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  • Crypto Alpha, 31 August 2024

Crypto Alpha, 31 August 2024

Daily Alpha on All Things Crypto, Web3 and Blockchain

TL;DR

  • An institutional or whale address withdrew 29,414 ETH from Coinbase over the past four days and transferred it to Lido.

  • CZ could be just four weeks away from being released from prison.

  • Vitalik’s ETH holdings have decreased by 85,000 ETH compared to three years ago, though he still retains ETH worth $592 million.

  • The U.S. spot Bitcoin ETF experienced a net outflow of $72.1 million yesterday.

  • According to a poll, Trump holds a 12-point lead over Harris among cryptocurrency owners.

  • BlackRock’s Bitcoin ETF, IBIT, saw its first net outflow since May this past Thursday.

  • In July and August, Bitcoin spot ETFs had a combined net outflow of $83 million, while BlackRock saw a net inflow of $887 million.

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Alpha of the Day

Whale Watch: 29,414 ETH Mysteriously Swims from Coinbase to Lido

Imagine waking up to find a whale—no, not the sea creature, but a crypto whale—casually moving 29,414 ETH from Coinbase to Lido over the past four days. This move is like someone withdrawing a small fortune from their savings and plopping it into a DeFi project because, why not? Lido must feel like it just got a significant confidence boost, while Coinbase probably just shrugged and said, "Happens every day." The crypto seas are wild, folks, and this whale is definitely making waves.

CZ Countdown: Four Weeks Until the Big Escape?

The clock is ticking, and it looks like CZ might be getting his freedom papers in just four weeks. For someone who’s been locked up, the prospect of release must be like spotting the end of a very long, very boring movie. Crypto Twitter is probably already drafting up memes, while Binance employees are dusting off the welcome-back banners. Whether you're team #FreeCZ or just here for the popcorn, one thing's for sure: the next four weeks are going to be very interesting.

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Vitalik’s ETH Diet: Down 85,000 ETH but Still Stacked

Vitalik Buterin might be feeling a little lighter these days, having shed 85,000 ETH compared to three years ago. But don’t worry, he’s not exactly hurting for cash—he’s still sitting on a cool $592 million worth of ETH. It’s like cleaning out your closet and realizing you’ve still got a few designer pieces left. Whether he's trimming the fat or just making some strategic moves, Vitalik's wallet is far from empty.

Bitcoin ETFs: $72.1 Million Says “See Ya” to U.S. Spot

Yesterday was a rough day for the U.S. spot Bitcoin ETF, which saw a $72.1 million net outflow. It’s like watching a crowd leave a concert early because the headliner didn’t show. Investors might be getting cold feet, or maybe they're just looking for the next big thing. Either way, the ETF market felt a bit lighter after yesterday's exodus, and you can bet some folks are wondering if the grass is greener elsewhere.

Poll Says: Trump Leads Harris by 12 Points Among Crypto Enthusiasts

If there’s one thing we know, it’s that cryptocurrency holders have opinions—and apparently, 12% more of them prefer Trump over Harris. Maybe it’s the "business mogul turned politician" vibe, or perhaps they just like a good Twitter feud. Either way, this poll shows that when it comes to political leanings, the crypto crowd might be leaning a bit more to the right. Grab your popcorn; the debates are going to be wild.

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BlackRock’s IBIT Hits a Speed Bump: First Net Outflow Since May

BlackRock’s Bitcoin ETF, IBIT, just hit its first net outflow since May, and it’s kind of like watching a marathon runner stumble right before the finish line. After months of steady inflows, this dip could be just a blip—or a sign that investors are getting antsy. Either way, BlackRock’s probably not too worried; after all, one small outflow doesn’t make a trend, but it sure makes for some interesting headlines.

Bitcoin ETFs in the Red: $83 Million Out, But BlackRock's Still Winning

July and August weren’t exactly kind to Bitcoin spot ETFs, which saw a combined net outflow of $83 million. But while everyone else was licking their wounds, BlackRock was busy counting its $887 million net inflow. It’s like a game of Monopoly where everyone’s losing properties left and right, except for that one player who’s quietly buying up everything. BlackRock’s making moves while others are just trying to stay afloat.

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