jpyxx This prodigious expenditure, they tell us, is a ‘reflection of rising institutional demand.’ Of course it is. Everyone is simply dying to own digital tokens. One imagines board meetings filled with breathless pronouncements about ‘disruptive technology’ and the urgent need to embrace the future. The Ether, at the time of this, frankly bewildering transaction, was apparently hovering somewhere near the astronomical sum of $4,600. A bargain, no doubt.
The weird thing? The SEC’s approval of that DOGE ETF? Completely irrelevant right now. Looks like Dogecoin’s gonna do what it wants-probably mooning or crashing. Either way, crypto analysts are predicting more upside. Because of course they are! They’re always bullish until they’re not.
In a move that probably involved more coffee than strategy, multiple US and international law enforcement agencies conducted an operation against BlackSuit in late July. This wasn’t just your run-of-the-mill raid; it included unsealing warrants to confiscate cryptocurrency valued at just over $1 million. At least, that’s what they claim. Who knows? Maybe the value dropped by the time they finished counting. 🤷♂️
As our dear CryptoQuant analyst Maartunn eloquently put it on X (formerly Twitter, for those living under a rock), the Ethereum Open Interest has been climbing faster than a drunk up a staircase. 📊 This “Open Interest” thingamajig measures all the derivatives positions tied to ETH on centralized exchanges-long bets, short bets, and bets that are just plain reckless. 💣
What encouraged this turnabout, you may ask? Ah, the ever-elusive optimism twinkled upon the horizon-macroeconomic sentiments flickering with the promise of US Federal Reserve rate cuts, a faint glimmer of stability enveloping the jittery market like a warm hug from a well-meaning uncle.
Here’s the tea: Ethereum spot ETFs didn’t just get a little boost-they got a *massive* one. Like, $1 billion in inflows in a single day massive. That’s not just impressive; it’s the kind of number that makes accountants weep with joy. Year-to-date? Oh, honey, we’re talking $8.2 billion in inflows, which is roughly 1.5% of ETH’s entire market cap. Meanwhile, Bitcoin ETFs are over here like, “Yeah, we got $178 million yesterday…so, uh, yay us?” 🐢
Miles Deutscher, a strategist with more charts than sense, points out that in days gone by, Ethereum trotted along behind Bitcoin like a trusty mule, never straying far from that vaunted 35% market cap ratio. If the universe keeps spinning the same way, ETH might just hitch itself up to $6,000. And if Bitcoin ever hauls itself to $150,000, well, ETH could tip its hat at $8,000 and keep walking like nothing happened. It’s the old gamble-bet on what the herd will do, and pray you’re not the last one left holding the bag of feed.
The announcement comes hot on the heels of Circle’s IPO, where they pocketed a cool $1.2 billion. With such a sum in the bank, they’ve clearly decided to set their sights on the blockchain cosmos, launching Arc on a public testnet this fall. Hold on to your hats, folks-this is going to get techy!
On the illustrious realm of social media, dear Karbon, with a following rivalling a small orchestra, jovially declared to their 86,900 admirers that privacy in crypto is in a fray. “Tornado Cash – oh, it’s gone; Samourai – alas, no more; and Monero, the darling, is caught in a 51% affair,” quipped Karbon. “There’s quite simply nothing left to use if you wish for discretion. Simply splendid, team!”
Bitcoin was partying at $122,312, took a quick slip to $118,440, and now it’s hanging out around $118,631. That’s a 2.43% dip-whoopee. But hey, over the week and month, it’s up a little-3.6% here, 0.63% there-so it’s still doing its thing, or so they say.
