Good morning, Coin Discoverers!

CRYPTO

• BTC: $58,109.60(-0.99%)YTD (+31.58%)

• ETH: $2,622.55(-1.47%)YTD (+11.47%)

• BNB: $517.32(-1.47%)YTD (+64.80%)

*Crypto numbers as of 5:00 am EST on August 15th

Spot Bitcoin ETFs experience an $81 million outflow

On Wednesday, U.S. spot Bitcoin ETFs saw net outflows of $81.36 million, while spot Ether ETFs attracted $10.77 million in inflows. BlackRock's IBIT recorded a moderate inflow of $2.68 million, a significant drop from the $34.55 million inflow the previous day.

Grayscale’s GBTC led the funds in net outflows, reporting a significant $56.87 million withdrawal. Following were Fidelity’s FBTC with $18.05 million, Ark and 21Shares’ ARKB with $6.77 million, and Bitwise’s BITB with $5.78 million in net outflows.

Confiction Labs Introduces 'Proof of Exposure' to Tackle Increasing Bot Activity in Web3 Gaming

Confiction Labs, the creator of the Web3 co-op multiplayer shooter Riftstorm, has launched a new in-game verification system designed to address the growing bot activity in the sector.

This initiative responds to the growing bot issue in Web3 games, as a recent report from marketing platform Cookie3 indicates that up to 70% of airdropped rewards are being captured by bot accounts.

After a $300 million note sale, Marathon Digital invests $249 million in Bitcoin

Marathon Digital Holdings, one of the largest Bitcoin miners, has purchased $249 million in cryptocurrency following its announcement of a $300 million senior note issuance aimed at business expansion.

The company's senior notes, due in September 2031, generated net proceeds of approximately $292.5 million. These notes carry an annual interest rate of 2.125% and can be redeemed for cash, Marathon stock, or a combination of both.

The remaining funds will be allocated to purchasing additional Bitcoin and addressing other corporate needs, potentially including acquisitions.

Circle CEO Teases Upcoming Tap-to-Pay Support for USDC on Apple Devices

Jeremy Allaire, CEO of Circle, has generated buzz on X by suggesting that USDC stablecoin will soon support tap-to-pay functionality on iPhones. This development follows Apple’s decision to open its NFC chip to third-party app developers, a major change in mobile payments.

Previously, only Apple Wallet and Apple Pay had access to the iPhone's NFC chip. Now, Web3 and crypto wallet developers can integrate NFC capabilities into their apps, enabling users to make tap-to-pay transactions with USDC.

STOCKS

• DOW: 40,008.39(+0.61%)

• S&P: 5,455.21(+0.38%)

• NASDAQ: 17,192.60(+0.029%) 

*Stock numbers as of market close on August 14th

Owner of energy producer Maverick is considering a sale, with the company potentially valued at $3 billion

The private equity owner of Maverick Natural Resources is considering a potential sale that could value the U.S. oil and gas producer at nearly $3 billion, including debt, according to sources familiar with the situation.

The Houston-based exploration and production company, owned by energy-focused investment firm EIG, is collaborating with investment bankers from Jefferies (JEF.N) on the sale process, according to sources who requested anonymity due to the confidential nature of the discussions.

Mars to acquire Pringles maker Kellanova for $36 billion in 2024's largest deal

Family-owned candy giant Mars is acquiring Cheez-It maker Kellanova (K.N) in a nearly $36 billion deal, combining brands from M&M's and Snickers with Pringles and Pop-Tarts in the largest transaction of the year so far.

The contracts, totaling $150 million annually, will be signed by L&T Semiconductor Technologies, the chip-design division of India's largest infrastructure firm, Larsen and Toubro (LART.NS). Established in November 2023 with a $100 million investment from its parent company, the division is not yet generating revenue.

REAL ESTATE

• 15-year: 5.95%

• 30-year: 6.49%

*Mortage rates via Mortgage News Daily

Unusually Mild Response to CPI Data

Over the past year, CPI release days have typically stood out on bond market charts as the biggest candlestick or bar between the 10th and 15th of each month. However, today broke that trend. The CPI results matched expectations, which was the main reason for the subdued market reaction. Even when digging into the details, mixed signals emerged—unrounded numbers were favorable for bonds, while the shelter component suggested otherwise.

As a result, bonds remained nearly unchanged by the end of the day, despite some back-and-forth volatility in the morning.

TECH

‘AI Scientist’ Seeks to Revolutionize Scientific Discovery Through Automation

Tokyo-based R&D firm Sakana AI has unveiled 'The AI Scientist,' an AI system intended to fully automate scientific research. According to the company, this pioneering system is the first of its kind, capable of independently managing various facets of the research process.

The AI Scientist leverages advanced Large Language Models (LLMs) to engage with users, suggesting and pursuing new research directions, especially in machine learning. It is also fully open source, released under the Apache 2.0 license, allowing for legal use, modification, and commercialization.

QUICK RECAP

#1. Allstate (ALL.N) to sell employer voluntary benefits subsidiaries to StanCorp Financial Group in a $2 billion cash deal amid slowing demand.

#2. Snickers-maker Mars announced a $35.9 billion deal to acquire Cheez-It owner Kellanova, amid robust packaged food sector consolidation.

#3. RWE shares dropped 7% after reports of advanced talks to buy a minority stake in U.S. operator Calpine, raising investor concerns.

#4. India's Bharti Enterprises to acquire a 24.5% stake in BT for £3.2 billion ($4 billion), buying out Patrick Drahi.

#5. Global stocks steadied, bond yields dipped after July U.S. inflation data, fueling speculation of a 25- or 50-basis-point Fed rate cut in September.