• Bitcoin and Ethereum were unable to sustain a mid-week rally and have fallen back into their recent trading ranges, as investors digest the impact of the recent Fed minutes and the path of rate tightening.
  • Bitcoin has moved steadily higher from its so-called “realized price,” a key quantitative metric that indicates the average price at which all Bitcoin have been accumulated. Bitcoin recently tested that level multiple times, leading us to reiterate an attractive risk/reward opportunity. See quantitative section for more analysis.
  • The Merge – the moment when Ethereum will migrate from a proof of work to proof of stake blockchain – may be upon us. Estimates put the merge happening around September 15th, a date endorsed by Ethereum’s founder Vitalik Buterin. Read more here.
  • Last week, open-source software project Tornado Cash was sanctioned by the U.S. government and the founder was arrested by authorities in Amsterdam. Tornado Cash is a popular “mixer” that enables privacy in cryptoasset transactions. The government actions set off a firestorm around privacy, software, and free speech. Read Alex’s essay below for an analysis.
  • According to reporting from CoinDesk, crypto exchange Huobi is in talks to sell itself for $3 billion USD or more, with Justin Sun, founder of blockchain platform Tron and FTX, led by crypto wunderkind Sam Bankman-Fried, in talks to purchase the company. Alex wrote recently about Bankman-Fried’s impact as white knight and consolidator in a recent op-ed for Fortune Magazine.
  • USDC, the popular stablecoin worth $53 billion, has increased the number of ‘blacklisted’ Ethereum addresses significantly, following the Tornado Cash sanctions. Some DeFi founders are re-thinking their exposure to centralized stablecoins, most notably Rune Christensen, MakerDao’s founder of DAI, who raised the idea of de-pegging from the USD altogether.
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