OVERVIEW

Today's LP Is Brought To You By The Letters F, E, A, and R 

The VIX Index (also known as the fear index) went absolutely bonkers today. At one point, it was up +83.09%, nearly hitting 30. BTW, an intraday move of +83.09% is very close to an all-time high. What does that mean? 😱 

It means people are afraid - very, very afraid.

What are people afraid of? Take your pick: recession fears, inflation fears, employment data fears, or maybe all of them combined. But the FX trader in me is pointing the finger at the BoJ (Bank of Japan), giving the world the middle finger by hiking and messing up the Yen-carry trade, thereby forcing all of those stupidly leveraged borrowers to liquidate. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

NEWS
Crypto News In Three Sentences 📰

💼 Morgan Stanley to Offer Bitcoin ETFs: A First for Wall Street

Morgan Stanley ($MS) is breaking ranks with the stuffy old guard by letting its army of financial advisors pitch Bitcoin ETFs from BlackRock and Fidelity to clients, starting August 7. Unlike the holdouts at Goldman Sachs, JPMorgan, and Wells Fargo, Morgan Stanley is actually listening to its clients who have a net worth of at least $1.5 million and an itch for speculative bets. CNBC has more.

📉 Grayscale Bitcoin Trust Loses 55% of Its Holdings Amid ETF Competition

Grayscale’s Bitcoin Trust ($GBTC) has taken a nosedive, shedding more than 348,000 Bitcoin in the first half of 2024 as investors jump ship to cheaper ETFs. Once holding nearly 620,000 Bitcoin, Grayscale’s flagship fund is now down to less than 276,000 Bitcoin. Despite launching a budget-friendly Mini Trust, Grayscale is losing the ETF race as BlackRock and Fidelity rake in billions. Full story at Decrypt.

⚖️ Vitalik Buterin on Ethereum’s Future: Balancing Accessibility and Core Values

Vitalik Buterin wants $ETH to be user-friendly without turning into a corporate sellout. He talked about the need for better cross-chain interoperability and apps that don’t make your brain hurt, whether you're a newbie or a pro. The key, according to Buterin, is to keep Ethereum decentralized and true to its roots. From Crypto-Economy.

🚩 MicroStrategy’s $15 Billion Bitcoin Hoard Raises Concerns

MicroStrategy’s ($MSTR) $15 billion Bitcoin treasure chest is making everyone nervous because of the company’s financial hiccups and potential U.S. policy shifts. While MicroStrategy's stock is up 156% this year, there’s a worry that if they stop buying Bitcoin, prices could take a nosedive. Plus, Bitcoin’s rollercoaster ride continues, thanks to election drama and economic chaos. More at Crypto News.

🐋 Cardano Whales Scoop Up 120 Million ADA, Competing with Ethereum

Cardano whales are on a shopping spree, snapping up 120 million $ADA and giving Ethereum a run for its money. This whale activity could light a fire under Cardano’s price, despite its lousy 35% YTD loss. Analysts think these big buys might kick off a price rally, thanks to potential short squeezes acting like “rocket fuel.” Fulll story from NewsBTC.

💼 ARK Invest Buys $21M Ether ETF, Sells $14.6M in Coinbase Stock

Cathie Wood’s ARK Invest is ditching $14.6 million in $COIN stock while buying $21 million worth of Ether ETFs because, apparently, that's how you hedge your bets. It’s ARK’s first dance with the 3iQ Ether ETF, signaling a shift from just holding Coinbase shares to diversifying into crypto ETFs. Despite selling, ARK still holds a chunk of Coinbase, betting big on crypto’s future. More from Cointelegraph.

🔍 Convergence $210,000 Hack Blamed on Code Modification

Convergence just learned the hard way that post-audit code changes are like playing with matches—$210,000 up in flames thanks to a smart contract hack. Their recent “gas-optimization” tweak removed crucial safety checks, letting hackers waltz in and mint tokens like Monopoly money. Convergence claims user funds are safe (phew!) but suggests withdrawing staked assets while they patch things up. Cryptopolitan has more.

📉 Only 1.41% of Pump.fun Meme Coins Launch Successfully

Pump.fun’s meme coins have a success rate that would make even lottery odds look good—just 1.41% actually launch on $SOL's Raydium. Despite this pathetic rate, Pump.fun somehow raked in more revenue than Ethereum on a 24-hour basis, fueled by meme coin mania. Even celebrities are joining the meme coin circus, proving once again that hype trumps substance. From Coinpaper.

🚀 U.S. Government to Sell $130M in Bitcoin Linked to Silk Road

The U.S. is cashing out over $130 million in Bitcoin tied to Silk Road and a rogue Secret Service agent, because who doesn’t love a good auction? This includes 2,900 BTC linked to Ryan Farace and Shaun Bridges, both caught with their hands in the Bitcoin cookie jar. It’s all part of Uncle Sam’s ongoing effort to turn seized crypto into cold, hard cash. Read more at Blockworks.

💸 Bitcoin ETF Inflows Surge While Ethereum Struggles

Bitcoin ETFs are raking in cash like it’s going out of style, with $298 million in net inflows on July 31 led by BlackRock’s IBIT ETF. Meanwhile, Ethereum ETFs are bleeding money, seeing $77.2 million in outflows, proving once again that Bitcoin is the prom king of crypto. While Bitcoin is holding strong, Ethereum’s still trying to figure out its place in a Bitcoin-Solana world. AMBCrypto has more.

🇯🇵 XRP Price Slump Tied to Japan’s Banking Crisis

$XRP’s price slump is like a bad hangover, thanks to Japan’s banking woes spilling over into Ripple’s circle of friends. Ripple allies like SBI Holdings are feeling the pinch, leading to XRP being dumped like yesterday's news. Despite rosy predictions, XRP’s stuck in the mud while Japan’s financial mess continues to unfold. More from U.Today.

🌟 DeFi ‘Waking Up’ as Active Loans Return to 2022 Levels

DeFi is finally shaking off the cobwebs, with active loans and total value locked bouncing back to 2022 highs. According to Token Terminal, DeFi’s on the rise, driven by platforms like Aave ($AAVE) and Synthetix ($SNX). Still, most DeFi tokens are stuck in the doldrums, waiting for their moment to shine in the next bull run. Full story at Cointelegraph.

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Links That Don’t Suck 🔗

🛑 Solana’s failed transactions clarified by market expert

👀 X suspends memecoin creation account amid growing interest

🐋 Crypto whale scoops up 84,000 BTC in July: Bullish market shift?

🐔 Chicken wings advertised as ‘boneless’ can have bones, Ohio Supreme Court de

🎭️ Video game performers protest unregulated AI use at Warner Bros. Studioscides

🗝️ Key recession indicator that accurately predicted every recession since 1970 flashes amid $2.9 trillion market rout

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