ARP's Crypto Digest

Author

ARP Digital
August 26, 2024

ARP’s Crypto Digest

General Digital Asset Market View:

Source: ARP Digital Research Team Q3’24

This week saw record inflows of $506M to Bitcoin ETF’s with a seven-day inflow streak, and with nearly half of the inflow coming on the last trading day of the week. 

Blackrock’s IBIT is maintaining a strong consistency in attracting capital to its ETF, and has the strongest momentum so far compared to other ETF’s. Additionally, outflows this week were mainly from BITB which saw 3/5 days of outflow, while grayscale’s GBTC saw consistent 4 days of outflows.

More Crypto:

Source: Alpha Research

Since $AVAX launched, the project has unlocked $7.76 billion worth of tokens over time, with the last $219 million cliff unlock on 21st of August. Going forward, there are no more large cliff unlocks on $AVAX till 2029.

The token is down from a $32 billion ATH market cap to $9.40 billion now, with the token price down from an ATH of $145 to $22.

The 2Q24 13-F filings for U.S. spot Bitcoin ETFs, released on August 14, reveal institutional ownership as of June 30. Notable new holders include Goldman Sachs with $412 million and Morgan Stanley with $188 million, likely managing these investments for clients through their private banking and wealth management services. During this period, the ETF complex experienced net inflows of $2.4 billion, even though the total assets under management (AUM) for spot Bitcoin ETFs fell from $59.3 billion to $51.8 billion, due to Bitcoin’s price drop from $70,700 to $60,300. 

The continued inflows, despite Bitcoin’s underperformance, suggest a promising level of ongoing interest in crypto from new capital sources facilitated by these ETFs.

What Happened This Week:

  • The SEC rejected Cboe’s 19b-4 filings for Solana ETFs.

  • Mercado Libre, One of Latin America’s Largest Companies, Launches U.S. Dollar-Tied Stablecoin.

  • Telegram founder Pavel Durov arrested in France, TON price drops 16%.

  • Polygon regains access to Discord server following security breach.

  • WazirX to resume phased fiat withdrawals after $235M hack.

What to Look Out For:

  • Donald Trump Tweets Link To “Trump Project” Telegram.

  • SEC talks with ETF issuers over concerns of Solana being a security preceded Cboe removing 19b-4s.

  • Russia plans 2 crypto exchanges to support trade.

  • Ethereum foundation sent $94.07M worth of ETH to Kraken exchange.

What we enjoyed reading and listening to:

  • How much MEV will be captured by apps vs chains? — Link

  • How Crypto Tokens Get Launched and How That’s Evolved Over Time — Link

  • How The World Works: Financial Innovation in Blockchain and AI with Visa’s Vanessa Colella — Link

  • From Gold to Crypto: Dan Tapiero on Global Market Trends — Link

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