In the second quarter of 2026, applications on Ethereum generated about $1.79 billion in fees, but the base layer retained only $88.4 million, or 4.9%, widening the gap in value capture. ETH has remained below $2,000, roughly 60% off its 2025 all-time high. Only around 0.22 ETH was burned via blob fees over a recent seven-day period, weakening the earlier “ultrasound money” narrative. Even so, institutional activity on Ethereum continues to expand, contrasting with the token’s muted price performance.

Tokenized real-world assets (RWA) held in lending protocols and decentralized exchanges climbed from $2.3 billion to $7.4 billion over the past twelve months, a gain of more than 220%, according to a joint CoinShares and Token Terminal report. Over the same period, total DeFi deposits fell about 15% and DEX trading volume dropped roughly 70%. Tokenized Treasury products typically offer annual yields in the 3% to 5.5% range. CoinShares said those products can keep generating income even when posted as collateral.

Japan and the United States jointly intervened in FX markets, buying yen and selling euros, helping the Japanese currency rebound from a roughly 40-year low. U.S. Treasury Secretary Scott Bessent said Washington would continue to take part in coordinated action and reiterated the view that the yen is substantially undervalued. The yen-funded carry trade had supported risk assets including bitcoin, and renewed intervention risks weakening that underpinning and adding pressure to BTC. Investors are also watching potential knock-on effects for crypto-linked firms that hold large bitcoin positions.

JPMorgan said inflows into Hyperliquid (HYPE) spot ETFs have largely stopped, ending a two-month stretch in which the funds led non-bitcoin crypto ETF categories on an inflows-to-assets basis. The bank’s analysts estimated HYPE ETFs drew about $280 million cumulatively through June before reversing, with July posting more than $13 million in net outflows. They also cited a run of $29.8 million in outflows over twelve consecutive sessions through August 3. JPMorgan tied the shift to intensifying competition from newly regulated, U.S.-based perpetual futures platforms.

On Aug. 3, U.S. spot Bitcoin ETFs posted total net inflows of $170.1 million, reversing a $265.4 million net outflow recorded on July 31. BlackRock’s IBIT led with $111.4 million, followed by Fidelity’s FBTC at $33.4 million, while EZBC, BTCO and HODL also saw smaller gains. None of the 12 funds reported a net outflow, indicating a broader pickup in participation, according to Farside Investors.

Institutional wallets including Cumberland and Monetalis bought a combined $6.12 million of UNI at the $4.00 resistance level, while Wintermute previously moved more than $1 million of UNI through major exchanges. The concentrated buying coincided with large short liquidations in the $4.05–$4.15 range, creating mechanical demand that pushed UNI to $4.56. UNI has recently climbed back above $4.56 for the first time since May. If the price falls below $4.00, a potential downside target is $3.66.

Bitcoin climbed back above $64,000, while Ether reclaimed the $1,850 level. More than $95 million in short positions were forcibly liquidated across the market over the past four hours. The move reflects short-term bullish control and a concentrated squeeze in leveraged shorts. It also lifted major crypto assets broadly in a BTC-led sentiment reversal.

Global trading volume in tokenized stocks and ETFs climbed to $11.3 billion in July 2026, a record high, but the QQQB product accounted for 82% ($9.27 billion) of the total. Excluding QQQB, July volume was about $2.03 billion, down 30% from an estimated $2.91 billion in June. Binance bStocks made up 83.3% of overall activity, while volumes on xStocks fell and activity on Ondo and Backpack remained well below QQQB. The figures underline how concentrated and potentially unrepresentative the tokenized-equities market remains, creating a narrative challenge for projects tied to the theme without directly implying a price catalyst.