Plus: The US government is putting data directly onchain

GM. Running on that Space Jam "secret stuff" energy - markets can’t handle our juice.

On the menu today:

🍍 Is the bull run dying, or just taking a power nap?

🇺🇸 The US is bringing economic data onchain.

🍋 PrimeXBT review, American Bitcoin going public + more

🍍 Market flavor today

Crypto Market Cap: $3.82T -3.23% (24H)
Name		Price	24H	7D
	Bitcoin BTC	$108,351.93	-4.02%	-5.32%
	Ethereum ETH	$4,303.54	-5.59%	-5.55%
	XRP XRP	$2.83	-5.98%	-4.73%
	BNB BNB	$860.24	-1.28%	0.16%
	Solana SOL	$209.32	-2.50%	10.71%

Bitcoin's been lowkey boring these past couple of days, which raises the big question: is this bull run run dying, or just taking a power nap?

CryptoQuant analyst Crypto Dan looked at this one metric to figure this out: long-term holder supply.

Basically, how much BTC hasn't moved for over a year.

In past cycles, when this number increased, prices would explode quickly, hit a crazy peak, then crash. Rinse and repeat.

In this cycle, tho', that growth is still happening, but the curve is flatter and slower.

Translation: the bull run isn’t moving as explosively as before, but it’s actually lasting longer.

And why's this happening? Dan points to a few big changes:

👉 Spot ETFs brought in a whole lotta institutional investors (pension funds, asset managers, even governments) who are buying Bitcoin steadily instead of in bursts.

This means way less volatility.

👉 Altcoins are stealing Bitcoin's thunder.

Previous cycles had 1 - 2 big alt seasons per year. Now we get mini alt seasons every 6 - 8 weeks as traders constantly rotate between Bitcoin, Ethereum, Solana, and other coins.

All these rotations keep Bitcoin from building those huge increases.

👉 Bitcoin isn't just a crypto thing anymore.

Instead of wild crypto-only hype cycles that burn out fast, Bitcoin's price follows slower-moving things like stock markets and bond yields.

This creates steadier, longer trends instead of the quick boom-bust cycles we used to see.

And what's coming next? Two things could disrupt the calm period for crypto:

👉 The Fed's expected to cut interest rates in September, which usually sends more money into riskier assets.

👉 In October, regulators might approve altcoin ETFs = those altcoins could get the same institutional boost that Bitcoin and Ethereum experienced.

Put that together, and the boring consolidation phase we’re seeing now might set up a stronger run in late 2025.

🥝 Memecoin harvest

These tokens are powered by nothing but broken dreams and ironic optimism 👍

Data as of 04:45 AM EST.

Check out these memecoins and plenty more here.

📊 US economic data goes onchain

Remember Uncle Roy from yesterday?

(If not, refresh your memory here.)

Well, he's back as today's supporting character because apparently, it's not just companies having their Unc Roy moment - entire governments are too.

The US government started publishing economic data onchain 👀

That means important stats like:

• GDP (how much stuff the country makes);

• PCE (inflation tracker);

• Real Final Sales to Private Domestic Purchasers (basically how much people are actually buying);

...will be published straight onto blockchains.

To make it happen, they’re working with two oracle networks - aka specialized delivery services for data:

👉 Chainlink - the bridge that takes raw government numbers and converts them into a format that blockchains, DeFi apps, and trading bots can actually use.

👉 Pyth Network - does something similar but focuses specifically on GDP stats (though they'll probably expand later).

Why use both? It's like having two pizza delivery services - if something goes wrong, you've still got backup.

Multiple networks mean the data reaches more blockchains with less chance of outages, manipulation, or data bottlenecks.

And here’s the takeaway from all this: blockchain can be used in MANY practical ways.

Matter of fact, not only can it be used, but it brings advantages no other system can offer:

👉 No more leaks

Right now, economic data sometimes leaks early to connected insiders → hedge funds sometimes trade seconds or minutes before the public even sees the numbers.

Onchain delivery = everyone gets it at the same second = fairer.

👉 Less manipulation

Markets currently depend on PDFs, press releases, or private data feeds that could be delayed or selectively shared.

Onchain delivery = the data can't be secretly changed later + everyone can see exactly when it was published = no “oopsie woopsie, we accidentally sent the wrong GDP number”.

👉 Aaaand new onchain products

Onchain delivery opens the door for devs to build entirely new things:

• Derivatives that track CPI changes;

• Prediction markets on GDP growth;

• Stablecoins that rebalance themselves based on real economic conditions;

• Etc, etc, etc.

Overall, this whole thing is a big deal, because it's the US government essentially saying "crypto-native technology works well enough for our most important economic announcements."

And that has two big consequences:

👉 For crypto itself → It legitimizes blockchain infrastructure, which makes it easier to justify building financial products directly onchain.

👉 For markets overall → It moves power away from insiders and private data vendors toward an open, transparent system where anyone - whether they’re a hedge fund or a DeFi user - gets the numbers at the exact same time.

If he understood anything about crypto, Uncle Roy would be proud. I think.

🍋 News drops you can't miss

👀 PrimeXBT caught our attention with its leverage options, so we decided to dig deeper. Here's our honest take on what it's really like to use.

⛏️ American Bitcoin, a Bitcoin mining company with Trump family ties, is going public on the Nasdaq next month. They finished merging with Gryphon Digital Mining and are now ready to list their shares.

🗳️ The Tron blockchain community is voting on a proposal to cut energy costs, which would mean cheaper fees for users. The proposal is close to getting enough votes to actually pass.

⚖️ The CFTC dropped some new rules that could let international crypto exchanges legally do business with US customers. These rules cover both regular trading and crypto markets.

📝 21Shares filed an application for a Sei ETF. If it gets approved, it’d be one of the first Sei funds in the US.

🍌 Juicy memes