David Blumenfeld
@serdave-eth
It’s Sunday which means it’s Crypto weekly 🧵 time with me and @maaria: A lot of market news this week.... BTC down 11%, ETH down 6% and altcoins down 20%+. Stablecoin deposits grew slightly, and BTC now makes up over 60% of the total crypto market (for the first time since 2020). Here were my favorite stories: - BTC fell despite the announcement of a strategic BTC reserve, which will initially be made up of seized criminal and civil crypto assets, meaning the US will not be a net buyer of BTC assets as some speculated. Fun fact: the US government is the 4th largest holder of Bitcoin behind Strategy (formerly Microstrategy), Binance and of course…Satoshi. - ETH revenue dropped by 93% over the past year and its share of blockchain revenue has fallen from 55% in Feb 2024 to 24% this past Feb. A result of this revenue drop is ETH turning inflationary again over the past year (albeit a small amount: 0.41% since Apr 2024).
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David Blumenfeld
@serdave-eth
- NY lawmakers introduced legislation making "virtual token scams" criminal offenses. - The $1.4B of ETH stolen by North Korean hackers from Bybit has been converted to BTC, the first step in the laundering process. - Trump announced at his crypto summit on Friday that he wants stablecoin legislation on his desk before the August congressional recess. - The US Senate overturned a December 2024 IRS rule that would have required DeFi protocols to register as “brokers” and perform KYC on users. Get all the headlines in your inbox every Sunday by subscribing to Crypto Weekly. You can read this week's post here: https://thisweekincrypto.substack.com/p/crypto-weekly-3925
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ted (not lasso)
@ted
… ETH revenue dropped by 93%?! for real
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Dirk Siebels
@disic
What are your thoughts on ETH revenues? Worth as kind of a startup cost to get L2s going for mainstream transactions (with low to medium value) which can give the L1 a good position for high-value transactions (e.g. looking ahead to tokenised financial assets)?
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Kunal 👑🎩
@kunalvg
93% seems like a bit much. Will we ever recover from that?
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Rafaello.base.eth
@rafaello12
Are we gonna recover from this 🥹
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Anjal
@lobzztr
Isn't ETH down like 19% on the weekly
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