Crypto Daily is our column tracking crypto market trends, offering timely insights and valuable updates to keep you informed.
Crypto News
UAE ‘spy sheikh’ takes 49% stake in Trump family’s bank venture: WSJ
Sheikh Tahnoon bin Zayed al Nahyan and co-investors hold a 49% stake in the holding company created by World Liberty Financial to pursue a bank charter, the Wall Street Journal reported. The bank's holding company is WLTC Holdings, though Tahnoon and other investors used a separate entity called StringZ Holding RSC.
The Office of the Comptroller of the Currency granted World Liberty Trust Company, National Association preliminary approval to become a national trust bank. WLF says the trust would enable stablecoin issuance and redemption, on-ramp/off-ramp services, custody and conversion; WLF issues the $USD1 stablecoin, with a market capitalization of about $4 billion, the fourth-largest after Tether and USDC.
White House Principal Deputy Press Secretary Anna Kelly said there were "no conflicts of interest," adding "President Trump only acts in the best interests of the American public." The WSJ earlier reported a Tahnoon-backed vehicle paid $500 million for a 49% stake in World Liberty Financial days before Trump’s inauguration. Top Senate Democrats have urged hearings, and Rep. Ro Khanna opened an investigation into UAE funds to WLF.
Grayscale: Bitcoin-gold correlation rises to 50%, currency depreciation trades may be returning
Grayscale research head Zach Pandl posted that the 90-day correlation between Bitcoin and the Nasdaq-100 has dropped from over 60% to around 33%, while the correlation with gold has risen from nearly zero at the beginning of the year to over 50%, reflecting investors re-focusing on Bitcoin's scarcity and store-of-value function. 'Devaluation trades'—buying scarce assets to hedge against fiat currency depreciation—are making a comeback.
This shift comes as U.S. federal debt has broken through $40 trillion and long-end Treasury yields have significantly risen, prompting investors to seek assets that hedge against deteriorating fiscal and monetary fundamentals. Grayscale believes Bitcoin was born after the 2008 financial crisis precisely for such an environment—without a central issuer and with a fixed supply cap—and can serve alongside gold as a scarce, liquid alternative asset, possibly entering a more favorable market state.
JackYi: The next resistance level for Bitcoin is around $86,000, where long positions will be unwound
JackYi, founder of Liquid Capital, tweeted: Bitcoin still hasn't overcome the resistance level near $81,000; over these past few days, we expect a minor pullback followed by continued upward movement to break through $81,000 and target the next resistance level around $86,000. We will liquidate long positions at the next resistance level, where the next resistance is likely to face significant correction—this is a solid point to exit longs. Regardless, with the bull market trend underway, even at resistance levels we remain bearish but do not short.
Bitcoin & Ethereum Spot ETF Flow
According to SoSoValue data, Bitcoin spot ETF saw a total net inflow of 242.24M USD yesterday (Eastern Time, August 27th).
The Bitcoin Spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a daily net inflow of 277.61M USD, and the total historical net inflow of IBIT currently stands at 63.40B USD.
The second highest was Ark Invest and 21Shares's ETF ARKB, with a daily net inflow of 29.75M USD, and the total historical net inflow of ARKB currently stands at 1.43B USD.
The Bitcoin Spot ETF with the highest net outflow yesterday was Fidelity's ETF FBTC, with a daily net outflow of 83.63M USD, and the total historical net inflow of FBTC currently stands at 10.24B USD.
As of the time of publication, the total net asset value of Bitcoin Spot ETFs is 100.93B USD, with an ETF net asset ratio (market capitalization relative to the total Bitcoin market cap) of 6.28%. The historical cumulative net inflow has reached 54.83B USD.
According to SoSoValue data, yesterday (Eastern Time Aug 27) $SOL spot ETFs had total net inflows of $60.9134 million in a single day.
The $SOL spot ETF with the largest single-day net inflow yesterday was Bitwise Solana Staking ETF (BSOL), with a single-day net inflow of $40.2042 million, and its cumulative historical net inflows currently total $1.011 billion. The next was Grayscale Solana Trust (GSOL), with a single-day net inflow of $6.2207 million, and its cumulative historical net inflows currently total $127 million.
Comments