Weekly Market Insight: August week 3

English

Market Updates

13 Aug 2024

Headline News

- Bitcoin quickly recovered from the Monday sell-off from the lowest point $49,247 to once hit $62,738 on Friday, calming from the overreacted unemployment data.
- Despite Ethereum having a net inflow of $104.8 million from spot ETFs, while Bitcoin had an outflow of $167 million from spot ETFs, Ethereum rebounded less than Bitcoin last week. The weakness partly due to massive selling from market makers, including Jump Trading, Paradigm and Wintermute, estimated over 130,000 Ethereum had been sold in August. Jump Trading, which contributed the most to the selling, has approximately 21,394 staked Ethereum left in their public wallet.

- The U.S. ISM Services PMI increased to 51.4 in July, above market expectation of 51.
- Yield markets experienced the highest volatility since July 2023 last week. The market now expects 53.5% probability that the Fed will cut 25bps in September and 46.5% on 50bps cut, revised significantly downward from a week ago of 85% probability on 50bps cut.
- Bank of Japan Deputy Governor Shinnichi Uchida signaled the central bank will not hike interest rates when markets are unstable, reducing the risk of further unwinding of U.S. Treasury carry-trades.
- We believe the upcoming U.S. CPI remains the major risk event to determine the forward market trend.

- Tuesday, August 13 8:30pm: U.S. PPI in July
- Wednesday, August 14 8:30pm: U.S. CPI in July
- Thursday, August 15 8:30pm: U.S. Retail Sales in July
- Friday, August 16 10:00pm: The University Michigan Consumer Sentiment in August

- BitGo announced a partnership with BiT Global and Justin Sun to expand WBTC custody to multi-jurisdictional in 60 days. Maker DAO is discussing removing WBTC as collateral on Maker and SparkLend.
- Ripple concluded the lawsuit with the SEC with a $125 million fine, well below the $1 billion in disgorgement and prejudgment interest as well as $900 million in civil penalties the SEC sought.
- The Brazilian Securities and Exchange Commission approved QR Asset's Solana spot ETF.
- Franklin Templeton launched its tokenised U.S. Government Money Fund on Arbitrum.
- Grayscale announced two new trust funds for Bittensor and Sui. Both token prices surged 32% and 51% respectively last week.

- NEAR launched its Chain Signatures tech onto the mainnet, allowing signing of any transaction on any blockchain directly from NEAR account.
- Sui launched Mysticeti on the mainnet, reducing the consensus latency to 390 milliseconds.
- Arbitrum Orbit chains can now use USDC as a gas token.
- Zora launched the NFT secondary market powered by Uniswap, creators can earn liquidity fees as a form of royalties.

- Ethena announced USDe deployment in Solana via LayerZero, adding SOL as the backing asset for USDe and Sats Campaign with Kamino, Orca, Drift and Jito.
- ORE, Solana hackathon winner, v2 mining is live.
- Usual, decentralised RWA stablecoin launched its USD0++ on Pendle.

- Donald Trump stated to be doing a major interview with Elon Musk on Monday night.
- Arbitrum snapshot voting of ARB staking is live, laying the ground for future fee distribution and restaking application while retaining governance power. The voting will end on August 16.
- Rocket Pool snapshot voting of Tokenomics Rework is live, introducing optional RPL bond, adjustable fee, value accrued feature and more. The voting will end on August 22.
- Stacks is expected to release the final code for Nakamoto upgrade on August 28. sBTC will be read for mainnet release 4 weeks after Nakamoto hard fork.
- Celestia is expected to launch Lemongrass upgrade on testnet in August and mainnet in mid-September. The upgrade will introduce minimum gas price, direct bridging, smoother upgrade, Interchain Accounts and improved architecture.

- APT token unlocked on August 12th, amount representing 2.41% of the token supply.
- SAND token unlocked on August 14th, amount representing 9% of the token supply.
- STRK token unlocked on August 15th, amount representing 4.4% of the token supply.
- ARB token unlocked on August 16th, amount representing 2.8% of the token supply.
- APE token unlocked on August 17th, amount representing 2.3% of the token supply.
- PIXEL token unlocked on August 19th, amount representing 7% of the token supply.
- AVAX token unlocked on August 20th, amount representing 2.42% of the token supply.
- PRIME token unlocked on August 31st, amount representing 1.69% of the token supply.
- OP token unlocked on August 31st, amount representing 2.64% of the token supply.

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