The Bitcoin Volatility Index (BVIN) plummeted to a record low of 36.3, reflecting the cryptocurrency's dwindling volatility, as determined by Deribit’s options contracts.

Meanwhile, the crypto world buzzes with anticipation as Galaxy Digital's CEO, Mike Novogratz, hinted at a potential approval of a spot Bitcoin ETF within half a year, citing sources from BlackRock and Invesco.

Adding to the mix, Bitstamp, a premier cryptocurrency exchange from Luxembourg, has declared its intention to halt trading of seven cryptocurrencies, including Solana and Sandbox, for its U.S. clientele starting August 29.

In other news, as Coinbase gears up for the grand unveiling of its layer-2 solution, Base, it has welcomed Chainlink, the leading decentralized oracle network, as a new partner to further support decentralized applications.

Top stories in the Crypto Roundup today:

• Galaxy Digital CEO: Spot Bitcoin ETF Could Arrive in Six Months
• Bitstamp Drops Trading of Seven Crypto Tokens for US Users
• Coinbase’s Layer-2 Network Base Integrates Chainlink Price Feeds
• Chart of the Week: Bitcoin Volatility Index Hits All-Time Low

Galaxy Digital CEO: Spot Bitcoin ETF Could Arrive in Six Months

The approval of a spot Bitcoin exchange-traded fund (ETF) in the United States could be coming within the next six months, according to Galaxy Digital CEO Mike Novogratz, who cited insiders at BlackRock and Invesco.

Per Novogratz, Galaxy Digital’s contacts at both firms suggested that it’s a matter of 'when,’ not ‘if.’ The broad expectation is that within a six-month window, the U.S. Securities and Exchange Commission (SEC) will greenlight a spot Bitcoin ETF.

Novogratz’s words came as Galaxy Digital reported a net loss of $46 million for the quarter and emerged as a front-runner in the race for a spot Bitcoin ETF, to which it reapplied in June in conjunction with $1.5 trillion asset manager Invesco.

Despite the buoyant mood, Novogratz steered clear from forecasting the exact timeline for the SEC's decision. However, he expressed conviction that once the regulatory approval comes through, heavyweights like BlackRock and Invesco would plunge into intense competition to seize as much market share as possible.

Bitstamp Drops Trading of Seven Crypto Tokens for US Users

Luxembourg-based cryptocurrency exchange Bitstamp has announced plans to suspend trading of seven cryptocurrencies for its U.S.-based customers. Effective August 29, Bitstamp will drop trading in Solana (SOL), Sandbox (SAND) Near Protocol (NEAR), Polygon (MATIC), , Decentraland (MANA), Axie Infinity (AXS), and Chiliz (CHZ) for users in the US.

Bitstamp announced the move citing unspecified “recent developments,” which suggests these developments were recent lawsuits filed by the US SEC against leading cryptocurrencies Binance and Coinbase, as the tokens were mentioned in the lawsuits.

The exchange advised its users to finalize any transactions in these assets before August 29, as after that deadline the tokens will “be permanently disabled on the Bitstamp platform.” The assets, however, won’t be frozen and users will be able to withdraw them whenever they choose.

The announcement comes at a time in which reports suggest the firm is in talks to raise funds in a process that started in June, with Galaxy Digital advising the firm on the initiative. The aim is to introduce derivatives trading in Europe and grow its presence in Asia and the UK.

Coinbase’s Layer-2 Network Base Integrates Chainlink Price Feeds

In the lead-up to today's official mainnet launch, Coinbase's Ethereum layer-2 solution, Base, has welcomed Chainlink, the leading decentralized oracle network, as a new partner.

Chainlink’s price feeds have been added to Base, in a bid to help decentralized applications, especially those related to financial services, like lending and borrowing, work smoothly and connect with real-world data like asset prices.

Coinbase’s Head of Protocols Jesse Pollak said in a statement that the native integration of Chainlink’s price feeds will “enable developers with the tools they need to port existing applications over to Base and empower them to experiment with novel use cases that can be built on Base’s hyper-scalable layer-2 environment.”

Chainlink’s decentralized oracle is known for its reliable data transmission, aggregating insights from a myriad of sources via a distributed network of independent nodes, and it facilitates the link between real-world data and smart contracts.

The oracle’s price feeds reflect a volume-weighted average across selected exchanges, including both centralized and decentralized exchanges, featuring built-in filters for suspicious volume and price outliers.

Chart of the Week: Bitcoin Volatility Index Hits All-Time Low

On August 6, Bitcoin’s Volatility Index (BVIN), which measures Bitcoin’s implied volatility via Deribit’s options contracts, hit an all-time low of 36.3.

BVIN’s all-time low comes at a time in which Bitcoin has been trading in a narrow range and amid historically low exchange volumes.

State of the Crypto by Top Tier Exchange Volume

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