New York Stock Exchange and Nasdaq withdraw crypto ETF options listing requests
The NYSE and Nasdaq International Securities Exchange have withdrawn three requests to list options for Bitcoin and Ethereum ETFs, according to recent regulatory filings. These withdrawals follow a pattern of applications and adjustments surrounding crypto ETF options in the U.S. Exchanges are striving to meet SEC requirements and demonstrate that the products are widely held and actively traded. This might indicate a potential future approval for crypto ETF options listings.
75% of Bitcoins remain inactive for over six months
In the last 24 hours, Bitcoin’s (COIN:BTCUSD) price rose 3.5% to $59,530, recovering from an intraday low of $57,096.56. However, Bitcoin has seen a weekly decline of 3.9%. According to Bitcoin Magazine Pro, nearly 75% of Bitcoin in circulation has been inactive for more than six months. This “HODLing” trend suggests strong long-term confidence in Bitcoin’s value despite market fluctuations. Approximately 25% of the total supply was acquired at prices between $58,000 and $73,000, indicating robust support. The dominance of older coins suggests that long-term investors are holding their positions, which could reduce supply and potentially drive up the asset’s price.
Bitcoin ETFs attract $11.1 million while Ethereum ETFs see significant outflows
On August 15, spot Bitcoin ETFs saw a net inflow of $11.11 million, led by contributions from Fidelity (AMEX:FBTC) and Bitwise (AMEX:BITB). However, the Grayscale Bitcoin Trust (AMEX:GBTC) experienced outflows of $25.03 million during the same period. The BlackRock ETF (NASDAQ:IBIT) remained stable. The slowdown in GBTC coincides with the withdrawal of a rule change proposal by NYSE Arca, impacting crypto ETF trading. The total net asset value of Bitcoin ETFs reached $51.99 billion, representing 4.65% of Bitcoin’s market capitalization.
In contrast, Ethereum ETFs saw significant outflows of $39.2 million, driven by Grayscale (AMEX:ETHE) outflows totaling $42.5 million, marking a trend of $405.5 million in total outflows.
Institutional investors increase holdings in Bitcoin ETFs despite price drop
According to Bloomberg, hedge funds and financial institutions continue to invest in Bitcoin ETFs despite a 13% drop in the asset’s price over the last quarter. Millennium Management, with $68 billion in assets, remains one of the largest investors in ETFs like BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT). The number of funds holding spot Bitcoin ETFs rose to 1,950, attracting $17 billion this year. The recent approval of Ether ETFs and the expectation of new cryptocurrency products are driving demand and long-term confidence in the Bitcoin market.
MicroStrategy sets record ETF volume, influencing the Bitcoin market
MicroStrategy reached $22 million in trading volume on the first day of its ETF (NASDAQ:MSTX), possibly setting a record for leveraged ETFs, according to analyst Eric Balchunas. The ETF is expected to be highly volatile but less extreme than Europe’s 3LMI LN (BIT:3LMI).
MakerDAO suspends new loans against wrapped Bitcoin WBTC due to security concerns
On August 15, MakerDAO (COIN:DAOUSD) decided to set the debt ceiling to zero for all BitGo wrapped Bitcoin (COIN:WBTCUSD) vaults, suspending new loans and reducing the loan-to-value ratio to 0%. This move was driven by community concerns over BitGo’s recent partnership with Justin Sun and changes in WBTC custody. Despite BitGo’s assurances about security, investors have started burning and redeeming WBTC, while alternatives like tBTC (COIN:TBTCUSD) are gaining popularity.
Coinbase launches cbBTC token, boosting DeFi on Bitcoin
Coinbase (NASDAQ:COIN), the second-largest cryptocurrency exchange, is developing Coinbase BTC (cbBTC), a new Wrapped Bitcoin, generating significant excitement in the market. This token could increase the adoption of native Bitcoin decentralized finance (DeFi). According to Rena Shah of Trust Machines, cbBTC offers a significant opportunity for Bitcoin DeFi integration, especially with Coinbase’s user base. Adoption will depend on decentralized applications and user trust.
TON Blockchain partners with Injective and Pyth Network, expanding DeFi
The TON blockchain is now integrated with Injective and Pyth Network, advancing its role in Telegram’s Web3 ecosystem. The partnership with Injective enables the use of INJ tokens (COIN:INJUSD) and TON (COIN:TONCOINUSD) in dApps. Collaboration with Pyth Network brings reliable market data to TON, benefiting developers and improving dApp efficiency. This integration enhances liquidity and security in the DeFi sector, expanding opportunities for users and investors.
DeFi market rebounds with growth in on-chain derivatives
After a modest 2023, the decentralized finance (DeFi) market surged in 2024, with total value locked increasing 51.9% to $82.67 billion. Daily crypto derivatives volume jumped from $1.8 billion to $5 billion, driven by user interface improvements and increased competition. New entrants like Hyperliquid and SynFutures gained prominence, while institutional investors show growing interest in stablecoins and on-chain derivatives.
Arbitrum DAO approves proposal to enhance ARB token utility and security
The proposal approved by Arbitrum DAO aims to increase the utility of the ARB token (COIN:ARBUSD) and strengthen governance security. With 91% approval from over 25,000 participants, the initiative will allow holders to stake and delegate their tokens in exchange for stARB, a liquid staking token. This move aims to protect the DAO Treasury from attacks, enhancing security and token utility. With the introduction of stARB, holders will earn future rewards. Simultaneously, more than 92 million ARB tokens will be unlocked, which could cause market volatility.
Malaysia and Worldcoin join forces to advance digital credentials
MIMOS Berhad, the R&D arm of the Malaysian government, has partnered with the Worldcoin Foundation, TFH, and MyEG to integrate Worldcoin’s (COIN:WLDUSD) digital identification technology into Malaysia’s infrastructure. The collaboration includes implementing iris-scanning technology for digital validation, promoting security and privacy in an increasingly AI-driven landscape. The agreement aims to enhance digital identity with a blockchain-based system and biometric data.
South Korean pension fund invests $34 million in MicroStrategy
The South Korean pension fund NPS acquired 24,500 shares of MicroStrategy (NASDAQ:MSTR) for about $34 million in the second quarter, prior to the company’s stock split. With this increase, the fund now holds 245,000 shares, valued at $32.32 million. This investment reflects indirect exposure to Bitcoin, as MicroStrategy is the largest corporate holder of the token.
IMF proposes energy tax hike for miners and data centers
The International Monetary Fund (IMF) has suggested raising energy taxes on cryptocurrency miners and AI data centers to reduce carbon emissions. The proposal includes an 85% tax increase for miners, generating $5.2 billion annually and cutting emissions by 100 million tons. Data centers would face smaller taxes. The recommendation aims to curb the growing energy consumption of these sectors, which could reach 3.5% of global demand within three years.
Bitcoin mining stocks rise with increase in hash rate
In August, Bitcoin mining stocks recovered AI-related gains, with the network’s hash rate rising to record levels, according to JPMorgan (NYSE:JPM). The market value of listed miners fell 18% since July, but these miners’ share of the hashrate increased to 26%. Despite the growth, mining profitability is 30% below December 2022 levels and about 40% below pre-halving levels.
Bitdeer announces $150 million convertible note offering
Singapore-based cryptocurrency miner Bitdeer Technologies Group (NASDAQ:BTDR) has proposed a public offering of $150 million in convertible notes, maturing in 2029, to expand its data center and develop mining equipment. The notes will have an annual interest rate of 8.5% and can be converted into Class A common shares. The company will use the funds for growth and innovation in mining.
BitTorrent Chain (BTTC) revolutionizes blockchain interoperability
BTTC, created to connect Tron-based (COIN:TRXUSD) and EVM-based networks, offers a scalable, low-cost solution for transferring assets between blockchains. Using a sidechain layer and lock-and-mint model, BTTC processes about 7,000 transactions per second. Integrated with the BTFS system and BTT token (COIN:BTTUSD), BTTC improves security and user experience, including a relay service to speed up withdrawals and support fast transactions between networks.
Donald Trump reveals Ethereum investments and NFT profits; Howard Lutnick leads transition team
Donald Trump disclosed that he holds between $1 million and $5 million in Ethereum (COIN:ETHUSD) and has made over $7 million from NFT collections through a licensing deal with a company called NFT INT. A document obtained by Citizens for Ethics details that these assets are stored in a cold cryptocurrency wallet. Analysis by Arkham Intelligence reveals Trump has approximately $1.29 million in ether, more than $900,000 in WETH, and about $400,000 in GUA tokens. Despite his previous criticism, Trump is now more involved in the cryptocurrency sector.
Howard Lutnick, CEO of Cantor Fitzgerald, will co-chair Donald Trump’s transition team alongside WWE co-founder Linda McMahon. Lutnick, who manages Tether reserves and promotes Bitcoin loans, and McMahon, former head of the Small Business Administration, will help organize policies and staff management if Trump wins. The transition team was announced on the same day Kamala Harris revealed her economic agenda, with Trump and Harris tied in the polls.
Nigerian court freezes $38 million in crypto linked to protests
A Nigerian court has frozen nearly $38 million of the $50 million in cryptocurrencies intended to support protests against the rising cost of living. The order, requested by the Economic and Financial Crimes Commission (EFCC), blocked four wallets associated with the organizers of the #EndBadGovernance protests. The decision follows allegations that cryptocurrency trading is contributing to the country’s economic crisis, worsened by naira devaluation and high inflation.
Germany recommends hardware wallets for crypto protection
Germany’s Federal Office for Information Security (BSI) has recommended the use of hardware wallets to protect cryptocurrencies, highlighting that these wallets, with offline storage, are more secure against hackers compared to third-party platforms and self-custody wallets. The recommendation comes amid a significant increase in cryptocurrency thefts, which reached nearly $1.6 billion in the first half of 2024, according to Chainalysis.