Onchain metrics indicate that Ethereum processed 1.8 million transactions on Aug. 5, a one-year high driven by renewed DeFi and NFT activity. The surge reflects increased staking flows as regulators clarify liquid staking definitions, suggesting imminent spot ether ETF staking products.
Simultaneously, a 24,000 BTC whale sale—valued at $2.7 billion—on Aug. 24 triggered a flash crash, liquidating approximately $500 million in leveraged positions within minutes, according to QCP Group. The whale’s offloading accentuated bitcoin’s recent 5% monthly decline and highlighted residual volatility despite broader market resilience.
DeFi hacking continued to plague the ecosystem, with cybercriminals stealing $53 million in August, including a $48 million exploit at Turkey’s BtcTurk. DefiLlama data show rising exploit frequency, underscoring persistent security challenges in smart contract protocols and emphasizing the need for enhanced auditing and insurance mechanisms.
Meanwhile, 13 US states have introduced legislation to regulate crypto ATMs, often targeting exploitation by fraudsters. Rhode Island and Wisconsin recently passed rules, joining municipalities like Stillwater, Minnesota, and Spokane, Washington, which banned kiosks outright. The measures aim to protect vulnerable populations, such as senior citizens, commonly targeted by ATM scams.
Amid these trends, major bitcoin treasury entities Strategy and Metaplanet acquired 3,511 and 1,859 BTC respectively in August, totaling over $620 million in purchases. This accumulation underscores divergent strategies between onchain activity growth on Ethereum and sizable treasury builds on bitcoin, shaping the industry’s post-halving narrative.
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