Transaction URL: https://blockchain.com/btc/tx/3ed40604bc05d8a954fd945245bbd074d89d91c6105e02838fb5c3465876bb19
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Volatility goes hand-in-hand with Bitcoin, particularly recently after the April halving. That rollercoaster ride isn’t for the faint-hearted or for many crypto companies. But it does seem to be for BitFuFu FUFU, the digital asset mining company based in Singapore.
The company reports that it has created a sustainable business model, which performs well in both bullish and bearish market conditions due to its unique approach. This was recently on display, with BitFuFu reporting 69.7% year-over-year revenue growth in its second-quarter results and forecasting continued growth in the third quarter and beyond.
“Our business model’s inherent flexibility – whether by increasing or…
Read more on Benzinga
Glassnode’s latest data shows that long-term Bitcoin holders, who have kept their Bitcoin for over 155 days, now own over 14 million BTC. This amount accounts for 71% of all circulating Bitcoin, showing that these investors believe strongly in Bitcoin’s value, despite recent price changes.
At the start of 2024, these long-term holders sold about 1 million BTC, taking profits from buying Bitcoin at around $25,000 in 2023. This selling highlights their confidence to cash in during price rises, but they still hold a significant amount of Bitcoin.
Short-term holders, who hold Bitcoin for less than 155 days, decreased their Bitcoin from 3.3 million to 2.7 million BTC due to market drops. An increase in Bitcoin buying by this group could signal a growing confidence in Bitcoin’s future, hinting at potential stability and growth for Bitcoin prices.
BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust, experienced an outflow of $13.5 million on Thursday. This was IBIT’s first outflow since May 1st. Thursday’s outflow was the second ever for the iShares Bitcoin Trust since its launch in January. The ETF has seen consistent inflows almost daily, cementing itself as a dominant Bitcoin investment product.
Prior to Thursday’s $13.5 million outflow, the last time the fund saw withdrawals was May 1st when $37 million was pulled out. That coincided with Bitcoin hitting a local low of $56,000.
The outflow comes as spot Bitcoin ETFs recorded a third straight day of withdrawals totalling $71.8 million on Thursday….
Read more on BitcoinMagazine
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Welcome to the On the Margin Newsletter, brought to you by Ben Strack, Casey Wagner and Felix Jauvin. Here’s what you’ll find in today’s edition:
Many braced for NVIDIA’s Q2 results. Felix breaks down the main takeaways.
A closer look at the situation OpenSea potentially faces after getting a Wells notice from the SEC.
How specific will Harris and Trump get about crypto policy before the election? An industry exec weighs in.
NVIDIA – Priced too perfectly?
Let’s set the record straight: NVIDIA is an…
Read more on Blockworks
El Salvador’s decision to adopt Bitcoin as legal tender has proven lucrative, with President Nayib Bukele announcing a profit of $265 million on their Bitcoin investment. Starting with an investment of $135 million, the nation’s Bitcoin assets have surged to $400 million. Bukele highlighted that the increase has benefited not just the government but also Salvadorans who adopted the digital currency early, due to the substantial appreciation in Bitcoin’s value this year.
The country’s strategic acquisitions of Bitcoin during market lows have yielded a profit margin exceeding 38%, with current holdings at 5,856 BTC. The adoption has also expanded financial inclusion, allowing citizens to transact in Bitcoin at major outlets including McDonald’s and hotels, which Bukele cites as a significant boost to the local economy and tourism.
Despite skepticism, Bukele emphasized the absence of negative impacts from Bitcoin adoption, pointing out the global financial sector’s growing embrace of Bitcoin, including significant investments from major funds. With an eye on the future, Bukele remains optimistic about Bitcoin’s role in El Salvador’s economic development.
The daily net flow of Bitcoin ETFs in the U.S. as of August 29, 2024, showcases the dynamic movements within the market. Leading the holdings is BlackRock’s IBIT with 357,737 BTC, maintaining a steady position with zero net inflow or outflow. Grayscale’s GBTC, however, has seen a reduction, reporting a net outflow of 304 BTC.
Fidelity’s FBTC ETF also experienced a decrease, with a net outflow of 175 BTC. Conversely, Invesco’s Galaxy BTCO ETF recorded a positive movement, gaining an additional 23 BTC.
Other notable ETFs like ARK Invest’s ARKB and Bitwise’s BITB saw significant outflows of 999 BTC and 147 BTC, respectively. Meanwhile, ETFs such as VanEck’s HODL and Valkyrie’s BRRR reported no changes in their holdings.
In total, these ETFs hold 914,361 BTC, with a combined net outflow of 1,602 BTC. This results in a market value adjustment of approximately -$96.7 million, reflecting shifting preferences and strategies among investors in U.S. Bitcoin ETFs and highlighting the fluid nature of cryptocurrency investments.
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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NCR Atleos Corporation has introduced a transformative Bitcoin Cashout feature for LibertyX customers, enabling them to sell bitcoin and withdraw cash at ATMs across the U.S. This rollout promises easy access to thousands of merchant locations, positioning an ATM within five miles for the majority of Americans. The initiative, powered by Atleos’s ReadyCode API, aims to redefine financial transactions by eliminating the need for traditional card networks.
The newly launched service allows users of the LibertyX mobile app to pre-stage sales of bitcoin and conveniently collect cash from over 30 states’ ATMs. This system not only boosts convenience but also supports local communities by increasing foot traffic and ATM productivity at participating merchant sites. ReadyCode ATMs enhance customer engagement by connecting digital transactions with physical locations.
This development addresses a major hurdle in bitcoin adoption—the ease of converting digital assets into physical cash. “The LibertyX Bitcoin Cashout enables consumers to efficiently transition from digital to physical currency, streamlining the process through our ATMs without the typical transfer delays,” said Chris Yim, General Manager at LibertyX. This feature represents a significant advancement in integrating digital solutions with traditional financial services.