BTC is currently trading around $66,500 and ETH around $3,450. Notable gainers in the last 24 hours are ENA, FLOW, and POPCAT. The global crypto market cap is $2.54T, down 0.6% over the last day. DeFi Total Value Locked is ~$101b and BTC dominance is around 55%.
The spot Ethereum ETFs had a successful first day, with $107m of net inflows and nearly $1.1b in trading volume. Under the hood, Grayscale’s ETHE, which maintained its 2.5% fee, saw $484m (5.2% of its AUM) leave the fund, with only $15m flowing into its fee-leading ETH Mini Trust. Meanwhile, BlackRock and Bitwise were the big inflow winners, garnering $267m and $204m in inflows, respectively. While the $107m of net inflows is a very strong debut, there are two partial caveats. First, issuers sometimes come with first day flows lined up, such as Bitwise’s disclosed $100m of AUM from Pantera. Second, the spot Bitcoin ETFs snapped their 12 trading day positive inflow streak, indicating that some of the inflows into the Ethereum ETFs likely came from them. As such, it’ll be particularly important to see how inflows develop over the coming days and weeks.
Meanwhile, Kraken announced that it successfully distributed Bitcoin and Bitcoin Cash to Mt Gox creditors yesterday. While it did not reveal the amount returned, Arkham had estimated the total to be $3.1b. If accurate, the fact that Bitcoin is flat over the last 24 hours suggests that creditors are not selling their BTC en masse like some had feared.
Notable news includes: Peru began a CBDC pilot; US Vice President Kamala Harris is reportedly in talks to speak at Bitcoin 2024; Harris’s campaign reached out to Mark Cuban regarding crypto policy; crypto-focused Fairshake is now the largest super PAC ahead of the US presidential election; Toyota is considering incorporating aspects of Ethereum into its vehicles; video gaming giant Atari launched classic arcade games on Base; privacy email provider Proton launched a self-custodial Bitcoin wallet; Bitcoin-focused app Fold announced plans to go public via a SPAC; dYdX v3 is up for sale, just as its frontend website was compromised; SingularityNET announced it is investing $53m into artificial general intelligence research; and, Bitcoin was showcased atop the Las Vegas Sphere.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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