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Grayscale Launches Investment Trust for Avalanche's AVAX Token
Grayscale Investments has introduced the Grayscale Avalanche Trust, a new investment vehicle designed to give accredited investors exposure to AVAX, the native token of the Avalanche blockchain. This trust, which is now open for daily subscriptions, aligns with Grayscale’s strategy of offering single-asset investment products. Rayhaneh Sharif-Askary, Grayscale's head of product and research, emphasized the trust’s role in advancing crypto innovations, particularly in the realm of Real-World Asset (RWA) tokenization. This launch expands Grayscale’s portfolio, which already includes trusts for Bitcoin, Ethereum, and other cryptocurrencies, and follows recent additions like trusts for Bittensor and Sui.
Coinbase to Facilitate 1:1 Conversions Between Euro and MiCA-Compliant Stablecoin EURC
Coinbase will begin offering 1:1 conversions between the euro (EUR) and the euro-pegged stablecoin EURC starting August 28. EURC is compliant with the EU’s new Markets in Crypto Assets (MiCA) regulation. The conversions, available on Coinbase Advanced, will incur no fees. Additionally, Coinbase will introduce a new EURC-USDC order book on August 29, replacing the existing EURC-EUR and EURC-USD order books to streamline trading and conversion processes. Euro-pegged stablecoins, like EURC, are significant in the market, representing about 92% of non-USD stablecoins on Ethereum.
Donald Trump Backs Crypto Project 'The DeFiant Ones' Led by His Sons
Donald Trump has endorsed a new crypto project called "The DeFiant Ones," which is led by his sons, Donald Trump Jr. and Eric Trump. In a post on Truth Social, the former president criticized big banks and financial elites, urging support for the project. The DeFi-focused initiative, promoted via a Telegram channel launched on August 7, has gained nearly 26,000 subscribers. Trump Jr. has also been active on social media, directing followers to the channel for official updates and dismissing rumors. The project aligns with recent trademark filings for "Be DeFiant," linked to AMG Software Solutions, which also includes terms related to decentralized finance.
Trading Desk Insights
BTC has been gaining increased attention lately, yet it remains underperforming compared to the equity market, particularly as Nasdaq continues its upward trend. U.S. stock markets have largely been in a bullish phase, anticipating the forthcoming easing cycle. Simultaneously, gold has surged, reaching a record high this week. The bond market is also experiencing positive sentiment, with the 10-year U.S. Treasury yield dropping to a one-year low of 3.76% yesterday. Despite this, BTC has consistently outpaced ETH in the current market climate, trading over 6% higher than ETH since Monday and more than 14% since the beginning of August. This suggests that market sentiment in crypto is not fully risk-on, likely influenced by potential risks in the market, possibly due to the seasonal summer lull or the upcoming U.S. elections.
Examining U.S.-listed ETFs, BTC attracted $39.5 million in inflows, a figure notably lower than the higher volumes observed a few months ago. Conversely, ETH continued to experience outflows, totaling $18 million.
In the realm of meme coins, the frenzy persists, now with a new player on the scene. The Justin Sun-backed SunPump on the Tron network, akin to Pump.Fun, has generated over $1 million in under two weeks.
On the equity front, stocks edged higher on Thursday as investors anticipate remarks from Federal Reserve Chair Jerome Powell later this week. Traders are keenly focused on Powell's upcoming speech at the Jackson Hole Economic Symposium on Friday, seeking additional insights into future rate policy. Currently, traders are fully pricing in a rate cut in September, though opinions remain split on the magnitude of the reduction.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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