Understanding Investment Research Newsletter · August 16, 2025, Friday

On-chain Activity

Whales have withdrawn a total of 88,325 ETH over the past 3 days.

A new address withdrew 17,300 ETH (approximately $76 million) from Kraken within 13 hours, suspected to be an institutional-level asset transfer.

Market Trends

2. ETH falls below the $4,400 mark

Down 0.73% in 24 hours, with 670,000 ETH ($2.95 billion) backed up in the validator exit queue, leading to increased liquidation pressure.

Regulatory Updates

3. New York State plans to impose a 0.2% cryptocurrency transaction tax

Expected annual tax revenue of $158 million on digital asset transfers, if passed, will take effect in September.

4. The Federal Reserve terminates bank cryptocurrency regulation plan

Abolishes mandatory reporting requirements, reducing compliance costs for traditional financial institutions.

Institutional Movements

5. BitMine increases holdings by 135,135 ETH in one day

Total holdings reach 1.297 million ETH ($5.7 billion), possibly expanding reserves for a spot ETF.

6. DCG sues subsidiary Genesis for $105 million debt recovery

Accuses it of violating loan agreements, leading to a liquidity crisis for the group, escalating legal disputes.

10. Fidelity's FETH experiences a net outflow of $272 million in one day

Sets a record for the largest single-day redemption for the ETF, with institutional sentiment turning cold in the short term.

Platform Updates

7. Deribit launches USDC-settled options

Supports BTC/ETH linear contracts, lowering the hedging threshold for traditional capital.

Security Alerts

8. Qubic attack causes Monero to reorganize 6 blocks

An experimental 51% attack resulted in 60 orphan blocks, with a hash rate control of 30%.

Project Updates

9. WLFI multi-signature address transfers 3.58 billion tokens

Transferred to Bitgo custody, with undisclosed use raising community concerns about sell pressure.