Flash crash?
Bitcoin yesterday suffered from a swift, orderly dump that just about erased all the gains we saw Friday after Jerome Powell’s Jackson Hole speech. BTC prices shook off thousands in a matter of minutes, eventually dropping as low as ~$111k. While many were quick to label this as a “flash crash,” Protos reports that true flash crashes are typically followed by a near full recovery. At the time, the pullback is believed to have been triggered by a whale offloading around $2 billion worth of bitcoin. Read more →
SOL Treasuries
Galaxy Digital (GLXY), Jump Crypto, and Multicoin are reportedly raising ~$1B to acquire a public company and convert it into a Solana-focused “digital asset treasury” vehicle. Cantor Fitzgerald is reportedly leading the deal, per Bloomberg. TLDR? This is the Strategy (MSTR) playbook applied to Solana. SOL token prices are down ~5% despite the news and the prospect of a tightening supply. Read more →
ETH Quietly Hits ATH
On Friday, after Jerome Powell’s speech, ETH finally rallied to a new record high of $4,885, pushing past its previous record of $4,878 set in 2021. ETH is now up nearly 40% YTD compared to BTCs 20% gains. Read more →
Strategy now owns 3% of all BTC Link»
BitMine surpasses $8 billion in treasury after latest ETH purchase Link»
The Trump Family Cashes In on ‘the Infinite Money Glitch’ Link»
Grayscale files to convert Avalanche Trust into spot AVAX ETF Link»
Philippines proposes 10K BTC strategic reserve with 20-year lockup Link»
Kalshi Taps Influencer John Wang to Head Crypto Push Link»
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