Liquidation in Cryptocurrencies
In the last 24 hours, 122,460 investors were liquidated in the cryptocurrency markets, with a total liquidation value of $504 million.
11% Drop in Ethereum
Geopolitical uncertainties and market volatility, coupled with profit-taking following Ethereum’s sharp rise, caused Ethereum to lose 14% of its value in four days. Leveraged short positions in Ethereum reached record levels. If Ethereum drops below $3,900, $6 billion worth of long positions will be liquidated. Last week, 470,000 ETH (approximately $2 billion) was withdrawn from exchanges. The amount of Ethereum on exchanges dropped to $14.88 million, the lowest level in nine years.
Outflow Pressure on Ether Tokens
In recent days, there has been an increase in the number of people wanting to unstake their ETH tokens. The “outflow pressure” on the network exceeded 890,000 ETH, while 292,000 ETH are waiting to enter the system. The entry period is 5 days, which is shorter than the outflow period. Currently, the total value of Ethereum tokens is approximately $3.7 billion.
Strategy’s Weekly Purchases
Strategy announced that it purchased 430 Bitcoin at an average price of $119,666 between August 11 and 17.
Thailand’s Crypto Asset Move
Thailand has launched a program allowing tourists to convert cryptocurrency into the local currency. A pilot program enabling the conversion of crypto assets into the local currency, the Thai Baht (THB), has been launched. The program, named “TouristDigiPay,” was announced and implemented in collaboration with various government agencies.
Cryptocurrency Inflows/Outflows
Cryptocurrency funds ended the week with a net inflow of $3.75 billion. This figure marks the fourth-highest inflow on record. Ethereum funds broke records by attracting $2.87 billion in investments, accounting for 77% of total inflows. Solana received 176.5 million dollars, while XRP funds saw 125.9 million dollars in net investments. This figure stood at 11 million dollars for SUI funds and 1.2 million dollars for LINK funds. Cardano (ADA) funds also saw inflows of $800,000. Litecoin and TON funds saw outflows of $400,000 and $1 million, respectively.
Weekly investments peaked at $3.7 billion, with iShares ETFs accounting for $3.2 billion of that total. Grayscale received $85 million, ProShares $66 million, and 21Shares only $10 million in investments. Investors betting on Bitcoin’s decline closed the week with $4 million in inflows into Bitcoin funds.
New Record on Google Trends
Altcoin searches on Google reached their highest level since 2021. According to Google Trends data, searches for “altcoin” reached their highest level since 2021, while searches for “Ethereum” also reached their highest level in the last two years. This shows that investor interest in crypto assets is increasing.
Coinbase’s Partnership with Mercuryo
Coinbase is reducing USDC fees for Metamask users. US-based cryptocurrency exchange Coinbase (COIN) has announced a strategic partnership with cryptocurrency payment infrastructure platform Mercuryo to reduce entry (on-ramp) fees for users transferring USDC to the Base network via the MetaMask wallet.
Joint Letter from Fintech Executives in the US to Banks
More than 80 crypto and fintech executives in the US have called on President Donald Trump to prevent banks from charging fees for access to customer data. The letter states that large banks are preventing consumers from linking their accounts to the financial products of their choice by imposing exorbitant “account access” fees to protect their market position. New sanctions are expected to be imposed in this regard.
Goldman Sachs Interest Rate Forecast
Goldman Sachs Bank predicts that the Federal Reserve will cut interest rates three times in 2025. Each 25-basis-point cut is expected to take place at the September, October, and December meetings, respectively.
