Ethereum Transaction Count Hits Five-Month Low

Ethereum's network activity has slowed down, with the transaction count reaching a five-month low. The seven-day moving average has settled at 1.12 million transactions per day, a level not seen since February.

CryptoSlate Top Stories: Ethereum Transaction Count Hits Five-Month Low

Ethereum’s network activity has slowed down significantly, with the transaction count reaching a five-month low. The seven-day moving average has settled at 1.12 million transactions per day, a level not seen since February. Active wallet addresses have also decreased to around 400,000.

However, this decrease in Layer 1 activity doesn’t necessarily indicate a decline in the Ethereum ecosystem. Layer 2 solutions are experiencing a surge in activity, with Coinbase’s Layer 2 offering, Base, leading the charge with 3.83 million transactions. This shift suggests users are increasingly preferring Layer 2 solutions for faster and cheaper transactions while still benefiting from Ethereum’s security.

Coinbase’s 24-Hour Market’s Execution Venue Suspended for 8 Hours

Robinhood, the stock trading app, experienced a suspension of its 24-hour market’s execution venue, Blue Ocean ATS (BOATs), for overnight trading on August 5.

The suspension lasted for 8 hours. Robinhood’s support account on X announced that users could cancel their orders or place new ones for another trading session and that open trades would be routed for execution after the eight-hour suspension.

US Investors Pile into ETH ETFs Despite Sell-Offs and Recession Fears

Despite a turbulent global market with widespread sell-offs and recession fears, U.S. spot Ethereum exchange-traded funds (ETFs) saw significant inflows on Monday. Investors poured $48.7 million into these ETFs, marking the second-largest daily inflow since their launch on July 23.

This positive trend occurred even as major stock indices experienced their worst day since September 2022. While the cumulative total net inflow for Ethereum ETFs remains negative at -$461.98 million, primarily due to outflows from Grayscale’s Ethereum ETF, other funds like those from Fidelity and BlackRock have recorded positive daily and cumulative net inflows since their launch two weeks ago.

Lawmakers Urge CFTC to Ban Election Betting After Trump NFT Loss

Five U.S. Senators and three House representatives have called on the Commodity Futures Trading Commission (CFTC) to ban betting on the 2024 presidential election. In a letter to CFTC Chair Rostin Benham, they argued that such markets could influence elections and erode public trust in democracy.

The lawmakers expressed concerns about billionaires wagering large bets while contributing to specific candidates or parties and political insiders betting using non-public information. They urged the CFTC to finalize and implement a rule to prevent the commodification of U.S. elections.

Indian Authorities Demand $86M in Unpaid GST from Binance

Indian law enforcement agencies have demanded $86 million (722 crore Indian rupees) in unpaid taxes from crypto exchange Binance. The Directorate General of Goods and Service Tax Intelligence (DGGI) issued this demand under the Goods and Services Tax (GST).

Binance, which was banned in India in January 2024 for noncompliance with local regulations, had expressed intent to restart operations in the country after paying pending taxes. This tax demand is the first levied by the Indian government on any crypto exchange. Binance has appointed local counsel to resolve its tax obligations after initially ignoring notices sent to its offices in various countries.