The Ethereum network is displaying optimistic trends, with a record of 1.8 million transactions this month. More Ether is being staked as U.S. regulators provide clarity on staking guidelines.
In contrast, Bitcoin (BTC) is experiencing a downturn, trading down more than 5% over the past month. A whale trade worth $2.7 billion triggered a flash crash on Aug. 24.
Countries holding Bitcoin in reserve continue to issue debt to finance major acquisitions. In August, Strategy and Metaplanet collectively purchased 5,370 BTC.
In the U.S., state regulators are collaborating with senior citizen advocacy groups to limit crypto ATMs, often exploited for fraud. Two states have introduced legislative measures in the past month.
Here are the statistics for August.
Ethereum transactions reach a yearly high with 36 million ETH staked
The Ethereum network achieved over 1.8 million transactions on Aug. 5, marking a yearly peak.
This annual high coincides with new records in Ether (ETH) staked, with nearly 30% of the total supply locked. This indicates that many investors prefer to stake their investments on exchanges to earn rewards rather than selling.
Related: Spot Ether ETF staking could ‘dramatically reshape the market’
The U.S. Securities and Exchange Commission issued a statement clarifying its views on liquid staking, leading to speculation about the potential approval of an Ether exchange-traded fund (ETF) with staking capabilities.
Whale sells $2.7 billion in Bitcoin, triggers crash
On Aug. 24, a Bitcoin whale sold 24,000 BTC valued at around $2.7 billion, causing a flash market crash. QCP noted that the incident liquidated approximately $500 million in leveraged positions within minutes.
Prior to this sale, Bitcoin was trading steadily, while Ether reached new heights. Bitcoin’s dominance fell from 60% to 57% in August. While it remains above levels seen during the 2021 altcoin season, approval of Ether ETFs with staking could suggest a shift towards ETH outperforming, according to QCP.
13 U.S. states now regulate Bitcoin ATMs
In August, Rhode Island and Wisconsin introduced legislation to regulate crypto kiosks, raising the total to 13 states with similar laws. Some municipalities, like Stillwater, Minnesota, and Spokane, Washington, have outright banned these machines.
Numerous scams involving ATMs primarily target senior citizens, who may not be familiar with technologies like Bitcoin and crypto. Many state regulations were developed with assistance from the American Association of Retired Persons, which advocates for individuals aged 50 and older.
Metaplanet acquires 1,859 BTC; Strategy purchases 3,511 BTC
The innovative firm Strategy acquired 3,511 BTC in August, with an average Bitcoin price of $116,000, totaling about $407.2 million.
Japanese investment firm Metaplanet also expanded its Bitcoin holdings, adding approximately 1,859 BTC, valued at over $215.6 million at that average price.
Hackers steal $53 million from DeFi attacks in August
According to DefiLlama, cybercriminals stole $53 million from decentralized finance (DeFi) exploits in August, including a $48 million hack at Turkish exchange BtcTurk, constituting a significant portion of the total.
The crypto sector is proactively addressing the growing threat of hacking, with mixed optimism about success. Ronghui Gu, a computer science professor at Columbia University and co-founder of blockchain security platform CertiK, remarked during a Cointelegraph Chain Reaction daily live X Spaces show that “It’s an endless war” between hackers and security professionals.
Bitcoin now represents 1.7% of global money supply
An August report from River, a Bitcoin financial services firm, reveals that Bitcoin now comprises 1.7% of the global money supply.
River arrived at this estimate by comparing Bitcoin’s market cap to a $112.9 trillion aggregate of fiat currencies and $25.1 trillion in hard assets, excluding silver, platinum, and exotic metals.
Based on River’s analysis, Bitcoin’s market capitalization was approximated at $2.4 trillion. At the time of publication, BTC’s market cap stood at $2.21 trillion, positioning Bitcoin’s share of the global monetary system closer to 1.6%.
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