Chase x Coinbase = Crypto Onramp

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Welcome back to The Warmup.

Happy Friday. We’re happier than someone discovering they can swap credit card points for BONK.

Here’s what we’re watching:

• Market Snapshot

• Chase x Coinbase Just Made Crypto Way Easier

• Bitcoin Onchain Spike Setup

• White House Gives Crypto the Green Light

• What We’re Watching

Market: Crypto majors slipped after Trump’s tariff headlines rattled markets. SOL led the pullback, giving up some July strength, with ETH and XRP also down. Memecoins and AI plays like PUMP, S, and ENA stayed hot.

Chase x Coinbase Just Made Crypto Way Easier

What’s going on:

JPMorgan Chase and Coinbase just teamed up to bring digital assets straight into the hands of everyday users.

Starting later this year, Chase credit card holders will be able to buy crypto directly through Coinbase. No extra steps, no extra apps.

And in 2026, it gets even smoother. Chase bank accounts will link directly to Coinbase Wallet, making crypto transactions faster and easier than ever.

On top of that, Chase Ultimate Rewards points will be redeemable for USDC starting next year. Yep, you’ll be able to turn your credit card points into crypto on Base.

What it means:

TradFi and crypto are merging in real time.

This partnership removes one of the biggest barriers to entry: complexity. Now, anyone with a Chase account can start their crypto journey with just a few taps.

It’s also a huge moment for adoption. A major bank is giving its customers easier access to stablecoins and self-custody.

Coinbase becomes the bridge. Chase brings the users. And together, they’re pulling crypto into the mainstream.

And here’s the kicker, most people treat reward points like disposable income. That means they’re more likely to use them on speculation, betting, or investing… all of which favors crypto as the go-to destination for points they weren’t counting on.

Big unlock for the next wave of users.

Bitcoin Onchain Spike Setup

What’s going on:

Bitcoin is chopping between the $110k-$120K mark, but under the surface, four key onchain signals are flashing bullish.

From undervaluation to new capital entering the market, data suggests BTC could be gearing up for a breakout. Buyers just need to show up.

Key signals we’re watching:

• MVRV Ratio: 2.2 → Getting close to its 365-day EMA (yellow line), which has often marked a price bounce

• New Investor Dominance: 30% → Still well below euphoric highs

• Long-Term Holder Selling: Light selling with a coefficient around 0.3 → Market is absorbing it

• Consolidation Structure: Flat price action could be the calm before the move

Directional Bias: Cautiously bullish

What we’re waiting for:

• Volume confirmation on any move above $120K

• Signs of accumulation or spot flows from new wallets

• Continued low selling pressure from old coins

Bitcoin still comes with volatility, but right now the risk to reward looks attractive. Especially if these onchain signals continue to align.

White House Gives Crypto the Green Light

What’s going on:

The White House dropped a massive crypto policy report, a 6-month collab between agencies like the Treasury, SEC, and CFTC.

It’s the first real attempt to define how the U.S. plans to regulate, integrate, and dominate in crypto.

Some big takeaways from the report:

• Clear rules on which tokens are securities vs commodities

• CFTC-backed spot market oversight

• Support for DeFi sandboxes and crypto bank charters

• Push for stablecoin regulation (via the GENIUS Act)

• Hard pass on a U.S. CBDC

• Tax reform (think: 1099-DA, wash-sale rules)

• Proof-of-reserve standards + stricter KYC

Oh, and it reaffirms plans for a U.S. Strategic Bitcoin Reserve.
No timeline yet, but it’s still alive and quietly in the works.

What it means:

This isn’t just another report. It’s the clearest sign yet that the U.S. is serious about leading the next era of finance.

For the first time, we have a framework that spells out how crypto fits into existing laws, how stablecoins can go mainstream, and how DeFi can innovate without getting nuked by regulators.

It gives builders confidence. It gives investors clarity. And it signals that the U.S. wants to lead in the global crypto race, not fall behind.

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• Tether posts record $4.9B net profit for second quarter

• The Ether Machine becomes 3rd largest ETH holder with $56.9M ETH buy

• Coinbase to offer tokenized stocks and prediction markets to U.S. users in 'everything exchange'

The recent DXY rally has added short-term pressure on crypto and other risk assets.

As expected, stronger dollar flows from the TGA refill and trade news gave the DXY a boost.

But we stayed fully allocated and didn’t try to time it because short-term moves are just noise in a much bigger cycle.

Now that the dust is settling, we still believe this bull market has plenty of room to run and we remain confident the Fed will deliver a rate cut in September despite all the noise.

— The Warmup Team

Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.