One Liners: Crypto Market Drivers — 6 Charts That Matter Now
Actionable Market Insights
One-liners across all four coverage areas: Treasury Companies, Diversified Crypto, Bitcoin Mining, and Macro & Crypto FX.
Thanks to everyone who took the time to meet us at our London and Berlin drinks events; it was great seeing so many of you.
Our next 10x Research subscriber get-together will likely be in Hong Kong at the end of August, followed by a Token2049 side event in Singapore in early October.
We’re incorporating some of the feedback and suggestions we received, and will resume normal operations next week. Hope everyone had a great summer; it feels like a great setup for the next leg higher.
CRYPTO CURRENCIES
Bitcoin — Coldcard exploit and large exchange inflows drove selling, while U.S.-Qatar progress on Iran/Hormuz lifted risk appetite; CLARITY Act delay remains a headwind.
Ethereum — EIP-8363’s proposed validator-reward burn sparked backlash, but ETF inflows and continued BitMine accumulation kept sentiment constructive.
BNB Chain — Legal action over a memecoin launch and a weak VanEck BNB ETF contrasted with a large token burn and expanding RWA integration.
Cardano — Heavy whale accumulation and a 20.8% weekly gain came alongside progress on Injective interoperability and CME futures seasoning ahead of a possible spot ETF.
Ethena — Named a top altseason pick as USDe integrations expand and whale buying restores confidence after months of consolidation.
Polkadot — Moonbeam’s migration to Base pressured DOT, but the token still outperformed the market on strong whale buying.
Monero — Gained recognition as a VPN payment method and was delisted from the closing BitMEX, with roadmap upgrades ahead despite falling volume.
Algorand — Rolled out post-quantum signature support and passed 160,000 x402 payment transactions, reinforcing its infrastructure push.
Pump.Fun — A large fee buyback-and-burn program and record Solana network activity drove a 19.3% weekly gain, even as Robinhood Chain launched a competing platform.
THORChain — Advancing its v3.19 exploit-recovery upgrade while facing scrutiny for its role in laundering funds from recent hacks.
MACRO
S&P 500 — Middle East ceasefire progress and Amazon’s $3T milestone lifted sentiment before oil’s rebound and weak earnings (Honeywell, UWM, SanDisk/WD) pulled markets back.
Nasdaq — Microsoft’s record one-day surge and strong AI-driven earnings offset an 8% Apple drop tied to supply and pricing warnings from Tim Cook.
Dollar Index — Fell to six-week lows on declining oil and reduced Fed hike expectations, though resilient U.S. data keeps a September hike in play.
Gold — Rose as easing Hormuz-related energy risk and softer yields trimmed rate-hike odds. China buying large amounts in Q2.
10-Year Treasury Yield — Initially fell on dovish Fed bets from weak ADP data, then reversed after Iran’s restrictive Strait conditions pushed oil and inflation concerns back up.
CRYPTO EQUITIES
Bitcoin Mining
Marathon Digital — Missed Q2 estimates with a $611M net loss and insider-selling signals, though it added directors to support its AI infrastructure pivot.
Bitdeer — Signed a $4.7B, 16-year AI/HPC data center lease in Norway, underscoring its shift beyond Bitcoin mining with high projected margins.
Cipher Digital — Badly missed Q2 revenue and EPS estimates and saw a CEO share sale, though it’s accelerating capacity delivery for its Black Pearl facility.
CleanSpark — Posted a narrower but still large Q3 net loss while signing a 20-year, $6.6B lease that diversifies it into broader digital infrastructure.
Hut 8 — Swung to a large net loss on unrealized digital-asset losses, but revenue and margins improved sharply on the back of a $26.6B AI data center contract book.
Diversified Crypto
Galaxy Digital — Narrowed its net loss sequentially despite falling revenue, as its Helios AI computing deal with CoreWeave began contributing.
Coinbase — Missed on both revenue and earnings for a third straight quarter as softer trading volumes hit transaction fees, sending shares down as much as 14%.
Circle — Beat on EPS but missed on revenue; strong USDC growth and a new OCC trust bank charter came with raised guidance despite margin pressure from competing money market funds.
DIGITAL TREASURY
Bitmine Immersion — Executed the largest buyback among crypto treasury firms and shifted its fiscal year-end, though shares remain down sharply year-to-date.
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