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Ethereum surged above $4,000 today. It remained above this level even as Binance moved tens of thousands of ETH to market maker Wintermute. Binance’s Ethereum Transfers to Wintermute Spark Market Concerns Data from Arkham Intelligence shows Binance hot wallets sent thousands of ETH to market maker Wintermute within hours of the price surge. The transactions
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The surge in companies created to hold crypto assets has probably reached its peak. Galaxy Digital CEO Mike Novogratz warned that future success will depend on strategic positioning rather than simple asset accumulation.
Speaking on Galaxy’s Q2 earnings call Tuesday, Novogratz said the proliferation of crypto treasury companies has likely peaked. “We’ve probably gone through peak treasury company issuance,” he stated. “The question now is which of the existing companies will become monsters.”
Ethereum already has two major treasury holders—Tom Lee’s BitMine and Joe Lubin’s SharpLink—both expected to keep growing. New entrants may “have a harder time getting oxygen,” Novogratz warned.
Galaxy Digital collaborates with over 20 crypto treasury firms, earning management fees for overseeing their digital asset holdings. These partnerships have added roughly $2 billion in assets to Galaxy’s platform, generating what Novogratz called “recurring income that will go on and on.”
The rise of US crypto treasury firms has benefited from improved regulatory conditions. Early adopters followed MicroStrategy’s Bitcoin-heavy approach, while newer entrants have diversified into Ethereum, Solana, and other tokens.
Galaxy recently executed what Novogratz called “a 9-plus-billion-dollar trade” that he believes was “the largest or one of the largest Bitcoin trades in history.” The successful execution demonstrated strong market confidence in Galaxy’s brand and services. July marked Galaxy’s best month on record across all business lines.
Galaxy has filed plans to issue tokenized versions of its GLXY Class A common stock through a prospectus supplement. The filing relates to up to 245 million shares available for resale by existing stockholders. Galaxy’s stock trades on both the Nasdaq and the Toronto Stock Exchange under the symbol “GLXY.”
Galaxy’s Q2 results showed the company added 4,272 Bitcoins during the quarter, bringing total holdings to 17,102 as of June 30. The firm reported net income of $30.7 million, shareholders’ equity of $2.6 billion, and $1.2 billion in cash and stablecoins. Galaxy also completed sales of over 80,000 Bitcoins on behalf of clients and holds $15 million in XRP tokens.
The post Bitcoin-Holding Firms May Have Peaked, Says Galaxy CEO appeared first on BeInCrypto.
SUI has experienced significant volatility in recent weeks, with its price fluctuating amidst a 30% decline. This decline has been accompanied by rising outflows as investors and traders react to the altcoin’s uncertain short-term outlook.
However, despite these challenges, SUI has managed to hold above the crucial $2.00 support level.
Data from futures markets reveals that SUI recently experienced a two-month high in short liquidations, contributing to a total of $12 million in liquidations over a single day. These liquidations reflect the increased skepticism among traders, as many were forced to close their positions amid a rising bearish sentiment. The liquidations highlight the challenges faced by SUI traders, whose bullish outlook failed to materialize.
Despite the short liquidations, the volatility and liquidation events may have contributed to investor caution. The actions of traders, who quickly pulled their positions in the face of adversity, further underscore the uncertain sentiment surrounding the asset. With this pressure on traders, the market could see less buying activity in the near term, keeping bullish momentum subdued.
On a broader scale, the Chaikin Money Flow (CMF) indicator, which tracks capital inflows and outflows, signals rising skepticism about SUI’s price trajectory. Since the beginning of the month, the CMF has moved below the zero line, reflecting more outflows than inflows. This suggests that investors are hesitant, and the lack of buying pressure could hinder any immediate price recovery.
Given that the CMF is an essential indicator of market sentiment, its position below zero adds weight to concerns regarding SUI’s current market position. As the outflows continue, skepticism is likely to persist, making it more difficult for the altcoin to achieve sustained upward movement.
SUI’s price currently stands at $2.04, having dipped 30% over the past ten days. Despite this drop, the altcoin has managed to hold above the $2.00 support level, indicating some resilience.
If the bearish sentiment continues, SUI could face a further decline, with $1.75 potentially acting as the next level of support. Should the current trend persist, SUI’s inability to maintain its position above $2.00 could lead to additional losses.
However, if SUI secures $2.22 as support and rallies from there, it could reclaim upward momentum and push past the resistance at $2.47. Should SUI surpass $2.77, the bearish outlook would be invalidated, opening the door for potential growth.
The post SUI Price Falling 30% Triggers Outflows And Skepticism As Losses Extend appeared first on BeInCrypto.
The post Deutsche Bank, Standard Chartered Plan U.S. Crypto Entry appeared first on Coinpedia Fintech News
A group of banks, led by Deutsche Bank from Germany and Standard Chartered from the UK, is exploring the possibility of expanding their cryptocurrency operations into the U.S. This move, reported by The Wall Street Journal, highlights the growing interest among major financial institutions in the U.S. crypto space. While the exact plans are still under consideration, the expansion would mark a significant shift for these global banks into the rapidly evolving digital asset market.
The post Deutsche Bank, Standard Chartered Plan U.S. Crypto Entry appeared first on Coinpedia Fintech News
A group of banks, led by Deutsche Bank from Germany and Standard Chartered from the UK, is exploring the possibility of expanding their cryptocurrency operations into the U.S. This move, reported by The Wall Street Journal, highlights the growing interest among major financial institutions in the U.S. crypto space. While the exact plans are still …