👀 Goldman Sachs Reveals Bitcoin Holdings

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Goldman Sachs’ latest S13 filing revealed that the firm has accumulated $418 million worth of spot Bitcoin ETF shares, the most out of U.S. investment banks. But crypto markets are yo-yoing, with Bitcoin tumbling below $60,000 and Ethereum encountering resistance in the $2,700 range. Median Ethereum gas fees tagged a four-year low, but analysts suggest the lull is unlikely to last long-term.

Plus, the Arbitrum community is readying to greenlight ARB staking, PumpFun records record revenue, Tether vows to fight Celsius lawsuit, TON Ventures closes $40 million raise, Neon EVM launches points campaign, and CRV inflation falls 67%.

✍️ In today’s newsletter:

Goldman tops U.S. banks by Bitcoin ETF share holdings
Coinbase says cbBTC is “coming soon”
Bitcoin produces ‘Bart Simpson’ pattern
Ethereum fees tag 1 gwei
ARB staking proposal poised to pass
Offchain Labs launches incubation division
PumpFun tops revenue rankings
Tether calls Celsius lawsuit a ‘shake down’
TON Foundation members spin out VC firm
Neon EVM launches expansive points program
CRV inflation dips to 6% from 20%

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️💰Goldman Sachs Holds The Most Bitcoin ETF Shares Among US Investment Banks

Goldman Sachs, a top U.S. bank managing $2.8 trillion in assets, revealed share holdings in spot Bitcoin ETFs worth $418 million. Goldman Sachs appears to have the largest BTC exposure among U.S. banks, with Morgan Stanley, Wells Fargo, and JPMorgan Chase holding Bitcoin ETF shares worth $269 million, $120 million, and 1.4 million respectively.

₿ Coinbase Teases cbBTC Amid Wrapped Bitcoin Drama

Coinbase tweeted that an upcoming cbBTC Bitcoin token will launch “soon.” Base, the Layer 2 network from Coinbase, said it will work to foster a vibrant DeFi ecosystem leveraging cbBTC. The move comes as Wrapped Bitcoin is facing backlash for its plans to restructure.

🎢'Bart Simpson' Pattern Pushes Bitcoin Price Below $60K Despite Inflation Slowing

Crypto markets are suffering from volatility, with the price of Bitcoin surging from $59,000 to $61,500 and back. The pullback came despite the U.S. Consumer Price Index rising slower than anticipated, signaling that inflation is abating.

⬇️Ethereum Layer 2s Push Gas Fees to Four-Year Lows

Median Ethereum gas prices have slumped to their lowest level in four years at 1 gwei amid a lull in mainnet activity as users migrate onto Layer 2. However, Alice Liu, the research lead at CoinMarketCap, said the low gas fees are unlikely to last for long.

🪙Arbitrum Community is About to Implement ARB Staking

The Arbitrum community is throwing their support behind a proposal to introduce ARB staking. The move is intended to introduce new utility for ARB and bolster governance participation.

🌱Offchain Labs Launches Incubator Division Targeting Infrastructure Projects

Offchain Labs, the team behind Arbitrum, launched an incubator division to foster early-stage projects leveraging Arbitrum’s tech. The new Tandem division will target infrastructure projects working on transaction sequencing, data availability, and rollups-as-a-service.

⬆️PumpFun Smashes Revenue Records But Some Users Are Not Happy

PumpFun is enjoying surging revenue as memecoin creators try to capitalize on political discourse. PumpFun pocketed $5.33 million in daily revenue, nearly eight times that of the Ethereum network.

⚖️Tether Says Celsius Lawsuit is a ‘Shake Down’

Celsius is suing Tether, alleging improper liquidation of its Bitcoin collateral and demanding $3.5 billion in damages. Tether vowed to fight the lawsuit and likened the complaint to a “shake down.”

💵️TON Ventures Spins Out Of TON Foundation After $40 Million Raise

Former TON Foundation members have spun out a new venture capital firm after closing a $40 million raise. TON Ventures seeks to invest in early-stage projects within The Open Network’s ecosystem that leverage Telegram’s features.

🏆Neon EVM Unveils New Loyalty Points Program

Neon EVM, a platform providing Ethereum Virtual Machine-compatibility for Solana VM projects, launched a points program. The campaign will reward early adopters and incentivize new adoption, with users receiving points for every on-chain interaction throughout.

📊Curve Finance Inflation Drops 67% As Earnings Outpace Issuance

Annual inflation of Curve Finance’s CRV token dropped to 6% from 20%. The price of CRV rallied in response to the news, gaining 35% in the past week.

🌍 ELSEWHERE

Nearly $600M of Silk Road Bitcoin Hits Coinbase Prime, but Not Necessarily to Sell (CoinDesk)
State of Wisconsin Investment Board buys nearly $100 million more shares in BlackRock's bitcoin ETF (The Block)
Norwegian sovereign wealth fund’s indirect Bitcoin holdings soar 62% in first half of 2024 (CryptoSlate)