Decentralized exchange (DEX) spot and perpetual trading volumes saw a sharp decline last week, accompanied by weakened protocol revenues across major blockchain networks. Public companies collectively reduced their Bitcoin holdings by 58 BTC, equivalent to $3.8 million. In contrast, Bitmine and Strategy made substantial cryptocurrency acquisitions, with Bitmine purchasing 51,162 ETH valued at $98.33 million, and Strategy acquiring 592 BTC for $39.8 million at a price of $67,286 per Bitcoin.
The stablecoin market cap increased by $1.14 billion during the same period. Notably, Ethereum co-founder Vitalik Buterin resumed selling ETH after a two-week hiatus, indicating continued activity among major crypto holders.
DEX Volumes Decline as Bitmine and Strategy Make Significant Crypto Purchases
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