ETH Grayscale Ethereum Mini Trust ETF

ETF and cryptocurrency movements

On the second trading day, Ethereum ETFs displayed mixed results: Fidelity’s ETF (AMEX:FETH) led with $74.5 million in inflows, followed by Grayscale Ethereum Mini Trust ETH (AMEX:ETH) with $45.9 million. Grayscale Ethereum Trust ETH (AMEX:ETHE) saw a significant withdrawal of $326.9 million. Overall, the net change was a loss of $133.3 million.

Comparatively, Bitcoin ETFs totaled $44.5 million in inflows on July 24. BlackRock’s ETF (NASDAQ:IBIT) gained $66 million, while WisdomTree’s ETF (AMEX:BTCW) recorded outflows of $26.2 million. ARK’s (AMEX:ARKB) and Fidelity’s (AMEX:FBTC) ETFs saw inflows of $3.3 million and $1.4 million, respectively, with the rest remaining stable.

In the last 24 hours, Bitcoin’s price (COIN:BTCUSD) dropped to just below $65,000 due to a stock market crisis and weakening sentiment towards risk assets, including cryptocurrencies. This decline resulted in the liquidation of over $250 million in bullish bets, the most significant impact since early July. Currently, Bitcoin is priced at around $64,888.81, a 0.7% decrease in the last 24 hours. Although the cryptocurrency’s price initially held steady, it fell after the Nasdaq 100’s largest drop since 2022 the day before.

Mt. Gox still holds 90,000 Bitcoins, valued at about $6 billion, and its liquidation is creating market uncertainty. The last transaction from Mt. Gox, on July 24, 2024, involved 382 BTC worth $25 million sent to Bitstamp. While a survey reveals that 56% of creditors do not plan to sell their holdings, others fear that a mass sale could cause selling pressure and impact Bitcoin’s price.

Ether (COIN:ETHUSD) fell 6% in the last 24 hours, performing worse than the broader cryptocurrency market, following outflows of $327 million from Grayscale’s Ethereum Trust ETF (AMEX:ETHE). Currently, Ether is trading at $3,129.38.

A wallet associated with the Ethereum Foundation moved approximately 92,500 Ether today, totaling about $290 million, after seven years without transactions. Arkham Intelligence revealed the transfer, but the funds have not yet left the receiving address, according to Etherscan. The identity of the mover remains uncertain, and the Ethereum Foundation has not commented on the event.

Trump supports cryptocurrencies and receives significant Bitcoin donations

Former President Donald Trump, a Republican candidate, raised over $4 million in cryptocurrencies for his campaign, with contributions from Bitcoin (COIN:BTCUSD), Ether (COIN:ETHUSD), XRP (COIN:XRPUSD), and other coins. He will receive a prominent award at the Bitcoin conference in Nashville and will conduct a fundraiser where tickets reach up to $844,600. Trump, now a cryptocurrency advocate, has attracted the support of prominent investors and promises to protect the rights of cryptocurrency holders against stricter regulations.

New TON W5 wallet allows gas-free transactions

The TON team (COIN:TONCOINUSD), in partnership with the Tonkeeper wallet, launched the W5 standard for smart wallets, enabling gas-free transactions on the TON blockchain. Developed by Tonkeeper and approved by TON Core, the W5 allows fee payments using USDT and Notcoin, facilitating the use of the blockchain by eliminating the need to maintain toncoins. The wallet also offers advanced parallel processing, allowing up to 255 simultaneous transactions, and is expected to be implemented in other TON wallets soon.

Significant Ether outflows: re-establishment protocols face challenges

Last month, billions of dollars in Ether were withdrawn from re-establishment protocols, reflecting cryptocurrency investor volatility. The total value locked (TVL) in EigenLayer dropped from $2.28 billion to $15.1 billion. Protocols such as Renzo and Kelp lost 45% and 22% of their TVL, respectively. The outflows may be due to the search for higher returns in other projects or the low remuneration compared to specific protocols like Ethena. Despite the negative trend, ether.fi saw an increase of $100 million in its TVL.

Bitcoin miners may appreciate with a focus on energy efficiency, says Bernstein

The Bernstein brokerage report suggests that Bitcoin miners could significantly appreciate by focusing on energy efficiency and expanding their data center capabilities. Miners are currently trading at a discount of about 90% compared to data centers, but the adoption of cutting-edge technologies and AI contracts, like Core Scientific’s (NASDAQ:CORZ) with CoreWeave, could improve their valuations. Companies such as Riot Platforms (NASDAQ:RIOT), CleanSpark (NASDAQ:CLSK), and Iris Energy (NASDAQ:IREN) are well-positioned for growth, while Marathon Digital (NASDAQ:MARA) is expected to recover its efficiency as it expands its self-mining.

Marathon Digital acquires $100 million in BTC

On July 25, the miner Marathon Digital (NASDAQ:MARA) purchased $100 million in Bitcoin, raising its reserves to over 20,000 BTC. Marathon is now the second-largest public holder of Bitcoin, behind MicroStrategy (NASDAQ:MSTR). The company has adopted a “hold” strategy, keeping all mined and purchased BTC. CEO Fried Thiel believes in Bitcoin’s long-term value and encourages its adoption by governments and companies. In contrast, other miners are selling their Bitcoin reserves significantly.

Coinbase fined and Revolut obtains a UK banking license

Last week, Coinbase (NASDAQ:COIN) and Revolut had opposite experiences with UK authorities. Coinbase received a fine of $4.5 million (£3.5 million) from the FCA for failures in its anti-money laundering practices, following the onboarding of high-risk clients without following guidelines. In contrast, Revolut obtained a restricted banking license from the PRA, marking a significant advance after three years of application, and highlighted its financial growth with revenues above $2 billion and profits of $545 million.

Drastic falls and uncertain future in celebrity tokens

The cryptocurrency market for celebrity tokens faced a major downturn. Since their launch in June, all 30 tokens on the Solana blockchain suffered an average loss of 94% from their historical peak. Among the main tokens, the Andrew Tate (DADDY) fell 73.23%, with a market cap of $66.4 million; the Caitlyn Jenner (JENNER) lost 75%, standing at $2 million; the Iggy Azalea (MOTHER) dropped 78.68%, with $69.3 million; the Barron Trump (DJT) plummeted 80.2%, reaching $77.4 million, and the list goes on. Half of the tokens fell more than 99%. Despite some celebrities continuing to promote their tokens, the outlook is negative. Vitalik Buterin criticized the lack of real utility of these tokens, suggesting they should serve a greater purpose.

RippleX launches Filedgr for authentication and data on XRPL

RippleX launched Filedgr, an innovative project on the XRP Ledger (XRPL), to enhance authentication and data management, especially in AI. Utilizing NFTs for Digital Certificates and a Digital Twin Data Hub, Filedgr offers security and transparency for data and products. The platform, built on a fork of IPFS, promises fast and low-cost transactions, and plans to transition to a DAO for greater transparency and community governance.

DNS attack on Web3 protocols related to domain migration from Google to Squarespace

On July 11, a DNS attack affected various Web3 protocols, redirecting sites to phishing pages. Experts suspect that the migration of domains from Google to Squarespace, which deactivated multi-factor authentication, may have facilitated the attack. According to Matt Gould, founder of the tokenized domain protocol Unstoppable Domains, a solution could be the tokenization of domains on the blockchain, which improves security by requiring digital signatures for DNS changes. Each domain is registered as a token on the blockchain, and modifications require the owner’s cryptographic key signature. This makes attacks more difficult, as attackers would need to compromise both the account and the associated digital wallet.

Jito launches reset code for Solana, advancing network security

On Thursday, the Jito Foundation made a significant step for Solana (COIN:SOLUSD) by releasing the code for a pioneering staking and reset program. This system will allow protocols on the Solana network to use staked assets as collateral to ensure the honesty of applications. Unlike EigenLayer on Ethereum, which uses only ETH and associated tokens, Jito’s code offers the flexibility to use any cryptographic asset. Implementation on the main network is planned for later this year.

Numerico integrates AI and blockchain to transform the crypto space

Numerico is combining artificial intelligence (AI) and blockchain technology to revolutionize the crypto sector. With forecasts suggesting that the merger of these technologies could reach $2.7 billion by 2031, Numerico is developing a Layer 2 (L2) blockchain to facilitate the use of advanced tools and increase efficiency. The project includes an AI-based trading assistant, a smart contract development assistant, and an audit system for security. Numerico promises to make cryptography more accessible and secure, with a launch planned for late 2024.