Introduction to Digital Asset Funds
When we examine the digital asset funds report, we see that there was a money inflow of 245 million dollars last week. As always, the highest rise occurred in Bitcoin with $519 million. On the Ethereum side, we see an outflow of $284 million after spot Ethereum ETFs started trading on July 23. Another emerging cryptocurrency is Solana. Finally, low amounts of money inflow occurred in Litecoin, Ripple, Cardano and Chainlink.
Four Days in a Row of Outflows in Spot Ethereum ETFs
When we examined the data dated July 29, there was an outflow of $ 98 million from spot Ethereum ETFs. Thus, money has been outflowed consecutively for the last four days, and the total outflow has reached 440 million dollars as of July 23. When we evaluate yesterday’s performances, the single highest exit was in Grayscale’s fund with $210 million. The highest inflow occurred in BlackRock’s fund with $58 million.
USA Transferred 2 Billion Dollars of Bitcoin
According to Arkham Intelligence data, a US government wallet transferred approximately 28,000 BTC, worth $2 billion, to an unidentified wallet. These Bitcoins are thought to be from funds previously seized from the Silk Road dark web market. After the transfer, Bitcoins were divided into two separate addresses: 19,800 BTC (approximately $1.3 billion) and 10,000 BTC (approximately $670 million). Arkham Intelligence stated that the 10,000 BTC transfer could be a deposit to an institutional custody service.
Market Share of DEX Surpasses Central Stock Exchanges
The market share of DEXs has reached an all-time high compared to CEXs. The monthly trading volume of DEXs is at its highest level with 14.22% compared to CEXs. The previous record was 13.7% in May 2023. DEX volume is currently $139.67 billion, but data for July is not yet complete. Uniswap had the highest monthly volume with $48.52 billion, while Raydium ranked second with $27.78 billion in July. DeFiLlama found that Uniswap is the DEX with the highest TVL at $5.585 billion. Curve Finance is in second place with a TVL of $2.029 billion, followed by PancakeSwap with $1.825 billion and Raydium with $1.259 billion.
Polymarket Exceeds 1 Billion Dollars in Transaction Volume
Crypto prediction platform Polymarket has surpassed the $1 billion mark in trading volume. More than a third of this volume occurred in just thirty days. Heated speculation about the United States presidential election was the primary driver of record volume. As of July 30, we have made $429 million worth of predictions about which president will win, and Donald Trump currently leads with a 60% probability of winning.
Solana Surpasses Ethereum in Weekly Transaction Fees
According to BlockWorks data, Solana surpassed Ethereum in total weekly transaction fees for the first time in history. Solana recorded approximately $25 million in transaction fees, while Ethereum recorded approximately $21 million. Solana also recorded daily transaction fees of approximately $5.5 million, the highest amount the blockchain has recorded in 3 months. Additionally, Solana became the fourth largest cryptocurrency by market cap.
Kamala Harris Under Pressure to Attend Upcoming Crypto Conference
Democratic donors want Kamala Harris to speak at Blockworks’ crypto conference Permissionless, to be held October 9 – 11. Blockworks founder Jason Yanowitz said donors facilitated conversations with Harris’ team but did not receive a direct response. Mike Novogratz, a prominent Democrat and CEO of Galaxy Digital, will also speak at the event and also called for support for Harris. The conference aims for a bipartisan perspective as opposed to the republican-dominated approach of Bitcoin 2024. Donald Trump, now pro-crypto, spoke on Bitcoin 2024. Permissionless is expected to be the largest crypto conference taking place in the US in the second half of 2024. Harris’ absence from the Tennessee event was due to her not being invited due to President Biden’s recent decision to leave office.
Shiba Inu, New Blockchain and Cryptocurrencies Announced
Shiba Inu is facing criticism and performance issues as it plans to launch a new Layer-3 blockchain and additional cryptocurrencies to expand its ecosystem. Marketing leader Lucie; SHIB announced these initiatives, highlighting the growth potential with cryptocurrencies such as LEASH, BONE, SHEB and the upcoming TREAT and SHI. The new blockchain will use Fully Homomorphic Cryptography for secure data processing and will be built on the Shibarium Layer-2 blockchain. While these developments excite some, others in the community are disappointed by the focus on new initiatives without completing existing projects. Down 80% from all-time highs, Shiba Inu aims to bring real-world utility and a variety of decentralized applications to its ecosystem.
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BITCOIN (BTC)
BTC is priced at $66,476 with a 0.47% loss of value as of the morning hours. After a rise to $70,000, the first rejection was encountered. The pullback may continue towards $65,000. If there is an upward reaction from $ 65,000, a rise may occur up to $ 72,000. For prices below $65,000, a withdrawal may occur up to $58,000.
ETHEREUM (ETH)
ETH is priced at $3304.80 with a 0.40% loss of value as of the morning hours. We see a horizontal movement between the $2860 and $4030 levels. These two levels can be followed as main support and resistance zones. The intermediate resistance zone is the $3700 level. If the resistance zones are crossed in upward movements, the $ 4000 level can be followed. $3100 serves as an important support. Below $3100, the $2860 level may be retested. If $3400 breaks upwards, a move towards $4000 is likely to start.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.5981 with a 0.63% loss in value. When we examined the daily chart, we saw that XRP faced a strong downward selling pressure from the $ 0.64 level, which we followed as a resistance zone after the strong movement in the past few days. With this move, XRP broke the $0.56 level, which we followed as the support zone, and gained this zone again. In upward movements, the $0.60 – $0.65 region appears as an important resistance zone.
AVALANCHE (AVAX)
AVAX is priced at $27.10 with a 0.37% gain in value as of the morning hours. When we examine the four-hour chart, the middle region of the horizontal band acts as support. As long as this price structure is maintained, prices above $30 may be seen. If there is a break of $ 30, $ 34 appears as the first resistance. In case of pullbacks, $27 appears as a strong support zone. In case of a loss of $ 27, the $ 25.50 region is among the places where the price can be held.
SOLANA (SOL)
SOL is priced at $182 with a 0.31% loss of value as of the morning hours. When we examine the four-hour chart, we see that the upward breakout movement does not continue and then a downward breakout movement occurs. If this movement continues, the $180 level appears as support. In upward reactions, the $185 level can be followed as resistance.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $13.66 with a 0.96% gain in value. When we examine the four-hour chart, we see that the price movement over the weekend maintained its permanence above the $13 level. If the upward movement continues, the $14 level appears as an important resistance zone. If the resistance zone is crossed, the $15 level can be tested. In case of withdrawals, the $ 13.20 region can be followed as support.
MATIC
MATIC is priced at $0.5156 with a 1.06% gain in value as of the morning hours. When we examine the hourly chart, we see a horizontal movement between the $0.5065 and $0.5234 levels. These two levels can be followed as main support and resistance zones. If the resistance zone is broken upwards, the $0.5350 level can be targeted. In case of withdrawals, the $0.51 region can be followed as support in the short term.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2388 dollars with a 0.15% gain in value. The rise continues after receiving a reaction from $2353. The $2417 area is a critical area. In case of an upward break, increases up to 2500 dollars may be seen. In case of withdrawals, the $ 2350 region is a region that is likely to act as support.
OUNCE OF SILVER
Silver is priced at $27.89 with a 0.06% gain in value as of the morning hours. When we examine the hourly chart, we see that there is a sideways movement between the $27.55 and $28.14 levels. These two levels can be followed as main support and resistance zones. If the resistance zone is broken upwards, a move towards the $28.60 level may be possible.
