US Spot Ethereum ETFs Debut With $1 Billion in Volume
US Spot Ethereum ETFs Debut With $1 Billion in Volume
Seven months after Bitcoin's Wall Street debut, Ethereum entered the market with the debut of nine spot Ethereum exchange-traded funds (ETFs) from eight issuers. These ETFs generated over $1 billion in trading volume on their first day, with the Grayscale Ethereum Trust leading at $456 million. BlackRock's iShare Ethereum Trust and Fidelity Ethereum Fund followed, with $240 million and $136 million.
While the combined market cap of 11 spot Bitcoin ETFs is nearly $60 billion with a $330 billion cumulative volume, experts like Nate Geraci of The ETF Store suggest that if spot ether ETFs attract even 20-25% of the Bitcoin ETFs' assets, it would be a huge success. Interestingly, but not surprising is that Grayscale's ETHE daily outflows totaled $484.9 million, while Bitwise's BITB decreased by $116.1 million.
DeFi Exchange dYdX is Selling Their dYdX v3 Software
dYdX Trading, which operates the decentralized finance platform dYdX, is in discussions to sell portions of its software, with Wintermute and Selini Capital expressing interest, according to Bloomberg sources. dYdX specializes in decentralized derivatives, offering high liquidity and low slippage, and currently holds $295.3 million (down from $453.9m in 24 hours) in total value locked, per DefiLlama.
Following news of the potential sale, dYdX announced that its v3 website had been compromised, advising users to avoid the site until further notice, though this does not affect dYdX v4. Wintermute declined to comment, and responses from dYdX and Selini Capital are pending. Decentralized exchanges currently handle about $15 billion daily trading volume and have around 340k monthly users.
Hamilton Lane Opens the First Credit Fund on Solana
Hamilton Lane, managing over $900 billion in assets, has launched a private credit fund, the Senior Credit Opportunities Fund (SCOPE), on the Solana blockchain, enabling access through a partnership with Libre, a Web3 protocol. Libre, facilitates the compliant tokenization of real-world assets (RWA) for accredited investors, allowing for secondary trading and collateralized lending.
This initiative aims to reach "mass affluent, crypto native" traders. Previously, Solana users accessed tokenized funds through Ondo Finance, but SCOPE marks the first institutional fund directly launched on Solana. Hamilton Lane has prior blockchain experience with Securitize and views this move as a gateway for decentralized finance natives to explore new financial asset classes.
Mt. Gox Creditors Received BTC and Bitcoin Cash on Kraken
Creditors of the collapsed crypto exchange Mt. Gox have started receiving Bitcoin and Bitcoin cash transfers on Kraken, following a transfer of 48,641 BTC (worth over $3 billion) to the exchange by the Mt. Gox Rehabilitation Trustee. Payouts were expected within one to two weeks. Additionally, on July 23, Mt. Gox moved over 47,500 Bitcoin (valued at nearly $3.2 billion) to two unknown addresses.
As of recent data, Mt. Gox holds approximately 42,744 BTC worth $2.85 billion. This follows a repayment plan announced on July 5 to promptly repay creditors. Furthermore, Mt. Gox is preparing to repay creditors via Bitstamp, with onchain fund holding movements showing a total of $340 million in deposits from Mt. Gox addresses to four distinct Bitstamp deposit addresses, according to Arkham.
Data of the Day
The Bitcoin Rainbow Chart shows that as of July 24, 2024, Bitcoin is priced at $65,727.32, placing it in the "Fire sale!" zone, indicating it is vastly undervalued according to this model. Historically, the chart's color bands, ranging from "Fire sale!" at the low end to "Maximum bubble territory" at the high end, have been used to assess the relative value of Bitcoin.
Current price levels suggest a buying opportunity for long-term investors, as the price is well below higher valuation zones such as "HOLD" at $165,749.37 and "FOMO intensifies" at $313,539.99. This chart highlights Bitcoin's cyclical nature and suggests potential future appreciation based on historical trends.
More Breaking News
- Kamala Harris' campaign is in talks with the Bitcoin2024 conference about the VP speaking at the event later this week in Nashville, Tennessee.
- Marathon Digital, the largest Bitcoin mining company, has been fined $138 million for violating a non-disclosure or non-circumvention agreement.
- Worldcoin stressed that it has "zero tolerance" for such behavior in response to recent allegations that it allowed insiders to profit from token movements.
- Vitalik Buterin, Ethereum's co-founder, has introduced Circle STARKs, a cryptographic protocol designed to improve blockchain security and efficiency.
- The sale of BlockFi's FTX claims has been confirmed as the bankruptcy process of the defunct centralized crypto lender nears completion.
- Igloo, the parent company of Pudgy Penguins, raised $11 million in a funding round for the development of a consumer-focused Layer 2 network.
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