SQRR

🟧 Leading the Way! 🚥 Here's our weekly #VizPack for US Spot Bitcoin ETFs. 🎯 Over the past week, US spot Bitcoin ETFs demonstrated relatively stronger performance metrics. The BTC price action during the week helped boost the price impact on AUMs. 🎯 Over the past week, there were significant inflows into ETFs, totaling ~$568 million. This level of inflows has helped to bring the overall inflows for the month into positive territory. The IBIT ETF saw the largest contribution, with ~$318.75 million in net inflows. On the other hand, the GBTC ETF continued its pattern of net outflows, with ~$86.59 million, bringing the total net outflows to date to ~$19.7 billion. The total net inflows to ETFs now stand at ~$17.88 billion. 🎯 The total assets under management (AUM) of funds increased by 7.35% weekly to ~$55.90 billion. The AUM has decreased by 7.31% this month. 🎯 The weekly trading volume increased by 10% to ~$7.67 billion last week. However, it is notable that 42% of that volume came on the last day of trading in the week. Thank you. NFA

✨ Weakness Continues! 📣 Our weekly ETH ETF VizPack is now available for you to view. ➡ The markets were influenced by Powell's comments at Jackson Hole and RFK Jr.'s support for the Trump campaign towards the end of the week. However, it was a relatively weak week for ETH ETFs, as most of the ETFs' metrics showed a downward trend. ➡ ETH ETFs experienced ~$45 million in net outflows during the past week. The main contributor to this trend was ETHE, which saw ~$118 million in net outflows. On the other hand, ETHA had only one day of net inflows during the week, bringing its total net inflows to $1 billion. Since its inception, all ETFs have recorded net outflows amounting to ~$464.64 million. ➡ The only metric that increased was the AUM, which ended the week at ~$7.66 billion, up 3.88% from the previous week. However, one month after launch, the total AUM has decreased by ~25%. ➡ Last week, the total trading volume fell to ~$837 million, dropping below $1 billion. The total trading volume since the launch has surpassed $10 billion in the last week. Thank you. NFA.

🔢 Dashboard Alert ⚠ We are sure that those closely watching the stablecoins sector are aware that Agora Finance was launched as early as April this year with a vision to build next-generation payments and asset infrastructure for transmitting value on #blockchain-based rails. Agora's first product, a fully collateralized, freely tradeable US digital dollar (AUSD), recently went live on Ethereum and Avalanche networks. Since launch, the project has recorded 57 million in total AUSD supply, with about 61% on Ethereum and 39% on Avalanche. The token is already live on DeFi platforms on both networks and is expected to be launched on multiple DeFi venues. The on-chain data for transfer volumes show that the token is entering multiple address categories. The data indicates that the total AUSD swap volume on Uniswap has surpassed $4 million, with the most active token pair being AUSD-USDT. The pool comprises approximately $275k in pooled liquidity. To keep track of AUSD's on-chain activity, we have created a Dune Dashboard that we intend to update in the future. You can view the dashboard by clicking the link below. Link to the dashboard: https://lnkd.in/gs6GZMN5 Agora Nick van Eck

Quick Dive PayPal USD ------------------------- 💲 The total supply of PayPal USD is approaching 1 billion, driven by its rapid growth on the #Solana network. #PYUSD is now the 6th largest stablecoin by market cap. 💲 The PYUSD supply on #Ethereum has remained stagnant for several months and is currently at 360 million. Although there is some on-chain activity for PYUSD on Ethereum, adoption remains low, possibly suggesting stronger competition. 💲 Since its launch on Solana a few weeks ago, PYUSD has become the third-largest #stablecoin on the network, behind #USDC and #USDT. The current total supply of Solana has just exceeded 600 million. 💲 In contrast to #CEX and other internal accounts dominating the holdings on Ethereum, #DEXs account for most of the PYUSD holdings on Solana. Nonetheless, we have to note that the DEX supply may be influenced by the points boost currently ongoing. 💲 The largest Solana addresses holding PYUSD are Kamino Finance Reserve, Drift vault, Marginfi Bank Liquidity, and Orca PYUSD/USDC pool. 👇🏻 We have been writing a monthly summary on PYUSD since last October. You can find the latest report and all other past reports on our website in the Reports section. Here's a link to the July Report: https://lnkd.in/empDYKaC

⛔Solana ETF Application Facing Setback 🕛 You may have already seen the news that the Solana ETF applicants are facing a setback. As reported in the media, the US SEC has turned down the 19b-4 applications by the Cboe BZX on behalf of two prospective Solana ETF issuers. The reports suggest this may be due to the agency's view that Solana could be considered a security. However, in our recent newsletter (link below), we shed some light on whether the approval of ETH ETFs clears the way for other spot ETFs. Based on previous spot ETF approvals (both BTC & ETH) and the lessons learned, we argued that there are, at least, two key factors that may need to be met (not a rule) before we see more spot ETFs on other underlying assets: ☑ Exchanges must convince the SEC that they have rules in place to prevent fraudulent and manipulative practices. ☑ Applicants need to provide robust correlation data to show the spot price of the underlying asset is not fraudulent or manipulated. An asset with a history of futures trading on the CME would make this easier. While the first factor may be easier to address now, the second could still pose a challenge. There is likely a lot of homework required before we see spot ETFs for other assets. Let us know your thoughts! You can read our full analysis in Newsletter Issue # 02 (https://lnkd.in/g8gmEY2r). Cboe Global Markets CME Group Solana Foundation #sqrr

🔊 Recent Stablecoin Market Developments __________________________________________________________________________ ➡ Paxos Received Notice from SEC Paxos announced that it received a formal termination notice from the SEC on July 9, 2024, stating that it will not recommend enforcement action against Paxos Trust Company in the  investigation of Binance USD (BUSD). ➡ Hong Kong Regulatory Regime for Stablecoin Issuers The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have released the Consultation Conclusion on the "Legislative Proposal to Implement the Regulatory Regime for Stablecoin Issuers in Hong Kong." The report summarizes the main comments received from 108 respondents to their consultation paper and presents the FSTB and HKMA responses. The Hong Kong Monetary Authority (HKMA) announced the list of participants of its stablecoin issuer sandbox. JINGDONG Coinlink Technology Hong Kong Limited, RD InnoTech Limited, and Standard Chartered Bank (Hong Kong) Limited, Animoca Brands Limited, Hong Kong Telecommunications (HKT) Limited will participate in the sandbox. ➡ Funding  PEXX has secured $4.5 million in seed funding to advance its stablecoin-to-fiat payment platform. The developers of Bitcoin-backed stablecoin USBD, Bima Labs, raised $2.25 million in a seed round. USBD is planned to go live on the mainnet in the fourth quarter of 2024. _____________________________________________________________________________ From our Quick Dive: https://lnkd.in/empDYKaC _______________________________________________________________________________ Thank you.

🔎 Stablecoins Market Here is a summary of the stablecoin market from our latest Quick Dive. ✨ From our last report date to August 17th, 2024, the total market capitalization of stablecoins increased by 4.34% to reach ~$168.57 billion. Among the top market cap stablecoins, USDe experienced a decrease in market cap by 12.3%, while FDUSD's market cap grew by 21.2%. USDT and USDC saw growth of 4% and 5.7%, respectively, adding a total of $6.34 billion. ✨ The market cap of USDe reached $3.6 billion before starting to decrease. With Delta hedging at its center,  the current market conditions are not conducive to the growth of USDe supply. Please check out the brief write up here: https://lnkd.in/empDYKaC Chart: Source: SQRR Research. Data: CoinGecko. Data as of 17th August 2024.

Hello all, Here's our weekly #VizPack for US Spot ETH ETFs for the week ending 16th Aug 2024. [hope you already had a look at the US Spot Bitcoin ETF weekly we shared earlier]. 🔊 Calm, before Storm? 🌪 🎯 ETH ETFs in the US remained relatively calm in a weaker ETH market. With no significant catalyst expected until the next Fed decision, it's unlikely that the ETH ETFs would demonstrate different momentum. 🎯 In the first three days of the week, ETH ETFs saw net inflows, which turned negative in the following two days, resulting in a total weekly net outflow of ~$14.32 million. It's important to note that the main contributor to the net outflows was ETHE, which recorded ~$118.19 million (the lowest weekly outflow since conversion to an ETF). 🎯 The segment's total AUM remained unchanged at ~$7.37 billion for the week. For context, this represents about 14% of the total AUM of US BTC ETFs, which is $52.07 billion. 🎯 The total weekly trading volume of ETF shares dropped to ~$1.08 billion, reflecting a 42.19% decrease week-over-week. Thank You. ~NFA~

Our weekly #VizPack - US Spot Bitcoin ETFs is out. Please check it out below. 🛣 Moving Sideways 😪 🟧 After a volatile week, the markets calmed down last week, and the price of BTC mostly moved sideways. Bitcoin ETFs also had similar movements, with most metrics staying flat. With the price impact on AUMs reduced, the following weeks' price action will be crucial for most ETFs. 🟧 After experiencing two consecutive weeks of net outflows, the ETFs saw a net inflow of ~$32.44 million in the past week. However, this month, there has been a total of ~$323.30 million net outflows. If this trend persists, August will be the second month with net outflows since the launch. The two leading contributors to the total net inflows were FBTC and IBIT, with ~$82.01 million and ~$71.10 million in net inflows, respectively. On the other hand, GBTC continued to experience net outflows, with ~$195.22 million last week, contributing to a total net outflow of ~$704.29 million so far this month. 🟧The total assets under management (AUM) of funds decreased by 4.19% weekly to ~$52.08 billion. The AUM has decreased by 13.66% this month, while the price of BTC has dropped by 9%. 🟧 The weekly trading volume remained low at ~$6.97 billion, down 45% from last week, marking the lowest weekly volume in over a month. Thank you. ~NFA~

In this Heard Around the Chain issue, we highlight the OP_RETURN opcode in the Bitcoin Network. With the increased use of this opcode, we examine how the community has utilized it over time and its growing significance.