🦎🚀 Not a bad first day for the new spot ETH ETfs! 🔔

By rahmat hidayat

Wednesday, July 24, 2024

Don't miss out on the juiciest news in the crypto space! Stay in the loop to ensure that you receive our latest newsletters, right in your inbox! What's next on this wonderful Wednesday, Geckos?     Inflows for the spot ETH ETFs are looking good so far, but will they continue for long?    In today's news:   And here we go! 🏁 Now Avail-able ⛓️   Read on! 24h Hot Searches Worldwide 🔥 Turbo           (-3.2%) Solcasino     (-4.5%) Toncoin       (+0.1%) Qubic           (-5.0%) DOP             (-4.9%) Solidus AI   (+1.0%) MEW            (+9.2%) Market Opinions Across Years of Experience    67% of 2nd cyclers believed that the current cycle had yet to peak, compared to 55% of 1st cyclers and 59% of veterans.   Meanwhile, a higher 24% share of 1st cyclers believed in the supercycle theory. Read more And here we go! 🏁   The spot ETH ETFs are now live and so far, seemed to have put up impressive figures on their launch day.   Cumulatively, the 9 ETFs recorded a cumulative net inflow of close to $107M despite seeing over $484M worth of outflows from Grayscale's Ethereum Trust (ETHE).   ETFs from Blackrock and Bitwise recorded the highest inflows of the day, with over $267 and $204M worth of deposits, respectively.   Trading volumes for the spot ETFs also crossed the billion-dollar mark, with $1.1B worth of ETFs traded throughout the day.   By comparison, this would be 23% of the total trading volume recorded for spot BTC ETFs after they went live earlier in January, according to ETF analyst Eric Balchunas.   Despite the perceived increased demand stemming from net inflows, the price of ETH has fallen by 1.3% since the launch of the ETFs, from $3,504 to $3,460 today.   Editor's Note: Given that the price of ETH is less than 10% of BTC's price today, getting even a quarter of Bitcoin's first-day ETF volume is a commendable feat. Although we will have to wait and see whether the ETH ETFs can sustain this volume, it's interesting to note that the price action so far is looking fairly similar to January, so another repeat scenario of Bitcoin's runup is not unlikely.   Check out our refreshed list of top P2E blockchain games to try in 2024! Watch now Now Avail-able ⛓️   Avail, a protocol that aims to solve fragmentation between different rollups, has officially released its data availability layer and native token, AVAIL.   The Avail DA aims to optimize data availability and aid developers in building cheaper and more scalable chains.   The AVAIL token will be used to access the Avail DA and users may already begin staking their tokens to help secure the network.   Out of the total supply of 10B AVAIL, 6% of the token supply was airdropped to eligible users.   Interestingly, the Avail DA is only the first component of Avail's full architecture, with their Nexus interoperability layer and Fusion security layer yet to be released.     Elixir is powering liquidity across orderbook exchanges, allowing users to deploy liquidity to trading pairs and DEXs to earn rewards. Find out how to take part in Elixir's Apothecary initiative, where users can earn potions to qualify for future rewards. Learn more In Other News...   Could Fortnite Use Blockchain? Fortnite may utilize blockchain in the future, but it will not use cryptocurrency or offer NFT trading, according to Epic Games CEO Tim Sweeney.   11M Raises. Pudgy Penguins firm Igloo, Inc. has just raised fresh funding to pursue its crypto tech ambitions. Similarly, Bitcoin layer-2 blockchain Bitlayer Labs raised an equivalent amount, with its Series A funding round led by ABCDE and Franklin Templeton.   Bitcoin on the Las Vegas Sphere. Dogwifhat raised $700,000 to appear on the Sphere back in March, but Bitcoin has now made its mark on the Sphere via Crypto.com.   A Marketplace for Blockspace. Ethereum-based protocol Alkimiya has created a market for hedging Bitcoin fees.   Website Compromised. Decentralized crypto-exchange giant dYdX announced on Tuesday that one of its on-chain trading services has been "compromised" and warned users against visiting dydx.exchange until further notice.   Leading the Way on Transparency. Bitwise has disclosed ENS addresses for its spot Ethereum ETF holdings, setting a standard for transparency. 🦎Tell us what you think!   We've just revamped our newsletter with a new and fresh format!   Whether you're a long-time subscriber or just passing by, do let us know if you like the changes and what we can improve on! Let us know

Download our app Get real-time updates on crypto prices wherever you go.     Scan this QR code with your mobile device to download our app.

Gecko Labs Pte. Ltd., 101 Upper Cross Street, 058357, #05-16 People's Park Centre, Singapore You may unsubscribe or change your contact details at any time.

Share :

Facebook Twitter Google+