Crypto Wallet Holding $2B Mt. Gox Bitcoin Sends Test Transaction
Reports from the Mt. Gox creditors channel on Reddit, where some users claimed they received funds in their BitGo Accounts. On Tuesday, a wallet with $2 billion Bitcoin from Mt. Gox executed a test transaction, potentially gearing up for distribution by creditors. Arkham Intelligence, a blockchain analytics firm, suggested that the wallet likely is from BitGo, one of the last remaining service providers distributing tokens. This test transaction follows a significant 33,100 BTC transfer 2 weeks prior, which was valued at $2.2 billion. Arkham epxlained their identification of the wallet, highlighting a process of elimination among other Mt. Gox distribution parters. With Mt. Gox distributing the funds, we can see their Bitcoin holding showing a decrease from 141,000 Bitcoin to 46,000 Bitcoin since July.
Donald Trump Jr. Aims to Disrupt Big Banks with New DeFi Project
Donald Trump Jr. has announced his involvement in a decentralized finance (DeFi) project aimed at revolutionizing the traditional banking system. He and his brother Eric Trump previously hinted at a significant crypto business on social media. In a podcast, Trump Jr highlighted financial inequality experiences as motivations for the project, despite reports of him obtaining substantial mortgages without issue. He expressed strong belief in DeFi’s potential and dismissed speculation around “memecoins.” The Trump family's growing interest in crypto aligns with previous ventures by former President Donald Trump. However, skepticism from the critics like Congressman Wiley Nickel questioned his authenticity on crypto.
Bitcoin and Ethereum Face $1.86 Billion Options Expiry with CPI Uncertainty
As $1.86 billion in Bitcoin and Ethereum options near expiration, the crypto market faces increased volatility due to lower than expected US Consumer Price Index (CPI) data. Nearly $1.4 billion in Bitcoin options and $471.79 million in Ethereum options are set to expire, with significant price points and market sentiment shifts. The expiration of these options, combined with recent CPI data and potential Federal Reserve rate cuts, is leading to sharp price movements and heightened market uncertainty. Historically, such expirations cause temporary volatility before the market stabilizes.
$600M in Silk Road Bitcoin Seized by U.S. Moves to Coinbase Wallet
The U.S. government recently transferred nearly $600 million in Bitcoin, seized from the Silk Road dark web marketplace, to a Coinbase wallet. This move, involving 10,000 Bitcoin, follows a previous transfer of about $2 billion in late July. The purpose of this transaction remains unclear, however it does stir up market speculation. With Bitcoin price dropping to 3.9% in the last 24 hours, trading around $58,000. The U.S. Marshals Service has been tasked Coinbase to manage the crypto currency assets, signaling these might be for custody purposes.
Goldman Sachs Now Holds $418 Million in Bitcoin ETF Assets
Goldman Sachs now holds about $418.6 million in Bitcoin ETF shares, distributed across seven funds. The largest position is in the iShares Bitcoin Trust, valued at $238.6 million, followed by Fidelity's Wise Origin Bitcoin Fund at $79.5 million and Invesco Galaxy Bitcoin ETF at $56.1 million. Smaller investments include Grayscale Bitcoin Trust ETF, Bitwise Bitcoin ETF, WisdomTree Bitcoin Fund, and ARK 21Shares Bitcoin ETF. This investment highlights institutional interest in crypto ETFs, with recent inflows totaling $17.4 billion. Goldman Sach’s Bitcoin ETF holdings are part of a broader ETF strategy, with the bank managing nearly $35 billion in assets across 44 ETFs.
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