Nightly crypto market news: Chainalysis lawsuit, Stripe acquisition, and Pump.fun criticism
While the market consolidated in a narrow range, events capable of reshaping the balance of power in the industry were unfolding behind the scenes. From legal battles in blockchain analytics to billion-dollar deals at the intersection of AI and crypto, we break down the most significant events of the past night.
Bitcoin and Ethereum: Restrained Correction
At the time of writing this review (08:35 Moscow time), Bitcoin was trading around $63,389. Overnight, on the 15-minute chart, quotes rose from $62,650 to $63,500, but over the week, the leading cryptocurrency fell by approximately 2.49%. Ethereum showed similar dynamics, hovering near the $1,897 mark. Over the day, the asset recovered from $1,868 to $1,904, yet the weekly decline amounted to about 1.17%.
In the top 20 by market capitalization over the week, Hyperliquid (HYPE) stood out with a gain of 8.69%. The laggards were XRP (-3.07%) and Solana (-1.75%). In the top 100, Velvet (VELVET) demonstrated a real surge, rising by 116.05%. Ether.fi (+30.10%) and Chainlink (+14.88%) also grew confidently. On the downside were Uniswap (-19.68%), Aptos (-12.34%), and LayerZero (-10.70%).
ETFs: Outflows from Bitcoin Funds
Spot Bitcoin ETFs lost approximately $389.71 million over the past week, indicating caution among institutional investors. At the same time, Solana products attracted $10.26 million, and Ethereum products brought in $2.26 million. This capital rotation points to a search for alternative opportunities amid uncertainty.
Over the last 24 hours, positions worth $114.03 million were liquidated. The largest liquidation order was recorded on Binance for the BTCUSDT pair, amounting to $2.98 million.
Court, Deals, and Criticism
Chainalysis has filed a lawsuit against U.S. authorities in the Court of Federal Claims. The company claims that the Department of Homeland Security and the immigration service ICE violated competitive procedures by directly entering into an exclusive contract with competitor TRM Labs. Chainalysis is demanding the cancellation of the deal. The court has imposed a protective order due to potential trade secrets, with oral hearings scheduled for September 2, 2026.
Payment giant Stripe is close to acquiring AI startup OpenRouter. The deal value exceeds $7 billion, although as recently as May 2025, the company was valued at $1.3 billion. OpenRouter positions itself as the "Stripe for the AI world," providing a unified interface for connecting to more than 400 models from various developers. About 8 million people use the service.
Curve Finance founder Michael Egorov criticized the Pump.fun platform, calling it a "casino of fraudulent memecoins." He also stated that Phantom's work with hardware wallets falls short of the MetaMask experience. ClawPump co-founder under the handle Tomi204 countered that Pump.fun merely provides a service, and responsibility for its use lies with users. Egorov retorted that software products often lose quality after gaining market recognition.
My take: The market is in an accumulation phase, but legal and corporate events could become a catalyst for asset revaluation. The Chainalysis lawsuit is not just a contract dispute but a signal of growing competition in the regulated analytics space. Stripe's acquisition of OpenRouter, in turn, strengthens the link between traditional finance and AI infrastructure, which could ultimately boost interest in cryptocurrency payment solutions.