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Good morning and welcome to the Hodl Report
Ethereum just quietly became Wall Street’s new backend — the financial plumbing no one notices until it bursts. And in the other corner, Trump’s dangling a $12 trillion crypto key that could unlock a bull run big enough to make 2017 look quaint. Two stories, one takeaway: the old money system is being rewired in real time, and if you’re not paying attention, you’re already behind.
Editors Corner
While You Weren’t Looking, Ethereum Took Over Wall Street’s Plumbing
Ethereum isn’t just hosting meme coins and questionable DeFi experiments anymore, it’s quietly turning into the pipes and valves of Wall Street.
Stablecoins, those dollar-pegged digital IOUs, now move trillions every year over Ethereum’s rails. Circle’s USDC alone settles about 65% of its volume there, and according to CoinGecko, Ethereum processes nearly half of all stablecoin activity on the planet. That’s not just crypto money sloshing around; it’s the kind of volume that makes Visa and Mastercard sweat.
Even the tradfi suits are onboard. Deutsche Bank says stablecoins moved $28 trillion last year — more than both card giants combined — and they’re now building on zkSync to tokenize pretty much anything that isn’t nailed down. Robinhood just rolled out tokenized U.S. equities via Arbitrum, because apparently “brokerage” now means “Ethereum node operator.”
The regulatory tide is shifting too. Between Circle’s IPO and Trump signing the stablecoin-friendly GENIUS Act, Washington has basically told Wall Street: “You don’t have to like it, but you’re going to have to use it.”
Bottom line: while Bitcoin gets the headlines, Ethereum is quietly installing itself as the financial plumbing of the modern age. And if history tells us anything, it’s that the people who own the pipes don’t care who wins the water fight — they just send the bill.
-Will
Today’s Report
Trump Just Unlocked $12 Trillion for Crypto

Our Report
Trump just handed crypto the keys to a $12 trillion vault. On August 7, 2025, an executive order opened the door for cryptocurrencies, private equity, and real estate to enter America’s 401(k) retirement plans. That’s not a niche ETF launch — that’s mainstream adoption on steroids. With one pen stroke, Bitcoin, Ethereum, and their digital cousins just became eligible for the largest pool of retirement capital in the world. Pair it with the “anti-debanking” order shielding crypto companies from being cut off by banks, and you’ve got both the fuel and the fire for the next market cycle.
Key Points
U.S. 401(k) assets total ~$12 trillion — now open to crypto allocations.
Even a 1% allocation = $120 billion in direct inflows.
2% allocation? $240 billion. 5%? $600 billion.
Current total crypto market cap ≈ $2.4 trillion — meaning a 1–2% allocation could inject 5–10% of that in new capital, fast.
Asset managers like BlackRock and Fidelity are poised to roll out compliant, crypto-inclusive funds that will require spot BTC/ETH purchases.
Anti-debanking provisions reduce operational risks for crypto firms, further stabilizing the ecosystem.
Relevance
This isn’t incremental adoption — it’s structural integration. Retirement accounts are sticky, long-term capital pools that don’t panic-sell at the first red candle. Even minimal allocations could send shockwaves through illiquid crypto markets, where new demand pushes prices disproportionately higher.
History shows that in crypto, $1 in net inflows can create >$1 in market cap thanks to thin liquidity and reflexive buying. That means a $120B inflow could potentially spark trillions in new market cap as momentum traders, FOMO-driven retail, and sidelined institutions pile in.
The “safe for retirement” label is a psychological unlock. Once Bitcoin shows up in HR paperwork alongside index funds, it stops being a fringe bet and becomes a default long-term holding. That alone could shift public perception more than any ETF launch or halving cycle.
Bottom line: this isn’t just bullish it’s potentially parabolic. The question isn’t if capital will flow in, but how fast, and how high it will push the market before anyone catches their breath.
Today’s Top News
Headlines
World Liberty Financial launches $1.5 billion crypto treasury initiative — Trump-backed venture World Liberty Financial plans a $1.5 billion treasury with part paid in its own token $WLFI, aiming to merge traditional finance with digital assets—highlighting the administration’s pro-crypto posture.
BitMine Immersion amasses over $4.9 billion in Ethereum holdings — The firm now holds 1.15 million ETH (~$4.9 billion), becoming the first digital-asset treasury to exceed 1 million Ethereum.
Developer of Tornado Cash convicted on money-transmitting charge — Roman Storm was found guilty in U.S. federal court for operating an unlicensed money-transmitting business, potentially setting a precedent for developer liability.
Crypto “bro” linked to NYC torture/extortion tied to Bitcoin passwords — Man accused in a torturous crypto ransom case allegedly held his ex-fiancée captive; the case underscores the disturbing lengths of crypto-related crime.
James Howells ends fight to recover 8,000 lost Bitcoins — The long-running legal battle to search a landfill for the hard drive with his 8,000 BTC has ended; Howells pivots to launching a new coin, Ceiniog Coin, linked to the lost fortune.
Market Trendline
Price Action
Brace yourself: the crypto market simply refused to sit quietly. Total valuation surged past $4.1 trillion, putting the sector back in “holy-shit, it's rallying again” territory. Bitcoin ripped through $122K—just a hair under its all-time high, and momentum smells like institutional FOMO plus regulatory tailwinds. Meanwhile, Ethereum hit levels not seen since late 2021, albeit briefly dipping under $4,200 amid a minor pullback.
Notable Movers
Pendle (PENDLE): Up ~30% in 24 hours, and volume shot up 421%—no, that’s not a typo. Something big’s brewing, and whales are tuning in.
FLOKI: Meme coin fans, alert—the RSI and other indicators suggest bullish pressure is quietly mounting even without price action screaming “moon” yet.
Macro View
A Trump-penned executive order is the adult voice in the room, allowing retirement funds to wade into crypto waters. That’s why the market looks less like a frat party and more like Wall Street's new guest of honor. It’s not hype—it’s regulatory plus institutional capital saying, “Alright, maybe you’re not just meme-coins after all.”
Bottom Line
Crypto’s in rally mode, powered by institutional buy-in and policy shifts that actually make sense. Bitcoin’s flirting with its all-time high, Ethereum’s flexing multi-year strength, and once-ignored altcoins are waking from their meme-coin slumber. If you've been sleeping on this, well… you might want to wake up.
Today’s Top Meme
Memes are Life
- "Where do you see yourself once Bitcoin hits $1M ?"
- Me :— #naiive (#@naiivememe)
1:58 AM • Jul 28, 2025
Today’s Top Tweet
Crypto Twitter Never Sleeps
Why are top banks still prohibiting or restricting access to Bitcoin ETFs on their wealth management platforms? Is this the last vestige of “debanking”?
— #David Sacks (#@DavidSacks)
3:55 PM • Aug 8, 2025
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.