Daily Crypto Roundup - 3 Sep

 

According to a chart posted by CryptoQuant analyst @AxelAdlerJr, Bitcoin (BTC) has currently pulled back 12.8% from its all-time high (ATH). In this bull cycle, pullbacks from local peaks have mostly ranged between -10% and -18%, with deeper corrections typically extending to -20% to -30%.

 

The current 12.8% retreat is closer to a moderate zone, consistent with a consolidation or adjustment phase rather than a full-scale sell-off.  

 

 

 

In a Tuesday report, JPMorgan analysts noted that last month, several major miners expanded into high-performance computing, propelling the total market capitalization of listed Bitcoin mining companies to a new high of over $39 billion.

 

In August, the combined market cap of 13 US-listed miners tracked by JPMorgan, including Hut 8, Core Scientific, TeraWulf, IREN, and Riot, hit this record. Mining the world’s largest cryptocurrency by market cap has become increasingly difficult and costly.

 

Since last year’s halving, block rewards for Bitcoin mining dropped from 6.25 to 3.125 BTC, reducing output. These trends have squeezed miners’ profitability, even with rising Bitcoin prices, prompting them to seek new revenue streams.  

 

 

 

Citigroup Securities Services released its latest “Evolution” white paper, based on a survey of 537 market participants, predicting that about 10% of traditional financial transaction volumes will be tokenized by 2030, with custodians seen as the primary driving force.

 

The survey found that 63% of institutions expect to use multiple blockchains by 2030 and view custodians as enablers of cross-chain connectivity. However, this preference may evolve over time. Citigroup’s multi-year annual surveys show a significant shift in market perceptions of digital assets—last year, nearly 60% of respondents believed tokenized private/alternative assets and cryptocurrencies would be the fastest-growing categories.  

 

 

Staff from the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) issued a joint statement clarifying that exchanges registered with the SEC and CFTC are not prohibited from offering trading in certain spot crypto assets.

 

SEC Chair Paul Atkins said, “Market participants should have the freedom to choose where to trade spot crypto assets.” CFTC Acting Chair Caroline Pham added, “During the previous administration, our agencies sent mixed signals on digital asset regulation and compliance, but the message was clear: innovation wasn’t welcome.

 

That chapter is over.” This marks a significant step in the agencies’ ‘Project Crypto’ and ‘Crypto Sprint’ initiatives, aiming to align regulation while expanding trading venue options for US market participants.  

 

 

According to The Bitcoin Historian, Morgan Stanley, with $1.7 trillion in assets under management, disclosed a $188 million Bitcoin ETF purchase in the second quarter.  

 

 

CryptoQuant analyst Darkfost noted that Bitcoin has pulled back about -12% from its latest all-time high, which falls within a normal range. In the current bull cycle, since hitting a record high in March 2024, the maximum pullback was -28%, with an average range of -20% to -25%.

 

The analysis suggests this correction hasn’t breached historical patterns and may remain within a healthy range. Such pullbacks typically help clear excessive leverage in derivatives markets, ease overheated sentiment, and offer new entry points for long-term investors.  

 

 

   According to Arkham monitoring, two accounts under Abraxas Capital shorted over $919.9 million in cryptocurrencies, including BTC, ETH, HYPE, and WLFI, on the Hyperliquid platform, incurring losses exceeding $106.6 million.

 

The Bitcoin liquidation prices for these accounts were $151,530 and $149,910, respectively. Note: Abraxas Capital entities also hold over $2.49 billion in BTC and $486 million in ETH, with a positive delta (net long, not short). They may be mining funding rates on Hyperliquid and could hold other positions on Binance or CEX platforms, which are not visible on-chain.  

 

 

   According to The Block, ‘meme coin’ Google search volume has risen to 57 after months of low activity, indicating a notable uptick in retail interest, though it remains well below the January peak of 100 during the “Trump Meme Coin TRUMP” launch. Current data suggests a moderate recovery for meme coins, not an explosive surge, with market attention potentially more sustainable.

 

Notably, the rise in Google search activity contrasts with a relatively quiet Crypto Twitter, where key opinion leaders (KOLs) haven’t replicated their prior hype. This restrained social media response could benefit the sector, suggesting that even if meme coins regain popularity, excessive marketing might be avoided, leading to steadier market development.  

 

 

According to CoinDesk, the Ethereum Foundation announced on Tuesday via X its plan to sell 10,000 ETH over the coming weeks through centralized exchanges, with proceeds supporting R&D, ecosystem grants, and related donations.

 

These ETH will be sold in multiple small orders rather than a single large transaction. Earlier, in early June, the foundation outlined a new financial management policy, setting an annual operating expense cap at 15%, establishing a multi-year reserve buffer, and planning a gradual reduction in spending. In July, it sold an additional 10,000 ETH to SharpLink Gaming, making it the first public company to purchase ETH from the foundation.