August 14 brought some significant developments in the world of cryptocurrency. These include the possibility of U.S. Bitcoin ETFs exceeding Satoshi Nakamoto’s Bitcoin holdings, a substantial increase in Shiba Inu trading volumes, consistent Cardano holder numbers, and a discussion by Animoca’s founder about the challenges NFTs face when competing with memecoins.
U.S. Bitcoin ETFs on Track to Surpass Satoshi Nakamoto’s Holdings
Bitcoin exchange-traded funds (ETFs) in the United States are on track to hold more Bitcoin than Satoshi Nakamoto, the creator of the cryptocurrency.
According to Bloomberg ETF analyst Eric Balchunas, these ETFs currently hold a total of 909,700 Bitcoins, which is worth approximately $55.1 billion at the current price of about $60,500.
Didn’t realize US ETFs are on track to pass Satoshi in bitcoin held in October. BlackRock alone is already #3 and on pace to be #1 late next year, and will likely stay there for a very long time Ht @EdmondsonShaun pic.twitter.com/QGsO00zrxp
— Eric Balchunas (@EricBalchunas) August 12, 2024
These funds are approaching Nakamoto’s estimated reserve of 1.1 million BTC, which the enigmatic creator mined when Bitcoin first launched and has left untouched since disappearing over 13 years ago.
Shiba Inu Sees 240% Surge in Large Transaction Volumes
According to data from the market information platform IntoTheBlock, Shiba Inu’s large transaction volume increased significantly.
On August 11, it surged by 240%, rising from 326.98 billion SHIB to 781.4 billion SHIB. The following day, August 12, large transactions climbed over 93% to 1.51 trillion SHIB.
This surge indicates that cryptocurrency “whales” are actively accumulating Shiba Inu as the meme coin aims to establish a support level. IntoTheBlock’s data also shows that these whales sold a significant portion of their holdings last week during a downturn in the cryptocurrency market.
Number of Cardano Holders Remains Stable Over the Past Year
According to data from IntoTheBlock, the number of Cardano (ADA) holders has remained stable over the past year.
The chart shows that Cardano experienced significant growth in holders during the 2021 bull run, but this growth slowed during the 2022 bear market and has since stabilized.
Animoca’s Founder Claims NFTs Struggling to Compete with Memecoins but Retain Long-Term Value
Yat Siu, Chairman of Animoca Brands, a Web3 venture capital firm based in Hong Kong, stated that non-fungible tokens (NFTs) are currently “struggling to gain attention” compared to memecoins, but their “non-fungible” nature will ensure their long-term value.
“Three years ago, I don’t know how many thousands of NFT projects launched everyday, and now that’s seen in memecoins,” said the Animoca chairman. “Eventually, when that cycle follows through … what will become more important for your reputation, not for money? NFTs.”
Related news: Crypto Market News Summary August 12, 2024
