1. U.S. July CPI and Retail Data link

In July, the U.S. core Consumer Price Index (CPI) rose by 0.2% month-over-month, aligning with market expectations. The year-over-year unadjusted CPI for July was 2.9%, slightly below the expected 3.0%, and the unadjusted core CPI came in at 3.2%, marking its fourth consecutive monthly decline and the lowest level since April 2021.

Additionally, the U.S. initial jobless claims for the week ending August 10 were 227,000, better than the expected 235,000 and the previous week’s revised figure of 234,000. This marks the lowest number of initial claims in five weeks. Continuing claims for the week ending August 3 were 1.864 million, slightly below the expected 1.875 million.

July retail sales in the U.S. saw a 1% month-over-month increase, the highest since January 2023, surpassing expectations and potentially easing concerns about a sharp economic slowdown.

QCP Capital noted in its latest report that the CPI data met market expectations, leading to an increase in the likelihood of a 25 basis point rate cut by the Federal Reserve in September, with market expectations rising from 47.5% to 62.5%. Despite the mild inflation data causing a brief rally in stocks and cryptocurrencies, these gains were quickly reversed due to the U.S. government’s transfer of 10,000 BTC to Coinbase Prime and Jump’s sale of 17,000 ETH. In the options market, short-term implied volatility for BTC and ETH dropped by about 10 points following the CPI release, with the risk reversal indicator further declining, indicating that the market expects additional downward pressure due to the increase in supply.

2. Former Bank of Japan Board Member: No Further Rate Hikes Expected This Year link

Former Bank of Japan board member Makoto Sakurai stated in an August 12 report that the Bank of Japan (BOJ) is unlikely to raise interest rates again for the remainder of this year. However, whether a rate hike will occur before March of the following year remains uncertain. Earlier in August, the BOJ unexpectedly raised its benchmark interest rate to 0.25%, causing significant disruptions in the yen carry trade. This move led to a sharp appreciation of the yen in the foreign exchange markets and triggered a sell-off in both the stock and cryptocurrency markets.

Sakurai noted that while the rate hike may have caused turmoil in global markets, it was a much-needed shift for Japan. Moving from near-zero interest rates to a more normal level of 0.25% is considered a positive step. He also mentioned that it is wise for the BOJ to adopt a wait-and-see approach to assess the effects of the rate hike before considering further increases.

3. Goldman Sachs and Morgan Stanley Acquire Over $600 Million in Bitcoin Spot ETFs in Q2 link

According to Bitcoin Magazine, Morgan Stanley disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that as of June 30, it held 5.5 million shares of BlackRock’s spot Bitcoin ETF. This makes Morgan Stanley one of the top five holders of BlackRock’s Bitcoin ETF, with a total holding valued at approximately $187 million.

Reuters reported that Goldman Sachs, in its quarterly 13-F filing with the SEC, revealed that it had invested approximately $418 million in several spot Bitcoin ETF assets as of June 30. The majority of this investment is in BlackRock’s IBIT, with nearly 7 million shares valued at around $238 million. The second and third largest Bitcoin ETF holdings are Fidelity’s FBTC and Invesco’s BTCO. Additionally, Morgan Stanley’s 13-F filing indicated that it holds 5.5 million shares of BlackRock’s IBIT, valued at $188 million, as well as smaller stakes in ARKB and Grayscale’s GBTC.

4. Norwegian Sovereign Wealth Fund Increases Bitcoin Holdings to 2,446 BTC link

According to K33 Research Senior Analyst Vetle Lunde, Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has increased its Bitcoin holdings to 2,446 BTC, up by 938 BTC since the end of 2023. This growth is likely attributed to algorithm-driven sector allocation and risk diversification strategies, rather than a deliberate decision to increase Bitcoin exposure. The increase in indirect Bitcoin holdings primarily comes from NBIM’s increased stakes in companies like MicroStrategy, Marathon Digital, Coinbase, and Block Inc.

NBIM, also known as the “Government Pension Fund Global” (GPFG), is managed by Norges Bank and is one of the largest sovereign wealth funds in the world. Established in 1990, the fund’s primary source of capital comes from Norway’s oil revenues.

5. U.S. SEC Sends Letters to Major Venture Capital Funds Regarding Uniswap Labs link

According to a report by Axios, multiple venture capital firms, including Andreessen Horowitz and Union Square Ventures, have received letters from the U.S. Securities and Exchange Commission (SEC) due to their relationship with Uniswap Labs. The regulatory agency appears to be considering charges against Uniswap for operating as an unregistered exchange. Earlier this year, Uniswap Labs received and responded to a Wells Notice from the SEC, which typically indicates that the agency is planning to bring an enforcement action.

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6. Marathon Digital to Label Every Mined Bitcoin Block as “Made in USA” link

Bitcoin mining company Marathon Digital Holdings has announced that it will mark “Made in USA” on every Bitcoin block it mines. This initiative aligns with statements made earlier this summer by presidential candidate Donald Trump, who expressed a desire for “all remaining Bitcoin to be made in the USA.” Trump believes that increased Bitcoin mining in the U.S. will help the country achieve its goal of energy dominance. In 2021, Marathon launched a BTC mining pool compliant with OFAC regulations to produce regulation-compliant, clean Bitcoin, a move that sparked industry criticism.

7. MetaMask Partners with Mastercard and Baanx to Launch Blockchain-Based Debit Card link

The digital asset wallet MetaMask is collaborating with Mastercard and Web3 payment financial company Baanx to launch a blockchain-based debit card, initially available for testing by a limited number of users in Europe and the UK. This card will enable users to make payments directly with assets stored on the Linea blockchain (an Ethereum Layer 2 network), including USDC, USDT, and wETH. The debit card is expected to be fully rolled out across the EU and the UK later this year, with plans for gradual expansion to other regions.

8. Amid Electoral Turmoil, Venezuelan Government Blocks Access to Binance, Twitter, and Other Online Services link

On August 9, local anti-censorship organization VE sin Filtro reported DNS blocking affecting Binance, disrupting its website and mobile app. On August 10, Binance’s Latin America official account confirmed that, like several other companies’ websites in Venezuela, Binance’s page is facing access restrictions. The account assured users that their assets are secure and that the situation is being monitored for the best resolution. Binance’s P2P service is highly popular in Venezuela, where residents use it to exchange cash for cryptocurrency in response to the hyperinflation of the Bolívar.

9. Vitalik Donates All “Animal Coins” Received Over the Past Year to Charity link

Ethereum co-founder Vitalik Buterin announced on social media that he has donated all “meme coins” he received over the past year to charity. He expressed a preference for these tokens to be directly allocated to charitable organizations and called for more complex public funding initiatives starting in 2024. Vitalik donated a total of 200 ETH (approximately $530,000). Previously, Vitalik had sold Neiro for 40 ETH and transferred 200 ETH to Kraken, likely for donation purposes. He had earlier suggested that meme coins could be considered for charitable uses.

10. Ethereum Network Gas Fees Hit Five-Year Low link

Over the weekend, Ethereum network gas fees hit a five-year low. On August 10, the median gas fee on Ethereum fell below 2 gwei for the first time in five years. Daily ETH burns on the network have also reached their lowest point of the year, with only 210 ETH burned on Saturday due to the lower gas fees. Recently, real-time Ethereum gas fees briefly fell below 1 gwei. Etherscan noted that due to the recent drop in gas fees below 1 gwei, it has updated its gas tracker to display three decimal places for improved accuracy. Additionally, the base fee for block 20496029 was recorded at 0.614 gwei, the lowest fee recorded in the past week.

Fundraising

• Binance Labs has announced an investment in the decentralized AI ecosystem MyShell. link

• DeFi risk management tool provider Chaos Labs has completed a $55 million Series A funding round. link

• Stablecoin payment platform Sling Money has secured $15 million in Series A funding. link

• The decentralized AI blockchain platform Sahara AI has raised $43 million in funding. link

• Ethereum L2 blockchain developer Essential has completed a $11 million Series A funding round. link

• Ethereum L2 network Reddio has finished its seed round of funding, with Paradigm and Arena Holdings co-leading the investment. link

• Solana’s edge data intelligence network 375ai has announced a $5 million seed round of financing. link

• Ion Protocol has raised $4.8 million for the development of its native yield platform, Nucleus. link

• Rivalz Network has completed a $9 million funding round. link

• Crypto infrastructure company Parfin has secured $10 million in Series A funding. link

• Rhinestone has completed a $5 million seed round of financing. link

• Satflow has raised $7.6 million in seed funding. link

• Crunch Lab has announced a $3.5 million seed round of financing. link

• Web3 liquidity provider Orderly Network has secured $5 million in strategic funding. link

Learn more, check out crypto-fundraising.info.

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