Hello Snapshotters,
Crypto registered a lot of movement on the institutional front this week, as BlackRock overtook Grayscale in crypto assets under management (AUM). Meanwhile, two filings for Solana ETFs were rejected by the U.S. SEC, and a new filing for a crypto index fund has been submitted. Additionally, crypto holdings by institutional investors are on the rise, as two-thirds of them either maintained or increased their holdings.
More details below.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
Want more? Get weekly Market and DeFi Updates from Crypto.com’s Research Team.
News Snaps
↗️ ETF Holdings Up
Two-thirds of institutional U.S. spot Bitcoin ETF holders held or increased their holdings during Q2. Morgan Stanley, for example, held ~$188 million worth of BlackRock’s IBIT at the end of Q2, and Goldman Sachs held over $400 million of seven Bitcoin ETFs.
SEC Rejects Solana ETF
The U.S. SEC rejected Cboe BZX’s 19b-4 filings for two prospective spot Solana ETFs, leading to its withdrawal from the Cboe website. The rejection followed concerns that Solana should be classified as a security, but the filings can be amended and refiled.
📈 Crypto Index Fund
Franklin Templeton filed an S-1 to launch a new cryptocurrency index ETF. The Franklin Crypto Index ETF will track the performance of the CF Institutional Digital Asset Index, which currently comprises BTC and ETH.
🇲🇾 Iris-Scanning ID Adopted
Malaysia adopted Worldcoin’s iris-scanning technology for personal identity verification as part of the broader strategy to improve digital credential verification in the country. The news coincides with Malaysian authorities destroying over 900 bitcoin mining rigs amid a power-theft crackdown this week.
What’s Ahead
German Digital Bond Coming
Germany’s state-owned development bank, KfW, teamed up with Boerse Stuttgart Digital (BSD) to prepare for a blockchain-based digital bond offering. The issuance is expected to take place in the coming weeks.
Number of the Week
Chart of the Week
BlackRock’s iShares exceeded Grayscale Investments by assets under management (AUM) for publicly listed crypto products on August 15, according to data from CoinShares.
BlackRock’s Bitcoin and Ethereum ETFs have $22 billion AUM, while Grayscale’s cryptocurrency investment products (including Bitcoin, Ethereum, Solana, and Chainlink) had $20.7 billion AUM in total.
Research & Insights
Monthly Feature Article | Web3 Socials
Interest in decentralized Web3 socials surged in 2024. Our report looks into the biggest trends, including Solana’s Actions and Blinks, as well as Farcaster and Lens on Ethereum.
The full report is accessible to our Private members — find a summary of key trends here.
Crypto Trivia
What is the ‘accumulation phase’ in a crypto market cycle?
A) Another term for a bull run
B) The phase when inexperienced traders panic sell
C) The phase that often leads up to a bull market
Find the correct answer at the end of this newsletter.
NFT Spotlight
Step into the realm of tomorrow with Graffiti On Grave’s groundbreaking NFT collection ‘NeuroSynth: A Quantum Cyber Odyssey’, which blurs the boundaries between reality and digital evolution.
Dropping on Monday, August 26, ‘NeuroSynth’ consists of 300 unique pieces that propel you into an electrifying journey through the neon-lit tapestry of a future yet uncharted. It is a symphony of algorithmic creativity where pixels dance harmoniously with code, forging an entirely new genre of artistic expression. This drop includes 🪂 NFT airdrops.
Step into a realm where pixels paint the future and algorithms dance to the rhythm of your imagination.
Transcend conventional art by an artist heavily influenced by the color red.
Product Picks
ACX Is Now Available on Target Price Orders
ACX has been added to the growing list of 330-plus tokens available for Target Price in the Crypto.com App. You can use the feature to automate trades at your preferred price without having to monitor the market. Try it now.
DeFi Wallet Now Supports Cronos zkEVM Network
The Crypto.com DeFi Wallet now supports the new Layer-2 Cronos zkEVM, allowing you to send and receive assets, as well as interact with Cronos ecosystem dapps like H2 Finance on this new chain. Try it now.
Crypto Level Up
Ethereum’s Prague/Electra Upgrade — What to Know About ‘Pectra’
Ethereum’s Prague/Electra upgrade, Pectra for short, is one of the final major upgrades that will introduce significant scalability improvements, improved user experience, and more.
Key Improvements of the Pectra Upgrade
At least nine upgrades have been planned, including:
- Verkle Trees and Statelessness: Reduce node storage and computational burden
- Validator Light Clients: Enhance decentralization by allowing validation on resource-constrained devices
- Obsolete Historical Data: Reduce node storage needs
How Pectra Will Affect the Crypto Space
With the upgrade, crypto users can expect:
- Greater innovation of dapps
- More robust security features and stability in dapps
- Faster transaction processing and reduced network congestion
Get the full scoop on the upcoming Pectra upgrade.
CryptoIRL
Ice cream, flowers, and the Crypto.com Icy White Visa Card — @croshouf enjoying all that is summer.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Security Tips
McDonald’s Instagram Hacked for Meme Coin Scam
On August 21, the McDonald’s social media account was compromised to promote a Solana-based meme coin called GRIMACE. Its market cap briefly surged to $20 million before plummeting below $1 million.
The scammers seemed to have left a message on the McDonald’s profile, stating “thank you for the $700,000 in Solana.”
Here’s how to stay safe:
1. Be aware that even official accounts can be hacked.
2. Always conduct thorough research before investing.
3. Only invest or trade amounts you can afford to lose.
Crypto Trivia Answer
C) The phase that often leads up to a bull market
A crypto market cycle consists of four phases — accumulation, markup (bull), distribution, and markdown (bear).
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
