✅ OpenSea has received a Wells notice, which is a threat to sue us because the SEC believes that the NFTs on our platform are securities.
We did not anticipate that the SEC would take such broad action against creators and artists.
However, we are ready to stand up and fight.
By targeting NFTs, the SEC will stifle innovation on a much broader scale, putting hundreds of thousands of online artists and creatives at risk, many of whom do not have the resources to defend themselves.
NFTs are fundamentally creative products. They include art collectibles, video game items, domain names, event tickets, and more.
We should not regulate digital art in the same way we regulate secured debt.
If regulatory authorities' forceful actions cause creators to stop making digital art, it would result in a terrible outcome.
On August 27th, Farside Investor shared data regarding the investment fund flow for Bitcoin Spot ETFs. The total outflow on that day was significant, amounting to $127.1 million. Here's a breakdown of the flows for various Bitcoin Spot ETFs:
[BlackRock] iShares Bitcoin Trust (IBIT): Inflows were less than $100K.
[Fidelity] Fidelity Wise Origin Bitcoin Fund (FBTC): Inflows were also less than $100K.
[Bitwise] Bitwise Bitcoin ETF (BITB): Experienced outflows of $6.8 million.[ARK 21Shares] ARK 21Shares Bitcoin ETF (ARKB): Saw the largest outflows of $102 million.
[Invesco Galaxy] Invesco Galaxy Bitcoin ETF (BTCO): Inflows were less than $100K.
[Franklin] Franklin Bitcoin ETF (EZBC): Inflows were less than $100K.
[Valkyrie Bitcoin Fund] Valkyrie Bitcoin Fund (BRRR): Inflows were less than $100K.
[VanEck] VanEck Bitcoin Trust (HODL): Inflows were less than $100K.
[Wisdom Tree] Wisdom Tree Bitcoin Fund (BTCW): Inflows were less than $100K.
[Grayscale] Grayscale Bitcoin Trust (GBTC): Saw outflows of $18.3 million.
[Grayscale] Grayscale Bitcoin Mini Trust (BTC): Inflows were less than $100K.
This data reflects a challenging day for Bitcoin Spot ETFs, particularly for ARK 21Shares and Grayscale, which experienced substantial outflows.
According to on-chain data, the current Bitcoin bull market is surpassing the bull market cycles of 2015 and 2018. This suggests that the current rally is stronger and potentially more sustained than those in previous cycles, reflecting increased investor confidence and a more robust market structure.
According to a report on the newly released cryptocurrency section, the number of Bitcoin millionaires increased by 111% over the last year.
✅ Last year alone, the number of cryptocurrency billionaires increased by 6, bringing the total number of cryptocurrency holders with assets exceeding nine figures to 28.
Powell: 'The Time Has Come to Adjust Interest Rates'
Summary of Key Comments from Jackson Hole
- Federal Reserve Chair Jerome Powell has hinted that interest rate cuts are on the horizon but declined to specify the exact timing and magnitude.
- In his keynote speech at Jackson Hole, Powell stated, "The time has come for policy to adjust."
- He noted, "Inflation has significantly decreased. The labor market is no longer overheated and is less tight than it was before the pandemic. Supply constraints have normalized."
- He further explained, "As a result, the balance of risks concerning our two objectives—price stability and employment—has shifted. We will do everything in our power to continue managing inflation while ensuring the labor market remains strong."