Balancer Users Withdraw $200 Million. 40% of Bitcoin Hasn't Moved in 3 Years. Crypto Inflows Rise After BlackRock Announcement.

August 25, 2023

Crypto Market Update 25-08-23

Happy Friday everyone!

Straight to the point today, we bring you the most important news for the week in crypto 📰😎

Last 7 Days Market Performance 

Bitcoin is down 0.6%, now at $ 25,856.00 📉

Ethereum is down 1.6%, now at $ 1,637.28 📉

Total crypto market cap: $ 1.08 Trillion

Fact for the week:

Yesterday it was announced the sale of the stake that Michael Jordan had in the Charlotte Hornets, for 3 Billion dollars, which, according to Bloomberg, makes him the (former) richest basketball player ever. M.J. case is a true never-ending success story. The first athlete in the world to sign a lifetime contract with a brand, not only still has gains arising from basketball, but also created his own line, in one of the most influential brands worldwide (Nike), and that today that line is a phenomenon in itself, we are obviously talking about the cultural phenomenon that is the Air Jordan. 🏀

Onto this week’s updates 🚦

🔴 Balancer Users Withdraw $200 Million 💨

Balancer is a well known DeFi protocol that allows users to swap tokens, functioning as a decentralized exchange, simply said. This week the tech team responsible for maintaining the protocol announced on Twitter (now X) that they had discovered a vulnerability in parts of their system and, as a result, users rushed to take action by withdrawing the equivalent of more than 200 million dollars from the platform. There are no reports so far of anyone losing their funds, but better safe than sorry. 🦺

🟡 40% of Bitcoin Hasn't Moved in 3 Years 💪

First things first, this is a record percentage of coins completely stalled and it demonstrates that a large percentage of BTC holders are here for the long run. Also, bitcoin network metrics show us that these long term holders are not only not selling, but they are even accumulating more coins. It should also be said that, curiously, the percentage of greatest accumulation comes from smaller holders, i.e., portfolios with smaller amounts of coins. Are you one of those people? 😏

🟢 Crypto Inflows Rise After BlackRock Announcement 📈

BlackRock's June ETF boosted global crypto confidence. Before BlackRock’s announcement, European and global crypto exchange-traded products (ETPs) were facing a decline in funds, but the trend has now reversed. European crypto ETPs witnessed inflows of €150 million in June, marking their best performance since March 2022. One cannot disregard what the most important financial player does. 🤓 

🎬Once again, even during quieter periods, we keep you in the loop with what you can't miss. But also don't forget, while you're on vacation, you can put your ETH and BNB to work on Lympid, we got 6% annual return on both tokens at the moment. 🙂

Talk next week. 👋


Great job on learning something new today 🎉