Bitcoin eyes upside breakout to $122,000, but fading spot ETF flows, lack of volumes and seasonality could stall bullish momentum thereafter. Key takeaways: Bitcoin targets $122,000, where $2 billion in short liquidations are clustered but Q3 seasonal data hints at downside. A falling RSI, spot BTC ETF outflows, and low trading volumes point to weakening bullish momentum. Read more
Both prosecutors and defense attorneys have made statements in court about a T-shirt Roman Storm wore at a 2019 Ethereum conference in Boston. Before Roman Storm’s defense attorneys rested their case on Tuesday, one matter that seemed to provoke some controversy in the courtroom was a T-shirt the Tornado Cash co-founder and developer wore at a crypto event in 2019. During opening statements in the US District Court for the Southern District of New York, both prosecutors and Storm’s lawyers reportedly brought up a Tornado Cash T-shirt the developer wore, which claimed to “wash” Ether (ETH) through the mixing service. A video posted by a 2019 ETHBoston attendee appeared to show Storm wearing the shirt, which stated “I keep my Ether clean with Tornado.cash,” showing a washing machine that resulted in “clean” ETH. Read more
With its stock trading below net asset value, BitMine has chosen to focus on buybacks instead of further growing its ETH reserve. BitMine Immersion, a Bitcoin mining company and Ether's largest publicly traded holder, has announced the approval of an open-ended $1 billion stock buyback program to repurchase its outstanding shares through open market or negotiated transactions. With shares trading below the company’s net asset value (NAV), BitMine has opted to repurchase its stock rather than allocating more capital to expand its Ether (ETH) reserve, at least for now. The company’s NAV per share is estimated at $22.76, witth crypto holdings of 625,000 ETH and 192 Bitcoin (BTC), according to a press release on Monday. Rather than continue accumulating ETH at elevated prices, BitMine is using the NAV gap as a trigger for buybacks, aiming to increase per-share value and investor exposure to Ethereum reserves. Read more
Surging ETH and BNB activity, alongside shifting USDT flows, are all signals that traders are pivoting into altcoins. Key takeaways: The dominance of Ether’s futures volume surpassed Bitcoin for the first time since 2022. Tron-ecosystem stablecoin activity rose, pointing to capital inflows into the altcoin ecosystem. Read more
Traders are betting big on Bitcoin as calm markets and record-low volatility mask the bull’s intentions. Key takeaways: The Bitcoin Implied Volatility Index has fallen to its lowest level since September 2023, hinting at a potential breakout. The short-term holder realized cap drawdown is at -8%, which is historically a bullish accumulation zone. Read more
A vote on prospective CFTC Chair Brian Quintenz was taken off the Senate Agriculture Committee’s agenda on Monday as the chamber heads into recess. The Senate Agriculture Committee has pulled a planned hearing on Brian Quintenz’s nomination to chair the Commodity Futures Trading Commission (CFTC), following a request from the White House just days before lawmakers leave for August recess. In an update to the committee’s schedule on Monday, chair John Boozman and ranking member Amy Klobuchar said lawmakers would not consider Brian Quintenz’s nomination to chair the CFTC. A spokesperson for the committee told Cointelegraph that consideration of Quintenz’s nomination was removed following a request from the White House. Cointelegraph reached out to the White House for comment but had not received a response at the time of publication. Read more
The Nasdaq-listed biotechnology firm is raising $425 million for its ETH strategy, joining a parade of penny stocks investing in cryptocurrencies as their business flounders. Nasdaq-listed 180 Life Sciences Corp plans to invest heavily in Ether and rebrand as ETHZilla Corporation, a strategic pivot away from its biotechnology origins amid mounting losses. On Tuesday, the company announced a $425 million private placement aimed at building an Ether (ETH) treasury reserve. The funds are being raised through a private investment in public equity (PIPE) deal involving the sale of common stock, a structure often used by crypto-focused investors. Additionally, the company disclosed it has approval to issue up to $150 million in debt securities. Read more