts, it follows a May rollback of Biden-era restrictions on crypto in 401(k)s. The Wall Street Journal reports Trump may also issue a separate order to prevent debanking of crypto firms and penalize participating financial institutions.

Tornado Cash Co-Founder Found Guilty on One Count

A Manhattan jury convicted Tornado Cash co-founder Roman Storm of operating an unlicensed money transmitter, but deadlocked on charges of conspiracy to commit money laundering and violating U.S. sanctions, leaving no verdict on those counts. Prosecutors allege Storm knowingly facilitated over $1 billion in illicit transactions, including funds tied to North Korea’s Lazarus Group, while his defense argued he never intended the service to be used by hackers. The government has yet to decide whether to retry the unresolved charges.

James Howells Shifts From Landfill Dig to Tokenizing Lost $900M Bitcoin

James Howells, the Welsh IT engineer who accidentally discarded a hard drive with access to 8,000 BTC in 2013, has abandoned excavation plans after Newport Council ignored his $40 million offer to buy the landfill. Instead, he plans to tokenize his legal claim to the coins via Ceiniog Coin (INI), a Bitcoin Layer 2 “smart token” backed by the lost BTC and enabled by an upcoming network upgrade removing OP_RETURN’s 80-byte cap. An ICO for INI is slated for later this year, aiming to build a high-speed, payment-focused web3 ecosystem secured by Bitcoin.

SEC Says Liquid Staking Tokens Are Not Securities

The SEC’s Division of Corporation Finance stated that liquid staking tokens (LSTs), which it calls “Staking Receipt Tokens,” are not securities when tied to cryptocurrencies on public proof-of-stake blockchains, removing the need for SEC registration. While not formal SEC guidance, the clarification is being hailed as a “watershed moment” for crypto, with experts expecting it to accelerate institutional adoption. Liquid staking already accounts for over $68 billion in TVL, led by Lido’s $32 billion, and the ruling could expand participation by easing regulatory concerns for custodians and investors. The statement excludes restaking but builds on prior SEC remarks that protocol staking itself does not constitute a securities transaction.

Other Domestic Regulation Updates

• Peter Thiel-backed Bullish files IPO at $4.2 billion valuation
• President Trump to sign executive order threatening penalties for crypto debanking
• SEC updates staff guidance on accounting rules for USD stablecoins
• Ripple to acquire Galaxy-backed stablecoin firm Rail for $200 million
• Paxos settles with NYDFS for $48.5 million over Binance BUSD partnership
• Coinbase to Raise $2B in Convertible Notes as COIN Sags in Pre-Market Trading

Other International Regulation Updates

• Metaplanet buys $54 million worth of bitcoin to maintain 7th place globally
• Binance founder CZ seeks dismissal of FTX estate's $1.76 billion clawback lawsuit
• China warns Worldcoin-style iris data collection for crypto poses national security threat

Pain & Gain

Pain

• Lido lays off 15% of workforce for 'long-term sustainability'
• CrediX team vanishes after $4.5 million exploit, deletes socials, and takes website offline
• S&P Global gives Sky Protocol 'B-' credit rating, citing centralization and liquidity risks
• Base briefly paused block production early on Monday after nearly two years of steady operation
• Nyan Cat Creator Calls Meme Coins 'Wild West', Claims $700K in Fees—But Denies Endorsement

Gain

• Ethereum daily transactions reach new high, surpassing 2021 peak
• Ripple and SEC end legal battle with XRP ruling intact as price jumps
• Ethereum Cracks $4,000 for First Time in 8 Months
• Ethereum TVL Hits All-Time High as ETH Rallies