Futures open interest has skyrocketed-imagine the summer campfire suddenly erupting into a bonfire-soaring past $60 billion across exchanges. This is a bold leap from a humble $30 billion in early summer, indicating traders are piling in with leverage like it’s a sales pitch for roller coasters: hold on tight!
Earlier in the day, bitcoin was floating around between $110,500 and $111,100, but then it decided to take a deep breath and dive straight to $108,104. And just like that, the equity markets followed suit, tumbling like a clown car at a circus.
Aave (AAVE), in a dramatic twist of fate, has been flung back to the crypto Stone Age after failing to crack $390. The price is now plummeting toward $227, a level so important it’s basically the crypto market’s emergency brake. 🛞 If this support crumbles, the entire uptrend could join the dodo bird in oblivion.
JUST IN: Cypherpunk legend Adam Back says, “Eventually all companies will be #Bitcoin treasury companies”
Nothing stops this train
CEO Tomek Antoniak, presumably wearing a cape and carrying a staff, declared, “This filing positions Luxxfolio to act strategically as we drive global adoption of Litecoin as hard currency.” 🗣️🪙 Because nothing says “hard currency” like a digital coin that’s basically Bitcoin’s cooler, less moody sibling. Meanwhile, the firm already beefed up its reserves with 20,084 LTC after a $2.5 million private placement. That’s a 151% increase in Litecoin-per-share yield, or as we like it, enough litoshis to make a dwarf blush. 💎💦
But alas, the joy was but a fleeting dream. The weekend, that tranquil interlude, offered respite, yet the heavens darkened on Sunday evening. The Ethereum, that once-mighty colossus, ascended to a new peak of $4,950, only to be cast down in an instant, as the market, a fickle lover, abandoned its embrace. Over $300 million in longs were liquidated, a tragedy of epic proportions, though the investors, ever hopeful, clutched their portfolios as if they were relics of a bygone age.
Bitmine’s latest acquisition is less a business strategy and more a fever dream of a gold rush, this time for pixels. For $354.6 million, they’ve amassed 1.8 million ETH-a sum so vast it could fund a small nation’s espresso addiction. 🧋 At $4,400 per ETH, their stash is valued at over $8 billion, which Tom Lee insists could balloon to $16,000 by year’s end. One assumes he’s consulted a crystal ball, or perhaps a very persuasive astrologer. 🔮
But let’s be real for a second: Bitcoin isn’t exactly the sprightliest horse in the stable anymore. Sure, it’s got a reputation, but when it comes to speed, well… even a rock might pass it by. Sometimes, it feels more like it’s resting in the grand hall of “digital relics” than keeping up with the sleek DeFi race cars of today.
According to a Friday announcement, multiple investors have committed about $23.3 million in an initial financing round for Amdax’s Bitcoin (BTC) treasury. This follows an announcement earlier this month that it would launch the treasury as an independent, privately held company with its own governance, AMBTS. One might wonder if the board members are still on speaking terms after such a bold move. 🧠🌀
BitMine Immersion Technologies has announced the appointment of David Sharbutt to its Board of Directors. This strategic move, detailed in an Aug. 28 post, is intended to fortify BitMine’s influence within the Ethereum network, much like a knight protecting the king’s flank.
