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ETF Nine-Day Streak, $6.4B Options Expiry & BankChain's 3,283 Banks | Aug 28
Audio is available on Spreaker — see link below.
Spot Bitcoin and Ethereum ETFs hit nine straight days of inflows as institutional accumulation defies price weakness — all while a $6.4B options expiry collides with the Fed's Jackson Hole keynote. Plus: the SEC's new crypto framework, a 3,283-bank BankChain Alliance, and the Moonwell oracle exploit decoded.
Audio is available on Spreaker — see link below.
An attacker just drained eight point seven million dollars from Moonwell, and the method was almost embarrassingly simple. They took an illiquid token called MAMO, inflated its price from one cent to forty-three cents, used that artificially inflated collateral to borrow real assets, and walked out with cbBTC and stablecoins.
Pull back from the exploit and the broader market picture looks quite different. Spot Bitcoin and Ethereum ETFs have now logged nine consecutive days of inflows, with single-day figures of two hundred forty-two million and two hundred thirty-five million respectively on August twenty-seventh.
Friday also brings six point four four billion dollars in Deribit Bitcoin options expiring, with max pain near seventy thousand dollars. That alone would be worth watching.
Two significant regulatory moves advanced this week. The SEC submitted crypto custody rule amendments to the White House Office of Information and Regulatory Affairs on August twenty-fifth.
Thirty-nine state banking associations representing three thousand two hundred eighty-three banks and twenty-one point eight trillion dollars in assets announced the BankChain Alliance this week. The network targets a twenty twenty-seven launch, focused on tokenized deposits, stablecoins, and smart payments.
Evernorth Holdings, an XRP treasury firm, received SEC S-4 approval for its merger with SPAC Armada. A Nasdaq listing under the ticker XRPN is expected in late Q3 or early Q4.
The two threads worth holding onto from today: oracle risk in DeFi and the pace of institutional regulatory clarity. The Moonwell exploit is a reminder that thin liquidity plus price oracle dependency is a combination that remains exploitable, and that prior incidents don't guarantee prior fixes.
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