Crypto market shows signs of recovery, institutions accelerate their布局

The price of Bitcoin has stabilized above the $40,000 mark, while Ethereum has reached a recent high. Institutional investors are increasing their positions in crypto assets, with ARK Invest and SharpLink Gaming significantly boosting their holdings of ETH. Meanwhile, regulatory attitudes are becoming more positive, with favorable policies introduced in places like South Korea and Hong Kong.

Market Trends

BNB broke through $800 to reach a historical high, with a 24-hour increase of nearly 5%. Bitcoin spot ETF had a total net outflow of $67.93 million yesterday, with only the Grayscale ETF GBTC achieving a net inflow. Ethereum spot ETF had a total net inflow of $534 million yesterday, marking the third highest in history.

The amount of ETH awaiting withdrawal from staking has reached 620,000 coins, with a net redemption amount of approximately 271,000 coins. In the past week, two HTX-related wallets have redeemed a total of 110,000 ETH, valued at over 400 million USD. The current scale of Ethereum validators exiting the queue is approximately 519,000 ETH, setting a new high since January 2024.

Institutional Trends

ARK Invest acquired $182 million in BMNR common stock to support BitMine's Ethereum treasury strategy. SharpLink Gaming increased its holdings by 79,949 ETH last week, investing approximately $258 million. DDC Enterprise plans to increase its Bitcoin holdings to 10,000 by the end of this year. Nano Labs will raise its BNB strategic reserve to $90 million and plans to upgrade its reserve strategy.

A certain trading platform will launch the global platform PayPal World, connecting payment systems and digital wallets. Square will roll out native Bitcoin payment services for some merchants starting today. 21Shares has submitted the ONDO ETF related S-1 documents to the SEC.

Regulatory Dynamics

South Korean regulators have ordered to prevent the country's ETFs from expanding their holdings in stocks of certain encryption companies, including a crypto trading platform. The president of the Hong Kong Monetary Authority stated that only a few stablecoin licenses will be granted at best in the initial phase, urging investors to remain calm and think independently.

The FTX bankruptcy hearing showed that creditors in restricted jurisdictions may choose to transfer their claims to non-restricted jurisdictions for compensation. Creditors can migrate to non-restricted areas and receive a distribution of funds, and the jurisdiction can be changed before the distribution.

Project Progress

PENGU has surpassed BONK to become the highest market cap Meme coin on the Solana chain, with its market cap ranking rising to 54. LetsBonk's market share on the Solana Meme token launch platform has grown to 64%. A stablecoin platform has renamed its stablecoin WUSD to USDW and plans to launch it on other blockchains in the future.

Eigen Labs has announced that the redistribution mechanism has gone live on the mainnet. On the eve of the Pump.fun airdrop, 2 billion PUMP tokens are suspected to have been transferred back to the project address from a hot wallet of a certain trading platform.

Industry Insights

Arthur Hayes expects Bitcoin to reach $250,000 by the end of this year, and Ethereum to reach $10,000. Matrixport analysis suggests that there may be volatility pressure in the short term, but several key positive factors are building momentum after the summer, and the overall upward trend of the crypto market is not yet over.