What happened in the cryptocurrency market last week?
Macro/Traditional Finance
- Markets have fallen sharply over the past week. The cryptocurrency market experienced its biggest three-day sell-off in a year, falling about 20%, with BTC falling to its lowest point since February. In Japan, the Nikkei 225 index recorded its biggest single-day drop since 1987, falling about 12.4%. The market has since rebounded.
- With the sharp market decline and weak employment data, the market increasingly expects the Federal Reserve to cut interest rates multiple times this year, including a possible 50 basis point cut in September.
- Capula Management, Europe’s fourth-largest hedge fund, has invested nearly $500 million in Bitcoin ETFs.
- In response to popular demand, Morgan Stanley has begun allowing its wealth advisors to offer a Bitcoin ETF to selected wealthy clients, according to a public disclosure document filed on August 5.
- Grayscale has launched two new crypto investment products focusing on Bittensor’s native token TAO and Sui Protocol’s SUI token.
- According to the filing, Nasdaq and BlackRock have submitted a proposal to introduce options for iShares Ethereum Trust (“ETHA”), the only spot ETH ETF on the Nasdaq exchange.
L1/L2 Since the launch of the spot ETH ETF in the United States ,
- The number of new Ethereum wallet addresses added daily is on a downward trend and is now below 80K. The seven-day moving average of new Ethereum wallets has fallen to its lowest level since December 2023, according to data from The Block.
- The staked percentage of ETH supply has reached an all-time high of 27.95%, driven primarily by re-staking and liquid re-staking protocols.
- ZircuitL2 , a zero-knowledge rollup with AI security, has officially launched the first phase of its mainnet and the ZRC token redemption process.
- ethena_labs expands USDe’s reach with the launch of Solana . USDe is now integrated with multiple Solana dApps, including Kamino, Orca, Drift, and Jito. Pending next week’s governance vote, borrowers will be able to use SOL as collateral for USDe loans.
- Franklin Templeton has launched the OnChain U.S. Government Money Fund (“FOBXX”) on the Arbitrum Network
other
- Web3 game development company 0xcurio has raised $5.7 million in seed funding led by Bain Capital Crypto and SevenX Ventures.
- andrena_wifi has raised $18 million in a funding round led by Dragonfly. The funds will be used to build a decentralized autonomous wireless network (“DAWN”) on Solana.
