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Tornado Cash Banned in the US, Game dApps Thriving, and More!

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Game dApps Bitcoin barely moved over the past seven days while Ethereum saw an increase in price by 4.9%. Avalanche recorded a 21.31% increase week-over-week, following its listing on Robinhood on August 8 alongside Stellar. Other outliers from this past week are Chainlink and Polkadot, each recording an increase of 19.7% and 16.27% respectively, in addition to Binance Coin whose price increased by almost 14%; all on the back of developments which we will delve deeper into further in this newsletter.

Bitcoin barely moved over the past seven days while Ethereum saw an increase in price by 4.9%. Avalanche recorded a 21.31% increase week-over-week, following its listing on Robinhood on August 8 alongside Stellar. Other outliers from this past week are Chainlink and Polkadot, each recording an increase of 19.7% and 16.27% respectively, in addition to Binance Coin whose price increased by almost 14%; all on the back of developments which we will delve deeper into further in this newsletter.

Key Takeaways

• New bipartisan bill wants to hand jurisdiction over BTC and ETH to CFTC
• Wallet addresses holding 100 ETH or more increase ahead of Merge
• USDT, FRAX to honor redemptions on new POS ETH chain, won’t support POW fork
• Gaming dApps account for 60% of all blockchain activity in July
• Multiple ETHPOW forks are expected to launch post-merge

Macro, Regulations; Spot, and Derivatives Markets

Bank of England raised interest rates to 1.75% in the biggest increase since 1995, while estimating inflation to peak at 13.3% in October. July’s US inflation data is scheduled to be released on August 10 and the next Federal Reserve meeting is slated to take place on September 21.

In its earnings report, Microstrategy reported a $918M impairment charge on its Bitcoin holdings in Q2, compared to $414.2M for Q2 of 2021. On the back of that news, former CEO of Microstrategy Michael Saylor stepped down to assume the role of executive chairman to focus primarily on innovation and long-term corporate strategy, while continuing to provide oversight of the Microstrategy’s Bitcoin acquisition strategy as head of the Board’s Investments Committee.

A new bipartisan legislation wants to hand the regulatory authority over Bitcoin and Ethereum to the Commodities Futures Trading Commission (CFTC). There has been a long dispute in Congress over whose place it is to regulate cryptoassets, the Securities and Exchange Comission (SEC) or the CFTC. The Digital Commodities Consumer Protection Act of 2022 grants the CFTC ”exclusive jurisdiction” over cryptocurrency trades that meet commodities law. Aiming to bring more clarity into the space, the bill aims to introduce a new term “digital commodity,” leaving it up to the CFTC to define.

The SEC charged 11 people linked to Forsage for fraud, calling the decentralized smart contracts platform a textbook pyramid scheme. A few days later, documents were leaked to the public showing that the SEC had open cases on all US-based crypto exchanges, along with Binance. More law enforcement that took place last week:

• New York State Department of Financial Services marked its first crypto law enforcement action by fining Robinhood $30M for violating cybersecurity and AML laws, an event the company has been expecting since last year.
• Celsius is facing a lawsuit from over 300 of its custody clients claiming rightful ownership of $180M of firm’s assets locked in bankruptcy proceedings.
• Portuguese banks closed accounts of crypto exchanges, on the back of “suspicious transactions.”

Senator Elizabeth Warren of Massachusetts wants Office of the Comptroller of the Currency to rewrite guidelines permitting banks to hold reserve-backed stablecoins like USDC and USDT. Meanwhile, the European Central Bank called stablecoins and Bitcoin problematic while calling central bank digital currencies a “holy grail” for cross-border payments in a report published earlier this month.

On-chain Indicators

Figure 1: Lightning Network Capacity

Source: Glassnode

The Lightning Network, which allows for near-instant transaction finality, has almost 4.5K BTC in its capacity, which means over $100M are ready for peer-to-peer payments on the Bitcoin blockchain network. That is 500 more BTC since June.

Figure 2: Addresses with 100 ETH or more

Source: Glassnode

Ethereum is leaving 2018 levels in terms of wallets holding 100 ETH or more. Over the past week, wallets holding 100 ETH or more have increased by more than 200.

Read the full report here

Media Coverage

Our Director of Research Eliezer Ndinga was featured on Blockworks to talk about price developments and market sentiment. You can read more here.

In other news, our very own research associate Carlos Gonzales was featured on Forbes to discuss Litecoin. You can read more about it here.

Last but not least, we’re thrilled to welcome Sherif El-Haddad as 21Shares’ first Head of Middle East Sales as we expand into new markets. You can read more here.
News

Tornado Cash Just Got Banned in the US

What happened?

The US Department of Treasury banned Tornado Cash, a decentralized protocol used to obfuscate the trail of transactions for privacy, for facilitating the laundering of the proceeds of cybercrimes, according to the statement. The US Treasury said that Tornado Cash has been used to launder more than $7B worth of cryptoassets since it launched in 2019. That figure amounts to the total value of cryptoassets that have been sent through Tornado Cash since launch.

Why does it matter?

The move comes after the US Treasury linked the $600M+ Ronin Bridge exploit to North Korean cybercriminal Lazarus Group, which sent approximately $80.3M worth of ETH through Tornado Cash, according to blockchain analytics firm Elliptic.

Back in July, Chainalysis revealed that 10% of all funds coming from illicit addresses are sent to crypto mixers, such as Tornado Cash and Blender.io which has been recently sanctioned earlier by the US on the back of the infamous Axie Infinity hack.

Tornado Cash announced in April that it’s using Chainalysis’ oracle contracts to block wallet addresses sanctioned by the US. ”Maintaining financial privacy is essential to preserving our freedom; however, it should not come at the cost of non-compliance,” said the Tornado Cash team.

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Michael Saylor’s bold Bitcoin bet and Strategy’s risk analysis

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Michael Saylor’s bold Bitcoin bet and Strategy’s risk analysis Bitcoin price technical analysis: Where are the liquidation levels?
  • Michael Saylor’s bold Bitcoin bet and Strategy’s risk analysis
  • Bitcoin price technical analysis: Where are the liquidation levels?
  • What are real-world assets and why do we need tokenization?

Michael Saylor’s bold Bitcoin bet and Strategy’s risk analysis

Strategy (formerly MicroStrategy) has amassed a staggering $43 billion in Bitcoin, positioning itself at the forefront of the corporate “reserve race.” Under the leadership of Bitcoin maximalist Michael Saylor, the company now boasts an $84 billion market cap. But with such an aggressive strategy, how sustainable is its approach—and what risks lie ahead? We break it down in today’s analysis.

Bitcoin price technical analysis: Where are the liquidation levels?

A drop below $72,000 could flush longs, while a breakout above $90,000 may squeeze shorts. One key positive indicator is that Bitcoin continues to print higher lows since March 10, which preserves a bullish market structure in our view. Dive into our technical analysis.

What are real-world assets and why do we need tokenization?

Imagine owning a slice of a skyscraper or a piece of fine art with just a few clicks. Tokenization, the act of converting ownership rights to real-world assets (RWAs) into tradable tokens, has surpassed $10 billion in on-chain value, unlocking global 24/7 access to once-exclusive markets with liquidity, efficiency, and yield. Find out how it works.

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.

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BSE0 ETF köper bara företagsobligationer med förfall 2030

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Invesco BulletShares 2030 EUR Corporate Bond UCITS ETF EUR Acc (BSE0 ETF) med ISIN IE000I25S1V5, försöker följa Bloomberg 2030 Maturity EUR Corporate Bond Screened-index. Bloomberg 2030 Maturity EUR Corporate Bond Screened Index följer företagsobligationer denominerade i EUR. Indexet speglar inte ett konstant löptidsintervall (som är fallet med de flesta andra obligationsindex). Istället ingår endast obligationer som förfaller under det angivna året (här: 2030) i indexet. Indexet består av ESG (environmental, social and governance) screenade företagsobligationer. Betyg: Investment Grade. Löptid: december 2030 (Denna ETF kommer att stängas efteråt).

Invesco BulletShares 2030 EUR Corporate Bond UCITS ETF EUR Acc (BSE0 ETF) med ISIN IE000I25S1V5, försöker följa Bloomberg 2030 Maturity EUR Corporate Bond Screened-index. Bloomberg 2030 Maturity EUR Corporate Bond Screened Index följer företagsobligationer denominerade i EUR. Indexet speglar inte ett konstant löptidsintervall (som är fallet med de flesta andra obligationsindex). Istället ingår endast obligationer som förfaller under det angivna året (här: 2030) i indexet. Indexet består av ESG (environmental, social and governance) screenade företagsobligationer. Betyg: Investment Grade. Löptid: december 2030 (Denna ETF kommer att stängas efteråt).

Den börshandlade fondens TER (total cost ratio) uppgår till 0,10 % p.a. Invesco BulletShares 2030 EUR Corporate Bond UCITS ETF EUR Acc är den billigaste och största ETF som följer Bloomberg 2030 Maturity EUR Corporate Bond Screened index. ETFen replikerar det underliggande indexets prestanda genom samplingsteknik (köper ett urval av de mest relevanta indexbeståndsdelarna). Ränteintäkterna (kupongerna) ackumuleras och återinvesteras.

Invesco BulletShares 2030 EUR Corporate Bond UCITS ETF EUR Acc är en mycket liten ETF med tillgångar på 6 miljoner euro under förvaltning. Denna ETF lanserades den 18 juni 2024 och har sin hemvist i Irland.

Produktbeskrivning

Invesco BulletShares 2030 EUR Corporate Bond UCITS ETF Acc syftar till att ge den totala avkastningen för Bloomberg 2030 Maturity EUR Corporate Bond Screened Index (”Referensindexet”), minus avgifternas inverkan. Fonden har en fast löptid och kommer att upphöra på Förfallodagen.

Referensindexet är utformat för att återspegla resultatet för EUR-denominerade, investeringsklassade, fast ränta, skattepliktiga skuldebrev emitterade av företagsemittenter. För att vara berättigade till inkludering måste företagsvärdepapper ha minst 300 miljoner euro i nominellt utestående belopp och en effektiv löptid på eller mellan 1 januari 2030 och 31 december 2030.

Värdepapper är uteslutna om emittenter: 1) är inblandade i kontroversiella vapen, handeldvapen, militära kontrakt, oljesand, termiskt kol eller tobak; 2) inte har en kontroversnivå enligt definitionen av Sustainalytics eller har en Sustainalytics-kontroversnivå högre än 4; 3) anses inte följa principerna i FN:s Global Compact; eller 4) kommer från tillväxtmarknader.

Portföljförvaltarna strävar efter att uppnå fondens mål genom att tillämpa en urvalsstrategi, som inkluderar användning av kvantitativ analys, för att välja en andel av värdepapperen från referensindexet som representerar hela indexets egenskaper, med hjälp av faktorer som index- vägd genomsnittlig varaktighet, industrisektorer, landvikter och kreditkvalitet. När en företagsobligation som innehas av fonden når förfallodag kommer kontanterna som fonden tar emot att användas för att investera i kortfristiga EUR-denominerade skulder.

ETFen förvaltas passivt.

En investering i denna fond är ett förvärv av andelar i en passivt förvaltad indexföljande fond snarare än i de underliggande tillgångarna som ägs av fonden.

Förfallodag: andra onsdagen i december 2026 eller sådant annat datum som bestäms av styrelseledamöterna och meddelas aktieägaren

Handla BSE0 ETF

Invesco BulletShares 2030 EUR Corporate Bond UCITS ETF EUR Acc (BSE0 ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRONordnet, Aktieinvest och Avanza.

Börsnoteringar

BörsValutaKortnamn
XETRAEURBSE0

Största innehav

NamnCUSIPISINKupongräntaVikt %
Fresenius SE & Co KGaA 5.125% 05/10/30D2R9K1AL3XS26987136955.1252.55%
Mercedes-Benz Group AG 2.375% 22/05/30D1668RZW0DE000A289XG82.3752.19%
Akzo Nobel NV 1.625% 14/04/30N01803YV6XS21565982811.6252.08%
Eni SpA 0.625% 23/01/30T3666JJV9XS21073154700.6251.98%
Prologis International Funding II 2.375% 14/11/30L7763MAD2XS19046903412.3751.78%
REWE International Finance BV 4.875% 13/09/30N74119AA1XS26798981844.8751.65%
CaixaBank SA 4.25% 06/09/30E2R193R97XS26768144994.2501.64%
Verizon Communications Inc 4.25% 31/10/30XS25508811434.2501.64%
Liberty Mutual Group Inc 4.625% 02/12/30U52932BR7XS25616473684.6251.62%
AXA SA 3.75% 12/10/30F0609NBG2XS25372511703.7501.60%

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US regulatory shift provides a beacon for optimism

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Since President Trump appointed Mark Uyeda as acting SEC chair two months ago, many investigations into crypto businesses have been dropped, as the SEC moves away from regulation by enforcement and works to create a framework for digital assets. As regulations become clearer and news flow turns more positive, crypto prices—which dropped sharply this week—should begin to better reflect the new regulatory landscape in the US.

Since President Trump appointed Mark Uyeda as acting SEC chair two months ago, many investigations into crypto businesses have been dropped, as the SEC moves away from regulation by enforcement and works to create a framework for digital assets. As regulations become clearer and news flow turns more positive, crypto prices—which dropped sharply this week—should begin to better reflect the new regulatory landscape in the US.

We believe this regulatory shift could ultimately help trigger the next leg of the current bull run, as investors better understand the significance of regulatory clarity and seek to acquire bitcoin and altcoins at what we believe are currently very favorable levels.

Market Highlights

SEC Dismisses Crypto Enforcement Actions

The SEC dropped its enforcement actions against crypto-related companies Kraken, Consensys, and Cumberland DRW.

This indicates a shift in SEC’s regulatory approach, favoring clearer guidelines over enforcement actions. Such a pivot could foster a more predictable environment, encouraging innovation within the sector.

Banks to Engage in Crypto Activities

The FDIC has rescinded previous guidelines which prevented financial institutions from engaging with crypto activities without prior sign-off.

By removing bureaucratic hurdles, banks may more readily offer crypto-related services, potentially leading to broader adoption and integration of digital assets.

Bitcoin ETFs Inflow Streak Surpassed $1 Billion

US spot Bitcoin ETFs have recorded a 10-day inflow streak exceeding $1 billion marking the longest such streak in 2025.

This underscores growing institutional and retail investor confidence in Bitcoin as an asset class that helps increase market stability and possibly paving the way for the approval of other crypto-based financial products.

Market Metrics

All NCITM constituents had negative performance last week, with XRP (-10.8%) and UNI (-10.7%) seeing the steepest declines. ETH also experienced a sharp drop (-9.1%), contributing to NCITM’s underperformance relative to BTC (-2.9%). The NCITM -4.2% decline reflects a broader risk-off sentiment in the crypto market, as investors reassess their positions amid ongoing macroeconomic uncertainties.

NCITM (-4.2%) extended its underperformance last week, deepening year-to-date losses. Traditional indices like the S&P 500 (-1.5%) and Nasdaq 100 (-2.4%) saw smaller declines. The gap between crypto and other risk assets continues to widen, while gold has emerged as the top performer in 2025, gaining nearly 20% amid ongoing macroeconomic uncertainties. This trend highlights a growing risk-off sentiment, with investors shifting toward defensive assets and away from high-volatility investments.

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