Decentral Block Post

Bitcoin (BTC) tried to break out of its range in the first half of last week but the bulls could not sustain the higher levels. Bitcoin is back inside the range and is trading near the $26,000 level.

The price action of the past few days has formed two successive Doji candlestick patterns on the weekly chart, indicating uncertainty about the next directional move.

Although it is difficult to predict the direction of the breakout, the downside could be limited in the near term on expectations that the United States Securities and Exchange Commission (SEC) may eventually approve one or more pending applications for a spot Bitcoin exchange-traded fund.

Former commission chair Jay Clayton sounded confident when he said in a recent interview that “an approval is inevitable.”

In the near term, it is difficult to pinpoint a specific catalyst that could shake Bitcoin out of its range. The lack of clarity about Bitcoin’s next trending move has kept most major altcoins under pressure.

The total number of wallets on Shiba Inu’s newly launched layer-2 blockchain, the Shibarium network, has surpassed the one million mark in a meteoric rise since its relaunch. 

The milestone — announced in a Sept. 3 blog post by the official Shibarium team — means there were at least 900,000 wallets added since Shibarium’s relaunch on Aug. 28, and only two weeks after the Shibarium network first went live — albeit with some technical hiccups.

According to data from the Shibarium blockchain explorer, nearly 100,000 transactions have occurred as of 5:04am UTC Sept. 3, with a peak activity of 132,000 transactions being set on Aug. 25.

While network activity has surged, the total value locked (TVL) on the Shibarium network has yet to surge in response. At the time of publication Shibarium’s TVL stands at just $1.06 million, suggesting that users are only deploying very small amounts of capital on the network.

In their blog post, Shibarium developers noted that they are currently collaborating with a number of third-party bridges to assist investors with bridging other tokens over to the new blockchain.

The total number of wallets on Shiba Inu’s newly launched layer-2 blockchain, the Shibarium network, has surpassed the 1 million mark in a meteoric rise since its relaunch. 

The milestone — announced in a Sept. 3 blog post by the official Shibarium team — means there were at least 900,000 wallets added since Shibarium’s relaunch on Aug. 28, and only two weeks after the Shibarium network first went live — albeit with some technical hiccups.

According to data from the Shibarium blockchain explorer, nearly 100,000 transactions have occurred as of 5:04am UTC Sept. 3, with a peak activity of 132,000 transactions being set on Aug. 25.

While network activity has surged, the total value locked (TVL) on the Shibarium network has yet to surge in response. At the time of publication, Shibarium’s TVL stands at just $1.06 million, suggesting that users are only deploying very small amounts of capital on the network.

In their blog post, Shibarium developers noted that they are currently collaborating with a number of third-party bridges to assist investors with bridging other tokens over to the new blockchain.

A wallet owned by bankrupt crypto exchange FTX has moved $10 million worth of digital assets from the Solana (SOL) network to Ethereum, sparking concerns it could be the beginning of a series of token dumps amid the exchange’s bankruptcy proceedings. 

According to data from blockchain analytics platform Arkham Intelligence, since Aug. 31, the FTX wallet has transferred $6.23 million worth of Ether (ETH) and more than $4 million in altcoins.

These included $1.2 million of FTX Token (FTT), $1.8 million worth of Uniswap (UNI), $1.3 million of HXRO (HXRO), $550,000 worth of SushiSwap (SUSHI) and $260,000 worth of Frontier Token (FRONT), to another FTX wallet by way of the Wormhole Bridge.

On Aug. 24 FTX proposed a plan to appoint Mike Novogratz’s Galaxy Digital Capital Management as the investment manager charged with overseeing the sale and management of its recovered crypto holdings.

According to the plan, the FTX estate would only be permitted to sell $100 million of the tokens per week, however, that limit could be raised to $200 million on an individual token basis. These limits are intended to minimize the impact of token sales while simultaneously allowing FTX to make creditors whole.