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Aug. 18, 2022, 3:38 p.m. EDT

Crypto bulls’ comeback? Here are factors driving up institutional interest

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By Frances Yue

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“Presumably there will be some sort of value in that,” Dunleavy said. “So holding native ether going into the Merge, if you assume there’ll be some value from the fork, is a strategy I think a lot of people are pursuing through these lending protocols.”

On the retail side, investors are not as active in the Ethereum “Merge” trades. The amount of addresses holding between 0.1 ETH and 1 ETH have remained flat for July and August, Dunleavy noted.  

Still, meme coins rallied, which some attributed in part to the comeback of retail interests. I’ve written more about it here

Hear from Mike Novogratz at the Best New Ideas in Money Festival on Sept. 21 and Sept. 22 in New York. The Galaxy Digital CEO has ideas about navigating the crypto winter.

Genesis cuts 20% workforce

The contagion from some major crypto companies’ collapse is not over. Genesis, one of the largest crypto lenders, said it has laid off 20% of its workforce. The company’s chief executive Michael Moro is also stepping down , while the company’s chief operating officer Derar Islim will assume the role as interim CEO, according to a statement.

Genesis earlier filed a $1.2 billion claim against Three Arrows, which is being liquidated, while Genesis’s parent company Digital Currency Group assured the entire claim. 

Crypto companies, funds

Shares of Coinbase Global Inc . /zigman2/quotes/225893452/composite COIN +3.76% went down 3.6% to $82.37 on Thursday, and they were down 2.06% over the past five trading sessions. Michael Saylor’s MicroStrategy Inc. /zigman2/quotes/202561856/composite MSTR +4.69% declined 1% Thursday to $321.95, while the shares went down 4.6% over the past five days.

Mining company Riot Blockchain Inc . /zigman2/quotes/209538617/composite RIOT +3.55% shares dropped 1.4% to $8.23 Thursday, and lost 13.5% over the past five days. Shares of Marathon Digital Holdings Inc. /zigman2/quotes/205886758/composite MARA +0.37% edged up 0.5% to $15.53, with a 9.7% loss over the past five days. Another miner, Ebang International Holdings Inc . /zigman2/quotes/219243771/composite EBON +1.22% saw shares down 4.5% to $0.53 on Thursday, for a 6.4% decrease over the past five days.

Overstock.com Inc. /zigman2/quotes/200022359/composite OSTK -2.33% ’s shares tanked 4.8% to $30.55. The shares traded 1.6% lower over the five-session period.

Shares of Block Inc. /zigman2/quotes/205989440/composite SQ +3.77% , formerly known as Square, declined 0.9% to $79.66 and were down 7.3% for the week. Tesla Inc . /zigman2/quotes/203558040/composite TSLA -0.34% shares edged lower 0.1% to $910.65, up 5.9% over the past five days.

PayPal Holdings Inc. /zigman2/quotes/208054269/composite PYPL -0.27% picked up 1.2% to $100.57, up 1.5% over the five-session stretch. Nvidia Corp. /zigman2/quotes/200467500/composite NVDA +6.51% shares added 2.3% to $187.53, looking at a 4.5% gain for the past week.

Advanced Micro Devices Inc. /zigman2/quotes/208144392/composite AMD +0.47% shares advanced 2.4% to $100.60 on Thursday, 2.5% higher from five trading days ago.

Among crypto funds, ProShares Bitcoin Strategy ETF /zigman2/quotes/230440344/composite BITO +2.96% rose 0.5% to $14.38 Thursday, while its Short Bitcoin Strategy ETF /zigman2/quotes/207703863/composite BITI -2.75% dipped 0.4% to $33.50. Valkyrie Bitcoin Strategy ETF /zigman2/quotes/230473388/composite BTF +2.73% added 0.2% to $8.94, while VanEck Bitcoin Strategy ETF /zigman2/quotes/230997909/composite XBTF +2.62% traded 0.2% higher to $22.60.

Grayscale Bitcoin Trust /zigman2/quotes/203330852/composite GBTC +0.99% advanced 1.8% to $15.23.

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