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BlackRock Ethereum ETF Hits New Milestone, Net Inflows Turn Positive
On Tuesday, July 30, the net inflows for the spot Ethereum ETFs trading in the US turned positive with the BlackRock Ether ETF ETHA playing a crucial role with $118 million in inflows alone. The Ethereum price has remained stable amid these developments and is flirting around $3,300 as of press time.
BlackRock Ethereum ETF Hits New Milestones
Ever since the launch, BlackRock’s iShares Ether ETF has seen inflows every single day. As a result, the total ETHA inflows have now crossed more than $618 million in just six trading sessions, as per data from Farside Investors.
Additionally, the iShares Ether ETF has managed to secure a spot among the top 15 ETFs by inflows, as per data from ETH Store President Nate Geraci. With more than 330 ETFs launched so far in 2024, the iShares Ether ETF’s performance is outstanding. Nate Geraci also stated that the the top four inflows have been dominated by spot Bitcoin ETFs.
In *one* week of trading, iShares Ethereum ETF already in top 15 inflows of *all* ETFs launched this yr…
Top 15 out of approx 330 new ETFs.
Top 4 inflows all spot bitcoin ETFs btw.
— Nate Geraci (@NateGeraci) July 31, 2024
Furthermore, BlackRock CIO Samara Cohen said that model portfolios could seek exposure to Ether ETFs by the year-end.
On the other hand, the Grayscale Ethereum ETF (ETHE) has continued to see outflows for the sixth consecutive trading day. On Tuesday, the ETHE outflows stood at $120 million taking the total outflows to more than $1.8 billion.
However, Grayscales mini-ETH and Fidelity FETH saw inflows of $12.4 million and $16.4 million on Tuesday respectively. Thus, the net flows turned positive on Tuesday to the tune of $33.7 million.
The good thing is that the outflows from the Grayscale Ethereum Trust (ETHE) have been subsiding with every passing day and we could be seeing sub $100 million outflows very soon, said Mads Eberhardt a senior crypto analyst at Steno Research.
The Ethereum ETF net outflow is yet to subside, but it is likely that it will happen this week. When it does, it’s up only from there. pic.twitter.com/mJqbcyUTp5
— Mads Eberhardt (@MadsEberhardt) July 29, 2024
Also Read: Grayscale Bitcoin ETF (GBTC) Plummets 11% Ahead BTC Mini Trust Distribution
ETH Action Moving Ahead
Amid the ETF outflows, the Ethereum price has continued to stay under pressure slipping over 4.5% over the last week. At press time, ETH is trading at $3,281 with a market cap of $394 billion.
Market analysts believe that ETH could continue to show sideways action throughout August before finally breaking out in September. The Fed rate cut in September could be a major catalyst in the ETH price rally. Analysts also believe that the post-ETF rally for ETH could outshine Solana’s gains.
Also Read: Mt. Gox Transfers 45,511 Bitcoins to Repay Creditors, BTC Selloff Looms
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Alameda Research has sparked concern in the crypto community after transferring large amounts of Polygon (POL) tokens amid a price rally. The beleaguered company transferred another 2 million POL tokens worth $927,000 a few hours ago to a centralized exchange. As Polygon sees upward momentum amid SEC Chair Gary Gensler’s resignation, large transactions are impacting POL’s trajectory.
Alameda Research Large Transfer Spark Concerns
Alameda Research has transferred 2 million Polygon (POL) tokens worth $927K to Binance on November 23, as per Arkham data. This follows a trend of significant movements amid price fluctuations, raising questions about the potential market impact as large transfers signal a sell-off, especially with the token’s recent price surge.
In total, Alameda Research has moved 4.5 million POL tokens over the last four days. The transfers to one of the top crypto exchanges Binance are valued at approximately $1.98 million. This consistent transfer activity, paired with Polygon’s recent price surge, has led to concerns about a possible price correction if whales join the sell-off. Investors contemplate if these moves are part of a strategy to capitalize on POL’s increasing value.
The wallet address associated with Alameda, 0xf02e86d9e0efd57ad034faf52201b79917fe0713, remains active, keeping traders on high alert as they monitor Binance’s order books for any signs of liquidation. Previously, Alameda had a history of large-scale token dumps that have caused substantial market fluctuations.
For instance, Worldcoin saw a price drop after Alameda Research dumped a large amount of its tokens, leading to concerns about a similar outcome for Polygon (POL) following the recent transfers.
POL Price Jumped 35% This Week Amid Gensler’s Resignation
POL token has jumped 35% over the past week following news that SEC Chair Gary Gensler will step down next year. The announcement, made after growing calls for Gensler’s resignation following Donald Trump’s presidential victory, has sparked market optimism for a potential shift toward more crypto-friendly regulations. POL is currently trading at $0.53, up 18% in the past 24 hours, with a 24-hour low and high of $0.4496 and $0.5434.
Polygon has been making strides with its ambitious goal of creating an agglayer focused on cross-chain interoperability and liquidity unification. The project is working towards connecting all major blockchain networks, with Agora AUSD selected as the native stablecoin for the agglayer. This initiative could significantly enhance Polygon’s utility in the broader ecosystem, potentially driving further adoption.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Terra Luna Classic community dismissed a community pool spent proposal by Cosmos developer team BLV Labs for recent work on the blockchain. Some developers and community members highlighted that the developer group failed to follow governance rules as there were no testnet and mainnet deployments. LUNC price saw more than 5% upsurge amid recent developments.
Terra Luna Classic Proposed Rejected By Community
Community pool spend proposal 12146 by BLV Labs faced a roadblock as the developer group failed to execute the developments on the Terra Luna Classic mainnet. The proposal saw nearly 90% “No” votes, including Allnodes, Interstellar Lounge, Interstake One, and other validators. The developer seeks $5000 in LUNC.
Validators responded that there was discussion, with no testnet deployment or mainnet deployment. The community requested the team to finish the work for payout.
The developer worked on the use of Oracle module to update and calculate the minimum deposit required to create a proposal in the governance module. BLV suggested that the system will automatically increase the minimum margin to ensure the value of the proposal is maintained in the event of a sharp drop or spike in LUNC price.
The team claimed the code pushed to GitHub and a pull request created on the Classic Terra repository. After that, we continued to work on all the bugs related to testing and integration. The team plans to EVM, SDK50 upgrade, or IBC improvement.
Meanwhile, the Terra Classic community has approved a proposal to transfer CoinMarketCap dashboard account access to top validator Allnodes directly.
LUNC and USTC Price Jumps
LUNC price soared 5% in the last 24 hours and 15% in a week. The price currently trades at $0.000118, with a 24-hour low and high of $0.0001102 and $0.0001199, respectively. The $0.00012 is a key resistance level for LUNC, surpassing this level clears a rally to $0.0002.
Moreover, Terra Luna Classic open interest jumped 8% in the last 24 hours, with buying on Binance and OKX. However, Bybit recorded a sell-off in 1000LUNC futures.
Meanwhile, USTC price climbed more than 5%, with the price now trading at $0.0245. However, the trading volume saw a 31% decline in the last 24 hours. The price overall moves in the range for his month.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
BitMEX co-founder and crypto millionaire Arthur Hayes has shilled another Solana meme coin to his followers. As expected, the coin’s price rallied following Hayes’ mention of the coin in an X post.
Arthur Hayes Shills FLOWER Meme Coin
In an X post, Arthur Hayes shared the Dextool profile of the FlowerAI (FLOWER) meme coin with the caption “kek.” Given Hayes’ status in the crypto community, this post was enough to send the meme coin’s price soaring.
When he made the post, FLOWER’s price was $0.02232, but the coin’s price has since spiked and is now above $0.03. The coin’s market cap was $22 million at the time but is now at $30 million following the price rally.
Arthur Hayes’ post has drawn criticism. Some of his followers questioned why someone of his repute was shilling a low-cap coin. Meanwhile, some accused him of intentionally trying to pump and dump the coin on his followers.
Besides shilling top SOL meme coins like Dogwifhat (WIF) in the past, Hayes has also dabbled into low and mid-cap coins. There was a point where he mentioned that he bought the MOTHER and MOG tokens. He also bet Solana AI meme coin Goatseus Maximus (GOAT).
Meanwhile, more recently, the Solana meme coin Deep Worm Price skyrocketed 180% after Hayes shilled it and asserted that the coin would reach a billion market cap. When he shilled the coin, WORM had a market cap of $55 million. However, following the pump, WORM’s market cap has since dropped to $41 million.
Solana Meme Coin Ecosystem Presents A Huge Boost
While Arthur Hayes continues to shill Solana meme coins, there is no doubt about the positive impact these coins have had on Solana and the SOL price. The SOL price recently hit a new all-time high (ATH) of $263, and this development is thanks to the increased demand for the coin among traders looking to invest in meme coins on the network.
The Solana network has also continued to record massive trading volume thanks to its meme coin ecosystem. For context, Solana is currently leading all other chains, including Ethereum, in terms of decentralized exchange (DEX) volume.
DeFiLlama data shows that the network has recorded a DEX volume of $44 billion and $5 billion in the last seven days and 24 hours, respectively. Ethereum comes in a distant second with $17 billion and $2.9 billion recorded during these periods.
With stakeholders in the crypto industry like Arthur Hayes shilling these Solana meme coins, the Solana network will unlikely continue to enjoy more trading volume as more investors also look to trade these coins.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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