• Bitcoin continues to consolidate in its $22,000 to $24,000 channel after recording a weekly high of $24,670. Bitcoin’s rolling 7-day correlation to the S&P500 has plummeted to -0.32 which is indicative of crypto decoupling from traditional risk assets.
  • Nomad Bridge was compromised on August 1 as attackers drained nearly $190M. According to Paradigm, the attackers identified a misconfiguration of the project’s smart contract which allowed users to withdraw funds themselves.
  • Ethereum developers revealed that the Goerlia/Prater testnet merge is scheduled for early August, the last testnet proof-of-stake transition prior to the Merge. Check out the implications of the upcoming Merge which will transform Ethereum into a proof-of-stake blockchain.
  • According to data from glassnode, on-chain activity continues to surge as Ethereum daily active addresses recorded a new all-time high at nearly 1.1M users, and Bitcoin mining difficulty dropped by 12% (see quantitative section).
  • Over 7,000 Solana hot wallets were compromised on Tuesday evening for $8M. On-chain data revealed that the hacker targeted wallets with Solana and USDC tokens that had been inactive for less than 6 months.
  • Coinbase Prime introduced Ethereum staking for its US institutional clients ahead of the Merge. The product seeks to ramp institutional adoption amid a growing interest for the smart-contract native blockchain.
  • Troubled crypto lender Babel Finance revealed that it lost $290M (8,000 BTC and 56,000 ETH) in proprietary trading with customer funds. The lender will seek to convert hundreds of millions of dollars of debt into equity to raise funds.
Menu