Weekly Recap: Institutions Pile Into ETH
Happy weekend Defiers!
Institutional interest in Ethereum is intensifying after The Ether Machine revealed this week that it has raised $1.5 billion to accumulate ETH and become the largest publicly traded company focused on the second-largest cryptocurrency, which gained another 5.5% over the past seven days.
Bitcoin dipped under $116,000 on Friday as a 2011-era BTC whale offloaded a significant portion of their holdings through Galaxy Digital. With few exceptions, such as lending protocol Spark, most altcoins lost ground this week.
Meanwhile, Coinbase launched perpetual futures for U.S. users, marking a major milestone for crypto trading in the country.
Finally, the Department of Justice laid out its case against Tornado Cash co-founder Roman Storm, but it appears to rely on emotional testimony and questionable evidence.
Enjoy!
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The Ether Machine Secures $1.5 Billion in Commitments to Go Public via SPAC Merger
The Ether Machine aims to become the largest public company focused on Ethereum, having raised over $1.5 billion ahead of its Nasdaq debut, as bullish momentum around ETH continues to accelerate.
The recent rally in ETH has also extended to its NFT ecosystem, with CryptoPunks leading the charge.
However, Ethereum stakers trying to exit the network are now stuck in the longest waiting line the blockchain has ever experienced.
Could Coinbase Perpetuals Spell Doom for Hyperliquid?
Coinbase, the largest crypto exchange in the U.S., has entered the perpetual futures market, leaving onchain natives wondering if it will impact Hyperliquid, the DeFi darling of this market cycle.
Bitcoin Dips Under $116,000 As Galaxy Sends Coins Worth $1.5 Billion to Exchanges
Crypto markets ended the week in the red as significant Bitcoin sales weighed on investor sentiment. Trading firm Galaxy Digital transferred nearly 13,000 BTC to centralized exchanges, worth nearly $1.5 billion at current prices.
The transfers came a week after the firm received more than 40,000 BTC ($4.6 billion) from the 2011-era Bitcoin whale that originally held over 80,000 BTC.
Spark Rallies More than 400% as TVL Explodes to $8 Billion
Spark, an onchain capital allocator and liquidity layer launched by Sky (formerly MakerDAO) in 2023, recorded significant TVL growth in Q2, and its SPK token is catching up, surging 400% in the past two weeks.
DoJ’s Tornado Cash Case Wobbles After Jury Hears Questionable Evidence
Tornado Cash co-founder Roman Storm’s criminal trial in Manhattan is approaching a critical moment as prosecutors laid out the government’s case against him this week.
However, the DoJ’s early strategy appeared to lean heavily on emotional testimony rather than verifiable blockchain data.
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- VERT Debuts Brazil’s First On-Chain Platform for Private Credit on XRP Ledger
- PUMP Plummets While BONK Rallies on New Buyback Mechanism
- Bitcoin Dips Under $116,000 As Galaxy Sends Coins Worth $1.5 Billion to Exchanges
- GameSquare Spends $5.1 Million on CryptoPunk for NFT Treasury
