Solana‑based xStocks have cleared a new milestone one month after their June 30 debut, with cumulative trading volume reaching $1.66 billion as of July 30. 

According to the project’s official dashboard at Dune, the growth has been driven overwhelmingly by centralized exchange (CEX) activity. CEX volume stands at $1.57 billion, roughly 95% of the total, while decentralized venues amounted to $85.2 million. 

On‑chain transaction volume across the xStocks ecosystem totals $356.4 million, indicating significant token activity even as most turnover occurs off‑chain.

xStocks are tokenized versions of stocks issued by Backed Finance on the Solana blockchain.

AUM grows

Assets under management (AUM) are approaching the $40 million mark, with participation broadening to 24,528 unique holders. 

Within that set, Tesla xStock (TSLAx) dominates by both reach and balance sheet. TSLAx counts 10,742 holders, more than any other listing, and leads AUM at $8.88 million.

Rounding out the top tier are SPYx with $4.76 million AUM, NVDAx with $4.39 million AUM, CRCLx with $3.67 million AUM, MSTRx with $3.38 million AUM, and GOOGLx with $1.85 million AUM. 

The ranking shows investor appetite spanning megacap techs, such as TSLAx, NVDAx, GOOGLx, broad‑market exposure with SPYx, and crypto‑linked equities with MSTRx. The presence of CRCLx in the top stocks by AUM signals interest in stablecoin‑adjacent plays.

Cooling activity

Despite the headline totals, activity has cooled into late July. On-chain transaction volumes have slid from early-month spikes around July 1–2 and mid-month bursts near July 15–21, registering lower highs.

DEX trading shows the same pattern, with firm peaks in the first half of the month, followed by lighter bars into July 29–30. The divergence suggests the market is moving from launch‑phase discovery into a more selective trading regime, with liquidity concentrating on larger listings and CEX rails.

The first‑month data paints a clear picture of how xStocks are being used. CEXs currently provide the deepest liquidity and tightest spreads, explaining their dominance of turnover.

Meanwhile, on‑chain flows and DEX volumes are meaningful but secondary, likely reflecting portfolio rebalancing, transfers, and a subset of users who prioritize self‑custody and permissionless execution.

Mentioned in this article

A former executive at the hedge fund founded by billionaire Ray Dalio says she’s closely monitoring the sentiment of Corporate America’s top executives as earnings season picks up speed.

In a new CNBC Television interview, ex-Bridgewater chief investment officer Rebecca Patterson says this earnings season will offer key insights into the trajectory of the US economy in the months ahead.

Patterson says that while strong bank earnings reflect the health and sentiment of US consumers, she notes that it’s now time to keep a close eye on the outlook of America’s C-suite executives.

“I’m watching more than anything else is the qualitative assessment by the executives of where we go from here. I don’t really care about the backward-looking.

I want to know: are input costs going up yet? Are they investing more or less? 

Because their sentiment will drive corporate activity over the next six months, and that’s going to be a big factor for the broader macro view.”

Patterson also believes that America will soon feel the brunt of Trump’s tariffs, as the forces that have helped to keep inflation in check begin to fade.

“I think going forward, the inventories that had helped us have been wound down. Trans-shipments helped, and that’s something the government is going to get tough on. So I do think there’s a greater chance that we’re going to see more of the tariff impact come through on prices. 

And then it’s a question: how much does a consumer bear? How much do corporates absorb? 

We don’t know what that exact mix would be, but directionally, I think the risk is that we have higher inflation in the second half of this year. That means that two Fed cuts by January are at risk.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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PENGU has climbed 151% in July, a rally driven by accumulation from public figures and whales, community momentum, viral marketing, and expanding liquidity.

The token is currently trading at $0.036955, with a 1.6% daily correction as of press time.

Nicolai Søndergaard, a research analyst at Nansen, stated that public figures have accumulated over the past 90 days and now hold a combined 315 million PENGU, while whale balances have increased by about 1% to 2.54 billion PENGU. 

Yet, he noted that smart money has been taking profits, although this cohort still holds 109 million PENGU. 

Because the pace of accumulation exceeded the distribution, selling pressure did not derail the rally. 

Søndergaard added that a broader pickup in altcoin interest and memecoin activity likely provided a tailwind, with PENGU benefiting from its existing mindshare through physical products and memes.

Community, liquidity, and a cultural niche

Shawn Young, chief analyst at MEXC Research, framed the move in terms of market structure and culture. 

He argued that community momentum, viral marketing, and a rising appetite for meme assets in bullish phases supported the advance. 

Young added that PENGU taps into a cultural niche that resonates with Gen Z and crypto-native users, utilizing humor and digital identity as core value propositions. 

From a trading perspective, greater on-chain activity and deeper liquidity on DEXs and centralized venues have lowered frictions for retail entry and speculation, thereby amplifying flows. 

He said PENGU’s relatively low market cap and high volatility continue to attract short‑term traders chasing outsized returns, further reinforcing momentum.

Convering theses

Both analysts point to people and pipes, such as influential holders and community figures accumulating supply, and liquidity/infrastructure that make it easy for retail and speculators to participate. 

They also agree that narrative and mindshare matter. Søndergaardr highlighted the “physical product and memes” areas that PENGU taps, while Young noted the “cultural niche and digital identity.”

The analysts pointed out that these intangibles can become hard catalysts when they mobilize capital and attention.

What to watch

Young cautioned that the sustainability of meme‑driven tokens remains untested. Momentum can reverse quickly if narratives fade, liquidity thins, or large holders rotate out.

Søndergaard’s data likewise show that profit‑taking is active, even if it has been offset so far by accumulation.

Going forward, the trajectory of PENGU will likely hinge on whether whale and public‑figure accumulation persists, liquidity continues to expand across venues, and the project sustains its cultural relevance.

Mentioned in this article

Bitcoin’s recent all-time high may be linked to ongoing issues in the Japanese bond market in a development that may signal BTC’s growing recognition as a hedge against instability in the traditional financial (TradFi) system.

Bitcoin’s (BTC) price rose to a new all-time high of $112,000 on May 22, before retracing to change hands above $109,700 at the time of writing on May 26, Cointelegraph data shows.

While some attributed the rally to geopolitical developments, including U.S. President Donald Trump’s announcement of Russia–Ukraine ceasefire talks on May 19, macroeconomic factors appear to be playing a larger role, according to market analysts.

Japan bonds hit yield record

Bitwise’s head of European research, André Dragosch, pointed to growing concerns around Japan’s sovereign credit outlook, highlighting a spike in the country’s long-term bond yields.

The 30-year yield on Japanese bonds reached a new all-time high of 3.185% on May 20, 2025, before retreating to 3.115% on May 23, TradingView data shows.

Related: $1M Bitcoin by 2030: Big names predict massive debt-driven BTC rally

Government bonds are typically considered safe-haven assets. But when yields rise sharply, it often signals investor concerns about fiscal sustainability and repayment risk. Japan’s debt-to-GDP ratio exceeds 250%, compared to Germany’s 62%, yet both countries had 30-year bond yields near 3.1% on May 21, noted The Kobeissi Letter.

“Because yields are increasing, sustainability becomes more of an issue, meaning credit risk increases, meaning yields increase even more,” Dragosch said. “And so you end up in this kind of fiscal debt doom loop.”

Dragosch said the growing volatility in Japan’s bond market could be prompting some institutional investors to reconsider Bitcoin’s role as a hedge against sovereign default risk.

“This is now affecting other bond markets, especially the US Treasury market,” Dragosch added.

Related: Crypto, NFTs are a lifeboat in the sinking fiat system: Finance Redefined

Sovereign risk drives crypto appeal

Japan’s bond market instability raises sovereign credit risk concerns, leading to more Bitcoin adoption among TradFi participants, Dragosch told Cointelegraph, adding:

“Bitcoin is an immutable asset. It’s free of counterparty risk. It’s a hedge against sovereign risk and sovereign default.”

“Perceived default risk continues rising, yields continue rising? This is a rough benchmark of why Bitcoin could be heading toward $200,000,” Dragosch said, adding that this remains conditional on the continued Bitcoin accumulation from corporations and exchange-traded fund (ETF) holders.

Meanwhile, the US spot Bitcoin ETFs are less than $1.3 billion away from surpassing the monthly inflow record of $6.49 billion from November 2024, Cointelegraph reported on May 23.

Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest, May 11 – 17

]]> https://earlybirdsinvest.com/bitcoins-new-highs-may-have-been-driven-by-japan-bond-market-crisis/feed/ 0 38424 https://earlybirdsinvest.com/investor-kidnapped-driven-to-remote-desert-and-robbed-of-4000000-in-cryptocurrency-by-teenagers-report/ https://earlybirdsinvest.com/investor-kidnapped-driven-to-remote-desert-and-robbed-of-4000000-in-cryptocurrency-by-teenagers-report/#respond Tue, 13 May 2025 05:32:51 +0000 https://earlybirdsinvest.com/investor-kidnapped-driven-to-remote-desert-and-robbed-of-4000000-in-cryptocurrency-by-teenagers-report/

Three teenagers are being accused of kidnapping a wealthy investor and then stealing $4 million in digital assets after driving him to a desert outside of Las Vegas.

Court records show that Belal Ashraf and Austin Fletcher, both 16, are now facing charges of robbery, kidnapping and extortion, while a third yet-named accomplice remains at large, reports local CBS-affiliate 8 News Now.

A juvenile court judge previously ruled that Ashraf and Fletcher, both from Florida, will face charges as adults. Prosecutors say the third teenager is no longer in the US.

According to court documents, the incident occurred in November and was reported to police by the unnamed victim, who was hosting a cryptocurrency event in downtown Las Vegas.

When he returned to his apartment from the event, the three suspects allegedly approached him after he parked his car and forced him into the back seat of their vehicle, where they held him at gunpoint.

Says court documents,

“[The victim] was told if he complied, he would live to see another day, and if he did not comply, they had his dad and would kill him. [The victim] had a towel placed over his head and was told by the suspects not to look at them.”

The teenagers allegedly demanded that the victim give them his passwords to access his financial accounts, enabling them to allegedly make off with $4 million in cryptocurrency and non-fungible tokens (NFTs).

The three teenagers are accused of driving the victim about an hour away from Vegas to White Hills, Arizona, where they allegedly left the victim after stealing his crypto.

The man walked five miles across the desert to reach a gas station where he called a friend to pick him up, according to court documents.

Police say they were able to track down the suspects by honing in on a possible suspect’s vehicle traveling from Florida to Nevada, which was also spotted around the victim’s apartment.

Court proceedings against the two teens are ongoing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney