Transaction URL: https://blockchain.com/btc/tx/400d6f33e7844098231643f506f06f07a673a21a1c2a3a2be167cdb7e7845178
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Long-term Bitcoin holders have demonstrated significant confidence in the cryptocurrency market, acquiring an additional $23 billion worth of Bitcoin in the last 30 days. This surge involves an increase of 404,000 BTC, indicating a strong belief in the currency’s future despite recent concerns about market stability due to issues with major players like Mt Gox and Celsius.
Data from CryptoQuant highlighted in a recent tweet from Bitcoin Archive illustrates a stark rise in permanent holder addresses, juxtaposed against the price volatility over the years. The market appears resilient as these veteran investors continue to accumulate more Bitcoin, suggesting a possible stabilization or even an upward trend in the near future as these large volume purchases could drive up market demand.
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Welcome to the On the Margin Newsletter, brought to you by Ben Strack and Casey Wagner. Here’s what you’ll find in today’s edition:
The significance of Morgan Stanley’s move to let its advisers pitch bitcoin ETFs to certain clients.
A crypto-focused super PAC with a track record unveils backing for 18 House candidates.
A look at the VIX one week into August — a month known for poor stock performance.
There has been no shortage of crypto ETF milestones this year. During a week so far marred by market…
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Michael Saylor, the executive chairman and co-founder of MicroStrategy, has declared Bitcoin the “most desirable property in the universe” during a recent Bloomberg interview. Saylor, who personally owns 17,732 Bitcoin—valued at approximately $1 billion—reiterated his steadfast commitment to the cryptocurrency, continuing to increase his holdings. His confidence is echoed by prominent figures like Mohammad Alblooshi, Chief Executive Officer of DIFC Innovation Hub, who supports innovative financial solutions.
Highlighting a pivotal moment for Bitcoin in U.S. politics, Saylor referred to Senator Cynthia Lummis’s proposed bill for a U.S. Strategic Bitcoin Reserve aimed at amassing up to 1 million BTC. This initiative is supported by former President Donald Trump’s vow to retain the nation’s seized Bitcoin assets, underscoring a growing political consensus on Bitcoin’s enduring value.
In his closing remarks, Saylor emphasized Bitcoin’s role as a crucial capital investment, urging investors to hold onto their assets for long-term benefits rather than spending on ephemeral items. This sentiment underlines a significant shift in how global leaders perceive digital assets, positioning Bitcoin as a cornerstone of future economic stability.
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In my time down south, I’ve seen what feels like a surprising number of Tesla Cybertrucks. And while I’m a bit embarrassed to say it, I actually really like their design.
In an era of car design that is characterized by soul-crushing sameness, it’s refreshing to see something different. Why don’t more companies put out cars that look a little wonky? Anyways:
SOL may back Ethena’s high-yield ‘internet bond’
Ethena, the sort-of stablecoin and yield-bearing “bond” project, has announced its integration with…
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A new study from the New York Federal Reserve found that the US government’s sanctions against cryptocurrency mixing service Tornado Cash were somewhat effective, but cooperation was ultimately “mixed.”
The US Department of Treasury’s Office of Foreign Assets Control (OFAC) blocked Tornado Cash in August 2022, marking the first time the US government sanctioned a non-custodial smart contract.
Tornado Cash transactions, both by volume and value, instantly fell after the sanctions were announced, the NY Fed found. User diversity, which researchers measured by the number of unique addresses, also “dropped significantly” in the weeks after Tornado Cash was blocked.
Read…
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On August 7, 2024, the Bitcoin ETFs in the U.S. experienced a mixed day with significant net inflows and outflows across various funds. BlackRock’s IBIT saw a slight outflow of 59 BTC, lowering its holdings to 344,011 BTC. Grayscale’s GBTC and Fidelity’s FBTC faced larger outflows of 1,303 BTC and 1,137 BTC, respectively, indicating a shift in investor sentiment or rebalancing of portfolios.
Conversely, Invesco Galaxy’s BTCO witnessed a substantial net inflow of 1,050 BTC, increasing its holdings to 8,374 BTC, suggesting growing investor interest. Grayscale’s other fund, BTC, also saw an increase of 408 BTC.
Bitwise’s BITB and Valkyrie’s BRRR had neutral days with no changes in their holdings, while VanEck’s HODL saw a moderate inflow of 57 BTC. Franklin Templeton’s EZBC, however, experienced a significant outflow of 406 BTC.
Overall, the total holdings of Bitcoin across these ETFs were 906,798 BTC with a net outflow of 1,899 BTC on this particular day, translating to a valuation decrease of approximately $109.1 million. This daily net flow provides insights into the active management and varied investor strategies within the U.S. Bitcoin ETF 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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Ripple, a global leader in blockchain solutions, has forged a new partnership with the DIFC Innovation Hub to promote the use of digital assets and blockchain technology in the UAE. This collaboration aims to link the next generation of developers with the largest innovation community in the region, advancing crypto and blockchain integration among startups and established institutions alike.
Mohammad Alblooshi, CEO of the DIFC Innovation Hub, emphasized the impact of the partnership, noting that it ensures essential funding and expert support for innovative blockchain developments. The initiative is expected to catalyze significant technological and economic growth, with Ripple committing one billion XRP to drive development on the XRP Ledger, which is increasingly adopted in the region.
The UAE’s supportive regulatory environment, coupled with Ripple’s strategic investments, is set to solidify the nation’s status as a leading global fintech hub. The collaboration not only boosts technological innovation but also positions the UAE at the forefront of the next wave of financial solutions powered by blockchain.
Following a year of incubation, “Community Superapp” Fedi officially launched yesterday and has announced plans to open source its freedom technology stack.
Introduced back in 2022, Fedi is a financial platform looking to empower individuals with financial access and resources by leveraging the power of local communities.
Engineered with a privacy-first mindset, the release of Fedi is a major step forward in promoting grassroots economic development and individual freedom. The Fedimint consensus protocol allows community leaders to organize common resources, support its participants’ sovereignty and stimulate social opportunities.
“A single piece of software that can replace…
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