🐶📰Weekend Update

BTC $61,835 (-4.5%) | ETH $2,991 (-5.2%) | SOL $152 (-7.6%)

Welcome to the Daily Bone Weekend Update where we recap the top stories from the week. Be sure to check out our daily newsletter to get all of your news hot off the press each and every weekday!

Macro Mess

• Over $250M was liquidated each of the last three days as crypto’s total market cap has fallen 10% on the week

• On Wednesday, the Fed held interest rate steady and signaled a potential September rate cut

• Weak payroll data on Friday led to increased odds of a September rate cut, with a 50bps cut priced at 78%

• Earlier in the week, Mt. Gox moved another $3B worth of Bitcoin, and the U.S. government transferred $2B worth in a move suspected to be related to a Coinbase custody deal

Solana Roller Coaster

• Solana flipped Ethereum in monthly DEX volume for the first time EVER

• Blackrock’s CIO doesn’t expect a Solana ETF in the near term

• The SEC amended their Binance complaint to no longer classify tokens such as Solana as securities

• Solana dropped 18% on the week amidst a disputed claim that FTX holds 8% of supply in secret wallets

PoliFi

• Nate Silver updated his election forecast and Kamala Harris’ odds jumped to 44% on Polymarket

• Trump released $500 Bitcoin sneakers and suggested paying off the US debt with Bitcoin

• Senator Cynthia Lummis proposed the BITCOIN Act of 2024 which would implement a 1-million Bitcoin purchase program

• Polymarket crossed $1B in total volume bet

Odds and Ends

• Tether reported record-breaking $5.2B in profits for first half of 2024

• California’s DMV put car titles on AVAX blockchain

• Scottie Pippen launched a token, and the contract deployment wallet sold off $300K worth of it

• Jupiter’s proposal to reduce the $JUP token supply by 30% went live

• DraftKings killed their ReignMakers NFT program and offered cash payouts to holders

Upcoming Mints

This Week:

• (8/5) HolyMath by Orkhan (BTC)