Bitcoin balance in OTC markets has reached a new high
In August 2024, the volume of bitcoins in the over-the-counter (OTC) markets reached 368,000 BTC. This is the new high since June 2022. This is evidenced by CryptoQuant data.
In three months, the balance increased by 70% — from 215,000 BTC in June to 368,000 BTC in August 2024. According to CryptoQuant experts, this could indicate a downward correction in the price of Bitcoin in the future, as shown in the chart.
“Miners often resort specifically to OTC transactions to sell bitcoins. This allows for more efficient execution without affecting the market value of the asset. A significant increase in the asset balance of these platforms indicates the high activity of miners. "Historically, the increase in this indicator has been associated with a fall in the value of Bitcoin," the report says.
Binance scrapped IPO plans
Cryptocurrency exchange Binance is in a stable financial position, so it is not considering an IPO. This was announced by Richard Teng, who replaced Binance founder Changpeng "CZ" Zhao as CEO, in an interview with CoinDesk.
"Since the fifth month of operation, Binance has become profitable, while being very prudent in terms of expenses. Therefore, the topic (IPO — ed.) is not discussed yet," he noted.
Teng said the company aims to create a sustainable enterprise that will not only succeed in the next few years, but also continue to thrive for the next 50 to 100 years.
Sony to launch Soneium L2 network for Ethereum ecosystem
Sony Block Solutions Labs, a joint venture between the Sony Group and Singaporean firm Startale Labs, has announced the launch of the Soneium layer 2 solution on Ethereum.
Sony Block Solution Labs is developing the Soneium L2 solution. It is a public blockchain with an open network that is the underlying infrastructure for the Web3. Users will be able to access Soneium through applications, interact with Web3-games and NFT-marketplaces, as well as with entertainment services," the company's release states.
According to available information, Sony will release the L2 protocol based on the OP Stack software suite from Optimism. In the coming weeks, the team will introduce technical documentation and developer tools.
First, a test network developed together with the Astar Network blockchain platform will be publicly available. The collaboration will integrate Astar's zkEVM assets and infrastructure with Soneium, providing initial liquidity and support for some digital assets.
The report states that Soneium's L2 protocol aims to address key issues such as scalability, security and decentralization.
Bitcoin's Dominance Score to Ethereum Hits 40-Month High
Bitcoin's dominance over Ethereum has reached its highest level in 40 months. This was reported by CryptoQuant company experts.
Analysts noted that the dominance of the first cryptocurrency is 78.5%, and Ethereum - 19.7%. According to them, this shows that the demand for Bitcoin among investors is increasing, while the appeal of Ethereum is not.
CryptoQuant also explained that the dominance of digital gold began to increase in late 2022 amid rumors of a spot bitcoin ETF.
“However, the speculation surrounding the possible approval of Ethereum-ETF did not change this trend. This is evidenced by the limited demand reflected in the low indicators of exchange-traded funds," the report says.