5 Things to Know in Crypto This Week 💡

Mt. Gox Estate Shifts $2.2 Billion to New Wallet as Bitcoin Wobbles🙃

• The Mt. Gox estate transferred 33,964 BTC (worth $2.25 billion) to an unidentified wallet as part of final preparations to resolve a decade-long hack.

• An additional $3.1 billion in Bitcoin was moved between two cold wallets held by the estate.

• Over 17,000 creditors have received repayments in Bitcoin and Bitcoin Cash via designated cryptocurrency exchanges.

• Bitcoin has dropped steadily the last couple days, now hovering around $66k.

• View Full Article

Coinbase Earnings Hurt by Low Volume But Trump Could be Wild Card, Analysts Say 🎢

• Coinbase's Q2 earnings will be announced on August 1st. Analysts expect a drop due to reduced trading volume, with FactSet predicting revenue at $1.37B and EPS at $0.94.

• JPMorgan and Barclays analysts have adjusted their estimates, with JPMorgan predicting $1.36B in revenue and $0.30 EPS, and Barclays expecting $1.432B in revenue and $1.79 EPS.

• Retail trading data from Robinhood indicates a 30% decline in Coinbase's retail volumes, suggesting a broader market slowdown.

• View Full Article

Ethereum spot ETF yearly inflows could be as low as 15% of bitcoin’s, Sygnum Bank analyst says 💸

• Ethereum spot ETFs could see inflows as low as 15% of Bitcoin’s due to lower name recognition and smaller market cap, according to Sygnum Bank analyst Katalin Tischhauser.

• Expected aggregate assets under management (AUM) for Ethereum ETFs over the next 12 months are projected to be around $5-10 billion.

• In contrast, spot Bitcoin ETFs could attract between $30 billion and $50 billion in inflows over the first year.

• Ethereum spot ETFs experienced $1.5 billion in net outflows in their first four days of trading, while competing funds saw just over $1 billion in net inflows.

• View Full Article

California DMV Puts 42M Car Titles on the Avalanche Network in Digitization Push 🚘

• Developed by Oxhead Alpha, the new system allows users to transfer vehicle titles in minutes, compared to the traditional two-week process.

• Users can claim, track, and manage their digital titles via the DMV's application without visiting an office.

• This initiative demonstrates blockchain's potential to enhance efficiency, transparency, and data protection in public services.

• View Full Article

Circle Said to Be Trading Around $5B Valuation Ahead of Planned IPO💰

• Circle, the issuer of stablecoin USDC, is trading at a valuation of around $5 billion to $5.25 billion in the secondary market ahead of its planned IPO.

• This valuation is a significant drop from the $9 billion valuation Circle had in 2022 during a failed SPAC deal with Concord Acquisition Corp.

• The secondary market trades are primarily from early-stage investors and employees seeking liquidity, with Circle not allowing trades below a $5 billion valuation.

• Circle filed a confidential draft S-1 document with the SEC in January, but the number of shares and price range for the IPO remain undetermined.

• View Full Article

Thank you for reading this edition of Digital Asset Insights!

Interested in starting your own newsletter?

Get started today with a 30-day free trial and 20% off all plans! 👇 🐝