Asia Morning Briefing: Architect Bets Credit Will Outshine Crypto Equities as It Builds a Web3 Moody’s

Good Morning, Asia. Here's what's making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

The maturing
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John Deaton Calls Out Crypto Tribalism Between Ethereum and XRP

John Deaton argues that market performance, not regulators, will determine the success of crypto assets like Ethereum and XRP. He highlights the division within the community, spurred by discussions of stablecoins and recent legislation, emphasizing market trends over community bias.
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ETH-2.13%
XRP-4.11%
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Caldera – The platform for building the "Internet of Chains" for the Web3 era

In the Web3 world, fragmentation has always been a challenging issue. Too many blockchains, incompatible infrastructure, liquidity being split... make the user experience feel disjointed. It's like wanting to browse the web, but each page uses its own "language" and cannot communicate with.
ERA-3.97%
CHO-1.27%
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Lagrange – The Powerful ZK Machine for Verifiable Web3

Blockchain is stepping out of the realm of pure finance to enter the fields of AI, DeFi, and data infrastructure. This brings about an urgent demand for a secure - scalable - verifiable computing platform.
Lagrange appears as a pioneering Zero-Knowledge infrastructure project (ZK), ushering in the era of m
LA-9.44%
ZK-6.41%
CHO-1.27%
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Looking at indicators is not as good as watching Trump; playing with meme tokens is not as good as keeping an eye on Musk.

The article points out that the market in the crypto world is dominated by emotions and narratives, and technical analysis is insufficient to predict market trends. The statements of Trump and Musk have a huge impact; the former drives the market through political narratives, while the latter guides the trends in the crypto world through his influence. Keeping an eye on their movements is the key to seizing opportunities.
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TRUMP-3.26%
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HyperLiquid experienced a technical failure due to a surge in API traffic, resulting in unexpected losses for users. The platform has initiated a full compensation mechanism, sparking heated discussions in the industry.

The leading decentralized derivatives trading platform HyperLiquid (HYPE) experienced a technical failure on July 29 due to a surge in API traffic, resulting in latency in user order status updates and error messages between 14:10-14:47 (UTC). Some users unknowingly established positions and incurred significant funding rate losses. The platform has initiated full refunds for affected users, covering trading losses and abnormal funding rates. This move has sparked intense discussions within the crypto community about "industry responsibility standards." The HYPE Token has seen a slight rebound to $39.39, but technical indicators show that market sentiment remains cautious.
HYPE-3.08%
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GateUser-5f531086vip:
Hold on tight, we are about to To da moon 🛫
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Bitcoin Q4 bull run signals emerging? Four indicators suggest $200,000 target | BTC price prediction

Bitcoin (BTC) retraced 7% to $114,000 in early August after reaching a historic high of $123,400 in July. Multiple on-chain data releases positive signals: the Net Transfer Value (NVT) ratio fell by 32% month-on-month, indicating a more reasonable valuation, the miner OTC balance dropped to a historical low of 147,500 BTC, reflecting a reluctance to sell, and the continuous net outflow from exchanges (with a single-day outflow of $21.49 million on August 5) suggests long-term coin hoarding. Coupled with high reserves of mainstream CEX stablecoins (sufficient external funds) and the seasonal rise pattern in Q4, Bitcoin may build momentum to challenge the $200,000 mark. However, market saturation and swing sentiment remain upward resistance.
BTC-0.7%
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Chainbase – Decentralized Data Infrastructure Leading the Web3 Era

In the digital age, data is the fuel that powers the entire system. If we consider Web3 as a decentralized global economy, then the flow of data within it also needs to be free, secure, and borderless. Chainbase was created to ensure that.
Challenge: Web3 data is fragmented and inefficient.
C-7.71%
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SUI Holds Key Support Zone as Analysts Eye Breakout Toward $14

SUI is consolidating between $2.79 and $2.63, attracting bullish interest, with institutional support through a $450 million treasury strategy. A breakout suggests potential upward moves towards $4.30 and targets between $7.60 and $14, despite a recent pullback.
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SUI-4.19%
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Solana (SOL) Price Prediction: The on-chain fundamentals are robust, but the coin price lags behind the market, with the SOL/ETH Exchange Rate hitting a key support level.

Solana (SOL) on-chain core indicators are showing resilience, with the Total Value Locked (TVL) increasing by 2.67% over the past 24 hours, stable user retention, and a monthly increase in stablecoin scale of 500%. However, its market performance has significantly diverged from the fundamentals, with SOL dropping nearly 10% over the week, ranking at the bottom among mainstream Layer 1s. The SOL/ETH Exchange Rate continues to weaken, with a monthly decline of 25%, marking the worst monthly performance since 2022. Although institutions have significantly increased their holdings of SOL (DeFi Dev Corp's holdings increased by 91% month-on-month), funds are clearly tilting towards ETH, putting SOL at short-term break risk.
SOL-3.58%
ETH-2.13%
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Pumpfun遭遇滑铁卢:7月收入暴跌80%,平台币PUMP腰斩,市场份额遭LetsBonk蚕食

The once-popular Solana ecosystem Meme coin launch platform Pumpfun faced a severe decline in July 2025, recording only $24.96 million in revenue, a big dump of over 80% from the peak in January, marking a historic low. The platform's native Token PUMP has dropped 50% since its launch, with market share significantly seized by competitor LetsBonk, now at 80%. Coupled with the legal risks of a class action lawsuit, Pumpfun is facing multiple crises, and the overall enthusiasm for the Solana ecosystem Meme coin market has noticeably cooled.
PUMP6.52%
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Can the three U.S. encryption bills really change the "game rules"?

Written by: Luke, Sam, Li Zhongzhen, Pang Meimei

Recently, the U.S. House of Representatives passed three legislative proposals regarding cryptocurrency regulation with an overwhelming majority: the "Genius Act," the "Clarity Act," and the "Anti-CBDC Surveillance State Act." The "Genius Act," which is referred to as "an important step to consolidate the United States' dominance in the global financial and cryptocurrency technology sectors," was officially signed into effect by Trump on the 18th and has been reported by domestic media such as CCTV and Caijing.

In this issue, we posed 5 questions to the outstanding members of the Web3 Compliance Research Group: "What does the 'Genius Act' aim to do?", "How to understand the regulatory division of labor between the SEC and CFTC in the 'Clarity Act'?", "Why is the U.S. against CBDC?", "Will the three acts inspire other countries to reference their crypto regulations?", "They will
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The decentralized exchange GTE will leave the MegaETH ecosystem! An AppChain may be launched in the future, with the shadow of Paradigm behind it.

The decentralized exchange GTE has announced its departure from the MegaETH ecosystem and may launch its own AppChain in the future. GTE has raised over $25 million, with team members coming from several well-known companies. Analysis suggests that MegaETH's incubation model may lead to the exit of quality projects, leaving behind inferior projects. KOL Mosi expressed concerns about this and believes that the relationship between MegaETH and the success of projects will gradually weaken.
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US Dollar Could Return to Gold Backing, Says Ray Dalio as Fiat Trust Erodes

Ray Dalio suggests a potential reanchoring of the U.S. dollar to gold amid declining confidence in fiat currencies. He outlines a historical cycle in which fiat systems collapse, leading to calls for a gold standard as a measure to restore trust and stability in monetary policy.
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RAY-6.36%
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Key points of Trump's interview overview involving the Fed, tariffs, trade, and other hot topics.

Shaw, Golden Finance
On the morning of August 5, local time, U.S. President Trump gave an interview on the "Financial Forum" program of CNBC, addressing a series of hot topics.
According to Golden Finance's整理, this speech mainly covers topics such as the Federal Reserve, tariff trade, immigration policy, banking, and global geopolitical issues. The main content summary is as follows:
1. The Federal Reserve's monetary policy and the selection of the next chairman
In his speech, Trump again criticized Powell for lowering interest rates too late. Trump stated that the Federal Reserve chairman is political, and Powell lowered rates too late. He ruled out the possibility of appointing U.S. Treasury Secretary Mnuchin as Federal Reserve chairman. Trump said, "I really like Scott, but he wants to stay at the Treasury." Trump mentioned that he is considering four candidates for Federal Reserve chairman, including one of his economic advisors, Kevin Hassett, and former Fed governor Kevin Warsh. But he
TRUMP-3.26%
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IELTSvip:
On the morning of August 5 local time, U.S. President Trump was interviewed by CNBC's "Financial Forum" program, where he spoke on a series of hot topics. According to Golden Finance's summary, this speech mainly covered topics such as the Fed, tariff trade, immigration policy, banking, and global geopolitics. The main points are summarized as follows: 1. Fed monetary policy and the next chairperson candidate In the speech, Trump again criticized Powell for lowering interest rates too late. Trump stated that the Fed chair is political, Powell #Gate ETH 挖矿年化收益 5%# #晒出我的Alpha积分# #加密IPO热潮# .

Helped a Whale dump 80,000 Bitcoins for institutional OTC, why is Galaxy Digital the most crypto-savvy institution on Wall Street?

Galaxy Digital is regarded as "the institution on Wall Street that understands cryptocurrencies the best" due to its outstanding performance between TradFi and the crypto market. Founder Mike Novogratz is known for his investment acumen and resilience, helping the company turn from losses to profits and strengthening institutional trust. Its Assets Under Management has reached $4.7 billion, demonstrating strong market confidence and support.
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ETH-2.13%
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Bitcoin Holds $105K but Needs $130K to Activate Long-Term Holders

The new whale cost basis sits at 105,000 dollars, while the market trades just slightly above that level today
Long-term holders remain inactive with an average cost of 39,437 dollars, waiting for prices above 130,000.
A drop below 105000 may trigger exits, while a rally above 130,000 might
BTC-0.7%
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