Stablecoins are holding steady.
Equities remain near record territory, although the climb has flattened.
The S&P 500 sits roughly 2% below last week’s all-time high, while long-dated Treasury yields continue doing the talkingk.
Onchain dollars moved through the same holding pattern, with one twist.
Stablecoin market cap stood at $298.82B, up 0.17% over 30 days. Monthly transfer volume rose 7.82% to $5.98T. Active addresses fell 4.96% to 51.65M, while holders increased 1.58% to 280.41M, according to @RWA_xyz
More volume. Fewer active addresses.
Dollars kept moving, but activity became more concentrated. Throughput rose while participation thinned.
Equities are watching the Fed. Onchain liquidity is moving through a narrower channel.
Watch what central banks do.
Central banks bought 289 tonnes of gold in Q2, a record for the quarter, while gold ETFs recorded 45 tonnes of outflows.
China added nearly 20 tonnes in July, its biggest monthly purchase since October 2023 and its 21st consecutive month of accumulation.
Last year, central banks bought 863 tonnes. Historically elevated demand, sustained through volatility.
ETF investors sold through the weakness. Reserve managers kept building. They operate on longer horizons, and their actions continue to send a clear signal.
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