The Daily: Ether, Solana, Dogecoin lead crypto rally, Bitcoin whale rotates into ETH, VanEck files JitoSOL ETF, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Friday, and welcome to The Daily.  Crypto markets are rallying, led by Ethereum and Solana, after Fed Chair Jerome Powell hinted that rate cuts could arrive sooner than expected. Before the rally, a long-dormant bitcoin whale resurfaced — dumping bitcoin and shifting into ether. Ethereum treasury firm SharpLink gained over 10% after unveiling a $1.5 billion stock buyback, adding to the week’s ETH momentum. VanEck filed for a JitoSOL staking ETF, signaling the next wave of tokenized yield products. And blockchain sleuths say the first buyer of Kanye West’s YZY token was the same trader who made $100 million from the Trump memecoin. Let's get started! P.S. I also write The Funding" href="https://www.theblock.co/newsletters?select=The%20Funding&utmcampaign=website&utmmedium=referral&utmsource=newsletter&utmcampaign=website&utmmedium=referral&utmsource=newsletter" target="blank" rel="noopener">P.S., I also write The Funding, a biweekly newsletter covering crypto VC trends. The latest edition explored" href="https://www.theblock.co/post/366260/are-crypto-treasury-deals-hurting-general-startup-raises-vc" target="blank" rel="noopener">The latest edition explored whether massive treasury deals are hurting early-stage startup funding. Subscribe here" href="https://www.theblock.co/newsletters?select=The%20Funding&utmcampaign=website&utmmedium=referral&utmsource=newsletter&utmcampaign=website&utmmedium=referral&utmsource=newsletter" target="_blank" rel="noopener">Subscribe here.

Crypto surges after Fed hints at rate cuts

Ethereum and Solana led a broad crypto rally Friday after U.S. Federal Reserve Chair Jerome Powell hinted that a rate cut could come as soon as next month.

Speaking at the Jackson Hole summit, Powell said the “balance of risks appears to be shifting,” suggesting the central bank may adjust its policy stance in light of economic data.

Ethereum jumped over 11%, while Solana and Dogecoin climbed 8%. Bitcoin rose 3.5% to reclaim the $116,000 level, and XRP and BNB gained about 5%.

Powell’s remarks follow pressure from President Donald Trump, who has called for lower rates amid rising trade policy uncertainty. Powell said decisions will be guided solely by data.

The Fed has held rates between 4.25% and 4.5% since December. Lower rates generally benefit risk assets like crypto, which investors turn to in search of higher returns.

Bitcoin whale rotates into ETH after seven years of silence

A long-dormant bitcoin whale wallet has reawakened after seven years, shifting a significant portion of its BTC holdings into Ethereum, according to Lookonchain.

The wallet originally received 100,784 BTC and has now bought 62,914 ETH ($270 million) on the spot market, while opening a 135,265 ETH ($580 million) derivatives long position.

Blockchain traces suggest the wallet is connected to a broader cluster of six addresses with a total of 83,585 BTC (~$9.45 billion). Transfers were spotted from HTX to Hyperliquid, followed by large ETH buys, based on Arkham Intelligence screenshots.

The move coincided with bitcoin briefly dipping to a two-week low of around $112,000, while ether has edged closer to its 2021 all-time high of $4,878.

SharpLink shares jump over 10% after authorizing $1.5B stock buyback

Ethereum-focused treasury company SharpLink Gaming (SBET) surged over 10% Friday after announcing a massive $1.5 billion stock repurchase program.

The buyback is aimed at capitalizing on moments when SharpLink’s stock trades at or below its net asset value (NAV) — a figure derived from the market value of its ether holdings and cash minus liabilities, divided by shares outstanding.

Issuing new equity while the share price lags NAV would dilute the firm’s ether-per-share, said SharpLink co-CEO Joseph Chalom, formerly of BlackRock.

Purchases may occur on the open market or through private deals, with no obligation to complete the program. 

SharpLink's market cap now stands at $3.3 billion. The firm currently holds about 740,760 ETH, worth around $3.4 billion, putting its valuation at roughly 1.06× NAV. 

VanEck proposes JitoSOL ETF

VanEck has filed to launch a JitoSOL ETF — a spot Solana fund fully backed by the liquid staking token JitoSOL — in a move that could signal a new era for staking-based ETFs.

The Jito Foundation said this would be the first spot Solana ETF 100% backed by a liquid staking token. VanEck’s proposal follows months of engagement with the SEC’s Crypto Task Force.

The SEC has recently clarified that certain liquid staking activities do not constitute securities transactions, paving the way for staking-based ETF structures.

The proposal also builds on last month’s REX-Osprey Solana ETF, which integrated staking rewards via JitoSOL.

The SEC is reviewing multiple crypto ETF applications amid a friendlier stance under the Trump administration, which recently approved in-kind redemptions and creation for crypto ETFs.

First buyer of Kanye West crypto token YZY previously made $100M trading TRUMP

A wallet tied to pseudonymous trader “Naseem” was the first to buy Kanye West’s newly launched Solana-based memecoin, YZY, according to blockchain analytics firm Bubblemaps.

Naseem reportedly spent $250,000 in USDC to acquire nearly $1.2 million worth of YZY. The trader is also credited with turning $1 million into $100 million trading the Trump memecoin earlier this year.

Despite YZY’s anti-sniping mechanism — which involved deploying 25 contracts and using one randomly to discourage bots — Naseem successfully acquired the right token early. The wallet quickly offloaded over $535,000 worth of tokens and cycled liquidity through a Meteora pool, walking away with about $1.02 million in USDC, per on-chain data.

Bubblemaps described Naseem as an “expert sniper.” 

In the next 7 days

The U.S. will report July new home sales data on Monday. Consumer confidence for August is due Tuesday, followed by revised Q2 GDP and initial jobless claims on Thursday. July’s personal consumption expenditures (PCE) report will be released on Friday alongside income and spending figures.

The European Central Bank will publish July data on consumer inflation expectations on Friday. On Thursday, the eurozone will release updated economic sentiment indicators, along with new figures on money supply and loan growth.

Token unlocks to watch this week include JUP, SOON, HUMA, VENOM, ALT, SOPH, and SAHARA.

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