This Week in Primary Markets 💰 MultiLiquid: $8M, Polychain led, Circle Ventures joined. Atomic swaps between tokenized assets and stablecoins at NAV. 🤖 Catalyst: $30M seed, Sequoia led, Jump Trading and Coinbase joined. On-chain AI trading agents. 🔒 Soda Labs: $3M, NextBlock. Privacy layer for banks and RWA platforms. 🏦 Navra: $19M Series A, Ribbit Capital led. On-chain credit and yield. 🧠 BlockX view RWA is shifting from how much is tokenized to how much is actually settled. Settlement, privacy, yield and execution are where capital is going. #PrimaryMarkets #RWA #AIWeb3 #BlockX

Three themes emerging: 1️⃣ Bitcoin financial infrastructure 2️⃣ Tokenized cash funds 3️⃣ Stablecoin payment rails Meanwhile raised $37.5M — led by Bain Capital Crypto. Bitcoin life insurance. Total funding now $180M+. Spiko raised $90M — led by NEA. Tokenized cash fund AUM now $2.7B. Noah raised $38M seed — stablecoin payment rails. Umia raised $6M — onchain token formation platform. Public round filled in 7 minutes. 🧠 BlockX view: Bain Capital Crypto and NEA in the same week. Traditional finance isn't exploring anymore — it's building. #PrimaryMarkets #Bitcoin #RWA #Stablecoins #BlockX

Bitcoin stuck in an $81K–$86.5K box. October's "Uptober" isn't happening. ETF flows flipped: Oct 5–9: -$679M net outflow Oct 7: -$485M in a single day — largest since June ETH ETFs: 9 straight days of outflows The tell: Spot ETFs bled $729M over two days — while futures OI rose 4%. Long-term money is leaving, short-term leverage is stepping in. On-chain: Only $4.9B in new capital vs. $12.8B realized cap growth. Most of the rally was holders trading with each other. Macro: Weak NFP cut Oct hike odds from 70% to <20%. CPI drops Oct 14. 🧠 BlockX view: $81K support is held up by borrowed money. Watch CPI. #Bitcoin #ETF #Fed #BlockX

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Kaiko raised $110M — led by S&P Global, with BNP Paribas, RBC, Nasdaq, Bpifrance, Coinbase Ventures, Stellar. Why it matters: · S&P Global: data & index layer · Nasdaq: trading infrastructure (also invested $100M in Payward) · BNP Paribas & RBC: banking distribution Also this week: · Windsor Capital: $50M into Space Labs at $1.02B valuation — RWA infrastructure · dtcpay: $15M — Singapore-licensed stablecoin payments · Galaxy Research: Q2 crypto VC investment rebounded to $5.6B, +31% QoQ 🧠 BlockX view: Traditional finance is moving from "exploration" to "infrastructure integration." Data infrastructure and RWA lead the themes. #PrimaryMarkets #RWA #DataInfrastructure #BlockX

Kaiko's $57M B extension — backed by S&P Global, BNP Paribas, Nasdaq Ventures, RBC, Coinbase Ventures. B round total now $110M. Traditional financial infrastructure providers are systematically positioning in crypto data. Also notable: · CatchBack: $8M seed led by Foundation Capital — Robinhood Ventures, Coinbase Ventures, Solana Foundation participating. Tokenized collectibles trading. · Evernorth: $30M via convertible notes from NH Investment & Securities (Korea), targeting Nasdaq listing under "XRPN" Enterprise treasury watch: Strategy resumed buying — ~$75M in BTC after two weeks of pause. Bitmine added ~$75M in ETH. 🧠 BlockX view: The investor structure is shifting — S&P Global, BNP Paribas, and RBC in the same crypto funding round signals traditional capital is moving from "exploration" to "infrastructure integration." Data infrastructure and RWA tokenization are the clearest themes. #PrimaryMarkets #RWA #TraditionalFinance #Funding #BlockX

BTC rallied from $76.5K to $87K in four days — a +13% move — before pulling back to ~$85.5K. Crypto market cap reclaimed $3T for the first time since January. Two drivers: · Fed hiked 25bps to 3.75%–4.00% — market held key support, "bad news priced in" · $740B added to crypto market cap since Treasury's bond buyback expansion But ETF flows tell a cautionary tale: · Sept 8–16: -$753M in net outflows (inverted-V pattern) · Sept 18: +$433M** single-day inflow — but weekly net just **+$6.2M · Perpetual open interest at $160B — highest since Oct 2025 🧠 BlockX view: Rate hike priced in, squeeze-driven rebound. Watch whether ETF inflows turn from pulse to trend — and whether $85K holds as support. Resistance at $87K–$88K. #Bitcoin #Fed #ETF #BlockX

This week: 5 deals, $151M total. Nasdaq's $100M investment in Payward dominates. Three deals pointing to the same thesis — stablecoin payments: · Latitude ($35M): last-mile settlement via local banks in 45 US markets · Diameter Pay ($10M): $10B+ processed since early 2026 · OpenReserve ($25M, a16z crypto-led): OCC preliminary approval for a national bank Also notable: · Nasdaq × Payward: equity token design connecting to xStocks infrastructure, launch targeted Q2 2027 · Agentum ($7M): trust & settlement layer for AI agent economy on BNB Chain · Linera's community round raised just $848K vs. $1.5M target — narrative-driven projects losing patience 🧠 BlockX view: "Bank charter + crypto-native" is emerging as a new model. Stablecoin payments are moving from crypto-native to compliant and localized. For founders, clear regulatory paths and real transaction data are now table stakes. #PrimaryMarkets #Stablecoins #AIWeb3 #Nasdaq #BlockX

Three weeks, $3.8B in ETF inflows — the strongest consecutive performance of 2026. BlackRock IBIT accounts for ~70% of weekly flows. But ETF trading volume is down from $19B to $14.5B — momentum is slowing. Sentiment warning: Fear & Greed Index hit 70 (Greed), up from 36 in three weeks. History suggests greed zones often precede short-term pullbacks. This week's catalysts: PPI (Sept 10) and CPI (Sept 11). Hot prints = rate hike pressure; benign prints = upside catalyst. 🧠 BlockX view: Structural inflows remain positive, but $80K breakout needs spot volume confirmation. Watch $79K support vs $82K resistance. #Bitcoin #ETF #CPI #Fed #BlockX

August primary markets: $1.3B raised across six disclosed rounds — with structural divergence deepening. Notable deals: 💡 ZeroStack: $1B (largest of the month) 💡 Hivemind Digital Group: $17M (led by M&G Investments — traditional finance entering) 💡 City Protocol: $11M (Dragonfly, Jump Crypto) 💡 NeoSoul: $11M Series A VC activity: 💫 RockawayX raising $150M liquidity fund for undervalued tokens — while peers pivot to AI 💫 Strategy resumed buying: 4,603 BTC at $80,318 avg ($370M) 💫 Strive added $143M in BTC — corporate treasuries are emerging as a new demand source 🧠 BlockX view: The "narrow gate" era continues — fewer players, larger rounds, capital concentrating in clear themes. For founders, clear business models and revenue validation remain table stakes. #PrimaryMarkets #VC #RWA #Funding #BlockX

BTC closed August with a +24% return — its best monthly performance since 2017. $6.55B in shorts were squeezed. Now, the market enters macro validation. Key catalysts ahead: 💡 Fed meeting (Sept 15–16): Rate hike odds at 65.4% (up from 38.4%) 💡 CLARITY Act cloture vote (Sept 15): Passage odds at 13–14% ETF flows: $217M net inflow on Sept 1 (BlackRock IBIT led with $206M, 95% of daily total). Ether ETFs extended to 11 consecutive inflow sessions. XRP & Solana ETFs each logged their 10th consecutive positive session. On-chain signals: Institutional demand remains resilient, but retail activity is cooling and speculative leverage is rising. 🧠 BlockX view: The market is at a critical macro inflection point. Direction will be determined by the Fed and the CLARITY Act vote. Watch $80K resistance and $76.8K support. #Bitcoin #ETF #FederalReserve #CLARITYAct #BlockX

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BTC has been trapped in a $62K–$66K range for over five weeks. Volume is at 3-year lows. Tonight's CPI could be the catalyst. $853M ETF inflows in August's first week (IBIT 81%) are being offset by miner selling ($421M), whale distribution ($487M), and Strategy offloading (1,690 BTC at $64K). CPI expected: +0.1% MoM, 3.4% YoY. Hot print = rate hike pressure; benign print = upside catalyst. 🧠 BlockX view: Support holds, breakout unconfirmed. Watching $62K support and $66K resistance.

The Senate has less than 48 hours before the August 7 recess. The CLARITY Act is still not on the calendar. 📉 Passage odds: - Polymarket: 24% (down from 74% in Jan) - Galaxy Research: 30% - Market consensus is shifting from "likely to pass" to "likely to fail" 🚧 Why it's stalled: - Cloture requires 60 votes – Republicans hold 53, need at least 7 Democrats - Unresolved disagreements: ethics provisions, stablecoin yield, AML - Thune has not yet filed cloture ⏰ Tonight is the last real window – if cloture isn't filed by Wednesday, the bill doesn't even get a vote. 🧠 BlockX view: This is the defining moment for U.S. crypto regulation. 24% odds mean markets are starting to price in the "no-pass" scenario. The absence of certainty is itself a cost. #CLARITYAct #CryptoRegulation #USPolicy #BlockX

BTC is back above $64,000, up ~1% on the day, supported by two tailwinds: 🟢 Geopolitical relief – US-Iran Strait of Hormuz deal "close," oil down 4%, risk-on sentiment improves 🟢 ETF inflows – 2 consecutive days of net inflows ($211M on Aug 4); IBIT leads with $170M But headwinds remain: 🔴 Retail bids are absent (Coinbase premium negative, F&G in low 30s) 🔴 Yen carry trade unwind squeezing liquidity 🔴 $64,250 resistance – breakout not yet confirmed Key levels: - Support: $63,000 / $62,200 - Resistance: $64,250 / $65,500 🧠 BlockX view: Short-term support is real, but this is a "support holds, breakout unconfirmed" phase. Watch the Hormuz deal, ETF flow sustainability, and $64,250. #Bitcoin #ETF #Geopolitics #BlockXVC

Bitcoin briefly broke below $63,000 on July 29 – its lowest level in 10 days, with over $415M in liquidations. Three converging pressures are weighing on the market: 1️⃣ AI sector sell‑off spillover – a sharp drop in tech stocks triggered a broader risk‑off move, with Bitcoin sold as a high‑beta asset. 2️⃣ FOMC uncertainty – markets are pricing a ~29% chance of a July hike, with the rest leaning toward a hold. But the real focus is on Chair Warsh’s tone post‑meeting – his forward guidance will set the tone for the second half of the year. 3️⃣ CLARITY Act delays – the bill’s 2026 passage probability has dropped from 55% to 35%. The August 7 Senate recess deadline is closing fast. 🧠 BlockX view: Key levels to watch: $63K support (break → $60K–$55K), FOMC guidance, and any CLARITY Act progress before August 7. #Bitcoin #FOMC #CLARITYAct #CryptoMarkets #BlockX

H1 2026 brought $13.3B into crypto VC – but across just 435 rounds. Compared to 2022's peak of 1,978 deals, volume is down 78% – yet average round size has surged 4.5x, from $6.7M to $30.6M. Recent deal flow: • Crypto.com: $400M from Citadel Securities at $20B valuation • Alpaca: $135M** led by Peak XV • DGrid AI: **$5M seed → $23M+ annualized revenue (capital efficiency benchmark) Three clear themes: 1️⃣ Stablecoin payment infrastructure – the most certain bet 2️⃣ AI + Web3 – moving from narrative to revenue validation 3️⃣ Compliant CeFi on-ramps – traditional capital's first entry point 🧠 BlockX view: Capital is concentrating at the top. For founders, clear business models and revenue traction are table stakes. For investors, "certainty premium" will define the next 2-3 years. #PrimaryMarkets #VC #Stablecoins #AIWeb3 #CeFi #BlockX

BlockX Policy Watch CLARITY Act: August 7 Deadline Looms – Regulatory Clarity Hits the Ticking Clock The Digital Asset Market Clarity Act failed to be signed into law by July 4 as hoped. The Senate's August 7 summer recess is now the critical window – miss it, and the next real opportunity may not come until 2030. ⚖️ What it does: Moves most digital asset authority from SEC to CFTC, with SEC retaining oversight of "investment contract assets." CFTC gets exclusive spot-market jurisdiction over "digital commodities." Clearly defines which assets are securities vs. commodities. 📊 Latest updates: - Polymarket odds have rebounded to 55% - National Organization of Black Law Enforcement Executives (NOBLE) officially supports - Major County Sheriffs of America (MCSA) shifted from opposition to neutral - Still needs full Senate vote and 60 votes to advance ⚠️ Key hurdles: Banking sector disagreements over stablecoin yield restrictions continue to drag progress. Bipartisan divisions remain over AML provisions. House floor procedures are also stalled. Over 200 crypto firms have jointly urged the Senate to vote promptly. 🧠 BlockX view: CLARITY Act is the defining moment for U.S. digital asset regulatory framework – the SEC-CFTC jurisdictional split will directly determine compliance paths for thousands of tokens. If it can't advance before August 7, the post-midterm political landscape could expose the bill to major revision risks. The window is narrow and closing fast. #CLARITYAct #CryptoRegulation #USPolicy #Web3 #BlockX