After three consecutive trading days of zero inflows, the US spot XRP ETF recorded net inflows again, pushing the sector's total net assets back above $1 billion. Meanwhile, SHIB burning increased significantly, but prices fell; Musk's initial X Money offering also did not include Bitcoin or Dogecoin.
XRP ETF resumes net inflows
Data shows that on July 28, the US spot XRP ETF saw a net inflow of approximately $592,000, all from Franklin Templeton products. Other issuers saw little change in funds that day, but this influx still pushed the sector's total net assets back above $1 billion.
The report mentions that some investors are linking this return of funds to news related to the US CLARITY Act. This act aims to provide clearer regulatory frameworks for the digital asset industry. While the text and pace of the bill remain uncertain, the public support from large asset management institutions is seen by the market as a positive sign.
SHIB destroyed 2.8 billion tokens in a week.
On-chain tracking data shows that the SHIB burn rate has increased by 9241% in the past 7 days, with approximately 2.8 billion tokens transferred to burn addresses. However, this change has not yet translated into price support. In the past 24 hours, SHIB has fallen by approximately 6.55%, trading around $0.00000465, with a market capitalization of approximately $2.74 billion.
The report suggests that after a rapid surge at the end of July, the market entered a period of correction, with some large holders taking profits. Given that the total supply of SHIB is still approximately 589 trillion tokens, the weekly burning of billions of tokens has a relatively limited effect on reducing the overall circulating supply.
X Money's initial offering did not include encrypted payments.
Elon Musk's X platform has launched its payment product, X Money, in the US, but neither the official website nor its descriptions mention any cryptocurrencies; Dogecoin and Bitcoin are not included in the initial offering. This contrasts with the cryptocurrency holdings of other Musk companies.
Public information shows that Tesla still holds 11,509 bitcoins, and SpaceX holds 18,712, for a combined total of 30,221 bitcoins. According to the article, this asset is worth close to $2 billion, but it has not yet entered X Money's payment system.
Bitcoin under pressure ahead of interest rate decision
Ahead of the Federal Reserve's interest rate meeting on July 29, Bitcoin's price action was weak, with the $63,800 level acting as a key support level. Reports indicate that traders are reducing their risk exposure, and the market is pricing in a 34% to 40% probability of an unexpected rate hike.
In terms of funding, the US spot BTC ETF recorded a net outflow of approximately $11.64 million on July 27, ending its previous inflow trend. In contrast, ETH, SOL, and XRP-related funds recorded net inflows of approximately $9.23 million, $1.03 million, and $592,000, respectively.
Additional information:The report also mentioned that Galaxy Digital has signed a contract to build an AI data center campus in Texas with an initial capacity of 74 megawatts, aiming to be operational by 2028, indicating that some crypto infrastructure is continuing to shift towards high-performance computing and AI needs.
