Good morning, Coin Discoverers!

CRYPTO

• BTC: $57,963.13(-1.70%)YTD (+31.13%)

• ETH: $2,460.46(-2.12%)YTD (+4.56%)

• BNB: $518.16 (-2.69%)YTD (+65.28%)

*Crypto numbers as of 5:00 am EST on September 2th

Bitcoin ETFs record a monthly decline

After experiencing a fourth consecutive day of net outflows on Friday, U.S.-based spot Bitcoin exchange-traded funds (ETFs) ended August with a modest overall net loss of $94 million. Since the beginning of the month, these ETFs have seen a significant decline, with over $4 billion in total net asset value evaporating.

In contrast, spot Ethereum ETFs experienced a notably quiet day, with no recorded inflows or outflows across all nine commercially available funds. This marks the first time in recent history that Ethereum ETFs have seen such inactivity, reflecting a stark difference in investor behavior compared to Bitcoin ETFs.

Binance faces increased scrutiny

According to a prominent industry executive, the major global cryptocurrency exchange Binance has reportedly confiscated cryptocurrency assets belonging to Palestinians following a request from Israel. This action has raised concerns within the crypto community, highlighting the complex geopolitical challenges facing cryptocurrency platforms.

Ray Youssef, co-founder of the peer-to-peer (P2P) crypto platform Paxful and CEO of the Noones P2P platform, shared on X on August 26 that Binance had seized funds from Palestinian users at the behest of the Israel Defense Forces (IDF).

Pump.fun exceeds $100 million in revenue

Since its launch in January, the popular memecoin launchpad Pump.fun has generated an impressive $100 million in cumulative revenue, fueled by the creation of over one million memecoins. This milestone underscores the platform's rapid rise and the growing interest in memecoins within the crypto community.

Meanwhile, another high-profile crypto project, Polymarket, saw its trading volume in August surpass that of all NFTs across all chains combined. According to data from analytics platform CryptoSlam, Polymarket's remarkable performance highlights its increasing prominence in the crypto space.

Ethereum Gaming Network Geist Implements Members-Only Access to Prevent 'Industrial Farming

Pixelcraft Studios, the developer of the crypto game Aavegotchi, is launching a "members-only" Ethereum layer-3 gaming network named Geist. This new platform leverages the scaling technology of both Arbitrum and Base, aiming to enhance the gaming experience for its users.

The decision to create Geist comes in response to concerns over "industrial farming," a practice that the company believes is hindering genuine players from fully enjoying crypto gaming. By restricting access to members only, Pixelcraft Studios hopes to create a more authentic and engaging environment for players.

STOCKS

• DOW: 41,563.08(+0.55%)

• S&P: 5,648.40(+1.01%)

• NASDAQ: 17,713.62(+1.13%) 

*Stock numbers as of market close on August 30th

Catalent postpones annual report filing

Catalent (CTLT.N) announced on Friday that it could not meet the deadline for filing its annual report with regulators due to the need for additional time to finalize certain processes. The report was originally scheduled for submission on August 29.

The delay comes as Catalent awaits the completion of a significant $16.5 billion acquisition deal, which was agreed upon in February with Novo Holdings, the investment firm behind Danish drugmaker Novo Nordisk (NOVOb.CO).

QatarEnergy plans to double its annual urea production

State-owned QatarEnergy plans to increase its annual urea production from 6 million tons to over 12.4 million tons, according to CEO Saad Al-Kaabi. This expansion was announced at a press conference on Sunday, although no specific timeline was provided.

Al-Kaabi, who also serves as Qatar’s minister of state for energy affairs, revealed that the company will build four new urea production lines. This expansion will enhance output by 106%, with the first of these new lines expected to commence operations before 2030.

REAL ESTATE

• 15-year: 5.95%

• 30-year: 6.43%

*Mortage rates via Mortgage News Daily

Month-End Volatility, Yet No Impact on Broader Trends

Friday's bond market activity appeared intriguing at first, with month-end trading introducing notable volatility. This volatility initially seemed significant, overshadowing the more subdued market movements earlier in the day following the PCE data. However, in the broader context of month-end trading days, particularly those preceding a long weekend, the volatility was fairly typical.

Looking ahead, next week is expected to be more impactful in shaping discussions about a potential 25 or 50 basis point Fed rate cut. This debate will likely drive the next major movement in the bond market, making it a more pivotal period than the relatively routine fluctuations seen on Friday.

TECH

Dell Shares Climb as Demand for AI Servers Enhances Results

Dell Technologies (DELL.N) saw its shares rise by 4% on Friday, following strong demand for its AI-powered servers. This surge in demand led the company to revise its full-year earnings and revenue projections upward.

Earlier this year, Dell enhanced its AI offerings through a partnership with chip leader Nvidia (NVDA.O). This collaboration has enabled Dell to attract mid-sized customers seeking to upgrade their servers with advanced AI capabilities.

QUICK RECAP

#1. British insurer Aviva (AV.L) is "actively engaging" with authorities over alleged tax evasion involving $26 million in fake invoices.

#2. An Indian tribunal approved the $8.5 billion Reliance-Disney merger, following CCI's nod and resolving cricket rights concerns.

#3. Adani Ports will acquire an 80% stake in Astro Offshore for $185 million, expanding its fleet of 26 vessels.

#4. China's BYD (002594.SZ) will acquire German distributor Hedin Electric Mobility, advancing its goal to become a top EV maker in Europe.

#5. Hungarian consortium Ganz-Mavag withdrew its bid for Talgo (TLGO.MC) after Madrid blocked it, but may retry.