Number of crypto millionaires increases by 95% in one year
According to the New World Wealth and Henley & Partners report, the population of crypto millionaires grew by 95% last year, with Bitcoin holders more than doubling to 85,400. Currently, there are 110,000 Bitcoin addresses with balances exceeding $1 million. The increase is driven by the success of Bitcoin ETFs and a 140% Bitcoin appreciation over 12 months. The report also highlights 325 crypto centi-millionaires and 28 crypto billionaires.
Bitcoin falls after rally as traders take profits
Bitcoin (COIN:BTCUSD) dropped 1.7% to around $61,800 after hitting an intraday high of $63,226.26. QCP Capital noted an increase in buying call spreads and selling options at $100,000. This indicates moderate optimism, with a sentiment leaning more towards put options until October, despite the overall positive market outlook.
IBIT registers largest daily inflow in 35 days
On August 26, 2024, BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) spot Bitcoin ETF received $224 million, the largest daily inflow since July 22. This influx occurred as Bitcoin (COIN:BTCUSD) experienced a slight decline. The IBIT dominated spot Bitcoin ETF inflows, totaling $202 million, contrasting with mixed results from other funds. With over $20 billion in net inflows, IBIT is now the leading spot Bitcoin ETF.
Bitcoin and Ether ETFs boost adoption but challenge crypto decentralization
The introduction of Bitcoin and Ether ETFs marks significant recognition of cryptocurrencies as a legitimate asset class, bringing greater liquidity and accessibility to the market. However, this centralization may compromise principles like self-sovereignty and decentralization. While mass adoption is facilitated, it’s crucial to find a balance that preserves the essence of cryptocurrencies while leveraging the benefits of integration with traditional markets. Transparency and education remain key in this process.
Nasdaq seeks regulatory approval to launch Bitcoin index options
Nasdaq (NASDAQ:NDAQ) is seeking approval from U.S. regulators to introduce Bitcoin index options, a financial tool that would allow institutions and traders to hedge their positions in the Bitcoin market. These options, based on the CME CF Bitcoin Real-Time Index, will provide a new level of security and flexibility in risk management. Matt Hougan of Bitwise highlighted that these options are crucial for the full integration of Bitcoin into the traditional financial market. The SEC has not yet approved options instruments linked to spot Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust.
New NORS standard aims to attract institutional investors to Ethereum staking
On August 27, a cryptocurrency consortium including Coinbase and Blockdaemon launched the Node Operator Risk Standard (NORS), a new standard for Ethereum node operators. NORS offers rigorous certification to mitigate risks and provide security to institutional investors. Independent auditors will conduct assessments in six categories, addressing factors like change control and private key management. The goal is to increase institutional confidence in ETH staking (COIN:ETHUSD), though current yields remain lower compared to other investments.
MakerDAO rebrands as Sky and launches new USDS and SKY tokens
MakerDAO, now called Sky, announced the new USDS and SKY tokens, scheduled for release on September 18. This rebranding is part of the “Endgame Plan” led by Rune Christensen, aiming to strengthen the DAO’s structure and drive growth in DeFi. The USDS will replace DAI (COIN:DAIUSD), while SKY will take the place of MKR (COIN:MKRUSD) as the governance token. The change includes the launch of Sky.money, a platform to facilitate protocol access, with enhanced features and a focus on accessibility.
IOTA completes final stage of EU blockchain PCP
The European Commission, in collaboration with the IOTA Foundation (COIN:IOTAUSD) and other participants, completed the final stage of the blockchain Pre-Commercial Procurement (PCP) to enhance scalability, sustainability, and security in the EU. The project, initiated in 2020, developed solutions like decentralized identities and smart contracts. With the transition to the EUROPEUM-EDIC consortium, IOTA and local partners are preparing to implement innovations in digital services and blockchain infrastructure across Europe.
Aave Labs proposes integration of tokenized BUIDL fund into GSM to optimize GHO stablecoin
Aave Labs (COIN:AAVEUSD) has proposed updating the GHO Stability Module (GSM) to improve the efficiency of the GHO stablecoin system (COIN:GHOUSD). The proposal includes integrating BlackRock’s (NYSE:BLK) tokenized BUIDL fund (COIN:BUIDLUSD), which represents traditional assets like cash and U.S. Treasury bills. This integration aims to enable fixed-rate swaps between USDC and GHO, potentially offering monthly dividends to users and strengthening the stablecoin’s stability. The proposal is in the temperature check phase for community feedback.
Coinbase’s Base network reaches 1 million daily active addresses
Coinbase’s (NASDAQ:COIN) layer 2 network Base surpassed 1 million daily active addresses for the first time on August 24, according to GrowThePie data. Base also recorded a high of 4 million daily transactions and accounts for 84% of active addresses on Uniswap (COIN:UNIUSD). The recent introduction of Basenames attracted 200,000 users in its first week, highlighting the network’s rapid adoption and growth.
Polymarket bets indicate low expectation of Pavel Durov’s release in August
The detention of Pavel Durov, CEO of Telegram, in France marks the first major arrest of a messaging platform head for insufficiently controlling his network. Galaxy Research predicts that this trend may continue, noting that the arrest may involve issues related to the TON blockchain. The TON cryptocurrency (COIN:TONCOINUSD) dropped more than 20% last week, and the future impact on the blockchain remains uncertain. Most Polymarket bettors believe Durov won’t be released in August, assigning only a 39% chance. However, his release before October is seen as more likely, with 78%. Cumulative bets have already exceeded $600,000.
Hilbert Capital and Xapo Bank launch Bitcoin hedge fund with $200 million
Hilbert Capital, of Hilbert Group AB, partnered with Xapo Bank to launch a new Bitcoin hedge fund with over $200 million in initial capital. The fund aims to offer returns in Bitcoin through structured credit agreements, with lower fees than traditional funds.
Trump launches fourth NFT collection with exclusive rewards for big investors
Donald Trump launched his fourth NFT collection, offering exclusive rewards such as a piece of his suit worn during the debate with Joe Biden and access to private events, including dinner at his golf club. Buyers who spend $24,750 will receive custom sneakers, cocktails, and other perks. Although Trump has raised over a million dollars with NFTs, the funds are directed to his personal coffers, separate from his political campaign.
Celsius repays $2.53 billion to creditors; unclaimed distributions remain
Celsius, after bankruptcy, paid about $2.53 billion to 251,000 creditors, covering 93% of the total value. Most payments were made via PayPal/Venmo and Coinbase. Approximately 121,000 creditors have yet to claim their funds, averaging $1,500 per person. Celsius continues to distribute payments and plans to redistribute unclaimed amounts.
KOR Protocol launches KOR Player platform for Web3
KOR Protocol, backed by Animoca Brands, launched KOR Player, a platform for Web3 projects to access intellectual property (IP). Through KOR Player, developers can integrate globally licensed music and digital products into their platforms using dynamic AI technology. The system also facilitates direct licensing and royalty tracking for artists, promoting innovation without the traditional licensing barriers.
New Zealand adopts OECD reporting framework for cryptocurrencies
New Zealand will implement the OECD cryptocurrency reporting framework by April 2026, as announced in a new policy document. Crypto asset service providers will need to collect transaction data starting April 1, 2026, and report by June 30, 2027. The measure aims to combat international tax evasion and facilitate the exchange of tax information.
Binance seizes cryptocurrencies from Palestinians at Israel’s request, trial date moved up in Nigeria
Binance allegedly seized cryptocurrencies from Palestinians in response to a request from the Israel Defense Forces (IDF). Ray Youssef, a crypto executive, claimed that Binance blocked all Palestinian funds, citing a letter from Israel’s Ministry of Defense that allows the seizure of assets associated with terrorist organizations. Binance denies this, stating that only accounts involved in illicit activities were restricted, affecting a small number of users. In the money laundering trial involving Binance executive Tigran Gambaryan and fugitive Nadeem Anjarwalla, the date was moved up to September 2 from October 11. Gambaryan, detained since February and in deteriorating health, faces challenges in Kuje Prison. The case also includes a tax evasion charge against Binance.