Macro/TradFi
The past week saw crypto and stock markets face significant downturns. The crypto market endured its largest three-day sell-off in a year, plummeting by over 20%, with Bitcoin hitting its lowest level since February. In Japan, the Nikkei 225 Index experienced its steepest single-day decline since 1987, dropping by 12.4%. Markets have since started to rebound.
With sharp declines in equity markets and weak employment data, expectations are growing for the U.S. Federal Reserve to implement multiple rate cuts throughout the year, including a potential 50 basis point reduction in September.
Capula Management, the fourth-largest hedge fund in Europe, has invested nearly US$500M in Bitcoin ETFs, as revealed in public disclosures filed on August 5.
Responding to popular demand, Morgan Stanley has started permitting its wealth advisors to offer Bitcoin ETFs to select wealthy clients.
Grayscale has introduced two new crypto investment products focused on Bittensor’s native token, TAO, and Sui protocol’s SUI token.
According to filings, BlackRock and Nasdaq have submitted a proposal to introduce options for the iShares Ethereum Trust (“ETHA”), the only spot ETH ETF on the Nasdaq exchange.
Crypto
L1/L2:
Since the launch of spot Ethereum ETFs in the U.S., the daily number of new Ethereum wallet addresses has trended downward, now below 80K. Data from The Block indicates that the seven-day moving average of new Ethereum wallets has dropped to its lowest since December 2023.
The percentage of the ETH supply staked has hit a record high of 27.95%, primarily driven by restaking and liquid restaking protocols.
Zircuit, a zero-knowledge rollup with AI-enabled security, has officially launched the first phase of its mainnet along with the ZRC token claim process.
DeFi:
Ethena has expanded the reach of its synthetic dollar, USDe, by launching it on the Solana network. USDe is now integrated with several Solana-based dApps, including Kamino, Orca, Drift, and Jito. Additionally, pending a governance vote next week, borrowers will be able to use Solana as collateral for USDe loans.
Franklin Templeton has launched its OnChain U.S. Government Money Fund (“FOBXX”) on the Arbitrum network.
Others:
Curio, a Web3 game development company, raised US$5.7M in seed funding, with Bain Capital Crypto and SevenX Ventures leading the round.
Andrena has secured US$18M in a funding round led by Dragonfly. The funds will be used to build a decentralized autonomous wireless network (“DAWN”) on Solana.
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About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
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