Bitcoin trading volume recorded post-halving ATH as crypto market bled

August 6, 2024 Coin Telegraph

Bitcoin trading volumes reached unprecedented levels amid the market turmoil, while crypto hackers capitalized on discounted Ether.

Bitcoin transactions on crypto exchanges skyrocketed amid turbulent market conditions, marking a new all-time high in trading volume in the fourth cycle of Bitcoin halving.

On Aug. 5, numerous crypto traders suffered huge losses after having their positions liquidated due to falling prices of prominent cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Solana (SOL). As a result of the commotion, some crypto investors sold their Bitcoin holdings to minimize losses, while others chose to purchase the heavily discounted BTC at the $50,000 range.

According to Blockchain.com data, the total United States dollar value of trading volume on major Bitcoin exchanges exceeded $1.14 billion on Aug. 6, as shown below.

Europe’s fourth largest hedge fund put nearly $500M in Bitcoin ETFs — Filing

August 5, 2024 Coin Telegraph

Europe’s fourth largest hedge fund put nearly 0M in Bitcoin ETFs — Filing

Banks

Other hedge funds are also reporting sizable positions in Bitcoin exchange-traded funds.

According to public disclosures filed on Aug. 5, Capula Management, Europe’s fourth-largest hedge fund, invested nearly $500 million in Bitcoin (BTC) exchange-traded funds.

The hedge fund, which is based in the United Kingdom and manages upward of $30 billion in investor assets, holds shares in Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT).

According to the filing, Capula owns shares worth more than $464 million in total, reflecting its portfolio as of June 30. The filings do not indicate that Capula owns any other crypto assets.

Bitcoin ETF trading volume tops $1B amid crypto crash — Galaxy

August 5, 2024 Coin Telegraph

Bitcoin ETF trading volume tops B amid crypto crash — Galaxy

Bitcoin Price

Galaxy’s head of research expects the funds to see inflows as investors buy the dip.

Trading volumes for Bitcoin (BTC) exchange-traded funds (ETFs) surged past $1 billion at the start of trading on Aug. 5, as crashing markets triggered “extremely elevated” trading activity across crypto, Alex Thorn, head of research at asset manager Galaxy Digital, said in a post on the X platform.

After only 20 minutes of trading, Bitcoin ETFs have clocked more than $1.3 billion in trading volume, with iShares Bitcoin Trust seeing the highest churn at upward of $875 million, according to the post.

Thorn expects BTC ETFs to see net inflows from “dip buying” as investors clamor to take advantage of a roughly 8% drawdown in spot BTC prices since Aug. 4. The downturn was led by Ether (ETH), which dropped upwards of 21% after funds including Jump Trading and Paradigm VC sold hundreds of millions of dollars worth of Ether, according to an Aug. 5 report by QCP Group.

Crypto products shed $528M amid recession fears — CoinShares

August 5, 2024 Coin Telegraph

Crypto products shed 8M amid recession fears — CoinShares

10x Research

As Bitcoin dropped below $50,000, analysts expect more outflows that would potentially drive prices down to $42,000.

Cryptocurrency assets started seeing significant outflows last week amid growing fears of a recession in the United States and geopolitical concerns, according to a new report by the crypto investment firm CoinShares.

The week of July 28 to Aug. 3 saw digital asset investment products posting outflows for the first time in four weeks totalling $528 million, CoinShares reported in its latest digital asset fund flows report published on Aug. 5.

CoinShares noted that the latest crypto sell-off is believed to be a reaction to fears of a recession in the US, geopolitical uncertainty and consequent broader market liquidations across the majority of assets.

4 crypto price analysis platforms that can improve your trades

August 2, 2024 Coin Telegraph

Bitcoin Price

Crypto analytics platforms can vary widely depending on various factors, including price, investment focus and tracking abilities.

Traders and crypto enthusiasts need access to up-to-date information and topical analysis to make informed investment decisions.

However, with the glut of analysis services available, deciding which platform is right can be difficult.

Some platforms offer in-depth data on futures, while others focus on wallet analysis and decentralized finance (DeFi).

ARK buys $21M of 3iQ Ether staking ETF, dumps $14.6M of Coinbase stock

August 2, 2024 Coin Telegraph

ARK buys M of 3iQ Ether staking ETF, dumps .6M of Coinbase stock

3iq

Cathie Wood’s ARK has resumed active trading of crypto-related stocks like Coinbase, 3iQ Ether staking ETF, Robinhood and its own spot Bitcoin ETF.

Cryptocurrency-related trades are again gathering steam at Cathie Wood’s investment firm ARK Invest as it returned to trading tens of millions of dollars in crypto-related stocks and exchange-traded funds (ETF) in one day.

After resuming significant sales of Coinbase stock in July, ARK increased it’s sales selling in August, dumping 69,069 Coinbase shares on Aug. 1, according to trading data seen by Cointelegraph. Based on the stock’s closing price, the amount is worth $14.7 million, according to data from TradingView.

The transaction is ARK’s biggest Coinbase sale since early April and late March when the firm dumped around 60,000 Coinbase shares daily.

VC Roundup: Investments in Web3 startups top $1B in July

August 1, 2024 Coin Telegraph

VC Roundup: Investments in Web3 startups top B in July

Coin Telegraph

This edition of Cointelegraph’s VC Roundup features Pichi Finance, Sybill, Hyperbolic, Raad Labs, and zkLink.

Web3-based startups raised more than $1.1 billion from venture capitalists across 118 deals in July, according to data available on Rootdata.

As the market experiences more liquidity and investors regain confidence in the crypto ecosystem, new ways of raising capital keep emerging. Lightning Ventures, for instance, recently announced the regulated crowdfunding portal Thunder Funder, which allows eligible companies to offer and sell securities through crowdfunding up to $5 million annually.

Along with bootstrapping startups, the fund seeks to offer opportunities to individuals, especially retail investors, in largely inaccessible investment markets. Thunder Funder’s parent company, LTNG Ventures Inc., has closed a $500,000 pre-seed funding round to back the initiative. The fund will initially focus on open-source and Bitcoin-related projects.

Cathie Wood’s Ark sells $2.7M Coinbase shares as BTC fails $70K retest

August 1, 2024 Coin Telegraph

Cathie Wood’s Ark sells .7M Coinbase shares as BTC fails K retest

Ark Invest

Cathie Wood’s crypto investment firm ARK resumed selling the Coinbase stock amid the Bitcoin price push in July.

ARK Invest — one of 10 issuers of spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States — is taking profits from its Coinbase stash amid BTC’s failure to retest $70,000.

Cathie Wood’s crypto investment firm ARK has resumed selling Coinbase (COIN) stock, with its ARK Next Generation Internet ETF (ARKW) offloading 12,077 COIN shares on July 31, according to trade notification seen by Cointelegraph.

According to data from TradingView, the amount was worth $2.7 million at the time of the sale, with COIN closing at $224 on July 31.

Blackrock’s IBIT Propels US Spot Bitcoin ETFs to $124M Inflows on Monday

July 30, 2024 Bitcoin.com

Bitcoin

U.S. spot bitcoin exchange-traded funds (ETFs) attracted $124.13 million on Monday, elevating the total net inflows to $17.71 billion. Data indicates that $2.68 billion was traded during Monday’s sessions, with Blackrock’s IBIT emerging as the only gainer. Blackrock’s IBIT Emerges as Monday’s Sole Gainer On Monday, sosovalue.xyz stats show the 11 U.S. spot bitcoin ETFs […]

Solana beats Ethereum in weekly total fees for the first time — Research

July 29, 2024 Coin Telegraph

Coin Telegraph

On July 28, Solana topped $5.5 million in daily total fees, the highest for the network in three months.

Layer-1 blockchain Solana surpassed rival Ethereum in weekly total fees for the first time in the week of July 22, clocking approximately $25 million in revenue versus Ethereum’s $21 million , according to Blockworks Research.

The purported “Ethereum killer” has been on a tear in 2024, aided by an ongoing frenzy of celebrity coin trading hosted largely on Solana-based memecoin platforms such as pump.fun and Moonshot. Memecoins now exceed $50 billion in total market capitalization.

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