News & Research

JPMorgan has assessed that Bitcoin is trading at a significant discount to gold, driven by a sharp decline in its volatility, CoinDesk reported. The bank noted that Bitcoin's six-month rolling volatility has fallen from around 60% at the start of the year to a record low of approximately 30%, making the asset more appealing to institutional investors. JPMorgan stated that when adjusting for volatility, Bitcoin's market capitalization should be 13% higher, implying a price of around $126,000. The bank calculates that Bitcoin is currently undervalued by approximately $16,000 relative to gold, indicating potential for appreciation. JPMorgan also explained that passive capital inflows are being generated as publicly traded companies holding Bitcoin are added to stock indices.

According to Glassnode, Bitcoin's Cumulative Volume Delta (CVD) on major exchanges has returned to a neutral level. The firm stated this suggests that the conviction of spot investors is weakening around the $111,000 mark.

Chainalysis, Tether, Binance, and OKX have frozen 46.9 million USDT linked to a pig-butchering scam in cooperation with law enforcement agencies in the Asia-Pacific region, The Block reported. The assets were frozen in June 2024. Pig butchering is a type of financial fraud where scammers build trust with victims over an extended period before stealing a large sum of money at once.

The U.S. Department of Commerce and Chainlink (LINK) have announced the launch of an on-chain data feed that brings macroeconomic indicators from the U.S. Bureau of Economic Analysis (BEA) directly to the blockchain. The feed includes six key economic indicators, such as real GDP, the Personal Consumption Expenditures (PCE) Price Index, and final sales to private domestic purchasers. It will initially be available on 10 blockchains, including Arbitrum, Ethereum, Avalanche, Optimism, and Base, with data updated on a quarterly and monthly basis. According to Chainlink, making this data available on-chain will enable new financial innovations, including automated trading strategies, the composability of tokenized assets, real-time prediction markets, and DeFi risk management.

The U.S. Department of Commerce began distributing Gross Domestic Product (GDP) data on public blockchains for the first time, Bloomberg reported on Aug. 28. The move is part of the Trump administration's pro-cryptocurrency policies. During this pilot phase, GDP data will be recorded on nine blockchains, including Bitcoin, Ethereum, and Solana. The initiative was reportedly led by U.S. Secretary of Commerce Howard Lutnick, with exchanges Coinbase, Kraken, and Gemini facilitating the purchases of cryptocurrency needed to pay gas fees.

The three major U.S. stock indices opened higher. The S&P 500 is up 0.04%, the Nasdaq Composite has gained 0.07%, and the Dow Jones Industrial Average has risen 0.03%.

aPriori, an on-chain trading infrastructure startup founded by former employees of crypto market maker Jump Trading, has raised $20 million, CoinDesk reported. The funding round included participation from Pantera Capital, HashKey Capital, Primitive Ventures, IMC Trading, GEM, Gate Labs, Ambush Capital, and Big Brain Collective. aPriori is developing a solution that applies algorithmic high-frequency trading (HFT) techniques to decentralized finance. The company also operates a liquid staking platform and an AI-based decentralized exchange, Swapr. The new capital will be used for product expansion, hiring, and strengthening partnerships.

U.S. initial jobless claims for last week totaled 229,000, falling below the forecast of 231,000.

Nasdaq-listed AirNet Technology (ANTE) announced it has raised $180 million through a registered direct offering, with the entire amount paid in cryptocurrency. The funds were delivered as 819.07 BTC and 19,928.91 ETH. AirNet CEO Dan Shao stated that the fundraising marks a strategic shift for the company. He added that AirNet plans to leverage a new team of experts to formulate a comprehensive development strategy.

The U.S. Department of Commerce announced that second-quarter Gross Domestic Product (GDP) grew at an annualized rate of 3.3%, surpassing the market forecast of 3.0%. U.S. GDP growth figures are released in three estimates: advance, preliminary, and final. Today's announcement is the preliminary estimate.