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5 Things to Know in Crypto This Week 💡

$300B Plunge: Largest 3-Day Wipeout For Crypto in a Year 💀

• The crypto market experienced its largest three-day sell-off in nearly a year, losing $313 billion since August 2.

• The sell-off coincided with a 4.4% drop in the S&P 500, driven by weak employment data, slowed tech stock growth, and recession fears.

• Major companies like Microsoft and Intel reported disappointing Q2 results, while NVIDIA faced pressure from expected rate cuts, leading to capital shifts.

• Solana (SOL) was the hardest-hit among top cryptocurrencies, dropping 25.7%, while Bitcoin (BTC) and Ether (ETH) fell 14% and 17%, respectively.

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Jump Crypto Moves Hundreds of Millions in Crypto as Prices Slide 🩸

• Market Movements: Jump Crypto is liquidating hundreds of millions in crypto as asset prices slide, with Bitcoin dipping below $60,000 before a modest recovery.

• Fund Flows: Blockchain data shows Jump Crypto's wallets received $300M from exchange-tagged addresses and sent out $80M to exchanges like Coinbase, Gate io, and Binance since August 3.

• Ether Transactions: Jump has been redeeming over $500M worth of Lido's wstETH into ether since July 25, with $200M unstaked ether entering exchanges and $130M staked ether still held.

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Number of New Ethereum Addresses Plunges to Lowest Level This Year 🔽

• The number of new Ethereum wallet addresses has dropped to its lowest level this year, coinciding with the launch of spot ether ETFs in the U.S.

• The seven-day moving average of new Ethereum wallets is at its lowest since December 2023, though still higher than much of 2023.

• Ethereum's average number of active addresses and transactions have also declined, reaching nearly six-month lows.

• The decline may indicate that investors are opting for ether exposure through ETFs rather than direct token purchases.

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MicroStrategy Seeks to Sell $2B of Class A Shares to Buy More Bitcoin 💵

• MicroStrategy plans to sell up to $2 billion worth of Class A shares, as disclosed in an SEC filing.

• Proceeds from the share sales will be used to buy more Bitcoin and for general corporate purposes, though the exact allocation and timeline were not specified.

• The company, led by Michael Saylor, is already the largest public holder of Bitcoin, with 226,500 BTC valued at over $14 billion.

• In June, MicroStrategy increased a $500 million offering of unsecured senior convertible notes to $700 million to purchase more Bitcoin.

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Democratic Elites, Crypto Industry Leaders to Hold Virtual Roundtable Monday: Politico 🦅

• White House officials and Democratic operatives will join crypto industry leaders in a virtual roundtable on digital asset policy, organized by Rep. Ro Khanna (D-CA) on Monday.

• VP Harris campaign officials have been invited, though their attendance is not confirmed.

• Notable attendees include National Economic Council director Lael Brainard, White House deputy chief of staff Bruce Reed, and outgoing senior adviser Anita Dunn.

• This meeting follows a July roundtable on the same topic, which included billionaire Mark Cuban and Senator Kirsten Gillibrand.

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