ARP's Crypto Digest

ARP’s Crypto Digest

General Digital Asset Market View:

Despite ongoing geopolitical uncertainty, Blackrock’s $IBIT demonstrated significant strength with notable inflows, including a remarkable $203M on one day. In contrast, Grayscale’s $GBTC faced substantial outflows, such as -$73M and -$71M. Fidelity’s $FBTC also experienced significant outflows, particularly -$104M towards the end of the week. Despite these contrasting trends, the overall weekly flows were mixed, with periods of total inflows occasionally offset by significant outflows.

More Crypto:

Bitcoin mining difficulty reached an all-time high after a +10.5% adjustment in absolute terms, this was the largest difficulty increase of all time in % terms, this was the 24th biggest increase since 2016, the 73rd biggest since 2012, the 119th of all time.

Bitcoin dominance reached a high of 56.83%, its highest level in three years since April 2021. This phenomenon occurred despite the main headlines focusing on ETH and its ETFs. A subsequent market-wide dump occurred following the ETH ETF launch, during which BTC was one of the strongest to maintain dominance, quickly returning to its pre-ETH ETF highs before tumbling once more.

What Happened This Week:

• Ripple announced the allocation of $10M in tokenized U.S. Treasury bills on the XRP Ledger.

• The Governance proposal to “Buyback GMX and Distribute GMX” is now live.

• Lido has updated its Scorecard, a tool for evaluating decentralization, trustlessness, and minimal governance.

• Telegram has launched an in-app browser and a mini-app store that supports decentralized Web3 pages.

• Ethena Labs announced that users can use USDe as collateral on Bybit. Starting Aug 2, Bybit users can earn up to 20% interest annually by holding USDe or using it as collateral for trading.

What to Look Out For:

• MicroStrategy to raise $2 BILLION “at the market equity offering” to buy more Bitcoin.

• FTX whistleblower comes forward to reveal that FTX has a secret holding of 8% of Solana supply. (FUD)

• OKX Ventures and Aptos Foundation have announced a $10M fund to drive the growth of the Aptos ecosystem.

• Do Kwon will be extradited from Montenegro to South Korea.

• Marinade Finance will launch Stake Auction Marketplace (SAM) Mainnet on August 14.

What we enjoyed reading and listening to:

• What Drives Crypto Asset Prices? — Link

• Solana: How It Works — Link

• Variant: Things We’re Excited About in Crypto — Link

• Is It a Good Idea for the US Government to Stockpile Bitcoin? — Link

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