Bitcoin ETF Volume Hits Lowest Day Since February
Bitcoin ETF Volume Hits Lowest Day Since February
US spot Bitcoin ETFs declined in trading volume on Monday, with just $779.87 million traded, marking the lowest level since February. Despite this, net inflows totaled $61.98 million, largely driven by BlackRock’s IBIT and Fidelity’s FBTC funds. The low trading activity reflects market caution following recent sell-offs and anticipation of the Federal Reserve’s Jackson Hole meeting.
Meanwhile, some funds, such as Bitwise’s Bitcoin ETF, saw outflows, and spot ether ETFs recorded their lowest trading volumes since their launch. This trend suggests a cautious sentiment among investors as they await further economic signals. The current market conditions highlight the uncertainty surrounding crypto ETFs.
Mango Markets to Destroy Tokens in Proposed SEC Deal
Mango Markets, a Solana-based decentralized exchange, is preparing to settle with the US SEC over allegations of securities law violations, proposing to pay a $223,228 fine, destroy MNGO tokens, and delist from trading platforms. This follows the October 2022 incident where $110 million was drained from the platform by Avraham Eisenberg, who was later convicted of fraud.
The SEC has yet to accept the proposal, but the vote by Mango DAO has enough support to pass. If accepted, this settlement could severely impact Mango Markets' governance, as the MNGO token is central to its operations. The outcome will determine whether the exchange can continue functioning effectively under these new constraints.
Galxe Launches Gravity Mainnet Layer 1 Blockchain
Galxe, a top SocialFi project, has launched the alpha mainnet of Gravity, a Layer 1 blockchain built using the Arbitrum Nitro stack, designed to integrate Galxe’s Web3 products into a unified platform. Gravity facilitates seamless cross-chain interactions and high-speed transactions, with the G token serving for governance, staking, and gas payments.
The mainnet will unify products like Quest, Compass, Passport, and the Identity Protocol, enhancing the experience for over 25 million users. Supported by $10 million in funding from Multicoin Capital and Dragonfly Capital, the fully operational mainnet is expected in Q2 2025. Gravity also introduces chain-agnostic gas payments to streamline user experiences across the Galxe ecosystem.
Coinbase’s Base Network Rolls Out Basenames via ENS
Base, Coinbase’s Layer 2 network on Ethereum, is launching Basenames through the Ethereum Name Service (ENS), enabling users to create subnames for easier, human-readable addresses. These subnames will play a crucial role in managing onchain identities within the Base ecosystem. The launch will feature a Dutch auction, starting at 100 ETH, with prices decreasing over 36 hours.
Users can register names like "bob.base.eth" under existing ENS domains, simplifying identity management across multiple platforms. The feature is set to launch on Tuesday, offering a more accessible way to participate in onchain activities. This initiative aims to streamline the user experience on Base by making addresses more intuitive.
Data of the Day
Open interest (OI) for long positions on CME Bitcoin futures by asset managers dropped to $4.97 billion two weeks ago, its lowest since March, before recovering to $5.64 billion last week. This decline indicates a reduction in long exposure due to recent market volatility and macroeconomic concerns.
However, despite the dip, current OI levels remain extensively higher than last year’s $1.24 billion, indicating ongoing institutional interest in Bitcoin.
More Breaking News
- Chinese authorities have officially recognized virtual asset transactions as a form of money laundering in its latest revision of AML laws.
- Germany's BaFin has seized 13 crypto ATMs across the country in a crackdown on unregistered machines, citing violations of the Banking Act.
- Binance will have to pay a $86 million tax demand for its re-entering into the Indian market amid previous regulatory challenges.
- Hong Kong lawmaker Johnny Ng has called for regulation of DAOs after a court case highlighted the need for legal clarity in the Web3 space.
- Solana protocol Dumpy.fun is launching Squeezy.lol, a new feature allowing traders to trigger short squeezes on heavily shorted mem ecoins.
- The percentage of ETH supply in profit has dropped to 85.66%, its lowest level since November 2023, following ETH prices fall by over 30%.
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