Losses from the ongoing Coldcard wallet exploit climbed to roughly $120 million this week, raising fresh questions about hardware-wallet security and prompting users to move funds. The activity pushed Bitcoin’s mempool backlog above 89,000 transactions on Tuesday, its highest level since February 2025, while active addresses and large-holder transfers also increased. Bitcoin nevertheless held near $65,000 by August 7 instead of extending the earlier selloff. The Crypto Fear & Greed Index improved to 29, or “Fear,” from 25 yesterday and last week and 20 last month, showing that sentiment remains cautious but has recovered from “Extreme Fear.”
BlackRock Expands Tokenized Money-Market Funds
BlackRock expanded its tokenized cash platform on August 3 with an Ethereum-based share class of an existing Treasury money-market fund and a new multichain stablecoin reserve vehicle. Both products are intended to qualify as reserve assets for permitted U.S. payment-stablecoin issuers under the GENIUS Act. A day later, the asset manager unveiled 12 tokenized share classes across six European money-market funds with a combined $311 billion in assets under management. The sterling, euro and dollar products use JPMorgan’s Kinexys platform and are aimed at corporate treasurers and other institutional cash managers.
Senate Pushes CLARITY Act Vote to September
The U.S. Senate will not vote on the Digital Asset Market Clarity Act before its August recess, pushing the next possible action into September. Senators are due to return on September 14, leaving a short window before the midterm elections to resolve the bill. CoinDesk reported that disagreements remain around an ethics provision covering President Trump’s crypto interests, law-enforcement language, agriculture provisions and stablecoin rewards. Because the bill needs 60 votes and may not yet have 50, the delay reduces the odds of a comprehensive U.S. crypto market-structure law passing this year.
Bitcoin ETFs opened Monday with $170.1 million in net inflows, led by BlackRock’s IBIT at $111.4 million and Fidelity’s FBTC at $33.4 million. Inflows accelerated to $211.5 million on Tuesday, with IBIT contributing $170.3 million. Wednesday was the strongest session at $244.4 million, driven by $196.8 million for IBIT and $37.6 million for ARKB, despite a $14.7 million HODL outflow. Thursday slowed to $9.3 million as HODL lost $32.8 million, offset by $14.9 million for MSBT and $11.2 million for FBTC. Overall, the funds collected $635.3 million across the reported sessions, showing a strong return of institutional demand.
Ethereum ETFs began Monday with $11.9 million in net outflows, as $9 million left ETHA and $7.8 million left ETHE, partly offset by $5.8 million for ETHB. Flows reversed sharply on Tuesday with $53.1 million in inflows, led by $42.5 million for ETHA and $9.3 million for FETH. Wednesday was the strongest session at $60.8 million, with ETHA adding $50.3 million and ETHB receiving $4.9 million. Thursday remained positive at $9 million, led by $4.5 million for ETH and $3.1 million for ETHE. Overall, Ethereum funds attracted $111 million across the reported sessions, recovering quickly from Monday’s weakness.
Cardano was the clear seven-day leader, rising 18.6%. CoinDesk linked ADA’s move to aggressive buying, record futures positioning and ecosystem progress involving Leios, Hydra, Mithril and Pyth integration, although the shrinking holder base suggests the rally remained relatively concentrated. Bitcoin, Ethereum, Litecoin, Metal Blockchain and Solana also finished positive, while Dogecoin through Stellar posted comparatively modest weekly losses. Overall, the results point to a selective recovery rather than a broad altcoin rally.
