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  • This 74% DeFi Token Spike Just Reignited the Altcoin Market

This 74% DeFi Token Spike Just Reignited the Altcoin Market

A stablecoin just stole the spotlight, pulling in $3.1 billion in 20 days—beating even BlackRock's flagship ETFs. At the same time, the SEC's new chairman is rewriting the rulebook, and a $43 million insider-linked hack has shaken trust across the industry.

The market isn't slowing down for anyone. Capital, policy, and security are all shifting at once—and missing these signals could mean missing the next big move.

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Market-Moving News

This week wasn't about hype—it was about moves with real weight.

Ethena's USDe stablecoin is crushing ETF inflows, the SEC is declaring that most crypto assets aren't securities, and CoinDCX just faced a $43 million breach from inside its own walls.

None of these stories stand alone. They reveal where money, regulation, and risk are all converging—and why sharp traders are watching the undercurrents, not the noise.

Markets

Ethena's USDe Outpaces BlackRock's ETFs With $3.1B Surge 

Ethena's synthetic stablecoin, USDe, added $3.14 billion in just 20 days—eclipsing flows into BlackRock's IBIT and ETHA combined.

Its supply now exceeds $8.4 billion, making USDe the fastest-growing digital asset in recent weeks.

The spike is powered by a reflexive design loop: rising crypto prices lift funding rates, which boost USDe's real-time yields. Higher yields attract more users, expanding supply and reinforcing protocol revenue.

Ethena's governance token, ENA, surged nearly 120% over the last month before pulling back 12% in the past 24 hours.

That move came as the protocol neared its final milestone to activate revenue sharing for staked ENA holders.

Data from DeFiLlama shows nearly $50 million in fees and $10 million in revenue in the past 30 days. That places Ethena among the top six DeFi protocols for monthly earnings.

USDe's funding capture mechanism hedges exposure to BTC and ETH while passing funding rewards to sUSDe holders.

This delta-neutral strategy has proven attractive in a rising market, especially as TradFi yields plateau.

Community-tracked on-chain metrics suggest this is the most aggressive growth phase since Ethena's February 2024 launch. Liquidity and demand have been reinforced by both retail and institutional flows.

For investors, Ethena's explosive growth is a signal that DeFi-native stablecoins are gaining serious ground.

If yield dynamics hold and ENA revenue-sharing kicks in, this could be a foundational shift in the stablecoin wars.

Policy

SEC's Atkins Says Most Crypto Assets' Are Not Securities' 

SEC Chairman Paul Atkins announced "Project Crypto," a sweeping new initiative to modernize securities laws for crypto markets. He stated outright that most crypto assets should not be considered securities.

The speech marks a dramatic departure from former Chair Gary Gensler's aggressive stance. Atkins is pushing for regulatory clarity that includes tailored exemptions, safe harbors, and disclosure rules.

Atkins says outdated regulations have stifled innovation and forced crypto firms overseas. His goal is to create simple, usable guidelines for asset classification, custody, trading, and fundraising.

The new SEC direction is aligned with the White House's Working Group recommendations. President Trump's administration wants the US to reclaim leadership in digital asset markets.

Atkins also backed the use of self-custody wallets and on-chain activity like staking. He went further, saying firms should be allowed to run crypto "super-apps" with diverse offerings under a single license.

This could include trading crypto asset securities, traditional assets, and staking services in one platform. Atkins also advocated for protections for software developers and clearer lines between disintermediated code and intermediated services.

For investors, the message is clear: the US may finally be moving toward rational crypto regulation. If implemented, this shift could unlock new capital, restore startup confidence, and ignite another wave of innovation.

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Security

CoinDCX Engineer Arrested After $43.4M Hack 

A CoinDCX software engineer has been arrested following last month's $43.4 million exploit. Police allege that internal credentials linked to the employee were used to breach the exchange's systems.

The engineer, Rahul Agarwal, denied direct involvement but admitted to freelancing for unknown overseas clients. Investigators are probing whether third-party malware or credential misuse enabled the exploit.

Police tracked suspicious WhatsApp calls from a German number and a 1.5 million rupee deposit to Agarwal's account. The stolen crypto was transferred to six wallets in a well-orchestrated attack.

CoinDCX's parent company, Neblio Technologies, confirmed that no customer funds were affected. The firm says it will cover all losses from treasury reserves.

Authorities suspect international actors may be involved, possibly including North Korean-affiliated groups. The tactics mirror earlier state-linked crypto hacks targeting exchange infrastructure.

The stolen funds have yet to be recovered, and global investigations are underway. So far, no additional arrests have been made.

For investors, this is another reminder that internal risks can be as dangerous as external threats. As DeFi and CeFi platforms scale, robust internal controls and employee vetting are just as critical as smart contract audits.

Coin Leaderboard

Crypto Pulse

Momentum snapped back into the small-cap altcoin market—and RHEA's 74% rally led the charge. With listings fueling breakouts and retail momentum heating up, volatility isn't waiting for confirmation.

Altcoins are surging while institutions circle and regulators redraw the rules. Traders aren't sitting on the sidelines—they're chasing the next big move before it hits the headlines. 📊

RHEA Finance (RHEA) $0.06557 (+74.19%)

RHEA takes the top spot on today's Crypto Pulse leaderboard, soaring 74.19% following its listing on Bitget.

Partisia Blockchain (MPC) $0.02860 (+32.16%)

MPC bounced back from late July corrections with a strong 32.16% rally in the past 24 hours, reigniting bullish momentum.

LUKSO (LYX) $0.9954 (+26.91%)

LYX extended its steady July rally, climbing another 26.91% in a single day as buying pressure intensified.

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Future Forward

The market's biggest moves never start with fireworks—they begin as whispers. While everyone's watching the spotlight, the real action slips in through the side door.

That odd chart, overlooked headline, or quiet volume shift? It could be the start of something huge. The savviest investors don't chase—they listen for the change in tempo before the beat drops.

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Crypto Know-How: What Are Crypto Treasury Firms?

Crypto treasury firms are public or private companies that buy and hold cryptocurrencies as part of their corporate strategy. Instead of just keeping cash or bonds, they add Bitcoin, Ethereum, or altcoins to their balance sheets to grow long-term value.

Think of them like crypto ETFs—but as actual businesses.

Investors buy stock in the company, which then uses that capital to accumulate crypto, often with the goal of gaining exposure without needing to directly buy tokens.

Some firms raise money specifically to buy crypto, while others pivot their entire business model to become digital asset holding companies.

A few even rebrand entirely to reflect their new focus—turning vape shops or biotech firms into crypto vehicles.

For investors, these firms offer a way to ride crypto upside through regulated equities. But if crypto prices fall or the firm's equity premium disappears, the risks can multiply just as quickly.

Everything Else

  • Ethereum Foundation's Justin Drake unveiled the "Lean Ethereum" roadmap focused on simplifying the protocol and preparing for future quantum computing threats.

  • Crypto treasury firms collectively announced or executed over $7.8 billion in crypto buys this week, with ETH and altcoins dominating the list.

  • Solv Protocol launched a new Bitcoin yield vault targeting over $1 trillion in idle BTC with multi-layer security and institutional-grade strategies.

  • Coinbase missed Q2 revenue expectations but highlighted strong stablecoin growth and new product launches like its "everything exchange."

  • Coinbase accused the FDIC of obstructing court-ordered disclosures related to Operation Chokepoint 2.0 and is seeking sworn testimony from officials.

That wraps it up for now—but the market's rhythm doesn't wait for headlines. The next breakout won't ask for permission or ring a bell—it'll already be halfway done before most traders even notice.

Best Regards,
— Benjamin Vitaris
Crypto Intel