• FTX Acquisition: FTX co-founder Sam Bankman-Fried (SBF) has denied that FTX is planning to acquire Huobi, a competing exchange. Huobi’s native token HT declined following the announcement. SBF has played an outsized role as an acquirer and white knight this summer and any rumour of his involvement can send the shares of potential target companies like Robinhood or crypto platforms like Huobi sharply higher. Read Alex’s op-ed in Fortune Magazine comparing Sam Bankman to J.P. Morgan,  during the crash of 1907.
  • Tether, creator of USDT, the world’s largest stablecoin USDT, has said it will not bar Tornado Cash addresses following revelations that the U.S. Treasury has added those addresses to an OFAC ‘blacklist.’ Read our take on the ongoing situation. We also covered the Tornado Cash Crackdown in a recent episode of DeFi Decoded.
  • Bitcoin Bounces off its Realized Price: Bullish signals are flashing again for Bitcoin. It is once again close to its ‘realized price’ an on-chain metric which effectively gauges the average cost of all Bitcoin. This has only happened three times and historically has been a bullish signal. Bitcoin balances on exchanges are at the lowest level in four years suggesting available supply is low. The number of wallets with at least 0.01 Bitcoin hit an all-time high again, indicating smaller first-time investors are bidding. See the quantitative analysis section for a full breakdown (See our quant section for a breakdown of these metrics and more).
  • NFT marketplace volume continues to decline month over month. OpenSea has seen around $430 million of volume in August, compared with a high of $4.97 billion in January (the peak month for all NFT transactions). It’s worth keeping the decline in context. The August tally is higher than any month prior to August last year, and the market itself is only a couple of years old and is seeing broader adoption.
  • Luxury Brands on NFTs: To wit, Bloomberg is reporting that many luxury brands are bullish on NFTs, with retailers like Tiffany’s and Gucci the latest to jump in. This is not surprising to us: Though they have myriad use cases, NFT’s are also a popular way to signal wealth and status, making them a natural fit for luxury brands, that traffic in the same commodities.