Top Crypto News: Ether ETF, ApeCoin Hotel, and Market Trends

Ether ETF launch, MT Gox fund transfers, Gate.io exits Japan, Bitwise donations, BNB token burn, ApeCoin hotel proposal, and more.

Weekly News Report

1. Ether ETF Launch

The first day of trading Ether ETF saw an impressive volume of over $1 billion USD. This is significantly higher compared to the first day of other ETFs and is about 25% of the volume seen on the first day of the Bitcoin ETF.

2. MT Gox Fund Transfers

MT Gox had numerous fund transfer activities last week. These activities primarily involved moving funds back and forth between wallets. Ultimately, a total of 5110 BTC, equivalent to $340.1 million, was transferred to four Bitstamp wallet addresses.

3. Gate.io Terminates Services in Japan

The Gate.io exchange has officially terminated its services in Japan.

4. Bitwise Donations

Bitwise has committed to donating 10% of the profits from its Bitwise Ethereum ETF (ETHW) fund to the development of the Ethereum open-source protocol. The donations will be directed to two units: Protocol Guild and PBS Foundation.

5. BNB Token Burn

The BNB fund has completed its 28th token burn, removing 1,643,698.8 BNB, worth approximately $971 million USD, from circulation. In addition to the automatic burn mechanism, BNB also incorporates a real-time burn mechanism based on gas fees. Since the introduction of BEP95, approximately 234,000 BNB have been burned using this mechanism.

6. ApeCoin DAO’s Hotel Proposal

ApeCoin DAO is currently considering a proposal to build a Bored Ape-themed hotel in Bangkok. The proposed budget for this project is $356,000 USD, which will come from the APE fund.

7. Lightning Labs Launches Taproot Assets v0.4

Lightning Labs has launched Taproot Assets v0.4 on the mainnet. This launch allows for the issuance and transfer of stablecoins on the Bitcoin network with low fees via the Lightning Network.

8. Coinbase Asset Management Plans

Coinbase Asset Management, the investment division of Coinbase, is planning to create a tokenized Money-Market Fund.

Macroeconomic News

GDP (Q2)

• Actual: 2.8%
• Estimate: 2.0%
• Previous: 1.4%

PCE Inflation Rate (Q2)

• Actual: 2.6%
• Estimate: 3.0%
• Previous: 3.4%

Core PCE Inflation Rate (Q2)

• Actual: 2.9%
• Estimate: 2.7%
• Previous: 3.7%

PCE Inflation Rate Index

• PCE: 2.5% (Estimate: 2.5%, Last Month: 2.6%)
• Core PCE: 2.6% (Estimate: 2.5%, Previous: 2.6%)

These figures indicate a stable economic environment, neither significantly positive nor negative.

Financial Events This Week 🇺🇸

Wednesday, July 31

• FED interest rate decision
• ADP employment report

Friday, August 2

• US unemployment rate (Estimate: 4.1%, Previous month: 4.1%)

General Market Overview

24h Price Movement

• BTC rose to the $69k region despite significant selling pressure from Mt.Gox and the German government Bitcoin.
• This week, interest rate announcements from the FED and earnings reports from major US corporations are expected to cause BTC price volatility.
• Altcoins remained stagnant as BTC rose, resulting in a sharp increase in BTC.D.
• Over $3 million netflow was withdrawn from exchanges in the past 24 hours.

Major Token Unlocks in August

• $10.58M $DYDX — August 1
• $49.04M $SUI — August 1
• $32.85M $ZETA — August 1
• $173.8M $W — August 3
• $47.09M $IMX — August 9
• $78.15M $APT — August 12
• $67.66M $SAND — August 14
• $33.87M $STRK — August 15
• $66.52M $ARB — August 16
• $262.51M $AVAX — August 20

This article was provided by the Core Stake team, and if you find this information useful, we welcome your comments.

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