TL;DR

• Ryan Salame, a former FTX executive, is seeking to revoke his plea deal, alleging that the government violated the agreement by investigating his family.

• BlackRock has overtaken Grayscale in asset value, positioning itself as the world's largest digital asset management firm.

• There’s a 32.5% chance, according to CME Fed Watch, that the Federal Reserve will cut interest rates by 50 basis points in September.

• Axelar (AXL) is scheduled for a main network upgrade on August 28, which will enable the deployment of the Interchain Amplifier.

• A report predicts that nearly half of the corporate contributions in the 2024 U.S. election cycle will be from crypto companies.

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Alpha of the Day

Ryan Salame Wants a Do-Over

Former FTX executive Ryan Salame is throwing in the towel on his plea deal, claiming the government broke their word by dragging his family into the mix. It’s like signing up for a free trial, only to get charged anyway—except with way more legal drama. Salame is now asking the court for a do-over, hoping to pull a plot twist worthy of a TV courtroom drama. The stakes are high, and his defense strategy is basically, "Hey, I didn’t sign up for this sequel!"

BlackRock Takes the Crown

In a plot twist that could make even the best crypto drama blush, BlackRock has officially overtaken Grayscale in asset value, snatching the title of the world's largest digital asset management firm. It’s like BlackRock just pulled a “King of the Hill” move in the financial world, making everyone else’s portfolio look like amateur hour. Grayscale, better luck next season—BlackRock is the new reigning champ.

Rate Cut Watch: 32.5% Chance of a September Surprise

According to CME Fed Watch, there’s a 32.5% chance the Federal Reserve might cut interest rates by 50 basis points in September. It’s like betting on your favorite underdog in a sports match—high risk, potentially high reward. Wall Street is holding its breath, with investors treating every Fed whisper like it’s a secret code to the financial future. But with odds like these, don’t put all your chips on the table just yet.

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Axelar’s Upgrade: Ready for Liftoff

Mark your calendars for August 28 because Axelar (AXL) is about to undergo a main network upgrade that’s sure to turn some heads in the crypto space. This isn’t just a routine tune-up; the upgrade will enable the deployment of the Interchain Amplifier. Think of it as Axelar getting a software upgrade that makes it more powerful, more interconnected, and ready to take on the blockchain universe. Get your popcorn—this upgrade promises to be a blockbuster.

Crypto Money: The 2024 Election’s Secret Sauce

Move over, big oil—crypto companies are stepping into the spotlight for the 2024 U.S. election cycle. A recent report predicts that nearly half of all corporate donations will come from the crypto sector. It’s like crypto just RSVP’d to the political party of the year, bringing along a fat wallet and a plan to make sure everyone knows it. Politicians, start practicing your Web3 buzzwords—because in 2024, it’s all about that blockchain cash.

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Cancun Cooldown: Ethereum’s Burn Rate Sinks

After the Cancun upgrade, Ethereum is feeling a bit lighter in the wallet—its burn rate has dropped by a staggering 84%, and revenue is down 69%. It’s like Ethereum went on a budget diet, but maybe it cut out too many carbs. Analysts are now scratching their heads, wondering if this is the calm before the storm or just a temporary lull in the crypto rollercoaster. Either way, ETH holders might want to buckle up.

Tim Scott’s Crypto Crusade

Republican Senator Tim Scott has big plans if he becomes chairman of the U.S. Senate Banking Committee—namely, creating a subcommittee dedicated to the digital asset industry. It’s like Scott is ready to be the captain of Team Crypto, steering the ship through regulatory waters. His vision? A future where the U.S. is leading the charge in the digital asset world, with a committee to make sure it’s all smooth sailing. All aboard the crypto train!

Bitcoin ETFs: A Record-Breaking Frenzy

The Bitwise CIO is ringing the alarm bells—institutional adoption of Bitcoin ETFs is happening faster than any ETF in history. It’s like Bitcoin just became the prom king of the financial world, with everyone scrambling to get a dance. If you thought Bitcoin was a niche market, think again—institutions are piling in like there’s no tomorrow, and this ETF trend is turning into a full-blown frenzy. Buckle up; this crypto rocket is blasting off.

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