BTC is currently trading around $64,800 and ETH around $3,150. Notable gainers in the last 24 hours are AAVE, TRX, and FTN. The global crypto market cap is $2.34T, down 3.4% over the last day. DeFi Total Value Locked is ~$100b and BTC dominance is around 56%.
The spot Ethereum ETFs saw -$133m of flows (ie. net outflows) as Grayscale’s ETHE lost $327m that inflows into the others couldn’t make up for. In addition to continued heavy ETHE outflows, the absence of pre-arranged day one flows and potentially less rotation from the spot Bitcoin ETFs also contributed to the decline. As a reminder, the spot Bitcoin ETFs experienced negative total inflows in six of their first ten days, which weighed on price, until GBTC outflows slowed and gave way to strong inflows into the other ETFs.
Prices are being further pressured as Bitstamp commenced returning Mt Gox-related Bitcoin and Bitcoin Cash to creditors. While Kraken successfully returned an estimated $3b of BTC to creditors on Tuesday with little market impact, this is likely creating additional uncertainty. Further, equity markets exhibited a poor showing yesterday, particularly in the US where the tech-heavy Nasdaq fell 3.6% in its largest daily decline since 2022. Finally, the volatility has led to $335m in total liquidations over the last day.
Notable news includes: India revealed plans to release its crypto policy stance by September; Argentina’s regulator registered a company with Bitcoin and USDC capital; US Vice President Harris declined to speak at Bitcoin 2024; US Senator Lummis will reportedly introduce proposed legislation at Bitcoin 2024 to enable the Fed to hold Bitcoin as a strategic reserve asset; crypto-friendly Revolut received a UK banking license; HSBC Australia suspended payments to crypto platforms; Bitcoin miner MARA purchased $100m of BTC; miner Bitfarms adopted a new “poison pill” in an attempt to fend off Riot’s hostile takeover bid; Bitcoin rollup BitcoinOS successfully verified the first ZK proof on Bitcoin; Cardano validators began upgrading node software to enable the Chang hard fork that will give token holders control over Cardano; TON launched the W5 smart wallet standard for gasless transactions on TON; Jito released a restaking service on Solana; and, an Aave governance temperature check proposed turning on the fee switch to return revenue to users.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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