Mt. Gox final repayments, Harris overtakes Trump, spot Bitcoin ETFs recover | Weekly Recap

Last week, crypto exchange BitGo confirmed plans to distribute the final Mt. Gox creditor repayments; Kamala Harris overtook Donald Trump on Polymarket; and crypto startups secured $130 million in VC funding.

Mt. Gox final creditor repayments

• Reports confirmed that BitGo, one of the five exchanges selected to distribute the Mt. Gox creditor repayments, moved $2 billion in Bitcoin (BTC) on Aug. 13.

• Notably, crypto exchanges Bitstamp and Kraken carried out similar on-chain movements before their distributions. BitGo is likely the last exchange to distribute repayments to creditors. 

Harris vs. Trump

• Vice President Kamala Harris’s chances of winning the 2024 presidential election on Polymarket soared to 52%, surpassing former President Donald Trump, whose odds fell from a high of 72% to 46%. The trend continued throughout the week, with Harris’s odds climbing to 54%, while Trump’s chances dropped to 44% on Aug. 16.

• At last check Sunday, the two candidates were tied at 49%.

US crypto regulatory climate

• During a Crypto4Harris virtual meeting with industry leaders and Democratic lawmakers, Majority Leader Chuck Schumer announced a goal to pass comprehensive crypto legislation by the end of 2024.

Bitcoin ETFs recover

• Spot Bitcoin ETFs recovered some losses from the past weeks. On Friday, the ETF products recorded $36 million in net inflows, a 223% surge from the previous day’s figure.

• Spot Bitcoin ETFs saw $32.4 million in cumulative net inflows last week. The products had four green days out of five, with the only daily net outflow reaching $81.4 million on Aug. 14.

Startups secure $130 million in VC funding 

• Crypto startups collectively raised $130 million from venture capitalists last week. Chaos Labs, a risk management firm, secured the single largest funding worth $55 million. 

• Meanwhile, AI protocol Sahara AI followed closely with a $43 million funding round led by Binance Labs. Sling Money’s Series A funding raised $15 million, while blockchain firm Essential secured $11 million.