Jupiter Chief Operating Officer Kash Dhanda laid out a clear portfolio framework in a podcast recorded on Aug. 20, saying more than half of his own holdings sit in stablecoins earning 5% to 7%, while the rest is allocated to very high-risk assets that could fall 85% in six weeks. He described that setup as a barbell strategy and argued that crypto wealth is built less by luck than by discipline, risk management and compounding yield over time. Across the conversation, Dhanda called meme coins a form of "adrenaline service" more comparable to video games than durable investments, and said most of them die quickly even if a small number survive. He also framed crypto’s long-term direction as "infinite capitalism" — a model of unlimited access and unlimited assets where anyone can access capital markets at any time from anywhere. On Solana, he said roughly $700 million in real-world assets flowed onto the chain over the past 30 days, more than all other chains combined, and that 98% of tokenized stock trading takes place there. On Jupiter, he said the team is repositioning JUP after what he described as a weak prior cycle, including using 50% of revenue to buy back the token.

Anthropic said an unreleased version of its flagship model, Claude Mythos Preview, discovered two previously unknown attacks on cryptographic algorithms, including one targeting HAWK, a post-quantum digital signature system that had advanced to the third round of the U.S. NIST competition. According to the report, the attack cuts the cost of stealing HAWK’s smallest key from 2^64 operations to 2^38, or about 67 million times less work. Anthropic said fixing the issue would roughly double key sizes, weakening one of HAWK’s main selling points: compact keys and fast signing. The report also stressed that HAWK has never been deployed and that Bitcoin still uses ECDSA, so no live crypto system was broken by the finding. Even so, the development matters because a broad push toward quantum-resistant crypto infrastructure assumes that the replacement schemes are themselves secure. The newsletter also covered a range of market and policy developments, including gains in BTC and ETH ahead of the FOMC, public backing for the CLARITY Act from BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi, fresh ETF flow data, Zcash’s Ironwood activation, and a burst of meme coin trading activity led by PIPEDOG on Robinhood chain.

Bitcoin briefly climbed above $64,400 after the Federal Reserve left its benchmark rate unchanged at 3.50%-3.75% on Wednesday, then surrendered the move when Fed Chair Kevin Warsh opened his press conference with a blunt line: "There is no soft inflation target." By press time, BTC was trading just under $64,000, still up about 1% over 24 hours, according to CoinGecko. The market response suggested crypto traders were reacting less to the hold itself and more to Warsh’s inflation stance. The decision also came with an uncommon split inside the Federal Open Market Committee, with Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan dissenting in favor of a 25 basis point hike. CME FedWatch had put the odds of a hike at roughly 35% before the meeting. Elsewhere in crypto, Ethereum held near $1,900 and XRP traded around $1.06, while total market capitalization rose to about $2.29 trillion. KAITO led gains among top-300 tokens, while DeXe and Lorenzo Protocol’s BANK posted sharp declines.

Bitcoin briefly fell below $63,000 and hit its lowest level in nearly 10 days before rebounding around $62,700, but it still remains under a key resistance zone ahead of the Federal Open Market Committee meeting. Traders cited in the report kept a cautious view: resistance sits at $64,000 to $64,400, while liquidity is concentrated lower between $60,000 and $62,000. Analyst Killa said the structure stays range-bound and bearish unless BTC reclaims $65,700 and the weekly open, while Wulf said the real directional move may come after the Fed decision even though buyers have shown up around $62,700. The report also tied crypto price action to a broader cross-asset reset. US semiconductor and memory names stayed weak in late trading, the Philadelphia Semiconductor Index fell 4.49%, and selling spread through Micron, SK Hynix ADR, SanDisk, AMD and Corning. In Asia, South Korea’s KOSPI dropped 5.99% after an intraday slide of more than 12%, while Japan’s Nikkei 225 also declined. The piece said some global funds were rotating away from Korean semiconductor exposure and toward Hong Kong tech names and China’s domestic chip narrative, with ChangXin Memory Technology rising 12.66%. Investors are now watching the Fed decision, Chair Waller’s press conference, US GDP and core PCE data, the Bank of Japan meeting, and earnings from Microsoft, Meta, Apple, Amazon, Coinbase and Strategy.

Market attention on July 29 centered on a mix of crypto, policy and tech developments. SK hynix reported second-quarter operating profit of KRW 60.5 trillion and revenue of KRW 79 trillion, both below market expectations, while saying DRAM average selling prices rose about 30% from the first quarter and that HBM4 supply will expand in the second half. In Washington, Senate Republicans are trying to move the Clarity Act to a procedural vote before the August recess, though the bill still faces a tight legislative calendar, internal Republican hesitation and Democratic demands tied to ethics provisions and limits on crypto-related benefits for Donald Trump’s family. Coinbase CEO Brian Armstrong publicly urged the Senate to advance the bill, describing it as a bipartisan framework for consumer protection and federal oversight of digital assets. In crypto markets, Solana is expected to raise its mainnet block compute limit from 60 million CU to 100 million CU through SIMD-0286 at the start of Epoch 1009, a roughly 66% increase. trade.xyz said it would fully compensate liquidation losses linked to an abnormal SKHYNIX mark price event on July 27, while Hyperliquid co-founder iliensinc said the relevant perpetual market was deployed and operated by the XYZ team. Elsewhere, Elon Musk’s fortune has fallen by about $650 billion since SpaceX peaked in June but still remains above $700 billion, according to the report. The day’s roundup also included Korean market regulation moves, Amazon’s internal AI model overhaul, Apple’s brief move above a $5 trillion valuation, several crypto fundraising announcements and project updates from 1inch, Lighter and Across Protocol.

HYPE outpaced bitcoin and the broader market as heavy activity on Hyperliquid boosted fees, buybacks and burns. JUP also stayed in focus after token holders backed a supply freeze.

Drift Protocol lost about $285 million after attackers used a compromised admin key to drain vaults in 31 transactions. Solana Foundation officials said the incident stemmed from social engineering and operational security failures, not a smart contract bug.

Jupiter spent over $70 million repurchasing JUP in 2025, yet the price dropped 89%. Solana co-founder Anatoly Yakovenko says short-term buybacks can't fix supply-side pressure in high-emission token models.