On August 5, Bitcoin's price plummeted 10%, dropping from $58,350 to $52,500 in under two hours. This volatility resulted in significant inflows into centralized exchanges (CEXs), with Binance reporting $1.2 billion in net inflows within 24 hours.
Other exchanges also experienced notable increases: Bybit saw inflows of $301.4 million, Crypto.com $107.8 million, and OKX $97.7 million. Binance CEO Richard Teng highlighted this trend as a sign of 'strong investor confidence' despite market stress.
In regulatory news, Ripple Labs was ordered to pay a $125 million civil penalty for violating U.S. securities laws, a decision described by CEO Brad Garlinghouse as a 'victory.' The SEC had initially sought $2 billion in penalties.
Additionally, Hong Kong's Mox Bank launched a crypto ETF trading service, allowing direct trading of spot Bitcoin and Ether ETFs, while Morgan Stanley now permits its 15,000 advisers to recommend Bitcoin ETFs from BlackRock and Fidelity.
Xapo Bank has entered the UK market with a licensed banking service offering interest-bearing accounts in Bitcoin and USD, allowing transfers up to £1 million ($1.28 million). Core Scientific's shares rose over 12% following a billion-dollar expansion deal with CoreWeave for GPU hosting.
A survey by Barnes & Thornburg indicates that 84% of U.S. investors expect private investment in cryptocurrency to rise in the next year, with 59% more likely to invest in crypto funds compared to last year.