The past 24 hours have been landmark for the crypto industry: the market experienced a powerful growth impulse, and the regulatory landscape in Asia underwent important changes. I have analyzed price dynamics, capital flows, and key corporate events to present you with a complete picture of what is happening.
Bitcoin and Altcoins: A Wave of Bullish Sentiment
The leading cryptocurrency demonstrated an impressive reversal. At the time of writing this review (09:05 Moscow time), BTC is trading around $69,329, up 8.09% over the day. Overnight, the asset surged from $64,000 to the $70,000 mark, after which it corrected to current levels. This is a classic example of stop-order liquidation and forced closure of short positions.
Ether (ETH) showed even more aggressive growth — up 17.42% in 24 hours, rising from $1,900 to peak values around $2,280. In the top 100 by market capitalization, the leaders were Hyperliquid (HYPE) with a gain of 22.25%, Solana (SOL) and XRP, adding 10.53% and 10.41% respectively. Only a few tokens ended up as laggards, such as STABLE (-3.84%) and JUST (-1.49%).
Capital Returns to ETFs
Flows into spot exchange-traded funds confirm a shift in institutional sentiment. Over the day, bitcoin ETFs attracted $517.19 million, while ether products brought in $189.15 million. This signals a return of risk appetite after a period of uncertainty. Notably, XRP funds also recorded an inflow of $2.35 million, whereas Hyperliquid ETFs lost $1.97 million.
Regulatory News: BitGo and OKX
The key event was BitGo receiving a VASP license in South Korea. This is the first case where a foreign crypto player has obtained the status directly, rather than through the purchase of a local licensed business. The FIU's decision will allow BitGo Korea to serve institutional clients in the custody and transfer of digital assets. This is a strategic move that opens access to one of the most challenging but promising Asian markets.
In parallel, the OKX exchange restricted employees in Hong Kong from accessing Anthropic's AI model Claude. The reason was potential violations of regional usage rules. The exchange itself is actively investing in AI — from $6 to $8 million monthly — but is forced to maneuver between innovation and compliance. This is a vivid example of how geopolitical restrictions affect the operational activities of crypto businesses.
Macroeconomic Background: The Fed Remains Cautious
The published minutes of the July FOMC meeting indicate that inflationary pressure remains above the 2% target. Most committee members spoke in favor of holding the rate, although some allowed for a 0.25 percentage point increase. Separately, the regulator warned of risks of overheating in the AI market and leverage, which could trigger a broader correction.
My view: The current surge is not just a technical rebound, but the result of a convergence of macroeconomic signals and institutional demand. However, if the Fed maintains its hawkish rhetoric and there are risks of a correction in equity markets, cryptocurrencies will find it difficult to hold current levels without new drivers. I recommend closely monitoring ETF flows and inflation data in the coming weeks.