Multisig cold wallets are highly secure but not immune to attacks, as demonstrated by incidents like the February 2025 Bybit hack, emphasizing the need for additional precautions.
Multisignature (multisig) cold wallets are often considered one of the safest ways to store digital assets, providing an extra layer of protection against theft. However, even these advanced security measures are not infallible, as demonstrated by the February 2025 Bybit hack.
Before diving into their security, let’s break down what multisig cold wallets actually are.
The final week of July has seen a noticeable pullback across the crypto market, with Bitcoin (BTC) trading within a tight consolidation range. This muted performance has dampened broader market sentiment, dragging many altcoins lower.
Despite the cautious tone, retail interest in Nigeria—one of Africa’s most active crypto markets—has remained resilient. On-chain and social data reveal that Bonk (BONK), Sui (SUI), and Pepe (PEPE) have emerged as the top three trending altcoins in the country during the final week of July.
BONK
According to Ayotunde Alabi, CEO of Luno Nigeria, Solana-based meme coin BONK is among the top trending assets in Nigeria this week. The recent resurgence in the demand for meme assets has pushed BONK’s value up by over 150% in the past 30 days.
Alabi told BeInCrypto that BONK’s surge in popularity may be tied to the wider altcoin rally. Still, its appeal among Nigerian investors is also driven by its affordability and perceived upside. In a market where many top coins appear overbought, low-cost tokens like BONK offer speculative traders a chance to enter early and ride potential momentum.
“Interest could be based on the broader altcoin momentum, but investors could also be drawn to the low price entry point and potential for long-term growth,” Alabi pointed out.
The meme coin trades at $0.00003 at press time, up 7% in the past 24 hours. BONK could extend its rally toward $0.000038 if buying pressure is sustained. A successful breach of that resistance could propel the altcoin to reclaim its year-to-date high of $0.000040.
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On the other hand, if demand weakens, BONK’s price could dip to $0.000034.
SUI
This week, layer-1 (L1) coin SUI is another altcoin trending among Nigerian traders. According to Alabi, SUI’s resilience and rising visibility in Nigeria can be linked to its expanding ecosystem and increasing institutional validation.
With big names like Grayscale and VanEck backing the token through new investment vehicles, the CEO mentioned that Nigerian investors are paying closer attention to its long-term potential.
He added that the increase in SUI’s total value locked (TVL) over the past month signals a growing adoption and capital confidence in the network’s infrastructure. According to DefiLlama, this currently stands at $2.148 billion, rising by 25% since the beginning of July.
This uptick in TVL reflects increased market-wide participation and suggests that more users and developers are actively engaging with the Sui ecosystem.
SUI currently trades for $3.99. If network activity remains high, demand for the SUI coin will increase, pushing its price toward $4.09. A break above this level could trigger a move to $4.29.
However, if profit-taking continues, the coin’s value could dip to $3.68.
PEPE
Despite a slight pullback over the past week, PEPE also remains on Nigerian traders’ radar. According to Alabi, the coin has benefited from the broader memecoin revival, with gains of around 18% over the last 30 days.
He explained that the strong performance of more established tokens like Dogecoin (DOGE)—which gained roughly 30% in the same period—has helped to renew market confidence in smaller memecoins like PEPE.
PEPE trades at $0.000012 at press time, noting a 5% uptick in the past 24 hours. If buy-side pressure strengthens, the meme coin’s rally could reach $0.000014.
Solana’s funding rate bars are still green, indicating that long positions are dominant across the market. Even as the price dipped slightly, traders are still paying a fee to stay long, which means most expect the price to rise again.
There’s been no sign of shorts gaining control. This usually signals that buyers are willing to hold through volatility.
Funding rates are periodic payments made between long and short traders in perpetual futures. When rates are positive, longs are dominant and paying shorts, showing a bullish bias.
20/50 EMA Golden Crossover Confirms Uptrend
Solana recently saw the 20 EMA (exponential moving average) cross above the 50 EMA on the daily chart. This “golden crossover” is a bullish signal that suggests short-term momentum is picking up again. However, this crossover didn’t happen on a strong green candle; it came on a red candle with long wicks, showing some market indecision.
Still, this crossover supports the idea that the SOL price trend is shifting upward, even if the immediate momentum looks shaky.
Solana Price Still Above Key Support; Structure Intact
Despite the pullback to $160, Solana is still holding above a key support zone near $158, as projected by the Fibonacci retracement indicator, a tool useful for charting key support levels during an uptrend.
On the upside, if Solana reclaims $168, with funding rates continuing to stay positive, the next leg of the rally opens up. That would allow the SOL price to reach $179 and even $184 levels, provided the broader market sentiment remains bullish.
However, there’s a clear bearish RSI divergence between July 10 and July 14. The SOL price made a higher high, but the RSI made a lower high; a sign that momentum is weakening even as the SOL price pushes up. This divergence often leads to short-term corrections, which we’re seeing now.
Also, RSI is starting to curve down after nearing its signal line, which adds to the case for temporary cooling.
RSI (Relative Strength Index) is a momentum indicator that tracks how strong buying or selling pressure is. A divergence, when price rises but RSI falls, usually means momentum is fading.
The bearish RSI divergence, if followed by a dip below $158, could invalidate the broader bullish structure. And a correction to $152 (0.382 Fib level) or lower ($147) could flip the structure bearish in the short-to-mid timeframe.
Standard Chartered’s Head of Digital Assets Research, Geoff Kendrick, says Ethereum treasury companies now offer a better investment than US spot Ethereum ETFs.
Kendrick says publicly listed companies like Sharplink Gaming (SBET) offer better ETH exposure than the US ETFs
ETF or Stocks? Which One Provides Better Ethereum Exposure
In an exclusive statement to BeInCrypto, Kendrick explained that Ethereum purchases by these treasury firms have equaled those of ETFs since early June. Both groups have acquired 1.6% of ETH’s circulating supply over the last two months.
He emphasized that the NAV multiples—the market cap divided by the value of ETH held—have started to normalize. SharpLink Gaming (NASDAQ: SBET), one of the earliest and largest ETH-holding firms, now trades just above a NAV multiple of 1.0.
“I see no reason for the NAV multiple to go below 1.0. These firms offer regulatory arbitrage for investors. Given NAV multiples are currently just above one, I see the ETH treasury companies as a better asset to buy than the US spot ETH ETFs,” Kendrick said.
He noted that SBET’s Q2 earnings report, due August 15, will offer further insight into this growing asset class.
Ethereum Treasury Companies Accelerate
Since emerging in stealth earlier this year, Ethereum treasury companies have quietly accumulated over 2 million ETH, with Standard Chartered projecting another 10 million ETH could follow.
In the past month alone, these firms added 545,000 ETH—worth around $1.6 billion. SharpLink Gaming reportedly bought 50,000 ETH during that period, bringing its total to over 255,000 ETH.
Kendrick’s remarks come amid a broader institutional trend. As of August, about 12 public companies hold over 1 million ETH, including BitMine Immersion Technologies, Coinbase, and Bit Digital.
Combined, public firms now own 0.83% of the total ETH supply, according to CoinGecko.
Top 10 Ethereum-Holding Public Companies. Source: CoinGecko
Spot Ethereum ETFs See Inflows—and Outflows
The comments also follow turbulent weeks for Ethereum spot ETFs. After $5.4 billion in inflows during July, US ETFs saw major reversals.
On August 1, ETFs recorded $152 million in net outflows, followed by $465 million outflows on August 4—the largest ever in a single day. BlackRock’s ETHA accounted for $375 million of that.
The market partially recovered on August 5, with ETFs attracting $73 million in net inflows. BlackRock again led the charge, while Grayscale’s funds saw modest redemptions.
US Spot Ethereum ETFs Daily Net Inflow In 2025 So Far. Source: SoSoValue
Standard Chartered’s endorsement highlights a shifting dynamic in institutional Ethereum investment. With NAV multiples stabilizing and staking benefits accruing, ETH treasury firms are positioning themselves as high-efficiency alternatives to ETFs.
Investors will watch SBET’s August 15 earnings report closely. As Kendrick notes, it could further validate Ethereum treasury firms as a viable institutional-grade asset class.
