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🐋 Whales Bought The Dip As Retail Traders Sold

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Market data shows that whales and institutional investors moved to buy up Monday’s crash while retail traders and short-term holders offloaded digital assets en masse. And who else was selling? Whoever’s behind DJT, the controversial Trump-themed memecoin. DJT plummeted as a major tokenholder pulled the rug.

Also, Ethena’s yield-bearing stablecoin USDe is now live on Solana via a LayerZero integration, Arbitrum Orbit supports USDC as a custom gas token, Xapo launches yield-accruing Bitcoin and fiat accounts in the U.K., and Hydration extends dominance over Polkadot’s DeFi ecosystem.

✍️ In today’s newsletter:

  • Whale dip buys bounce crypto markets
  • Spot Ether ETF inflows grow
  • Short-term BTC holders shaken by crypto crash
  • Investors redeem $9M in BUIDL shares
  • DJT tanks 88% on rug pull
  • Ethena’s USDe expands onto Solana
  • Arbitrum Orbit integrates USDC as gas token
  • Xapo launces interest accounts for U.K. users

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💰Bitcoin and Ethereum Rally as Institutions Reportedly Buy the Dip

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Market data shows that Tuesday’s crypto recovery was driven by institutional buyers while retail traders sold. SOL also notably tagged new highs against Ethereum amid the bounce.

️🏷️Institutional Investors Accumulate Ether ETF Shares Amid Price Decline

Spot Ether ETFs posted their strongest spate of inflows this week, with $147 million flowing into the funds this week. The move coincides with outflows from Grayscale’s Ethereum Trust dropping to new lows.

⬇️Japan’s Carry Trade Chaos Brings FTX-Level Losses To Short-term Bitcoin Holders

Wallets holding less than 1 BTC offloaded their assets in droves amid the recent market carnage. The selling coincided with entities holding between 100 Bitcoin and 1,000 Bitcoin stockpiling coins.

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💵Investors Sell BlackRock’s BUIDL Fund After a Volatile Weekend

BlackRock’s tokenized U.S. treasuries fund, BUIDL, also suffered outflows during the market turmoil. Investors moved to redeem $9 million worth of shares on Monday.

💥Donald J Trump Memecoin Rugpulls

The DJT memecoin crashed 88% as a wallet associated with the project’s development team moved to offload $2M worth of DJT in a single transaction. DJT was launched by Martin Shkreli, who previously spent six years in prison for securities fraud and conspiracy.

🌐️Ethena Expands to Solana and Adds SOL to USDe Collateral Basket

Ethena’s yield-bearing stablecoin, USDe, is now live on Solana. The expansion was enabled by an integration with LayerZero and intended to stem USDe’s recent market cap decline. Ethena also added SOL to the basket of assets backing USDe.

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🛰️Arbitrum Orbit Integrates USDC As Custom Gas Token

Developers building Arbitrum Orbit chains can now use USDC as a custom gas token. The move allows network users to pay transaction fees using bridged USDC, and comes as Arbitrum is expanding Orbit beyond the Ethereum ecosystem.

️‍🇬🇧 Xapo Enters U.K. With Dual Bitcoin and Fiat Interest Accounts

Xapo, a veteran digital asset bank, has entered the U.K. market with interest-bearing accounts for Bitcoin and fiat. The BTC account yields 1% on Bitcoin deposits.

💪Hydration Extends Dominance Over Polkadot’s DeFi Ecosystem

Hydration is extending its lead over rival Polkadot DeFi protocols. The protocol also dominates Polkadot’s DEX sector with seven-figure daily volume.

🌍 ELSEWHERE

  • Dormant wallets linked to PlusToken scam moving 'large amounts' of Ether (The Block)
  • Ethereum Entities Largely Complied With Tornado Cash Sanctions, NY Fed Paper Says (CoinDesk)
  • IMF acknowledges progress in El Salvador’s Bitcoin strategy (CryptoSlate)
  • Binance Records $2.2 Billion in Daily Inflows Amid Token Price Rebound (Unchained)

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