Dex-Trade News Digest: Smart Money Moves, CleanSpark's Expansion, and Key Industry Developments

Smart Money With 100% Win Rate Buys Up 4K ETH

A prominent smart money wallet address, renowned for its 100% win rate, acquired 4,000 Ethereum worth $12.58 million, according to onchain sleuth Lookonchain. The term "smart money" refers to capital-controlled traders and investors who possess deep market understanding. These entities are believed to have insider knowledge, superior analytical skills, or access to advanced tools and data.

 

Lookonchain reported that the wallet has been strategically buying Ethereum at low prices and selling at high prices, accumulating a total profit of over $38 million. Since May 29, the wallet has bought 17,012 Ethereum (worth $61 million) at an average price of $3,587, though it currently shows a loss of $7.6 million at the current price.

 

In July, the SEC approved several spot Ethereum exchange-traded funds (ETFs). On August 1, Ethereum spot ETFs experienced a significant net inflow of $26.7 million, with BlackRock's iShares Ethereum Trust ETF seeing $118 million in inflows.

 

Bitcoin Miner CleanSpark Expands with New Facilities in Wyoming and Tennessee

CleanSpark, a leading Bitcoin miner in the US, is significantly expanding its operations. The company has begun constructing a new facility in Cheyenne, Wyoming, expected to be operational by the end of the year. This facility is part of a broader expansion strategy, including acquiring a second Wyoming site and moving into Tennessee through the acquisition of GRIID Infrastructure.

 

On August 1, CleanSpark announced the execution of 75 MW of power contracts and the acquisition of its first Bitcoin mining site in Wyoming. This new site, located in Cheyenne, will add over 2 exahashes per second (EH/s) to CleanSpark’s hashrate once operational. The facility will be the second fully immersion-cooled site in CleanSpark’s portfolio.

 

CleanSpark plans to deploy the new S21 immersion XPs, the most powerful and efficient Bitcoin mining machines currently available. The company is also working to expand the site’s power capacity further. With finalized energy contracts, CleanSpark is moving forward with acquiring a second site in Wyoming, which will add another 45 MW and contribute an additional 3 EH/s to the company’s hashrate.

 

The expansion into Tennessee is set to add more than 400 MW of capacity over the next two years through a $155 million acquisition of GRIID Infrastructure. This acquisition includes a co-location facility in New York. CleanSpark CEO Zach Bradford expressed enthusiasm about the expansion, highlighting the support from local, state, and national leaders.

 

Key Industry Developments

Bitcoin Reserve Proposal: US Senator Cynthia Lummis proposed a Bitcoin reserve to help reduce the national debt. She suggested acquiring 1 million Bitcoin over five years for a government reserve, which could significantly reduce the national debt and reinforce the dollar's global dominance. This proposal comes after the Treasury Department revealed that the US gross national debt surpassed $35 trillion.

 

Ethereum ETFs: Ethereum spot ETFs saw $98 million in outflows on July 29, marking the fourth consecutive day of outflows. Despite these outflows, eight new Ether ETFs approved by the SEC amassed $1.17 billion over four trading days ending July 26. Grayscale’s established Ethereum Trust saw a loss of $1.5 billion. The launch of these ETFs coincided with a decline in Ether’s price, which fell by 4.6% to around $3,331 since the ETFs began trading on July 23.

 

Stay tuned for more updates and insights from Dex-Trade, your trusted source for cryptocurrency news and developments.