Dan Katz: Local stablecoins may accelerate user adoption of US dollar stablecoins

Farside monitoring shows that the total net inflow of US Ethereum spot ETFs this week was $243.7 million, including a net inflow of $203 million from BlackRock ETHA, $12.7 million from BlackRock ETHB, $24.2 million from Fidelity FETH, $2.7 million from ETHW, $1.3 million from TETH, $4.7 million from Grayscale ETHE, and $4.5 million from Grayscale ETH.

Jiang Zhuo'er, founder of the Leibit Mining Pool, stated that stablecoins continue to flow out of the cryptocurrency market, with USDT falling from $184.2 billion to $183.1 billion and USDC falling from $73.28 billion to $72.15 billion in the past month, a total decrease of $2.23 billion. At present, there is no sign of a bull market starting in the capital market, and Bitcoin has rebounded to a range of $68000 to $70000, breaking through short positions and possibly facing its final decline.

[Whale Loracle Closes 15,335 ETH Short Position, Losing $948,000] According to Hyperbot data, whale Loracle closed a 15,335 ETH short position, incurring a loss of approximately $948,000. Loracle still holds short positions in HYPE, KAITO, and XMR, with an overall unrealized loss of about $491,000 and a return on investment of -3.18%.

The US Senate passed a temporary measure on Saturday to provide funding for federal agencies until December 11th. According to Fox News, the vote was 90 in favor and 6 against, with Senator Darlene Graham abstaining. This bill will help prevent a government shutdown on October 1st, and it will still need to be coordinated and agreed upon after the House of Representatives returns from recess.

CryptoQuant analyst Axel Adler Jr. stated that the trading price of Bitcoin is below the short-term holder cost base. As of August 8th, the trading price of Bitcoin was $64952, and the actual price for short-term holders was $67523. The spot price was 3.8% lower than the actual price, with a difference of $2571. In the past 284 days, Bitcoin has closed at a price lower than the actual price of short-term holders 279 times, and short-term holders will start selling Bitcoin to close positions at the break even point.