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SOGAZ™ 🎭 ✪

@sogaz

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Over the past week, the number of transactions across public blockchains and Layer-2 networks has reached levels not seen before. Blockchain network reached a new milestone by hitting a weekly record of over 340 million transactions, the highest ever registered in a seven-day period. This historic high is likely signaling growing user engagement and renewed optimism for the cryptocurrency sector. Deeper Dive Into The Stats According to data from analytics company Dune, the lion’s share of transaction volume is split between Solana and BNB Chain. The memecoin-popular Solana network is far ahead, holding 59.46% of the volume, followed by the Binance-initiated and now community-led blockchain, BNB Chain, which holds 18.76%. The Justin Sun-founded chain, Tron, is a notable mention in third place, with 4.68% of the transaction volume. Leading meme coin launchpads, LetsBonk and Pump.fun, are on Solana, likely contributing to the impressive numbers.
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Bitcoin ‘pausing here for air’ likely, but another July ATH still possible Galaxy Digital’s Michael Harvey says the most optimistic scenario for Bitcoin is a “continued slow melt-up” through the end of July. Bitcoin could be in for a brief consolidation phase after its recent surge to new all-time highs — but another leg up before the end of July isn’t off the table, according to Galaxy Digital’s head of franchise trading, Michael Harvey. “Consolidation around current prices is my base case given the large rally and new ATH,” Harvey told Cointelegraph. Bitcoin will “trend higher” into the end of 2025 “I do expect BTC to trend higher into the year-end, but pausing here for air would be realistic,” Harvey said, adding: “I think the best case BTC price into month end is a continued slow melt-up.”
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Backpack launches FTX debt marketplace for claim holders Backpack, the crypto exchange founded by former FTX insiders, has launched a new portal to help FTX creditors sell their debt claims directly to interested third-party buyers. The announcement was made on July 18 via a post on Backpack’s Chinese X account, where the company described the initiative as a “non-profit, neutral” service aimed at supporting the wider crypto community impacted by the 2022 FTX collapse. The new platform offers a one-stop process for claim holders, including identity verification, claim validation, offer confirmation, and final settlement, all completed within the Backpack interface. Backpack stated that it will not charge any fees and will not profit from the service. The goal is to offer a smoother path to liquidity for FTX users who are still waiting for compensation nearly three years after the exchange’s bankruptcy filing.
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Whale purchases of 2.2B XRP in two weeks helped push the price well past the $3.00 mark. Analysts say XRP must close above $3.30 monthly to confirm a breakout into price discovery. Open interest climbs to $9.25, and a new XRP ETF is approved, boosting investor excitement. Whale Activity Fuels XRP Price Movement XRP reached $3.16 as of press time, recording an 8% rise over the last 24 hours and a 29% gain over the past week. Trading volume over the past 24 hours was reported at $8.84 billion. Analysts attribute the movement in part to significant buying activity from large holders. According to renowned analyst Ali Martinez, whales have purchased 2.2 billion XRP in the last two weeks. In terms of USD, this stash is worth well above $6.6 billion at today’s prices. During this period, XRP climbed steadily, passing the $3 mark. The sharp increase in buying pressure appears to coincide with growing investor interest in the asset.
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Bitcoin prices could surge a further 70% if just a fraction of global institutional capital flows into the asset. “Institutional capital can no longer ignore the returns that Bitcoin is providing,” reported the Kobeissi Letter on Tuesday. The cryptocurrency cannot be ignored because it has yielded a 90% compound annual growth rate (CAGR) over the past 13 years, which no other asset can match. Even “conservative” funds are allocating 1% of their assets under management to Bitcoin as treasury trend momentum builds, they observed. Massive Institutional Inflows Currently, there is an estimated $31 trillion in institutional AUM in the United States, Kobeissi stated. “If just 1% of US institutional capital flows into Bitcoin, this could drive another $300 billion into the asset,” they said. A further $300 billion added to Bitcoin’s $2.34 trillion market capitalization would drive prices up around 13% which would put the asset at $133,000.
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ProShares Ultra XRP ETF approved for NYSE Arca listing ProShares has been approved to list its Ultra XRP ETF on NYSE Arca, with trading set to begin by the end of this week. Per a July 14 filing with the Securities and Exchange Commission, NYSE Arca has certified the listing and registration of the ProShares Ultra XRP ETF under the ticker UXRP. As a preliminary step, the fund was listed on the Depository Trust & Clearing Corporation eligibility list earlier this month. When writing, a product page for the fund was already live, but trading was yet to commence. The ProShares Ultra XRP ETF is a leveraged futures-based product designed to deliver 2x the daily return of an XRP index. Instead of holding XRP directly, the fund gains exposure through derivatives such as futures contracts and swap agreements. As such, investors are able to amplify daily price movements of XRP without owning the underlying asset. Crypto.news
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