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XRP surged 7% amid speculation that the ongoing SEC lawsuit could soon settle. Also, ETH saw positive inflows for the first time in days.

Markets

XRP Surges 7% Amid Ripple-SEC Settlement Hopes (3 minute read)
XRP, saw a 7% surge in just 24 hours, hitting over 64 cents for the first time since March 25. This boost comes as optimism grows among traders, coinciding with a large scheduled token unlock and rising hopes for a settlement in the long-standing SEC vs. Ripple lawsuit.

The SEC filed to amend its complaint against Binance, hinting at a shift in focus to "Third Party Crypto Asset Securities." This could mean the judge won't have to decide on the status of tokens like Solana's SOL and Polygon's MATIC as unregistered securities right now. Though no specific tokens were named, traders are speculating that this might signal an imminent resolution to the Ripple case.

US spot Ethereum ETFs saw $33.6 million in net inflows, ending negative flow streak (2 minute read)
The nine U.S. spot Ethereum ETFs saw net inflows of $33.67 million on Tuesday, breaking a four-day streak of negative flows.

Grayscale Ethereum Trust (ETHE) was the only one in the red, with a hefty $120.28 million in net outflows, marking consistent outflows since its debut on July 23.

This was offset by major inflows from other players. BlackRock’s ETHA recorded $117.98 million in net inflows, Fidelity’s FETH saw $16.36 million flow into the fund, and the Grayscale Ethereum Mini Trust recorded $12.36 million in net inflows.

ZKX plunges 50% as protocol winds down services due to low user demand (2 minute read)
ZKX Protocol, the first perpetual futures exchange on Starknet, is shutting down due to lack of user engagement.

In an X post on July 31, ZKX Protocol founder Eduard Jubany Tur announced the decision, expressing regret and citing the inability to find "an economically viable path for the protocol." Tur mentioned multiple factors, including minimal user engagement and significantly reduced trading volumes, as reasons for the closure.

Following this announcement, the price of the ZKX token plunged by over 50%, now trading around $0.015.

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Misc

DraftKings Kills Fantasy Sports NFT Business Amid Class Action Lawsuit (4 minute read)
The fantasy sports giant DraftKings has abruptly ended its Polygon-powered NFT experience, Reignmakers, effective immediately.

In an email to users, DraftKings cited “recent legal developments” as the reason for discontinuing Reignmakers and its associated NFT marketplace. Users can now either cash out their game pieces or withdraw them to a self-custodial wallet.

Launched in 2021, Reignmakers allowed users to compete in fantasy sports contests across football, golf, and mixed martial arts. The NFTs’ values fluctuated based on athletes' performances and could be resold on a dedicated marketplace.

Bitcoin could be a ‘store of value’, says Goldman Sachs CEO (2 minute read)
In a CNBC interview today, Goldman Sachs CEO David Solomon remarked that bitcoin “could be a store of value.”

Responding to CNBC’s Joe Kernan about bitcoin's viability as a reserve asset, Solomon compared it to gold reserves. However, he also noted that bitcoin might be a “speculative investment” lacking a “real use case,” despite the underlying technology being “super interesting.”

Solomon further likened bitcoin to gold, emphasizing that it’s a non-productive asset that doesn’t generate income.

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