Bitpush weekend news review:
Study: September is Bitcoin’s worst month since 2013
If history is any guide, Bitcoin ’s price could fall further in September, which has been the crypto asset’s worst month since 2013.
Existing data shows that between 2013 and 2023, Bitcoin rose only three times in September , in 2015, 2016 and 2023. Apart from these three times, BTC fell by an average of 4.78% in September.
Meanwhile, the September effect is not unique to Bitcoin. The S&P 500 has also fallen in most of the September months since 1928. Experts believe that the overall market decline in September is due to investor behavior. According to Elena Dure, most investors usually exit the market in September to lock in gains closer to the end of the year. Asset liquidation rates will also be higher as schools resume in September and cash is needed to pay school fees.
Given that BTC prices have largely performed similarly to the S&P since the outbreak began, it would not be surprising if BTC prices saw further declines over the next month.
Galaxy Digital offers $30 million loan financing option to Bitcoin mining company Rhodium
The state of Texas has granted a financing package to bitcoin miner Rhodium Enterprises, which is seeking Chapter 11 bankruptcy protection, according to Bloomberg.
The approved plan includes a financing option from Galaxy Digital, a blockchain company led by Mike Novogratz. Galaxy Digital has offered Rhodium the option of either a $30 million loan at an annual interest rate of 14.5%, or 500 bitcoins at an interest rate of 9.5%. Rhodium has the right to repay the bitcoin loan in U.S. dollars based on the market exchange rate at the time of repayment.
In August, the total net outflow of spot Bitcoin ETFs was $94 million, and the net outflow of Ethereum ETFs was $477.25 million.
According to data from sosovalue, in August, the spot Bitcoin ETF had a cumulative net outflow of US$94 million, and Ethereum had a net outflow of US$477.25 million.
August 23 was the best performing day for Bitcoin ETFs this month, with a net inflow of over $250 million, while August 2 was the worst performing day, with a net outflow of $237 million. The largest outflow was from Grayscale's GBTC, with an outflow of $70 million on Friday, and a cumulative outflow of nearly $20 billion so far this year.
As of the end of August, the total assets held by spot Ethereum ETF funds were just under $7 billion. Grayscale's two funds ETHE and ETH were the largest, holding $5.4 billion, and BlackRock's ETHA was the third largest fund.
On August 30, the outflow of spot Bitcoin ETF was $175.53 million
According to data from Farside Investors, spot Bitcoin ETFs continued to outflow $175.53 million on August 30, marking the ninth day of net outflows this month.
Bitcoin ETF trading volume has recently declined after peaking in early March.
Among several ETFs, Grayscale's GBTC appears to be the hardest hit, with the highest outflows from its Bitcoin ETF.
Market analysts believe that the recent outflow of funds from Bitcoin ETFs may be caused by a series of factors, including changes in Bitcoin price trends, shifts in market expectations, and regulatory developments.
Vitalik Buterin has reduced his ETH holdings by about 26% in the past three years
In 2021, Ethereum founder Vitalik Buterin mentioned that he held 325,000 ETH, which was worth $1.46 billion at the time. According to reports, he currently holds only 240,000 tokens, worth $592 million. This means that in the past three years, Vitalik has reduced his holdings by 85,000 tokens, about 26% of his holdings. It is worth noting that most of the sales were for donations and investments.
Yuga Labs CEO: The first batch of products will be launched on ApeChain
Yuga Labs co-founder and CEO Greg Solano (alias Garga) revealed in a post on X that the company will release a series of new products developed by a small internal team. Solano explained that after he became CEO in February, he assembled an internal team called The Workshop, which consists of 13 engineers and product personnel. They are all doers. The team will focus on quickly launching new products and promoting the adoption of the ApeChain network.
