Crypto’s taking a bit of a nosedive-Bitcoin, Ether, and others dipped, but Chainlink’s LINK kept a stiff upper lip. Solana? Oh, just hitting a speed record, darling. Japan’s idea of a yen-backed stablecoin is being hailed as some sort of game changer, or possibly just a good excuse to buy more sushi.
Crypto and institutional finance, once as distant as the moon and a toaster, now dance together. On Monday, August 18, BTSC declared a $0.05 per share dividend in Ethereum. A first in the annals of public companies, though one might question if it’s a triumph or a trick. 🕵️♂️
“Enough with the crypto Jenga,” Eric Trump reportedly muttered, “BTC and ETH are now the bricks you don’t try to remove. Trust me, I’m a businessman.” The Trump family, ever the crypto enthusiasts, has been actively discussing digital assets like they’re planning a family reunion. 🏠
Bitcoin, ever the drama queen, remains vulnerable to further declines, having lost its luster after hitting those giddy heights above $124,000 just days ago.
Despite the sluggishness of spot prices, derivatives traders have unleashed a veritable stampede of speculation. Open interest has ballooned beyond $3.7 billion, suggesting that leveraged traders are wagering their kibble on a wild ride. Meanwhile, trading volumes have drooped by over 40%, as if the market has momentarily paused to sniff the grass. Such divergence often heralds violent swings, and DOGE, ever the prankster, sits poised to deliver a jolt of volatility. 🐾
Behold, the dichotomy of man! While the masses panic over ETH’s rollercoaster ride, institutions march onward, their coffers swelling with digital ether. One might call it faith, or perhaps the cold calculus of avarice. Either way, the Ethereum blockchain now bears the weight of 6.01 million ETH in ETFs, with BlackRock’s ETHA hoarding 3.49 million-a veritable treasure trove for a fund that could probably buy a small island by now. 🏝️
Here’s the dirt, the grime, the sweat-stained ledger of last week’s circus:
According to the benevolent sages at Lookonchain (who, unlike most bureaucrats, actually observe things), this Whale – a financial Rasputin of sorts – is stuffing its pockets with Chainlink (LINK) as though they were passports to a land free of tax collectors.
While this resurgence is a far cry from the glory days of 2021, it should certainly grab the attention of investors looking for assets available at a discount that would make a discount store manager weep with joy.
Ethereum – or as some cheekily call it, the blockchain diva – started the week looking a tad woeful. A tiny dip of 3.22% took it down to $4,283, after it flirted with a 14% dominance – sounds like a diva throwing a tantrum! Meanwhile, the entire crypto market decided to play “Risk-Off” and dipped 2.45%, as if everyone suddenly remembered they had bills to pay.