Crypto NEO

Comparative chart of the potential price of bitcoin as a result of the Bitcoin ETF compared to the price of gold as a result of the Gold ETF

The list of applications to launch spot Bitcoin ETFs in the United States has been supplemented by another relevant document. It was filed by Swiss asset management company Pando Assets, which already deals with ETPs (exchange traded products) on cryptocurrencies in Europe. As Bloomberg analyst Eric Balchunas noted, the decision seems odd. Still, it's unclear what the company has been waiting for the last few months…

Another sign of an improving situation in the cryptocurrency industry is the growth in the number of so-called cryptomats, that is, devices for transferring fiat currencies into coins and back. According to the Coin ATM Radar platform, the figure now exceeds 33 thousand units. Its local bottom in this bearish trend was recorded in July 2023. At that time, there were just under 32 thousand such devices worldwide.

The irony is when European Central Bank officials tweet about Bitcoin's supposedly "last gasp before the crypto-asset loses its relevance." And then it turns out that the day the tweet was published was the bottom of the market on the current bear trend 🙈

But now Bitcoin is less than 50 percent behind its all-time high 👀

Tonight, the owner of the Bitcoin address "17TZNT" moved 2995 BTC, which he bought in 2016 at a rate of $458. Before this, the last transaction was carried out by him in September 2017, so the hold lasted more than six years. If the coins are now sold, the profit on them is almost $82 million. Initially, in 2016, the investor invested 1.46 million in 3200 BTC. Fine.

Interesting data from chainalysis. In lower-middle-income countries, cryptocurrency activity is still higher than before the boom.

In recent weeks, the share of Bitcoin trading on American crypto exchanges has increased from 39 to 46 percent. According to experts, such activity is caused by expectations regarding the approval of spot ETFs for BTC in the United States. Well, the trend intensified after Grayscale’s recent victory in court against the SEC.

Bitcoin's 90-day volatility has fallen from 80 percent to 35 percent over the past year. Therefore, now the cryptocurrency is more stable in its price compared to oil. The least volatile of the listed assets on the chart from Kaiko is gold.

Ripple XRP was the most popular crypto asset in terms of trading volumes in August. The average daily amount of transactions with the coin was 462 million dollars, and this was clearly facilitated by the recent court verdict that it is not a security. The top three also included Solana and BNB.

The current collapse of ETH below $1650 has led to the activation of large investors. For example, the number of addresses with 10,000 to 10,000 ethers has increased by 1,788 units since the beginning of June. The number of large transactions in the equivalent of $100,000 has also increased. Last week there were 23 thousand of them, which is the largest result since the beginning of May.

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