A hidden signal from the derivatives market suggests that ether’s (ETH) rally could intensify, lifting valuations quickly to $4,400. The indicator under consideration is the net gamma exposure of dealers/market makers in the Deribit-listed ether options market. Gamma is the critical metric for options traders, measuring how an option’s delta, or its sensitivity to the underlying asset’s price, changes in response to market moves. When dealers are short gamma, they are forced to buy the underlying asset as its price rises and sell as its price falls, which often amplifies directional moves. Dealers provide liquidity to the order book and make money from the bid-ask spread while constantly striving to maintain a price-neutral net exposure. At press time, there was a notable buildup of short gamma between strikes $4,000 and $4,400, according to data source Amberdata. With ether crossing above $4,000, dealers could buy the asset to hedge their exposure, creating a self-reinforcing positive feedback loop that could rapidly propel the price higher to $4,400. That’s a level where the gamma dynamic shifts positive, requiring dealers to trade against the market and arrest the price volatility. This makes the $4,400 a logical price magnet for the ongoing rally. “If the momentum in the market is strong enough to get through $4,000, we see dealers also become net buyers of ETH at higher prices, potentially leading to a quick rally to $4,400, the next big gama inventory level,” Greg Magadini, director of derivatives at Amberdata, told CoinDesk. Powered by WPeMatico

Sygnum, a Swiss digital asset bank, is expanding regulated institutional access to the Sui blockchain with new custody, trading and lending products for its professional clients. The Zurich- and Singapore-headquartered firm announced Friday it will now offer institutional-grade custody, spot and derivatives trading for SUI, alongside upcoming staking and SUI collateral-backed Lombard loans. Staking is expected to launch in the coming weeks, with loans scheduled for the fourth quarter. All SUI holdings will be kept off the bank’s balance sheet and set up to be bankruptcy remote. The move builds on Sygnum’s July 2025 integration of SUI into its platform, which it says made it the first Swiss bank to fully support the token. By working with the Sui Foundation, Sygnum aims to channel demand from banks, asset managers and high-net-worth individuals seeking secure, regulated exposure to blockchain ecosystems. Christian Thompson, managing director at the Sui Foundation, said the partnership strengthens Sui’s connection to global institutional investors through a trusted, regulated gateway. Sygnum co-founder and CEO Mathias Imbach said the bank’s role is at the “intersection” of digital assets and traditional finance, helping clients access new opportunities within a regulated framework. Sui, developed by former Meta engineers at Mysten Labs, uses parallel transaction processing to improve scalability, akin to cloud-based services. It supports decentralized finance, instant payments, real-world asset tokenization and gaming, and has positioned itself early in the BTCfi segment, which lets bitcoin holders participate in DeFi without compromising security. Sygnum holds banking and digital asset licenses in Switzerland, Singapore, Abu Dhabi, Luxembourg and Liechtenstein, and offers services including regulated banking, asset management, tokenization and B2B solutions. At press time, according to CoinDesk Data, SUI was trading at $3.84, up 4.5% in the past 24 hours. Powered by WPeMatico

Aptos’ APT registered a 7% surge during the last 24 hours, advancing from $4.34 to $4.62, according to CoinDesk Research’s technical analysis model. The model showed that Aptos demonstrated considerable bullish momentum throughout the preceding 24-hour period. The most significant price action materialised during the nocturnal hours extending into the early morning of August 8, wherein exceptional volume surges exceeding 12.9 million units propelled the asset through successive resistance levels, establishing fresh support foundations within the $4.61-$4.66 corridor, according to the model. Resistance has emerged at $4.72 Aptos has surpassed Solana and Stellar in real-world asset (RWA) tokenization, securing third position globally with more than $719 million in RWA total value locked. The rally in APT came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 3.2%. In recent trading, Aptos was 7% higher over 24 hours, trading around $4.62. Technical Analysis: 24-hour price range of $0.44 encompassing a 9.4% range, with a high at $4.72. Volume surges exceeding 12.9 million units during nocturnal hours extending into early morning of Aug. 8. Support zone established at $4.61-$4.66 with robust institutional accumulation at $4.36. Resistance threshold confirmed at $4.72 with substantial volume-driven rejection pattern. Ascending trough formations suggest continued upward pressure towards $4.80-$4.90 Fibonacci levels. Terminal hour reversal with 126,000+ volume surge confirming institutional distribution activity. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. Powered by WPeMatico

ATOM surged 4% from $4.36 to $4.55 in the 24 hours to 15:00 UTC on Aug. 8, breaking through key resistance on exceptional 2.19 million-unit volume that far exceeded daily averages. The rally was fueled by heavy institutional buying of Cosmos ecosystem tokens, a move linked to Coinbase’s launch of dYdX (COSMOSDYDX) support on its native network. Market analysts say the expansion strengthens the bridge between centralized and decentralized trading, reflecting rising institutional interest in interoperable blockchain infrastructure. Momentum, however, faded quickly in the final hour of trading. Between 14:39 and 15:38, ATOM whipsawed sharply, first spiking to $4.60 before sliding to $4.56, marking a 0.52% hourly loss. The selloff accelerated when the token broke below $4.58 support at 15:03, triggering concentrated selling of 26,000 units over a four-minute span. By the close, trading volume had evaporated to zero, signaling exhaustion and leaving the $4.58–$4.60 range as a new overhead resistance zone. The price action unfolded against a broader market backdrop where Bitcoin tested $116,000 resistance and institutional whales rotated capital into large-cap altcoins and utility tokens. Within the Cosmos ecosystem, ATOM’s surge and abrupt reversal underscored both the strength of institutional demand and the fragility of short-term rallies. Traders now view $4.55 as critical support and are watching for whether renewed buying interest can overcome resistance and reestablish upward momentum. Technical Indicators Breakdown ATOM climbs from $4.36 to $4.55 for a 4% gain with $0.34 trading range between $4.32 lows and $4.67 highs. Key breakout occurs at 13:00 on 8 August when ATOM explodes through $4.55 resistance, spiking to $4.65 on massive 2.19 million unit volume. Trading volume crushes 24-hour average of 1.35 million, confirming high-volume resistance break. Strong support emerges at $4.46 where buyers step in repeatedly. The $4.55-$4.67 zone now acts as critical resistance after failed breakout attempt. Final 60 minutes from 8 August 14:39 to 15:38 see dramatic reversal, initially climbing from $4.58 to $4.60 session high. Heavy selling hits during 15:03-15:07 period when ATOM breaks $4.58 support. Trading dies in final minutes with zero volume at 15:38. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. Powered by WPeMatico

NEAR Protocol rose 1.93% in the 24 hours to 15:00 UTC on Aug. 8, moving from $2.59 to $2.64. The token traded between $2.54 and $2.71, a 6.84% range that industry executives say highlights ongoing structural weaknesses in crypto markets and the need for clearer regulation. “These volatile trading patterns highlight the need for more robust market infrastructure and clearer regulatory frameworks,” said a senior executive at a major digital asset trading firm. Institutional flows drove much of the activity, with volume surging to 18.9 million units. Analysts pointed to the $2.62 to $2.66 zone as a focus for corporate treasuries and hedge funds. A sharp rejection at $2.67, accompanied by more than 120,000 units sold in four minutes, reflected algorithmic trading patterns that have caught regulators’ attention. Market watchers say the mix of heavy institutional buying and rapid selling shows the sophistication of corporate participation in crypto but also raises stability concerns. Financial Metrics and Investment Analysis NEAR fluctuated within an $0.18 band representing 6.84% volatility between $2.54 support and $2.71 resistance levels. Institutional trading activity peaked at 18.9 million units during Asian market hours, exceeding typical corporate trading patterns. $2.62-$2.66 consolidation attracted corporate investment flows and institutional accumulation strategies. $2.67 level triggered systematic selling protocols with over 120,000 units executed during algorithmic trading sequences. 1.13% decline from session peaks during concentrated selling window indicates institutional risk management protocols remain active. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. Powered by WPeMatico

The U.S. Securities and Exchange Commission’s (SEC) clarification around liquid staking continued to lift asset prices across the staking sector this week, with ETH rising to $4K for the first time since December on Friday. Several layer-2 networks have also been the beneficiary of ETH’s recent ascent. Ethereum scaling solution Optimism’s native token (OP) rose 8% in the past 24 hours to cement a weekly gain of 13%, rival network Blast also experienced a uptick of 6.3%. Mantle, which uses optimistic rollups to process transactions off-chain before settling them on the Ethereum mainnet, was the leader of the pack, with the MNT token jumping by 50% in the past week. The staking sector in general has outperformed the wider market, with LDO up 12.3% and ETHFI up 5.4% in the past 24 hours. The clarification comes after a very brief “altcoin season” last month that led to a series of significant moves for altcoins against their bitcoin trading pair. The SEC’s clarification on liquid staking could open the floodgates to institutional capital, which has been open to investing in assets like ether but not acquiring a yield through DeFi due to it previously being a regulatory gray area. Rebecca Rettig, part of Jito’s legal team, hinted that liquid staking tokens could become a part of an ETF following the SEC’s announcement. Powered by WPeMatico

Coinbase (COIN) is rolling out decentralized exchange (DEX) trading inside its main app for customers across the U.S., with the exception of New York State, the company said Friday. The move is part of its broader ambition to turn the platform into an “everything app” for crypto. The new feature will route trades on-chain through DEX aggregators such as 0x and 1inch, pulling liquidity from decentralized markets including Uniswap and Aerodrome, said Max Branzburg, Coinbase’s vice president of product. By integrating DEX trading, Coinbase is giving users the ability to interact directly with blockchain-based liquidity pools without moving funds off-platform. At launch, traders will be able to discover and swap an expanding list of Base-native tokens. That roster includes assets from Virtuals AI Agents, Reserve Protocol’s decentralized tokenized funds (DTFs), SoSo Value’s index tokens, as well as Auki Labs and Super Champs. DEX trading appeals to some crypto users because it allows for self-custody and permissionless access. Instead of relying on a central exchange to match and settle orders, transactions are executed on the blockchain itself. For traders, this can mean access to a wider range of assets, faster listings for new tokens and, in some cases, lower fees. It also removes the need to trust an intermediary with holding funds — though it comes with its own risks, like exposure to smart contract bugs or volatile, thinly traded markets. The update strengthens Coinbase’s position as a gateway to both centralized and decentralized crypto markets. It also underscores the company’s continued push to embed Web3 tools directly into its core platform, positioning it to capture users who want more control over how they trade and store digital assets. The move follows the relative success of platforms like HyperLiquid, a decentralized derivatives exchange that has notched $11 billion in volume over the past month. It also gives users a non-custodial option to trade, essentially removing counterparty risk that came to the spotlight after FTX’s momentous implosion in 2022. Decentralized exchange volume has embarked on a notable uptrend throughout the recent bull market, data from DefiLlama shows that daily volume is at $12.8 billion, dwarfing Coinbase’s total of $3.5 billion, while monthly DEX volume has surpassed $407 billion. Correction (Aug 8, 17:20 UTC): An earlier version of this article stated that Centrifuge’s assets will be available to trade at launch, which was incorrect. Powered by WPeMatico

BONK, a Solana-based memecoin, advanced 1.7% in the last 24 hours to $0.00002626. The token traded within a 4% range, with a high of $0.00002645 and a low of $0.00002485, producing a $0.00000160 spread, according to CoinDesk Research’s technical analysis data model. The price rebounded from the low at 16:00 UTC on Aug. 7, moving toward the peak during the European morning on Friday. This recovery phase saw total volume surge above 1.09 trillion tokens, greater than the daily average. However, momentum stalled at $0.00002640, where repeated sell orders capped upward moves. BONK subsequently held above $0.00002600 despite brief dips. A volume spike of 48.86 billion tokens at 12:07 UTC coincided with a failed breakout attempt past $0.00002615, reinforcing the established resistance zone. BONK may have consolidated below $0.00002630 for now, leaving traders focused on whether the token can break higher or face renewed selling pressure. Market sentiment across memecoins remains cautious amid broader crypto volatility. Institutional flows have shown signs of rotation into more established assets, but BONK’s sustained support at $0.00002550-$0.00002600 suggests buyers remain active. Technical Analysis Trading range of 4% spanned $0.00002485 to $0.00002645. Resistance confirmed multiple times at $0.00002640. Support zone established at $0.00002550–$0.00002600. Volume spike of 1.09 trillion tokens during rally phase. Failed breakout at $0.00002615 led to pullback. Elevated liquidity observed in the $0.00002580–$0.00002610 band. Intraday volatility produced several lower highs after peak. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. Powered by WPeMatico

With interest rates set to be lowered in the U.S., a continuing surge of crypto treasury companies and the deal sealed on the SEC dropping its case against Ripple, money is pouring into altcoins over the past 24 hours. Not the largest gainer, ether (ETH) has jumped 3.5% over the past 24 hours and pushed above $4,000 for the first time since December. The globe’s second-largest crypto is now higher by 25% year-to-date and 112% year-over-year. As for the world’s leading crypto, bitcoin (BTC) is essentially flat over the last day at $116,800. Taken together with the ether move, the closely-watched ETH/BTC ratio has risen 3% in the past hour and is now up 42% over the last month. Bitcoin, however, is doing just fine over longer period, with the ETH/BTC ratio down 4% year-to-date and 20% year-over-year. A check of some other alts finds XRP (XRP) higher by 9% over the past 24 hours, SOL (SOL) 3.5% and dogecoin (DOGE) 5.3%. Ether treasury company stocks are moving as well: Bitmine Immersion (BMNR) is higher by 13% on Friday and Sharplink Gaming (SBET) 4%. Powered by WPeMatico

Gold futures surged to a record high on Friday after U.S. President Donald Trump imposed tariffs on imported gold bars, a rare move sparking both safe-haven buying and fresh concerns over supply disruptions in a market unaccustomed to such trade measures. The most actively traded U.S. gold futures contract climbed as high as $3,534 per troy ounce after U.S. Customs and Border Protection confirmed that one-kilogram and 100-ounce bars would face reciprocal tariffs. Tariffs make imported gold more expensive for U.S. buyers. That cost pressure typically pushes futures prices higher than spot prices, creating arbitrage opportunities for traders. The setup can fuel speculative buying, but it also sends a geopolitical signal — gold has historically been viewed as outside trade-war crossfire, more akin to a currency than a competitive product. The move is notable because most U.S. gold imports come from Switzerland, which received one of the highest tariff rates under the policy. A sudden increase in costs for that supply could raise the risk of a short squeeze if deliveries slow. “Trump’s tariffs on 100-ounce and 1-kilo gold bars could wreak havoc on the COMEX,” bitcoin critic and gold advocate Peter Schiff said in a post on X. “Prices could soar as shorts rush to cover to avoid having to pay 39% tariffs to import bars from Switzerland if longs take delivery. Even if they don’t import, all such bars will trade at premiums.” The rally comes at a time when interest rates headed lower in the West and global trade tensions are already high, factors that tend to strengthen gold’s appeal as a store of value during economic uncertainty. Historically, strong gold rallies have often coincided with gains in bitcoin, which some traders view as an alternative “safe-haven” asset. Tokenized gold products such as PAX Gold (PAXG) and Tether Gold (XAUT) were both modestly higher over the past 24 hours, while bitcoin slipped about 1%. Tariffs on gold could also make the case for bitcoin, which is not subject to customs duties and is sometimes described as “digital gold.” While the metal remains the dominant safe-haven asset, the latest price surge shows how policy changes can push investors to reassess their options. Both spot gold prices and gold futures fell during U.S. afternoon trading on Thursday after a White House official told Bloomberg that the President would introduce a policy clarifying that imports of gold bars should not be subject to tariffs, calling earlier news “misinformation” regarding the tariffs. Update (Aug 8, 18:23 UTC): Adds paragraph at the end about a White House official telling Bloomberg that the President will post an executive order to exempt gold bars from tariffs. Powered by WPeMatico