Crypto Currents: Ethereum wins backing from JPMorgan, Western Union

As bitcoin navigates market crosscurrents and the broader crypto landscape undergoes rapid evolution, legal, institutional, and technological developments are constantly reshaping the financial world. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us at 2PM every day for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio. Also, subscribe to our YouTube channel for the Crypto Fly By weekly recap.

TRAD-FI GIANTS MAKE CRYPTO MOVES: A wave of announcements from major traditional finance players signals deepening involvement in the digital asset class. Banking giant JPMorgan (JPM) is actively exploring crypto-backed lending, with plans to accept bitcoin (BTC) and ethereum (ETH) as collateral for loans, according to a report from the Financial Times. In another major development, Western Union (WU) is officially entering the stablecoin race. In an interview with Bloomberg, CEO Devin McGranahan stated the firm views stablecoins as an “opportunity, not a threat” and is actively seeking crypto partnerships. On the exchange front, Coinbase (COIN) has opened perpetual futures trading to eligible U.S. retail customers, following rival Kraken in offering the popular derivative products within a regulated U.S. framework.

INSTITUTIONAL ETHEREUM ADOPTION ACCELERATES: Market data and corporate disclosures reveal a continued, strong preference for ethereum among institutional players. Spot ethereum ETFs recorded $296M in net inflows on Monday, while spot bitcoin ETFs saw $131M in net outflows, according to data from SoSoValue, as reported by The Block. This trend is mirrored in corporate treasury strategies. Ark Invest announced it acquired $18.2M shares of Bitmine Immersion (BMNR) to support the company’s ethereum treasury strategy. Separately, SharpLink Gaming (SBET) disclosed its Ether holdings have increased to 360,807 ethereum, reporting it has generated 567 ethereum in staking rewards since launching its treasury initiative in early June.

MAJOR ON-CHAIN MOVEMENT: On-chain data shows a significant transaction from a major corporate holder. According to Arkham Intelligence, wallets associated with Elon Musk’s privately-held SpaceX executed an outflow of approximately 2,180 bitcoin, valued at nearly $150M, on July 21.

PRICE ACTION: As of time of writing, bitcoin (BTC) was trading at $118,190.61, while ethereum (ETH) was $3,648.00.