Buterin refutes claims of selling ETH for profit; BTC miners’ revenue hits new low in August

Headlines

▌Vitalik Buterin refutes claims of selling Ether for profit

On Friday, August 30, blockchain data tracker Lookonchain revealed that Buterin transferred 800 ETH (worth about $2 million) to a multi-signature (multi-sig) wallet. Shortly thereafter, the recipient address exchanged 190 ETH for 477,000 USDC.  

The latest transfer prompted a crypto community member on X to accuse Buterin of ignoring comments on his recent ETH transfer. Subsequently, another crypto community replied that there was nothing wrong with the Ethereum co-founder taking some profits by reducing his ETH holdings.  

However, Buterin responded to the support post on X, claiming that no ETH was sold for profit. He said: "Since 2018, I have never sold and kept the proceeds. All sales have been used to support various projects that I think are valuable, both within the Ethereum ecosystem and broader charities (such as biomedical research and development)"

▌Bitcoin miners face the toughest month in 2024: August revenue hits a new low for the year

August was the most difficult month for Bitcoin miners to earn this year. Bitcoin mining revenue in August fell by $99.75 million from July, setting the lowest revenue since September 2023. The on-chain fees collected in August also fell, with subsidies and fees generating a total of $851.36 million, of which $20.76 million came from on-chain fees, the lowest level since last year, a drop of $4.14 million from July.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 57,330.18 US dollars, with a daily increase or decrease of -2.8%;

ETH's latest transaction price is 2,427.91 yuan, with a daily increase or decrease of -3.4%;

BNB's latest transaction price is 512.37 US dollars, with a daily increase or decrease of -3.8%;

SOL's latest transaction price is 128.62 US dollars, with a daily increase or decrease of -5.0%；

DOGE's latest transaction price is 0.09525 US dollars, and its intraday change is -6.0%；

XPR's latest transaction price is 0.5478 US dollars, and its intraday change is -3.2%。

Policy

▌SEC warns FTX not to use stablecoins and other cryptocurrencies to repay creditors

According to TheBlock, a recent filing by the U.S. Securities and Exchange Commission (SEC) warned FTX assets that the agency may oppose any attempt to use stablecoins or other digital assets to repay creditors.  

At the same time, the agency, like the U.S. Trustee, also opposes the release clause that limits the future legal liability of FTX's debtor property.

Blockchain Applications

▌Cardano has completed the first phase of the Chang hard fork

Cardano has completed the first phase of the Chang hard fork, laying the foundation for more decentralized governance. 

At 5:44 am Beijing time this morning, Cardano officially began transferring control of the $13 billion blockchain to its native ADA token holders.  

Frederik Gregaard, CEO of the Cardano Foundation, said: “Many in the Cardano community are leaning towards the network because of its promise of a decentralized governance model.”

Cryptocurrency

▌Vitalik Buterin Proposes Radical Plan to Pseudo-Decentralize an Entire City

In Vitalik Buterin’s reply to a post by cryptocurrency KOL Farcaster, Vitalik shared an innovative blueprint for a city that would be built on a hybrid that blends the principles of democracy, capitalism, and decentralization.   

In response to the question of whether cities should be "profit-making institutions or public interest institutions", Buterin advocated a hybrid approach: "We want public infrastructure to serve all income levels, we want cities to have a positive-sum effect on the country and the world, we have humanitarian values, and we don't want to solve the problem of homelessness by 'giving them a one-way bus ticket to another city.'"

▌Analyst: BTC's value may rise sharply after the US election

According to Bitcoin.com analysis, looking back at the history of Bitcoin prices after the 2016 and 2020 elections, in 2016, BTC's price peaked in December 2017, while in 2021, the price high was reached in November. For example, during the US election on November 5, 2016, BTC was trading at $703 per coin, and by the end of 2017, it had soared by nearly $20,000. It can be clearly seen that the value of BTC has risen sharply after each election. However, the peak of each bull market occurred about a year after the election.

▌20,580,000 XRP transferred from unknown wallet to Bitstamp

According to WhaleAlert monitoring, 20,580,000 XRP (11,542,509 US dollars) were transferred from an unknown wallet to Bitstamp at around 4:35 am Beijing time today.

▌Bitcoin hash rate stabilizes at historical highs after halving, and miners are confident

Glassnode data shows that Bitcoin's average hash rate has maintained steady growth over the past year and has seen significant growth in 2024. Historically, the hash rate has generally moved in line with Bitcoin's price movements, reflecting miners' confidence and broader market sentiment.  

Recent charts show that after the surge after the halving, Bitcoin's hash rate has stabilized at a historical high of about 650 EH/s despite price fluctuations. This trend suggests that miners are continuing to invest in network security, perhaps anticipating price increases. Even amid market volatility, sustained hash rates may also mean a firm belief in Bitcoin's long-term value proposition.

▌Report: Singapore tops the global cryptocurrency adoption index, with five Asian countries in the top ten

According to CryptoSlate, the "Henley Cryptocurrency Adoption Index 2024" report released by investment immigration consulting firm Henley & Partners on August 30, 2024 showed that Singapore topped the global cryptocurrency adoption list with 45.7 points (out of 60 points).  

The report evaluated 28 countries, covering aspects such as public adoption, infrastructure, innovative technology, regulatory environment, economic factors, and tax friendliness. Hong Kong and the UAE ranked second and third with 42.1 points and 41.8 points, respectively. It is worth noting that Asian countries occupy five seats in the top ten. In addition to Singapore and Hong Kong, Malaysia and Thailand ranked eighth and tenth, respectively.

▌Analysis: Bitcoin exchange volume momentum indicator shows continued decline in on-chain activity related to exchanges

Crypto analyst Ali said on the social platform X that the Bitcoin exchange volume momentum indicator shows continued decline in on-chain activity related to exchanges, which generally indicates reduced investor interest in Bitcoin and reduced network usage.

▌Analyst: BTC may enter a bear market again if it falls below $56,000

CryptoQuant's head of research recently shared a detailed Bitcoin chart on X, highlighting a worrying trend: the BTC market cycle indicator has entered a bear market again, which is crucial for traders and investors because it defines the overall strength and direction of the market and provides insights into potential price movements based on historical price movements. According to the analysis, $56,000 is a key support level that the price must hold to avoid a deeper and more damaging pullback. If Bitcoin fails to hold the $56,000 level, the likelihood of a sharper decline will increase. Such a potential decline will further exacerbate the nervousness of investors who are already struggling to cope with the volatile price movements in recent weeks.

Important Economic Dynamics

▌The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 67%

According to CME's "Fed Watch": The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 67%, and the probability of a 50 basis point cut is 33%. The probability of the Federal Reserve cutting interest rates by 50 basis points by November is 45.2%, the probability of a cumulative 75 basis point cut is 44.1%, and the probability of a cumulative 100 basis point cut is 10.8%.

Golden Encyclopedia

▌What is an inverse futures contract?

An inverse futures contract is a financial arrangement that requires the seller to pay the buyer the difference between the agreed price and the current price when the contract expires. Unlike traditional futures, the seller benefits from a drop in price. The nature of inverse futures contracts is nonlinear. When a trader goes long on a BTC/USD inverse futures contract, they are shorting the U.S. dollar. Because the contract is inverse, the trader's position is worth less in Bitcoin, and the higher the value of Bitcoin, the higher its value relative to the U.S. dollar.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to increase risk awareness.