Cryptocurrencies have shown wide resilience since Powell’s hawkish comments last Friday.
In fact, Bitcoin Bitcoin / US DollarEthereum ETH / USDThe rest of the gang collectively outperformed the stocks over the past week.
Bitcoin is also showing signs of maturation as price volatility has diminished during the day, indicating that there may be a floor on the horizon.
Finally, Meta dead Trying to reclaim a seat at a wonderful kid’s table.
The social media giant is rolling out digital holdings to display NFTs on Facebook and Instagram.
Having said that… let’s get to it!
Tickets on the blockchain
Institutions have a BTFD mentality
Previous founders raise new money
1. Tickets on the blockchain
Each year, Ticketmaster sells nearly 500 million tickets for concerts, games, and events that generate billions of dollars in revenue.
For the past six months, they have been quietly running a beta program that has seen 5 million Ticketmaster tickets minted as NFTs with the help of Dapper Labs.
This week, the company announced that Dapper Labs’ flow It will be the exclusive blockchain on which to build future NFTs – which primarily serve as digital memorabilia but are also shareable proof – of specific events.
This move lays the groundwork for the possibility that all tickets will eventually become NFTs, although this is something that has yet to be determined.
“The data will eventually show that user behavior will eventually show that”
– Dabur Laboratories
2. Institutions have a BTFD mentality
While we won’t know exactly who coined the phrase “buy a striking dive,” we all know which group of investors is most likely to carry that phrase as a mantra.
However, when we got close to the merger, institutions were using the BTFD mindset for Ethereum rather than retail investors.
Crypto-trading desks are reporting higher-than-normal interest from large funds, which recently made up 62% of buyers in the B2C2 exchange.
Usually this number is around 50%.
On the other hand, retail business has declined.
BlockFi stated that its clients were net sellers even before Powell’s speech a week ago.
It won’t take long to figure out the right camp – the merge launch date is next Tuesday, September 6.
3. Previous founders raise new money
In another sign of the institutional upside of the crypto space, two of the former founders raised a combined $227 million for their new crypto funds.
Seven Seven Six, co-founder of Alexis Ohanian’s Reddit subsidiary that has been managing $750 million across 3 funds since 2020, launched its first crypto-focused fund, Kryptos.
The mindset and plan of the new fund for the newly raised $177 million by the founder of parent company Holloway can be summed up:
“It’s on sale. Everything is for sale.”
Meanwhile, Polygon co-founder Sandeep Nailwal has raised $50 million for his new fund, Symbolic Capital.
The web3 fund will invest in early stage companies and consumer-oriented decentralized applications, while also providing advisory, recruitment, PR, marketing and auditing services to its portfolio companies.
I’ve said it once, I’ve said it a hundred times, I’ll say it again: Builders build!