Macro Repricing: CoinEx says June’s crypto drop was liquidity- and ETF-driven, with spot Bitcoin ETF outflows hitting about $4.5B and stablecoin supply contracting ~$5.2B, pushing BTC and ETH lower without breaking the long-term thesis. Policy & Politics: Fresh scrutiny followed Trump’s 2025 disclosures showing ~$1.4B in crypto-linked income, while CFTC chair Michael Selig blasted Illinois’ new 0.2% crypto transaction tax as anti-innovation and India’s RBI urged against legalizing crypto. Regulation Watch: The IMF warned tokenization could either strengthen markets or fragment them depending on standards for ownership and settlement finality. Market Structure: eToro led a $12.5M round into Extended to connect self-custody (via Zengo) with onchain perpetual futures, and TradingView added Hyperliquid + Trade[XYZ] feeds to bring onchain perps into mainstream charts. Security & Crime: Hinkal’s privacy protocol was exploited for ~$820K USDC, and TRM Labs says North Korea-linked theft still drove ~66% of global hack losses in H1. Big Moves: Riot transferred another 500 BTC to NYDIG custody amid ongoing miner selling chatter; Binance reportedly eyes leading Mesh at up to a $2B valuation; Russia confirmed a Sept. 1 digital ruble rollout despite sanctions. Sports Meets Crypto: Kraken’s FIFA partnership continues to boost fan-token activity as the World Cup knockout stage rolls on.