Crypto Pulse——8/8 Market Trends and Hot Project Analysis

Preface:
Over the past 24 hours, Bitcoin and Ethereum have fallen by 0.89% and 0.99% respectively, with the ETH/BTC exchange rate remaining at 0.05. The Crypto Fear & Greed Index has dropped to 20, indicating extreme fear.

Spot Bitcoin ETF Flows

Yesterday, U.S. Bitcoin spot ETFs saw a net inflow of $45.6 million, ending a three-day streak of net outflows. Specifically, Grayscale GBTC had a net outflow of $30.6 million, BlackRock’s IBIT had a net inflow of $53 million, and BTCW had a net inflow of $10.5 million.
After a significant price rebound the day before, Bitcoin’s price saw a slight correction yesterday. Recently, the yen rate hike has prompted investors to sell off yen arbitrage assets to repay yen debt, which has also affected the crypto market due to the prevalence of yen carry trades. After the market panic subsided, the broader market rebounded strongly, with Bitcoin’s price climbing back above $57,000, though it saw a slight pullback yesterday, narrowing its intraday gain to 2.1%.
On the other hand, U.S. Ethereum spot ETFs experienced a net outflow of $23.7 million yesterday, with Grayscale ETHE seeing a net outflow of $31.9 million. The PlusToken wallet, which had been dormant for three years and held up to 780,000 ETH, saw activity yesterday, raising potential sell-off concerns and unsettling Ethereum investors. As a result, Ethereum’s price dropped to $2,350, with more funds flowing into the more stable Bitcoin spot ETFs.

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Daily Spotlight

Today’s hot project is XRP, with a 24h increase of 19.7%, currently priced at $0.601, peaking at $0.6434, and a market cap of $33.7 billion. Ripple (XRP) is a digital payment network and protocol used for settling payments, asset trading, and transferring funds. Initially created by Jed McCaleb and Chris Larsen in 2012 under the name “OpenCoin,” Ripple aims to free people from financial networks like banks and credit cards. XRP, Ripple’s native cryptocurrency, supports the underlying blockchain known as the “XRP Ledger.” Unlike other cryptocurrency blockchains, only pre-approved participants can contribute and validate transactions on the XRP Ledger. When a sender makes a transaction, a small amount of XRP is deducted from the total supply instead of charging transaction fees. Recently, there has been progress in Ripple’s long-standing lawsuit with the SEC, with Ripple being fined $125 million, far below expectations. This favorable news caused XRP’s price to surge above $0.6, reaching a high of $0.6434.

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The Word on the Street

The Brazilian Securities and Exchange Commission has approved the issuance of the world’s first Solana spot ETF. Currently, Solana ETPs, such as the 21Shares Solana ETP (ASOL) in Switzerland, are traded on the SIX Swiss Exchange. On August 8, the Brazilian Securities and Exchange Commission (CVM) approved the issuance of the world’s first Solana spot ETF, provided by QR and managed by Vortx. The Solana ETF approved by CVM will reference the CME CF Solana Dollar Reference Rate F, designed to provide a reliable and transparent measure of Solana (SOL) against the U.S. dollar (USD).

Project Financing

Ethena Labs has launched its stablecoin USDe on the Solana network, which was previously only available on Ethereum. USDe aims to maintain a peg to the U.S. dollar and is now integrated with several Solana-based decentralized exchanges (DEXs) and DeFi protocols, such as Kamino Finance, Orca, and Drift Protocol. It offers the option to use SOL as loan collateral, subject to approval by ENA token holders. USDe is backed by Lido Staked Ethereum and short positions in Ethereum perpetual futures, generating yields through staking rewards and negative funding rates.

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