Last Week
Hedge Funds Trim Bitcoin ETF Stakes: Recent 13F filings revealed that hedge funds, including Millennium, reduced their Bitcoin Spot ETF holdings from $2 billion in Q1 to $1.1 billion in Q2. In contrast, long-only investors like Goldman Sachs ($418 million) and Morgan Stanley ($187 million) increased their exposure.
Government Funds Bet on MicroStrategy: Major government and pension funds such as Norges Bank, Swiss National Bank, and Korea's National Pension Service disclosed significant holdings in MicroStrategy, signaling institutional confidence in Bitcoin.
US CPI Decline and Lower Jobless Claims: The US CPI dropped to 2.9%, while lower-than-expected jobless claims provided a favorable macro backdrop for risk assets, including cryptocurrencies.
Marathon Digital Expands Bitcoin Holdings: Marathon Digital raised $250 million (later upsized to $300 million) through a convertible note offering at a 2.13% yield to purchase more Bitcoin.
Celsius Sues Tether: Celsius filed a lawsuit against Tether, demanding $2.4 billion worth of Bitcoin, escalating tensions in the crypto lending space.
US Government Transfers 10K BTC to Coinbase: A significant transfer of 10,000 BTC by the US government to Coinbase raised eyebrows in the crypto community.
EigenLayer TVL Growth: EigenLayer's total value locked (TVL) reached $12.9 billion, marking an 11% week-on-week increase.
Bitcoin Mining Profitability Declines: July saw a dip in Bitcoin mining profitability compared to June, highlighting challenges in the mining sector.
Circle Announces USDC Tap-to-Pay on iPhone: Circle revealed plans to enable tap-to-pay using USDC on iPhones, a potential game-changer for digital payments.
Jump Trading Sells More ETH: Jump Trading continued its ETH sell-off, offloading an additional $46 million worth of stakes.
Coinbase Introduces Wrapped BTC Competitor: Coinbase launched a new competitor to wrapped Bitcoin (WBTC), further diversifying its product offerings.
This Week 12. US Democratic National Convention (Aug 17-22): All eyes are on the convention as it may impact market sentiment and regulatory developments in the crypto space.
Unlock Tuesday (Aug 20) – AVAX $195M: A significant token unlock event for AVAX, worth $195 million, could lead to increased market volatility.
Fed Chair Powell’s Jackson Hole Speech (Aug 23): Fed Chair Jerome Powell is set to speak at the Jackson Hole Symposium, with markets anticipating insights into economic growth and monetary policy. The OMC minutes release on August 21 will also be closely watched.
