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Stellar’s XLM Token Drops 6% as Institutional Selling Intensifies

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Stellar’s XLM token came under heavy institutional selling pressure between August 17 at 3:00 PM and August 18 at 2:00 PM, sliding from $0.43 to $0.41 in a 6% decline.

Trading volumes during the 24-hour period topped $30 million, representing roughly 7% of daily turnover.

The most notable liquidation event occurred between 1:00 AM and 3:00 AM on August 18, when institutional sellers offloaded more than 60 million tokens. This selloff forced XLM down from $0.42 to $0.41, creating strong resistance at the $0.42 level and defining new support near $0.41.

Despite attempts at recovery, the asset consistently failed to breach the resistance zone, signaling persistent institutional bearishness and leaving XLM vulnerable to further downside.

The final trading hour on August 18 added fresh pressure, as XLM registered a 1% drop between 1:21 PM and 2:20 PM. Institutional selling accelerated between 1:31 PM and 1:42 PM, with corporate liquidations pushing prices from $0.41 to $0.41 on volumes exceeding 2.7 million units.

This flurry of activity confirmed resistance at $0.41 and set a short-term support floor at the same level. Multiple recovery attempts throughout the hour were met with renewed selling pressure, culminating in a stagnant close around $0.41 with minimal volume in the last 20 minutes.

The lack of buying interest highlights the possibility of further weakness should sellers regain momentum.

XLM/USD (TradingView)

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.



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Circle’s Arc to Launch with Fireblocks Integration as Stablecoin Race Intensifies
Crypto Trends

Circle’s Arc to Launch with Fireblocks Integration as Stablecoin Race Intensifies

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Circle’s new layer-1 blockchain Arc will integrate with Fireblocks, a New York–based digital asset custody and tokenization platform serving more than 2,400 banks, asset managers and fintechs. Arc is not yet live, but Circle plans to roll out a public testnet this fall ahead of a full launch by year-end.

Fireblocks said it prepares custody and compliance support so clients can transact on Arc once the network launches. Its platform supports over 120 blockchains and facilitates settlement for institutions across global markets.

Source: Fireblocks

The unusually early integration drew some criticism on X. Solana, for example, launched in 2020, but wasn’t added to Fireblocks until late 2021, after its ecosystem reached critical mass. Arc will instead debut with Fireblocks integration, giving banks and asset managers “day one” access.

Related: Stablecoins will soon have their ‘iPhone moment,’ Circle CEO

Moving along with US stablecoin regulations 

While US regulators advanced clarity around stablecoins with the GENIUS Act signed on July 18, Circle has been expanding its footprint.

On June 5, Circle raised $1.05 billion in the first IPO by a stablecoin issuer. Shares opened at $69, climbed as high as $103.75, and closed at $83.23 — a gain of 168% from the IPO price. The stock reached as high as $298.99 on July 23, and is currently trading around $145.

The company’s first earnings report since going public was released on Tuesday, reporting $658 million in Q2 revenue, a 53% increase year-over-year. It said circulation of USDC grew 90% over the same period, reaching $61.3 billion by June 30 and climbing above $65 billion in early August.

That same day, Circle moved to expand its payments infrastructure with the launch of the Circle Payments Network, and announced Arc — describing it as a layer 1 purpose-built chain for “stablecoin finance.”

While Circle was ahead of the curve with its IPO, the Arc announcement comes amid a broader wave of new blockchain launches, including Stripe developing Tempo with Paradigm and Robinhood rolling out a tokenization-focused L2 in June.

Related: USDC stablecoin launches on XRP Ledger

Stablecoin rivals drive market growth

The stablecoin market cap now stands at roughly $277.16 billion, up from $253.87 billion on July 1, according to data from DefiLlama. While Circle’s USDC accounts for about a quarter of the fiat-backed stablecoin market, Tether continues to dominate globally with around 60% market share.

Tether reported $4.9 billion in profit in Q2 2025, a 277% increase compared with the same period a year earlier. Most of that profit came from Treasury yields, with the company’s $127 billion short-term US debt generating steady income. 

Tether has now become one of the largest non-sovereign holders of US Treasurys, surpassing countries such as South Korea and the UAE, an unprecedented position for a private company.

Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears



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Solana (SOL) Drops 8% as Middle East Conflict Intensifies, Driving Crypto Sell-Off

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Solana (SOL)

is trading at $128.82, down 8.33% in the past 24 hours, after a steep intraday correction linked to rising geopolitical tensions. The token dropped from $140.39 to $127.25, with the sharpest hourly decline occurring at 13:00, when sell pressure spiked and trading volume exceeded 4 million, according to CoinDesk Research’s technical analysis model.

The market reaction followed confirmed reports of U.S. military strikes targeting Iranian nuclear sites, triggering widespread risk aversion across crypto markets.

Some traders now worry that a closure of the Strait of Hormuz, even if temporary, could send oil prices soaring. That would likely stoke inflation, reduce the odds of near-term Fed rate cuts, and prolong the risk-off environment hurting crypto markets. A direct attack on the waterway could intensify the sell-off in altcoins, as bitcoin dominance historically rises during periods of geopolitical turmoil.

SOL’s decline also marked a break below key technical levels, including the 200-day simple moving average near $149.54. Throughout the session, SOL printed lower highs and struggled to sustain rebounds, pointing to weakening market structure. With elevated volume on red candles and technical indicators flashing bearish, traders are now watching the $120–$125 zone as a potential support area.

Technical Analysis Highlights

  • SOL dropped 8.1% from $140.39 to $129.02 during the analysis period, forming an $11.37 decline.
  • The session’s widest price range stretched from $141.14 to $126.85, a 10.2% intraday swing.
  • The largest hourly drop occurred at 13:00, with price falling from $133.58 to $128.82 on 4.03M volume.
  • A descending channel developed across the session, with lower highs and lower lows confirming bearish structure.
  • Key resistance formed at $133.80, which capped multiple rebound attempts.
  • Initial support emerged at $127.43, while a new intraday floor formed at $128.90.
  • From 15:25 to 15:27, a volume spike pushed price below $129.30 during a continuation sell-off.
  • Late-session movement showed SOL trading between $130.42 and $128.85 under consistent sell pressure.
  • Several recovery attempts near $130.05 failed as volume increased on each rejection.
  • Significant supply concentration appeared near $130.20, reinforcing short-term bearish momentum.

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.



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CRO ETF? Canary Capital Files for US Cronos Fund as Altcoin Interest Intensifies

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In brief

  • Canary Capital filed with federal regulators to offer a Cronos ETF to investors in the U.S.
  • The application is the latest of dozens of proposals that aim to track the price of altcoins.
  • Trump Media & Technology Group is also aiming to launch ETFs in partnership with Crypto.com.

Crypto asset manager Canary Capital has applied for an exchange-traded fund tracking Cronos (CRO), the token affiliated with the Crypto.com exchange, according to a filing with the U.S. Securities and Exchange Commission on Friday. 

The S-1 registration form marks Canary Capital’s latest step toward potentially debuting its Canary Stake CRO ETF in the U.S. and adds to the growing list of altcoin-based funds before the regulator.

The issuer registered a Delaware Trust entity earlier this month, laying the legal groundwork for the fund.

Cronos is the 44th-largest cryptocurrency by market capitalization, according to data provider CoinGecko. It was recently trading at $0.10, up 5.5% in the past 24 hours, data shows.



The CRO ETF filing is part of a wave of applications that issuers have submitted for funds based on popular altcoins. Those submissions follow the success of spot Bitcoin ETFs such as BlackRock’s iShares Bitcoin Trust ETF, which as of Wednesday had raked in a record-breaking $6.22 billion in investments in May. 

The filings include proposals for funds tracking Solana, Dogecoin, Bonk, Official Trump, and even the Ethereum NFT collection Pudgy Penguins and its associated PENGU token on Solana.

Over the past few months, the Commission has extended its deadlines to approve or reject applications for SOL, XRP, and DOGE.

Earlier this year, Crypto.com proposed resurrecting billions of burned Cronos tokens to fund a non-binding agreement with Trump Media & Technology Group, the Truth Social owner with links to U.S. President Donald Trump and other members of the First Family. 

In March, the companies signaled they would make ETFs based on Cronos, Bitcoin and equities for “diverse industries such as energy” available to investors. 

Edited by James Rubin

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