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Flat markets turned sharply negative as U.S. stocks experienced significant losses after the three-day weekend.

Continuing a trend observed in recent weeks, cryptocurrencies experienced a sharp decline early in the U.S. trading day. About ninety minutes after U.S. stock markets reopened following Monday's Labor Day Holiday, Bitcoin (BTC) fell 1.5% to $57,800, while Ether (ETH) dropped 3% to $2,442, marking its lowest point since early February.

The CoinDesk 20 Index, a broad market gauge, was down just 1% as a few constituents, notably Lumens (XLM) and Litecoin (LTC), posted modest gains. This decline in crypto prices coincided with a notable drop in stocks, including a 2.4% decrease in the Nasdaq and a 1.5% fall in the S&P 500.

U.S. economic data for August is starting to come in, with the ISM Manufacturing PMI report showing continued contraction. The index came in at 47.2, below the expected 47.5 and July's 46.8. The report's details suggest a stagflationary trend, with New Orders falling to 44.6 from July's 47.4, while Prices Paid increased to 54.0 from 52.9.

In response to these soft numbers, traders have increased the likelihood of a 50 basis point Federal Reserve rate cut in September to 39% from 30% the previous day, according to CME FedWatch. However, the prevailing expectation remains for a 25 basis point cut at 61%.

The key upcoming event for U.S. macroeconomic news is Friday's August employment report. Economists are predicting a rebound in job gains to 160,000 from July's weak 114,000, with the unemployment rate expected to decrease to 4.2% from 4.3%.
$BTC

The number of bullish bets made using borrowed funds has been steadily increasing since late August.
According to one analyst, traders on the crypto exchange Bitfinex are borrowing money to place bullish bets.
Perpetual funding rates have turned positive, and over-the-counter desks are seeing increased demand for higher strike call options.

"Green lending rates and long positions have historically been a strong indicator for bullish sentiment; the last two major spikes were preceded by significant increases in rates and long positions," the crypto block trading service provider Greeks.Live told CoinDesk via Telegram. A green lending rate refers to an interest rate that is above zero.

Additionally, activity in bitcoin perpetual futures listed across global exchanges is displaying a renewed bullish bias, as indicated by a positive shift in the open interest-weighted global average funding rates. Positive funding rates suggest that perpetual futures are trading at a premium to the spot price, signaling a predominance of bullish bets.

Over-the-counter (OTC) desks are also experiencing renewed interest in bitcoin call options, which offer asymmetric payoffs during price uptrends.

"The options market is seeing a surge in block call trades, accounting for 30% of the day's total, with whales establishing long positions across the board," Greeks.Live noted.

In other developments, call spread strategies were observed on the OTC network Paradigm on Monday.

"Out-of-the-money (OTM) options were the focus today, with an 80K/100K December call spread and an ETH 27 December/28 March calendar spread. There was also a notable SOL print," Paradigm reported via a Telegram broadcast.
$BTC

According to crypto analysts, Bitcoin (BTC) is on track to reach $110,000 by 2025, based on technical patterns. However, some caution that a significant dip, potentially below $40,000, could happen first.

The bullish forecast is primarily driven by the "Cup and Handle" pattern, a widely recognized formation in technical analysis that signals a continuation of an upward trend. Crypto analyst Titan of Crypto suggests that Bitcoin could be poised for a major breakout, potentially hitting $110,000 by the first quarter of 2025.

Analyst Elja Boom points to another bullish indicator: the giant inverse head and shoulders pattern. He predicts that once this pattern fully develops, Bitcoin could surge past $100,000. "Once the BTC giant inverse head and shoulders pattern breaks out, Bitcoin could shoot above $100K," Boom said, forecasting an all-time high in Q4 2024 and $100K in Q1 2025.

Despite these optimistic predictions, some analysts believe Bitcoin’s journey to $110,000 may not be smooth. Analyst Magoo PhD warns of a possible sharp correction, with Bitcoin potentially dropping below $40,000 before any significant rally. Magoo's analysis includes a chart suggesting a tough correction could precede the anticipated breakout.

Supporting this analysis, data from CoinGlass shows that Bitcoin has strong support at the $57,000 level. A drop below this threshold could trigger liquidations of over $860 million in cumulative leveraged short positions, potentially intensifying any downward movement.
$BTC

Bitcoin and cryptocurrency prices have soared this year as the U.S. dollar index hits year-to-date lows, with the Coinbase CEO recently unveiling an AI breakthrough.
The bitcoin price is currently hovering around $60,000 per bitcoin, up from January's lows of under $40,000, as traders anticipate that a new liquidity boost from the Federal Reserve could push the bitcoin and crypto market to the "cusp" of a significant move.
Now, with China preparing to unleash a bitcoin price bombshell, concerns are mounting that the U.S. dollar is "on the verge of a total collapse," positioning bitcoin for "a critical tipping point."
A daily five-minute newsletter designed for traders, investors, and the crypto-curious, keeping you informed and ahead of the bitcoin and crypto market bull run.

Schiff, the founder of Euro Pacific Asset Management and a known bitcoin and crypto skeptic, recently commented that "the index could easily sink below 90 before year-end, challenging the 2020 low." He added, "I believe that low will be breached in 2025, triggering a U.S. dollar crisis, crashing the economy, and causing consumer prices and long-term interest rates to soar."

Last month, Fed Chair Jerome Powell delivered a speech at the annual economic symposium of central bankers in Jackson Hole, Wyoming, where his dovish tone signaled a potential interest rate cut in September, leading to a decline in the U.S. dollar.

"It’s been a tough summer for the greenback," said Neil Roarty, an analyst at investment platform Stocklytics, in an emailed statement. "As recently as April, the dollar's dominance seemed unstoppable as it surged against almost all global currencies. Now, it’s at 2024 lows against the euro, the pound, and the yen."

Minutes from the Federal Open Market Committee's (FOMC) July meeting revealed that policymakers are more dovish than previously anticipated, suggesting that interest rates could decline sharply after soaring to 23-year highs under the Biden administration, as inflation reached levels not seen since the 1980s.
The Fed is now widely expected to begin a rate-cutting cycle at its two-day monetary policy meeting starting on September 17.
"There’s now speculation that [interest rates] might drop faster than initially predicted," Roarty noted. "As much as 100 basis points could be shaved off current rates by the end of the year. This will dampen dollar expectations for the rest of 2024, but it’s crucial to monitor how other central banks respond. That critical rate gap—the difference in interest rates between countries—could drive significant currency volatility in the coming months. Brace yourself for what could be a bumpy ride."

In Europe, both the European Central Bank (ECB) and the U.K.'s Bank of England are expected to implement further rate cuts after initiating loosening cycles in recent months. However, uncertainty surrounds the Bank of Japan, which sparked a global market meltdown in July with an unexpected interest rate hike.

Meanwhile, the momentum that bitcoin built during the first half of 2024 has waned, raising doubts about its performance for the remainder of the year.

"While we remain optimistic about the mid- to long-term prospects of digital assets, the current evidence suggests caution is warranted," wrote Markus Thielen, CEO of 10x Research, in an emailed note.

"Despite near V-shaped rebounds following dips in early May, early July, and early August, the underlying market structure and fundamentals have weakened over time. As a result, each dip has become deeper, and the recoveries have been less robust. The latest end-of-month data indicates that we may be approaching a critical tipping point in September, marked by a decline in demand."
$BTC
Other bitcoin and crypto market analysts have raised concerns about bitcoin's historically poor performance in September.

"September has traditionally been a negative month for bitcoin, with data showing an average value drop of 6.56%," said Innokenty Isers, founder of the U.K.-based bitcoin and crypto exchange Paybis, in an email. He noted that recent negative investor sentiment has driven bitcoin's price down from its recent highs.

"However, if the Fed cuts interest rates in September, it could help bitcoin break its negative trend. Rate cuts typically lead to an increased flow of U.S. dollars into the economy, which reduces the dollar's purchasing power and enhances bitcoin's appeal as a store of value. Many institutional investors are already supporting this view by accumulating significant amounts of bitcoin. If the Fed's actions weaken the dollar, a shift toward risk assets with higher growth potential could become inevitable. Overall, macroeconomic indicators, the adoption of spot bitcoin exchange-traded funds (ETFs), and a favorable hash rate might make September a better month for bitcoin this quarter."
The bitcoin price rally this year has been fueled by the long-anticipated arrival of spot bitcoin ETFs on Wall Street.
Bitcoin ETFs from BlackRock and Fidelity, which debuted in January, have quickly become some of the fastest-growing ETFs of all time.

$BTC

Significant shifts have been observed in the Dogecoin (DOGE) market as September arrives. Data from IntoTheBlock reveals that large investors, or "whales" who hold at least 0.1% of DOGE’s circulating supply, have drastically reduced their on-chain activity since the start of the month.
Specifically, daily inflows into whale wallets have plummeted from 229.49 million to 27.96 million DOGE, an 87.81% drop. Outflows have also decreased sharply, from 181.29 million to 17.42 million DOGE daily, marking an 80.7% decline.
Consequently, the net flow of Dogecoin into whale wallets has shrunk to 10.54 million DOGE, a figure four times lower than the previous day.
Interestingly, this reduction in whale activity began just before September, a month known for its challenges in the cryptocurrency market due to seasonal and market factors. Despite these challenges, DOGE has historically performed well in September, with an average profitability of 11.3%, compared to Bitcoin’s -6.21%.
What lies ahead for Dogecoin over the next 30 days remains uncertain. However, if there are any significant price movements, it's likely that the whales will play a key role.
$DOGE
#DOGSONBINANCE #BlackRockETHOptions #BinanceBlockchainWeek #PowellAtJacksonHole #TelegramCEO

Recent on-chain data reveals a significant shift in the Bitcoin market. In the past 48 hours, approximately 40,000 BTC has been withdrawn from crypto exchanges. This notable outflow coincides with a period of relatively flat Bitcoin prices, suggesting that major market players may see the current price as an attractive buying opportunity.

At the time of this report, Bitcoin had risen by 1.11% over the past 24 hours, trading at $59,478, following a peak of $61,194 in the previous trading session. Despite this recent uptick, Bitcoin remains down 2.24% for the week.
Crypto analyst Ali pointed out that this large withdrawal aligns with a recent dip in Bitcoin prices, as revealed by on-chain data from Santiment. The 40,000 BTC outflow, worth around $2.4 billion, suggests significant buying interest or a move to cold storage, which is often interpreted as a bullish signal indicating long-term holding rather than short-term selling.
Santiment also noted an increase in accumulation by wallets holding between 10 and 10,000 BTC over the past month. These wallets have collectively added 133,300 BTC, while smaller traders have been reducing their holdings.
The trend of decreasing Bitcoin reserves on exchanges, as reported by CryptoQuant, reflects a broader move toward self-custody among investors. This reduction in available Bitcoin on exchanges generally decreases selling pressure, which could potentially support a bullish market if demand continues to rise.
$BTC

A recent poll shows that Donald Trump's efforts to win over crypto enthusiasts are paying off, with a significant lead among crypto owners.
2. Poll results: Trump leads among crypto owners
50% of likely voters who own cryptocurrency or related assets support Trump, while 38% support Kamala Harris.
3. Trump's change of heart on crypto
Trump had previously called cryptocurrency a "scam" in 2021 but has since changed his stance, which has helped him win over many in the crypto community.
4. Crypto ownership demographics
15% of all registered voters in the US own crypto, NFTs, or similar digital products, with the demographic mostly made up of:
* Men
* Younger voters
* Members of racial minority groups
5. Republicans slightly more likely to own crypto
Republicans are slightly more likely to own crypto than Democrats, but this difference doesn't fully account for the significant swing in presidential support among crypto owner.

The increasing interest from institutional investors in crypto assets could drive the total market value to over $10 trillion by 2030, signaling a major shift in the traditional financial landscape.
Institutions Fuel Crypto Market Growth Toward $10 Trillion by 2030
The crypto market has seen remarkable expansion, growing from a near-zero value fifteen years ago to a current capitalization of nearly $2 trillion.

Experts suggest that this rapid rise is just the beginning. By 2027, institutional investors are expected to increase their crypto asset holdings from 1.5% to 7% of their portfolios.

Several factors drive this shift: the pursuit of higher yields in a low-interest-rate environment, the tokenization of real-world assets offering new investment opportunities, and enhanced infrastructure and regulatory frameworks lowering entry barriers.
Analysts forecast that the crypto sector could achieve a $10 trillion market capitalization by 2030, marking a fivefold increase from its current value.
**The Ecosystem in Full Swing**
Institutional interest is driving innovation in the crypto industry. Over the past year, publicly traded companies have nearly tripled their Bitcoin holdings, increasing from $7.2 billion to $20 billion.

This enthusiasm extends beyond Bitcoin, with investors diversifying into new products like tokenized mortgages, crypto derivatives, and digital bonds.

Ataf Ahmed, CEO of Graphene Investments, predicts that as real-world assets become tokenized, digital assets will become a crucial component of most portfolios. He envisions future integration of securities, bonds, and central bank digital currencies with blockchain technology.

In summary, the crypto market's rapid growth appears inevitable, largely fueled by institutional interest. However, regulatory challenges persist, and how these are addressed will influence how quickly the market reaches $10 trillion.

XRP News Today: Will Ripple's BRICS Ties Impact the SEC's Appeal Decision?
Ripple, the company behind the $XRP
cryptocurrency, has been making headlines recently due to its growing ties with the BRICS nations (Brazil, Russia, India, China, and South Africa). As Ripple continues to expand its presence in these emerging markets, many are wondering if this will have an impact on the SEC's appeal decision regarding XRP's status as a security.
Ripple's BRICS Expansion
Ripple has been actively pursuing partnerships and collaborations with financial institutions in the BRICS nations. This move is seen as a strategic effort to tap into the vast and growing markets of these countries. With a combined population of over 3.5 billion people, the BRICS nations represent a significant opportunity for Ripple to increase adoption and usage of XRP.
SEC's Appeal Decision
The SEC's appeal decision regarding XRP's status as a security has been a long-standing issue. The SEC initially classified XRP as a security, which led to a lawsuit from Ripple. The court ultimately ruled in favor of Ripple, stating that $XRP is not a security. However, the SEC has appealed this decision, and the outcome is still pending.
Impact of BRICS Ties on SEC's Decision
The question on everyone's mind is whether Ripple's growing ties with the BRICS nations will have an impact on the SEC's appeal decision. Some experts believe that Ripple's expansion into these emerging markets could strengthen its case, as it demonstrates the company's commitment to increasing adoption and usage of xrp Others argue that the SEC's decision will be based solely on the legal merits of the case, and that Ripple's BRICS ties will have little to no impact.
$XRP

A Manhattan judge has permanently dismissed a lawsuit claiming that Elon Musk and Tesla manipulated the price of Dogecoin (DOGE) through Musk's social media posts and public appearances.
U.S. District Judge Alvin Hellerstein ruled that Musk's statements about Dogecoin were "aspirational and puffery," not factual assertions that could mislead a reasonable investor.
The lawsuit, filed in 2022, accused Musk of using his influence on Twitter (now X) and a 2021 appearance on NBC's "Saturday Night Live" to drive up the price of the dog-themed cryptocurrency for his own gain. Some of the statements in question included Musk's claims to "become Dogecoin's CEO," to send a "literal Dogecoin to the moon" with SpaceX, and to suggest that Dogecoin might become the global financial standard.
Hellerstein concluded that these remarks were not actionable as they were not meant to be taken literally or as reliable investment advice. He granted the defendants' motion to dismiss the lawsuit with prejudice, closing the case.

HMSTR Token Launch on OKX
Hamster Kombat’s HMSTR token is set to launch on OKX on September 26, a move that is expected to generate substantial interest from gamers and traders alike. The token will debut on OKX's spot market, with the exchange planning multiple promotional campaigns to enhance user engagement.
Pre-Market Futures and Game Integration
For early access, OKX will offer USDT-margined Pre-Market Futures with up to 2x leverage. The HMSTR token, central to the TON blockchain-based game, serves as the primary currency within Hamster Kombat.
Airdrop and Token Distribution
A major airdrop, distributing 60% of the HMSTR token supply to active players, is scheduled for the same day. This initiative, though previously delayed due to internal conflicts, is a key strategy to deepen user engagement and onboard new players into the Web3 ecosystem.
Impact and Future Outlook
With its upcoming token listing and airdrop, Hamster Kombat is positioning itself as a strong competitor in the gaming and blockchain space. The community’s anticipation is evident, marked by widespread discussion across social media platforms.

A new law in Russia allows for cross-border payments using cryptocurrency, which could help the country avoid international sanctions ¹. However, experts are skeptical about the effectiveness of this approach due to the traceability of blockchain transactions and the risk of even tougher sanctions ¹.
The law, signed by President Vladimir Putin in late July, permits cross-border crypto payments but doesn't lift the existing ban on using cryptocurrencies for regular payments within Russia ¹. The central bank will oversee an "experimental" regime, and details on how this will work are still unclear ¹.
Russia has been hit with 16500 sanctions since its invasion of Ukraine in February 2022, and about half of its foreign currency reserves are frozen ¹. The country is looking for ways to circumvent Western sanctions, but analysts doubt that crypto will be an effective solution ¹.
Some experts believe that Russia's central bank will struggle to implement the law effectively, and that foreign partners may be hesitant to engage in crypto transactions with Russia due to the risk of secondary sanctions ¹. Others note that the law's "experimental" nature allows for flexibility, but also creates uncertainty and potential risks ¹.

The value of Bitcoin has tanked ahead of the weekend following BlackRock’s Spot BTC ETF outflow. At press time, Bitcoin (BTC) is worth $59,367, with a minimal decline in the last 24 hours. 
The value of BTC today is almost 3% lower than it was seven days ago. Historically, BTC has dropped further down on the weekend compared to its Friday Wall Street close. 
Overall, BTC’s demand growth remains low and has turned negative in the last few weeks. According to data from Alternative.me, the crypto Fear and Greed Index now sits at 34, signaling fear among investors.
According to SoSoValue data, U.S.-listed BTC ETFs saw $71 million in net outflows on Thursday for the third day in a row, indicating that professional funds are exiting the market.
SoSoValue data for U.S.-listed BTC ETFs August 29th
At this point, traders predict that market volatility will increase in the coming weeks. Despite favorable rate cut signs and endorsements from Republican nominee Donald Trump, BTC has generally traded sideways over the last week. BTC’s drop has led the rest of the crypto market down in losses. 
BlackRock’s BTC ETF sees $13.5M outflow in a day
BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) recorded its second-ever day of outflows since it launched in January 2024. IBIT recorded a $13.5 million net outflow on Aug. 29. This is its second since its $36.9 million net outflow on May 1. 
According to Farside Investors data, this was also the worst joint outflow day on record for the Bitcoin TFs. On August 29th, total outflows stood at $563.7 million. Yesterday, the 11 United States-based spot BTC ETFs saw joint net outflows totaling $71.8 million.
BlackRock’s fund ranked third behind the Fidelity Wise Origin Bitcoin Fund (FBTC), which saw the largest net outflows of the day at $31.1 million. The Grayscale Bitcoin Trust (GBTC) came in second with outflows of $22.7 million.
Farside Investors data Spot BTC ETFs
IBIT’s net outflow day comes after it registered $224.1 million in net inflows on August 26 — its largest total since July 22, when it received $526.7 million.
The ARK 21Shares Bitcoin ETF (ARKB) was the only one that saw net inflows on August 29, with $5.3 million flowing into the fund.
$BTC
$ETH
#CryptoMarketMoves #BinanceBlockchainWeek #BlackRockETHOptions #BinanceBlockchainWeek

Ryan Salame, a former FTX executive sentenced to 7.5 years in prison, has retracted his legal request for a New York court to enforce his plea deal or overturn his sentence. Salame initially agreed to the plea deal in exchange for prosecutors dropping their investigation into Michelle Bond, his partner and the mother of his child.

Salame's lawyers had argued that prosecutors improperly secured his guilty plea by promising to cease their investigation into Bond, a former SEC lawyer and crypto advocate. However, after Bond was indicted on Aug. 22 for taking illegal campaign contributions from Salame and other FTX employees during her 2022 Congressional run, Salame decided to withdraw the petition.

Judge Lewis Kaplan, however, has stated that he will still hold a hearing on the original petition, requiring Salame's attendance as a condition of his bail. Salame's lawyers clarified that the withdrawal is to allow Bond to address the issue in her own legal proceedings. Bond, who appeared in court and was released on a $1 million bond, faces four charges related to campaign finance violations, each carrying a potential five-year sentence if convicted.
#TON #DOGSONBINANCE #BNBChainMemecoins #BinanceBlockchainWeek #CryptoMarketMoves

Durov faces charges including complicity in child pornography, trafficking, money laundering, and organized crime.

Telegram CEO Pavel Durov, facing legal troubles, was granted bail on Wednesday after paying €5 million ($5.56 million). He is also under judicial supervision, required to report to the police twice a week.

The Russian-born billionaire was detained at a French airport on Saturday and charged with 12 counts of complicity. According to Paris prosecutor Laure Beccuau, "Pavel Durov was indicted and placed under judicial supervision," and is prohibited from leaving France until further notice.

This prompted JUNALCO to launch an investigation into the potential criminal liability of Telegram's management.

After his arrest, Durov was held in custody for up to 96 hours, the maximum duration allowed under French law.

**JUST IN:** 🇫🇷 Pavel Durov has been released from custody on €5,000,000 bail.

Durov’s arrest has caused significant unrest among governments in Paris, Moscow, and Abu Dhabi. Despite his efforts to distance himself from Moscow, Telegram has become crucial for Russian military communications. A Russian military blogger even described Durov’s detention as effectively capturing the "head of communication for the Russian army," prompting Russian officials to call for his release.

The United Arab Emirates, where Durov is a citizen, has requested French authorities grant consular access to him. The UAE foreign ministry stated, “The UAE is closely monitoring the case of its citizen Pavel Durov, founder of Telegram, who was arrested at Paris-Le Bourget Airport. We have requested urgent consular services from the French government.”

Durov’s arrest has also sparked a vigorous debate on online free speech and tech regulation.
#DOGSONBINANCE #BNBChainMemecoins #TelegramCEO #PowellAtJacksonHole #CryptoMarketMoves

The whale who reportedly shook the market by dumping $467 million worth of Bitcoin in July has made another major move. On August 29, reports emerged that this whale withdrew 1,000 BTC, valued at approximately $59.6 million, from Binance, the largest digital assets exchange.
This transaction occurs as Bitcoin continues to face significant selling pressure, with its price down 14% over the past 30 days, hovering near the $60,000 level.
Bitcoin Whale Withdraws 1,000 BTC
According to data from Spot On Chain, this same whale was responsible for a 14% drop in Bitcoin's price earlier this year by depositing 7,790 BTC (worth roughly $467 million) into Binance between June 27 and July 8. During this period, Bitcoin's price fell sharply from $60,800 to the $55,000 range.
Currently, the whale's address holds 7,559 BTC, worth approximately $451 million. This whale’s next move could have significant implications for the entire crypto market.
Since the start of the year, Bitcoin exchange balances have dropped by 12.5%, increasing the scarcity of BTC in the market.
After a 14% decline over the past 30 days, Bitcoin saw a slight uptick in the last 24 hours, trading at an average price of $60,161 at the time of writing. However, its 24-hour trading volume has decreased by 22%, standing at $34.4 billion.
Cryptoquant Flags Major BTC Movements
Cryptoquant has reported several significant Bitcoin movements during the recent downturn. These movements could potentially lead to further price drops. On August 27, a total of 7,788 BTC aged 1-3 months and 75,228 BTC aged 3-6 months suddenly became active. Observers view these developments with caution.
On August 28, Cryptoquant noted the transfer of 19,067 BTC aged 1 week to 1 month, 1,863 BTC aged 1-3 months, and 1,614 BTC aged 18 months to 2 years.
By August 29, Cryptoquant highlighted the movement of 23,345 BTC aged 1 week to 1 month, 1,220 BTC aged 6-12 months, and 16,003 BTC aged 5-7 years. The movement of older BTC often signals potential sales, and if this pattern continues, it could contribute to further declines in Bitcoin’s price.

According to Coinglass data, Binance saw a staggering 51,398 Bitcoin leave the exchange over the past month. Notably, around 48,000 of these coins were withdrawn on August 27, coinciding with widespread complaints from Palestinian users about frozen assets on the platform.

Additionally, Binance, the largest crypto exchange by trading volume, experienced an outflow of over 275,200 Ethereum in the past 30 days, with 86,486 ETH leaving in just the last 24 hours. Combined with the Bitcoin withdrawals, the total value of BTC and ETH that has exited Binance over the past month is approximately $3.7 billion.

Despite the significant outflows, Binance remains the second-largest holder of Bitcoin and Ethereum, with a total balance of 566,113 BTC and 3.44 million ETH. Coinbase leads with 824,887 BTC and 4.44 million ETH, according to Coinglass data.

The outflows surged after Ray Youssef, co-founder and former CEO of Paxful, alleged that Binance had seized the assets of Palestinian users. In response, Binance told crypto.news that only a limited number of accounts were affected due to the exchange’s anti-money laundering and terror financing policies.

The controversy has sparked a backlash on social media, with many pro-Palestine users on X promoting the hashtag #BoycottBinance, deleting their accounts, and criticizing the exchange’s actions.

Telegram Wallet recently announced that the TON network is back up and running after experiencing a second outage that halted blockchain transactions. The network faced significant stress due to high transaction volumes from DOGS, causing a nearly four-hour interruption. As a result, exchanges such as Bybit temporarily suspended deposits and withdrawals via the TON network.

The TON Foundation developer tweeted that the network overload caused by DOGS transactions led to the outage. After the first disruption, the network encountered a second outage a few hours later, prompting Telegram Wallet to announce a pause in TON blockchain transactions.
**TON Network Fully Operational Again**
After nearly five hours of downtime, Telegram announced that the TON network is now fully operational. The update noted that "TON-based asset withdrawals and deposits in Wallet will be credited in due course."

Despite a broader decline in the crypto market, Toncoin is showing positive momentum. Although Pavel Durov’s arrest initially caused TON’s price to fall, it is gradually recovering. After dropping to $5.15 during the first outage, TON has risen above $5.60 following the second outage. CoinGecko reports a 7% increase in the last 24 hours.

Toncoin reached an all-time high of $8.25 in June, driven by the growing popularity of Notcoin, Hamster Kombat, and DOGS. TON Foundation developer Justin commented that "Chain being stress tested just means there’s that much activity on it. Onwards and upwards."