Global markets edged higher, with the Dow Jones (+0.16%), S&P 500 (+0.32%), and Nasdaq (+0.53%) all gaining, as investors weighed the implications of President Trump's attempts to exert control over the Federal Reserve against upbeat US economic growth. The US economy expanded 3.3% in Q2, exceeding initial estimates, driven by stronger-than-expected consumer spending. Meanwhile, Trump's tariffs on small packages and India sparked concerns over trade tensions, while the Fed's independence and potential rate cuts remain in focus ahead of the August jobs report. The global crypto market cap decreased 1.26% to $3.86tn.
- In the past 24 hours, crypto liquidations totaled $245.67m, with 69.2% of them long positions.
- According to SoSo Value data, US Spot BTC ETFs saw a 120% increase in daily inflows, recording $179m on Aug 27. The total assets under management now stand at $145bn, with a daily volume of $2.5bn.
- According to data from SoSo Value, US Spot ETH ETFs saw a decline in daily net inflows on Aug 27, with a 87.3% drop to $39.2m.
- Ethereum's validator exit queue hit a record 1 million ETH worth $4.96 billion on Thursday with an 18-day withdrawal waiting time according to validatorqueue.com, raising concerns about potential sell pressure despite analysts arguing that institutional demand from treasury firms and ETFs can absorb the selling as Ether has climbed 72% over the past three months.
- Solana's daily DEX trader count has plummeted from 4.8 million at the start of the year to 900,000 in August according to Dune Analytics data, with daily transactions falling from a July peak of 45 million to below 20 million.
source: Dune
- Over 51,000 traders lost $74 million on Kanye West's YZY memecoin launched August 21, while only 11 wallets netted over $1 million in profits, with blockchain platform Bubblemaps alleging that controversial figure Hayden Davis "sniped" the launch for $12 million as the token collapsed over 80% from its peak despite attracting over 70,000 wallets.