August 8, 2025
Your weekly pulse on markets, narratives, protocols, and policy.
Market Pulse
Michigan State Pension Triples Bitcoin ETF Holdings to $11.4M in Q2
As of March 31, the $19.3 billion pension fund held 100,000 shares, according to a 13F filing with the U.S. Securities and Exchange Commission on Monday.
Alongside Bitcoin, Michigan also holds a steady Ethereum allocation through 460,000 shares of the Grayscale Ethereum Trust (ETHE), currently valued at around $13.6 million, a position it has maintained since September 2024.
Ethereum transaction volumes see year-high amid SEC staking drama
Transactions on the Ethereum network have reached a one-year high as the US Securities and Exchange Commission issues new guidance on staking.
This comes amid historical highs in Ether staked on the network; according to Dune Analytics, over 36 million Ether is now staked on Ethereum, representing nearly 30% of the total token supply.
Narratives to Watch
AMINA Bank Becomes First Bank Globally to Support SUI Trading and Custody as it Enters Wider Public Markets
ZUG, Switzerland–(BUSINESS WIRE)–AMINA Bank AG (“AMINA”), a Swiss Financial Market Supervisory Authority (FINMA)-regulated crypto bank with global reach, today becomes the first regulated bank worldwide to offer custody and trading services for SUI, the native token of the Sui blockchain, renowned for its speed, scalability, and institutional-grade applications. Staking on SUI will be available to clients in the coming months.
XRP Rises as a Premier Investment in the Cryptocurrency Landscape
Protocol Watch
Aave hit by phishing attack day after reaching $60B in net deposits
Soon after decentralized liquidity protocol Aave announced it had surpassed $60 billion in net deposits, scammers launched a phishing campaign targeting its users through Google Ads, according to security researchers.
On Wednesday, Aave said that it had become the first decentralized finance (DeFi) protocol to accumulate $60 billion in net deposits across 14 networks. According to Token Terminal data, Aave’s net deposits have more than tripled in the past year from about $18 billion in August 2024.
Coinbase to levy 0.1% fee for USDC to US dollar swaps over $5M
Coinbase will start levying a 0.1% fee for conversions of the stablecoin USDC to US dollars for net conversions above $5 million, as the crypto exchange has recently struggled with its earnings.
Sui News: Mill City Ventures Secures $500M for Treasury Expansion
SUI News: Mill City Ventures III has announced a $500 million equity agreement to expand its Sui (SUI) treasury position. The firm currently holds 76.2 million SUI tokens worth $276 million after this week’s initial $450 million raise. Mill City shares fell 11.4% to $4.91 following the announcement despite being up 165% since July 24. The company represents the only public SUI treasury with an official Sui Foundation relationship.
Regulatory Radar
Dubai and UAE move to align crypto frameworks under new partnership
This man used a Coinbase-like URL — Now he’s facing a major lawsuit
Coinbase, one of the world’s most prominent cryptocurrency exchanges, has sued Tobias Honscha, a German national, in a US federal court, accusing him of misusing the domain name “coinbase.de.”
The company alleges that Honscha engaged in cybersquatting, violated affiliate program rules and posed significant phishing risks by operating email services from the domain.
Moonrig Perspective
Markets are maturing — and so are narratives.
Real opportunity now lies in utility-backed protocols, tokenomics with intent, and cross-chain infrastructure.
This is where Moonrig gives you the edge:
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Strategic portfolio design via BUIDL
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