Welcome to our 231st issue of State of the Market, where we provide an overview of crypto market activity from July 24-30, 2025.
This week in crypto markets:
- Crypto markets ended mostly flat as the Fed held rates steady for a fifth straight meeting.
- The SEC approved in-kind creations and redemptions for spot BTC and ETH ETFs.
- Tether reported $4.9B in Q2 profit in its latest attestation, with U.S. Treasury exposure topping $127B.
- Kraken is seeking to raise $500M at a $15B valuation ahead of a potential 2026 IPO.
- Nasdaq-listed 180 Life Sciences rebranded as ETHZilla, raising $425M to build an Ethereum-native corporate treasury.
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