Today's Newsletter content 📃

The U.S. stock market dropped $1.05 trillion in value within 24 hours, driven by weak economic data. The Dow Jones fell over 2%, closing at 40,936.93, due to disappointing manufacturing reports. Tech stocks also suffered, with Nvidia dropping 9.5%, erasing $279 billion in market value. The S&P 500 fell 2.4%, and the Nasdaq plunged 3.5%. Oil prices dropped, while cryptocurrencies like Bitcoin and Ethereum also experienced declines, though for different reasons. Analysts remain divided on whether this signals more market trouble.

The Ethereum Foundation sold 100 ETH using the decentralized Cow Swap Protocol, receiving 241.2K DAI. This follows a trend of smaller ETH sales to maintain a fiat budget for its operations. Despite the sale, the Foundation still holds 382.46K ETH. Historically, such sales coincide with market tops or downturns, causing ETH prices to dip. After the transaction, ETH dropped to $2,395.45, while Ethereum network activity and gas prices surged. The Foundation continues to fund internal teams and grants, with $8M awarded in Q2 2024.

Kamala Harris’ super PAC, Future Forward, is accepting cryptocurrency donations via Coinbase Commerce, according to Coinbase CFO Alesia Haas. While the Harris campaign hasn’t directly embraced crypto, this move marks a significant step in appealing to crypto voters. Coinbase is also pushing political advocacy, supporting PACs like Fairshake, which backs crypto-friendly candidates. This comes as Donald Trump courts crypto voters, creating a notable divide—Trump leads among crypto owners, while Harris is favored by non-owners, according to polls.

Aave founder Stani Kulechov sold 55,596 AAVE, worth $6.67 million, amid a 66% price surge over the past month. Despite the sell-off, Kulechov still holds over 243K AAVE, valued at $32.7 million. Aave recently launched V3 on Era Mainnet, powered by ZKsync, boosting its growth. Crypto whales have also been active, with one whale purchasing 50,604 AAVE ($6.78M) in a single transaction, increasing their holdings to 125,605 AAVE. A long-term holder sold 17,447 AAVE, booking a $2.14 million loss.

Fidelity, a major Bitcoin ETF provider, moved nearly 4,000 BTC from its custodial wallets following ETF outflows. Multiple transactions of 200 BTC were split into smaller addresses, but no signs indicate open market sales. This comes after ETFs sold 10,428 BTC, with August seeing up to 16K BTC sold. Meanwhile, Ethereum (ETH) also saw large outflows, with Grayscale selling 15.47K ETH. Institutional sellers like Ceffu also moved BTC, reflecting continued market corrections. Despite the turbulence, Bitcoin remains relatively stable, with long-term holders showing no signs of panic.

Agora has launched its AUSD stablecoin on Sui, a Layer 1 blockchain known for its scalability. AUSD is the first institutional-grade USD stablecoin in Sui’s DeFi ecosystem, boosting liquidity and accessibility. Previously successful on Ethereum and Avalanche with $60M AUSD minted and $5M+ daily DEX volume, AUSD’s integration strengthens Sui’s $600M TVL DeFi landscape. Agora’s Co-Founder, Nick van Eck, sees this as a major step toward creating a more inclusive financial future, leveraging Sui’s cutting-edge infrastructure for DeFi and payments innovation.

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