Gemini’s “2024 Global State of Crypto Report” highlights sustained crypto adoption across the US, UK, Singapore, and France, showcasing resilience despite a sharp decline in market values in 2022. The report signals growth potential, with over 70% of previous owners considering re-entry and 65% of current investors committed to long-term strategies. Notably, despite a substantial dip in the total market cap of the top 100 cryptocurrencies, optimism prevails, with 57% of investors ready to make crypto a major component of their portfolios.

The sentiment towards future crypto prices remains positive, with 62.5% of respondents expecting increases in Bitcoin and Ethereum over the next five years, and 55% more bullish about 2024 compared to the previous crypto winter. The belief in widespread crypto acceptance by companies in the coming decade further underscores the bullish outlook, shared by 60% of those surveyed.

While selling has decreased, indicating a shift towards holding, active trading continues robustly in major markets, driven by various motivations including inflation hedging. In the US, crypto has gained prominence as a campaign issue in the presidential election, influencing the voting decisions of 73% of crypto-owning respondents, highlighting its growing impact in political arenas.

Report

Out of the ashes emerged a snarling rodent dubbed Max Punk.

Open conflict, Whales besting Bored-Apes, the social layer manifest.

Bitcoin leaders sent to prison, then freed by massive strike waves.

HODL’ers fighting in the streets, power cuts, three-day work weeks, Maxi’s battling for Hashrates, governments brought down, Central Banks crying.

The Banksters powerless.

The Orange-Pilled class – loud, stacked and toxic.

L’ Provocateur don’t stand downwind from sh%#tcoins.

Max Punk smells of victory not of FOMO.

An Orange sky at night traverses’ seas of fiat to El Salvador dreams, not NFT nightmares.

Un Bukele ami très explosif.

Promoting Bitcoin thru absurdist and provocative actions,

a means…

Read more on BitcoinMagazine

On September 10, 2024, the net flow of Bitcoin across various U.S. ETFs revealed some intriguing dynamics. Fidelity’s FBTC showed a significant net inflow, gaining 503 BTC, indicating strong investor interest or strategic accumulation. Similarly, Bitwise’s BITB saw a substantial increase with a net inflow of 386 BTC.

Conversely, Grayscale’s GBTC experienced a notable net outflow of 424 BTC, possibly due to investors reallocating assets or taking profits. BlackRock’s IBIT also recorded a net decrease, losing 159 BTC on the day.

ARK Invest’s ARKB added 120 BTC, suggesting continued confidence from its investors. Other ETFs such as Valkyrie’s BRRR, VanEck’s HODL, Invesco’s BTCO, and Franklin Templeton’s EZBC saw no change in their holdings, indicating a stable investment day for these funds.

The total Bitcoin holdings across these ETFs amounted to 897,459 BTC, with an overall net flow of -268 BTC for the day, translating to a loss of approximately $15.2 million based on current market values. This snapshot reflects the fluctuating sentiment and strategies in the Bitcoin ETF sector, providing insights into the broader investment trends in the cryptocurrency market.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Standard Chartered has unveiled its new crypto custody services in the UAE, aligning with top cryptocurrencies Bitcoin and Ether. This strategic move was solidified through a partnership with Brevan Howard Digital and is underpinned by a license from the Dubai Financial Services Authority. Originally announced after a May 10th memorandum with the Dubai International Financial Centre, this initiative marks a significant leap in crypto integration by a major bank.

The bank’s expansion into digital assets, spearheaded by CEO Bill Winters, reflects a robust commitment to the evolving financial landscape. Winters emphasizes, “Digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance.” Looking ahead, Standard Chartered plans to broaden its digital asset range and extend services globally, reinforcing its pioneering role in the crypto domain.

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Bitcoin has set a new milestone, with its trading volume reaching an astonishing $2.874 trillion in the first eight months of 2024. According to data from Paris-based Kaiko, this figure surpasses the previous record of $2.424 billion achieved during the 2021 bull market, marking a near 20% increase. This surge in activity highlights growing investor confidence and a robust market for the leading cryptocurrency.

Market analysts attribute this phenomenal growth to a rise in crypto volatility coupled with significant market participation. The analysis by Kaiko notes that events such as substantial inflows into U.S.-listed Bitcoin ETFs and anticipations of Federal Reserve rate cuts have fueled this uptrend, propelling Bitcoin prices to soar above $70,000.

Adding to the dynamic market conditions, Bitcoin’s volatility intensified last month due to economic uncertainties in the U.S. and shifts in the yen carry trade, affecting cryptocurrencies broadly. Despite these challenges, Bitcoin’s robust trading volume underscores its enduring appeal and resilience as a leading digital asset.

U.S. Bitcoin exchange-traded funds (ETFs) have experienced a dramatic period of outflows, with nearly $1.2 billion pulled from these funds over just eight days up to September 6.

This represents the longest run of daily net outflows since their launch at the start of 2024, reflecting growing unease among investors as global markets face economic uncertainty.

The outflows from the 12 U.S. Bitcoin ETFs, including funds managed by well-known financial giants like Fidelity, Grayscale, and Bitwise, have spooked many in the bitcoin market.

The largest withdrawals included $211 million in just one day, with Fidelity’s Bitcoin ETF, FBTC, seeing $149.5 million of outflows in one…

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Metaplanet, the Tokyo-based investment powerhouse often dubbed “Asia’s MicroStrategy,” has strategically enhanced its Bitcoin holdings with a new purchase of ¥300 million ($2 million), totaling over 38.4 BTC. This latest acquisition elevates the firm’s total Bitcoin assets to approximately 398.8 BTC, valued at around $22.7 million. The move aligns with its ongoing strategy to strengthen its position as a leading crypto-focused entity in Asia.

In tandem with this acquisition, Metaplanet announced a partnership with SBI Group’s crypto investment arm, SBI VC Trade, aimed at refining its Bitcoin trading and custody solutions. This collaboration will leverage SBI’s expertise to ensure tax-efficient, compliant custody services and utilize Bitcoin as collateral for financing, enhancing Metaplanet’s financial agility.

Despite a challenging market environment, Metaplanet’s management remains bullish on Bitcoin, viewing it as a crucial treasury reserve asset. This optimism is backed by recent corporate actions to secure funds for further Bitcoin investments, reinforcing its commitment to providing robust crypto exposure to domestic investors.