Bitcoin Surges to New Highs, Reaching $111,000; Ethereum Experiences ETF Withdrawals but Corporate Support Remains
In the ever-evolving world of cryptocurrency, we bring you the latest developments for our valued subscribers. Here's a roundup of the latest happenings in the digital asset space.
Firstly, we have some exciting news for Bitcoin (BTC) enthusiasts. BTC is currently holding a zone between $110,000 - $112,000, with a dense cost basis at approximately $110,000. This indicates a steady position for the leading cryptocurrency.
Meanwhile, Strategy, a prominent player in the market, has made a significant move by buying 4,048 BTC, bringing their total holdings to 636,505 BTC. This purchase was made at a cost basis of $73,765, and the company is currently enjoying a 25.7% Year-to-Date (YTD) BTC yield.
On the other hand, CleanCore has raised an impressive $175 million for a Dogecoin (DOGE) treasury. This move could potentially influence the future of Dogecoin.
Elsewhere, CEA Industries has added 38,888 Binance Coin (BNB) to their holdings, bringing their total to 388,888 BNB. Their goal is to hold 1% of the BNB supply by the end of the year, a significant ambition in the rapidly growing Binance ecosystem.
SharpLink, another prominent player, has added 39,008 Ethereum (ETH) to their holdings, bringing their total to 837,230 ETH. They have maintained an average cost basis of $4,531 for these holdings.
Moving onto the traditional markets, gold has hit a record $3,600/oz, marking a 33% year-to-date increase. This surge in gold prices could have implications for the broader financial market.
In the ETF sector, both BTC and ETH spot ETFs saw significant movements on September 2. BTC ETFs logged a net inflow of $333 million, with Fidelity FBTC seeing the largest inflow at $133 million. Conversely, ETH spot ETFs posted a net outflow of $135 million, with no ETF seeing any inflows on that day.
On the same day, Hong Kong's Securities and Futures Commission approved spot ETFs for Ethereum, launched by asset managers such as China Asset Management, Bosera Capital, Harvest Global Investments, and HashKey Capital Limited. No market-influencing events were reported at their opening.
Lastly, ETHZilla deployed $100 million Ether into EtherFi for restaking. This move could potentially boost the decentralised finance (DeFi) sector.
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