Market Highlights
Bitcoin and Ethereum ETF Outflows
- 10 Bitcoin ETFs saw a net outflow of 5,514 BTC (~$317.82M), led by Fidelity (-2,835 BTC).
- 9 Ethereum ETFs recorded a net outflow of 4,551 ETH (~$11.11M), with Grayscale (ETHE) reducing holdings by 6,412 ETH.
Tiger Securities Expands Crypto Offerings
Hong Kong’s Tiger Securities added retail trading for Avalanche (AVAX) and Chainlink (LINK), while enabling professional investors to trade Aptos (APT) and Toncoin (TON). Since July 2024, crypto trading volume among Hong Kong users surged by 200% month-over-month.
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Grass Launches Airdrop Checker
Solana-based DePin project Grass unveiled its airdrop checker page, allocating 10% of its 1B GRASS tokens for the first distribution. Current data reflects Closed Alpha and Epochs 1-7 rewards, excluding ongoing Bonus Epochs.
CFTC Settles with Uniswap Labs
The CFTC fined Uniswap Labs $175,000 for illegally facilitating leveraged retail commodity trades via its decentralized protocol. The settlement acknowledges Uniswap’s cooperation.
Trends and Insights
Bitcoin’s Post-Halving Performance Weakens
Outlier Ventures’ report notes Bitcoin’s worst post-halving performance (-8% after 125 days), signaling the potential end of its 4-year cycle. Previous halvings saw gains of 739% (2012), 10% (2016), and 22% (2020). Analyst Jasper De Maere attributes recent price action to ETF approvals, not halvings.
Web3 Game Abandons Blockchain
Dimensionals shifted fully to Web2 after NFT integration led to financial losses. Challenges included bot attacks, DDoS incidents, and zero royalty revenue. CEO Sash MacKinnon admitted, "We chose the wrong path."
Ripple’s RLUSD Stablecoin Nears Launch
CEO Brad Garlinghouse confirmed RLUSD is in closed testing, targeting release within weeks. He dismissed U.S. IPO plans due to SEC hostility but anticipates regulatory shifts post-election.
👉 Stay updated on crypto trends
Grayscale’s August Outlook
- Bitcoin: Year-end retest of all-time highs likely, aided by potential Fed rate cuts.
- Ethereum: Current pessimism is unwarranted; L2 scaling solutions are proving effective.
FAQ Section
Why did Bitcoin ETFs see significant outflows?
Outflows reflect profit-taking and shifting investor strategies amid post-halving price stagnation.
What’s next for Ethereum’s price?
Grayscale predicts recovery as L2 adoption grows, though market sentiment may lag.
How does Grass’s airdrop work?
Early participants in Alpha/Epochs 1-7 qualify for 10% of tokens. Future distributions will include Bonus Epochs.