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Good morning, Coin Discoverers!

CRYPTO

• BTC: $66,510.20(+1.09%) YTD (+50.57%)

• ETH: $3,199.89(+0.81%) YTD (+36.01%)

• BNB: $572.73(+0.34%) YTD (+82.46%)

*Crypto numbers as of 5:00 am EST on July 26th

Buying back tokens from open market

The decentralized lending platform Aave might implement a fee switch to redistribute a portion of the platform's net excess revenue to its primary users.

A recent proposal for Aave suggests introducing a fee switch to share a portion of the platform's net excess revenue with its main users. This change could also pave the way for Aave protocol restaking, potentially creating new revenue streams for both Aave and its users.

The Grayscale Ethereum Trust lost $327 million in a single day

The highly anticipated launch of Ethereum spot ETFs has not sparked the market as expected, with Grayscale's Ethereum Trust ETF facing significant investor skepticism.

The withdrawals from Grayscale's Ethereum Trust (ETHE) were balanced by its Ethereum Mini Trust (ETH), which received $46 million in inflows.

Although Grayscale's newly established Ethereum Mini Trust (ETH) attracted $46 million in inflows and Fidelity's FETH brought in $74 million, the overall outlook for Ethereum ETFs remains uncertain.

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Bitcoin and tech stocks continue to decline following the release of strong US GDP data

Bitcoin (BTC) experienced a further decline, dropping along with tech stocks after stronger-than-anticipated U.S. economic growth data was released.

Bitcoin continued to decline, along with tech stocks, unable to recover following Thursday's strong U.S. GDP data and lower PCE inflation figures.

The largest digital asset by market capitalization remained stable over the past 24 hours, currently trading at $63,800 as of 10:24 a.m.

Proton Mail introduces a Bitcoin wallet designed for top-level security

Proton, the well-known privacy-centric company behind Proton Mail, VPN, and Drive, has launched its open-source Proton Wallet. Revealed on Wednesday, the wallet is designed to simplify Bitcoin transactions for users globally, leveraging Proton's expertise in privacy and security.

Founded in 2014 by CERN scientists, Proton has earned a reputation for its commitment to user privacy and now has over 100 million accounts. The Proton Wallet aims to be user-friendly for beginners while preserving Bitcoin’s decentralized principles.

STOCKS

• DOW: 39,935.07(+0.20%)

• S&P: 5,399.22 (-0.51%) 

• NASDAQ: 17,181.72 (-0.93%)

*Stock numbers as of market close on July 25th

Warburg Pincus appoints Sibbald as the head of Europe

U.S. private equity firm Warburg Pincus has appointed Andrew Sibbald as the sole head of Europe and Rene Obermann as chairman of the region.

Sibbald, who joined Warburg Pincus from Evercore (EVR.N) nine months ago as co-head of Europe, will now be the first British national to lead the European business. In his previous role, he collaborated with Obermann, the other co-head of the region. Both will continue to work together in their new positions.

Europe embraces investment from the Middle East

Abu Dhabi's ADNOC aims for an 11.7 billion euro ($12.74 billion) acquisition of German chemical manufacturer Covestro (1COV.DE), which would be the largest European purchase by a Middle Eastern buyer in at least 16 years. This move highlights a recent increase in dealmaking between the two regions.

Middle Eastern buyers have announced or completed over $24 billion in acquisitions of European assets this year, marking the highest amount for this period since at least 2008 and representing a 74% increase over the average of the past decade.

REAL ESTATE

• 15-year: 6.33%

• 30-year: 6.90%

*Mortage rates via Mortgage News Daily

What happened to bonds being influenced by data?

Bonds started the day on a strong note and maintained that strength through midday, despite some early volatility. This volatility was partly influenced by economic data, with the S&P Global Services PMI coming in higher than expected. However, the majority of the day’s movement seemed driven by other factors, which pushed longer-term yields higher while keeping short-term yields relatively lower.

Despite the afternoon's volatility, it was relatively minor in the grand scheme and did not signal a fundamental weakness in the bond market. Instead, it reflected a normalization of the yield curve. This adjustment doesn’t necessarily mean that the 10-year and MBS will always be adversely affected; it’s just how the market dynamics played out today.

TECH

Apple's smartphone shipments in China decline by 6.7% as Huawei experiences a surge in sales

According to market research firm Canalys, Apple's smartphone shipments in China decreased by 6.7% in the second quarter of 2024, amid growing competition from rivals such as Huawei (HWT.UL).

The decline highlights the challenges the U.S. tech giant is encountering in its third-largest market. According to Canalys data, Apple’s total shipments for the quarter ending in June were 9.7 million units, compared to 10.4 million units in the same quarter the previous year.

QUICK RECAP

#1. Advent International is selling UK parcel firm Evri to Apollo-managed funds for £2.70 billion ($3.47 billion).

#2. Oilfield services firm Helmerich & Payne Inc (HP.N) will acquire KCA Deutag for $1.97 billion, becoming a major Middle East rig provider.

#3. Singapore's Cyan Renewables acquired MMA Offshore for A$1.1 billion ($726 million), marking the largest renewables deal in Asia Pacific this year.

#4. Bunge (BG.N) and Glencore-backed Viterra’s $34 billion merger is nearing conditional EU antitrust approval.

#5. Archrock (AROC.N) will acquire Total Operations and Production Services (TOPS) for $983 million, increasing Permian Basin capacity by 30%.