• Bitcoin holds near $62,575 as total crypto market cap eases to $2.15 trillion.
• US-Iran tensions escalate as Trump proposes a 20% Hormuz Strait security fee.
• Major US banks launch a tokenized deposit network to counter stablecoin growth.

Bitcoin traded near $62,575, down slightly on the day and roughly flat for the week, while Ethereum held around $1,785, essentially unchanged over 24 hours. XRP traded near $1.06, Solana slipped to $75.08, and Hyperliquid’s HYPE token eased to $63.21.

Total crypto market capitalization stood at $2.15 trillion, down 0.55% over the past day. The Fear & Greed Index read 29, still in “fear” territory, while the Altcoin Season Index climbed to 55. 

As tracked by Coingecko, coins attracting the most attention over the past three hours include Concordium (CCD), LAB (LAB), Pi Network, HYPE, and Cash Cat (CASHCAT). Despite the strong search interest, several trending tokens are trading lower. LAB has fallen around 23.6% over the last 24 hours, while Pi Network has dropped 18.3%. Hyperliquid is also in the red, down about 2.5% over the same period.

Bitcoin briefly approached $62,000 as escalating US-Iran tensions drove broad risk-off pressure. Trump announced plans to restore an “Iranian Blockade” restricting only Iranian vessels from the Strait of Hormuz, alongside a proposed 20% security fee on cargo transiting the waterway, while insisting the strait itself remains open.

Signs of a Possible Bottom Emerge

Several analysts pointed to signs that Bitcoin’s selling pressure may be easing. Wintermute trader Jasper De Maere said that Bitcoin held the $62,000 level despite escalating Middle East tensions, in contrast to comparable selloffs earlier this year, suggesting “weak hands have largely left.” Nexo analyst Dessislava Ianeva said average daily net selling has slowed sharply, from nearly 2,000 BTC in June to just 53 BTC in July.

US spot Bitcoin ETFs recorded $197 million in net inflows last week, ending eight consecutive weeks of outflows, though FxPro’s Alex Kuptsikevich cautioned the rebound is being driven mainly by derivatives traders rather than spot demand. Coinbase Institutional said Bitcoin’s roughly 2% decline amid multiple macro headwinds may itself be a bottoming signal.

Traditional Finance Pushes Deeper Into Tokenization

JPMorgan, Bank of America, Citi, Wells Fargo, and HSBC announced a joint tokenized deposit network operated by The Clearing House, aimed at countering the expansion of dollar stablecoins in payments, with a planned launch next year. Japan’s Progmat migrated its roughly $2.7 billion security token platform from a private Corda blockchain to the public Avalanche network, citing faster settlement and improved interoperability.

Separately, the US Securities Transfer Association urged the SEC to prioritize issuer-authorized tokenized securities over third-party synthetic tokens, warning the latter could obscure shareholder rights and expose investors to added custody risk.

Corporate and Institutional Moves

BitMine added another 27,801 ETH last week, pushing its total holdings to 5.77 million ETH, or about 4.8% of Ethereum’s supply. Strategy raised $466.7 million through its common stock program without purchasing additional Bitcoin, a move analysts at TD Cowen and Benchmark described as reinforcing “balance sheet discipline” rather than a bearish signal.

A US government-linked wallet transferred roughly $297 million in BTC and ETH to Coinbase Prime, while another government address dormant for four years moved 140 BTC to the exchange.

Fed Officials Flag Inflation Risk Ahead of CPI

Fed Governor Waller said that if this week’s core inflation data comes in hot again, the central bank would need to consider near-term rate hikes, describing policy as standing at a “crossroads.” He cited tariffs, energy prices, and AI-driven infrastructure demand as forces broadening price pressures beyond their original sources.

Coinbase Concedes Base Token Strategy Failure

Coinbase CEO Brian Armstrong publicly acknowledged that Base’s year-long creator token strategy failed, saying the network pivoted away from it earlier this year. Zora’s ZORA token, central to that strategy, has fallen about 95% from its peak, with market cap shrinking from roughly $800 million to about $30 million. Armstrong said Base’s roadmap now centers on trading, payments, and AI agents.

Other Developments

Bolivia said it is evaluating whether to incorporate USDT into its national payment system alongside the boliviano and US dollar, though the plan remains in early technical review. Telegram’s core t.me domain was suspended by its registry, temporarily breaking global access to Telegram links via that domain.

Related: UAE Advances Gulf of Oman Port Strategy to Reduce Hormuz Dependence