🐶📰Weekend Update

BTC $68,213(+1.5%) | ETH $3,275 (+1.0%) | SOL $186 (+3.9%)

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!

Majors

• Solana flipped Ethereum in 30 day DEX volume for the first time ever — Solana flipped BNB in market cap

• Mt. Gox moved over 5k Bitcoin ($340M) to Bitstamp who has initiated creditor repayment

• The U.S. government sent 59 Bitcoin ($4M) to Coinbase — Still holding 213k BTC

• The Bitcoin “Hash Ribbons Indicator” flashed a buy signal — This has correlated to an upside move 16/19 times its appeared

• A wallet tied to the Ethereum Foundation moved 92.5K ETH ($295M) after being inactive for more than 6 years

PoliFi

• Joe Biden dropped out of the US Presidential election and endorsed Kamala Harris — Harris has earned enough delegates to make her the presumptive Democratic nominee

• Harris reached out to Mark Cuban with questions about crypto and briefly considered attending the Bitcoin 2024 Conference

• CNBC discussed the implications of the U.S. Treasury holding Bitcoin as a reserve asset

• Independent Presidential candidate RFK Jr. stated he would sign an executive bill for the U.S. to purchase 550 BTC per day until they held 4 million Bitcoin.

ETFs

• U.S. spot Ethereum ETFs began trading Tuesday morning

• Ethereum ETFs saw $341 in net outflows over 4 days of trading — Outflows were led by Grayscale’s ETHE fund, which has now sold off 16% of its initial $9.1B seed

• Michigan and Jersey City announced they would begin allocating pension funds into the Bitcoin ETFs

• Bitcoin ETFs saw $535M in net inflows this week

Odd and Ends

• Solana perp dex Drift Protocol announced a predictions market 

• Bitcoin became the first cryptocurrency to appear on the Las Vegas Sphere

• Pudgy Penguins’ parent company Igloo raised $11M for development of their consumer focused blockchain, “Abstract”

• A whale swept $1.2M worth of Quantum Cats on Friday