Risk Premium Eases, Supporting Asset Rebound; BTC Consolidates Above $64K
🔍 Key Insights
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📊 Market Overview
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Easing US-Iran tensions reduced risk premiums and lowered inflation expectations. Combined with stronger AI investment return narratives and support from tech giants’ earnings, risk assets broadly strengthened. All three major US stock indices closed higher, led by technology and semiconductor stocks: ARM surged 17.36%, Intel and SanDisk gained over 10%, and SK Hynix rose more than 8%; SpaceX fell over 6% after its earnings report. Positive progress in negotiations over the reopening of the Strait of Hormuz pushed oil prices sharply lower, while US Treasury yields declined. BTC continued its consolidation recovery, finding support near $63,000 before rebounding gradually above $64,000 and reaching a high of around $64,500. However, selling pressure remained at higher levels, preventing a decisive breakout after multiple attempts. BTC remains in a sideways consolidation phase, with repeated pullbacks attracting buying support and short-term momentum improving.
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BTC: $64,104.6 (+0.92%); ETH: $1,870.11 (+0.52%); NASDAQ: 26,584.99 (+2.59%); S&P 500: 7,736.49 (+1.79%); Fear & Greed Index: 27 (previously 25) (Data as of: 2026-08-05 00:00 UTC)
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🧠 Market Insights
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The Ethereum community proposed EIP-8361 “Tapered Issuance Burn” to optimize ETH issuance mechanisms and address inflationary pressure and centralization risks caused by rising staking participation. ETH staking has now exceeded one-third of total supply. The proposal introduces dynamic burning of validator rewards based on staking levels, with net staking returns gradually declining to zero when the staking ratio reaches around 50%. This aims to prevent excessive staking growth, reduce supply dilution, and limit concentration of staking power among large institutions. Combined with EIP-1559 and Blob fee burn mechanisms, ETH may enter net deflation more frequently in the future, potentially shifting its positioning from a yield-generating staking asset toward a store-of-value asset and prompting a reassessment of ETH’s long-term economic model.
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Meanwhile, RWA and on-chain financial infrastructure continue to expand, with tokenized assets becoming an important bridge between traditional finance and DeFi. Uniswap is developing the token issuance platform “Pools” on Robinhood Chain, while Dinari and Circle are working together to bring S&P 500 components on-chain, connecting tokenized equities with stablecoin infrastructure and traditional securities markets. The market capitalization of tokenized US Treasury assets has reached $16.2 billion, up 77% since the beginning of the year, with some DeFi leveraged strategies generating annualized yields above 10%. DeFi total value locked (TVL) rebounded to $73.8 billion in July, ending a six-month decline and indicating gradual recovery in on-chain capital demand and yield opportunities.
Macroeconomy
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US-Iran Situation: Negotiations between the US and Iran regarding the reopening of the Strait of Hormuz have shown positive signals, although no formal agreement has been reached. US Treasury Secretary Bessent stated that both sides could reach a deal within the next 1–2 days to reopen the Strait of Hormuz. Iran said talks with Oman regarding management of the Strait of Hormuz have made positive progress and that it is considering allowing European countries to conduct mine-clearing operations in the strait. However, there is currently no confirmed schedule for direct US-Iran negotiations, with communications still being conducted through intermediaries, making the timing of any agreement uncertain.
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Reports indicate that the US government is expected to extend the temporary waiver of the Jones Act in the coming days to ease domestic fuel supply pressure and reduce gasoline prices.
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The US is seeking public comments on expanding the scope of products subject to metal tariffs, including potential tariffs on products such as welding machines and cranes.
Industry Events
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Cloudflare launched a stablecoin wallet designed for AI agents, supporting API-based and online content payments.
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BNY Mellon partnered with Galaxy to launch institutional cryptocurrency staking services.
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Circle and Dinari will collaborate on a tokenized US equities platform, with plans to bring S&P 500 components on-chain.
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Wells Fargo will launch tokenized deposit services for corporate clients.
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A New York federal judge rejected the CFTC’s emergency request to suspend New York State’s lawsuit against Kalshi, continuing the federal-state jurisdiction dispute.
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Uniswap will launch the token issuance platform Pools on Robinhood Chain; infrastructure is live but the product has not yet opened.
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Nigeria approved tokenized asset issuance, with trading platform NASD PLC planning to officially launch the service early next month.
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Kalshi continues efforts against insider trading in prediction markets and partnered with compliance firm Comply.
Alpha Project Performance
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CASHCAT: Following the announcement of its planned token issuance platform, social media FOMO sentiment increased, with continued growth in holder addresses driving price momentum. The token rose over 24% intraday.
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SKR: Seeker’s one-year anniversary ecosystem activities are underway. Combined with first-season staking yields of around 20% APR and integration with Titan on-chain trading and LootGo’s gaming ecosystem positioning, community activity increased significantly, trading volume surged 11x, and the token gained around 35% intraday.
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PUMP: Pump.fun’s weekly revenue surpassed Hyperliquid for the second consecutive week. Combined with bullish commentary from multiple KOLs, market expectations improved, driving the token up over 13% intraday.
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HOME: Korean exchanges launched HOME/KRW and HOME/USDT trading pairs. Supported by Korean market inflows, trading volume increased approximately 2.2x, and the token gained around 30% intraday.
This Week’s Outlook
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August 5: Circle and AMD release earnings reports; ENA unlocks 1.97% of circulating supply, valued at approximately $15.36 million.
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August 6: US initial jobless claims for the week ending August 1; SanDisk and Western Digital release earnings reports; HYPE unlocks 0.19% of circulating supply, valued at approximately $22.66 million.
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August 7: US July nonfarm payroll data release; 2027 FOMC voter and Richmond Fed President Barkin, and 2028 FOMC voter and St. Louis Fed President Musalem, deliver speeches.
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August 8: STABLE unlocks 3.56% of circulating supply, valued at approximately $30.57 million.
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August 9: AVNT unlocks 8.78% of circulating supply, valued at approximately $2.44 million; GMT unlocks 1.88% of circulating supply, valued at approximately $2.43 million.
