Happy Tuesday! In today’s Daily, Spot Ethereum ETF Launches in the US, Pudgy Penguins Raise $11 Million, Mt. Gox Bitcoin Is Moving Again, and More.
Let’s begin.
Spot Ethereum ETF launched.
- Six funds use Coinbase as their custodian. VanEck uses Gemini, while Fidelity stores its own ether.
- Spot Bitcoin ETFs launched in the U.S. in January had over $60 billion in assets under management and net inflows of $17.5 billion.
- Analysts expect an Ethereum ETF to attract significantly less investment, but see it potentially generating net inflows of $750 million to $1 billion per month, equivalent to about 10% to 15% of Bitcoin ETF assets.
- A new US spot Ethereum ETF generated more than $667 million in trading volume on Tuesday.
BlackRock’s Spot Bitcoin ETF Daily Inflows Surpass $500 Million
- Fidelity’s FBTC, Invesco’s BTCO and Franklin Templeton’s EZBC added net inflows of $23.7 million, $13.7 million and $7.9 million, respectively.
- However, Bitwise’s BITB saw a net outflow of $47.7 million and VanEck’s HODL saw a net inflow of $38.4 million, bringing the total net inflow down to $485.9 million.
- The remaining funds, including Grayscale’s GBTC, Ark Invest’s ARKB, and Valkyrie’s BRRR, saw no inflows on the day.
Mt. Gox Bitcoin is on the move again.
- Mt. Gox later moved about 1,980 BTC ($131.8 million) to cryptocurrency exchange Bitstamp in two separate transactions, which may indicate that Bitstamp’s Bitcoin redemption payment is imminent.
- Bitstamp, one of five companies selected by Mt. Gox administrators to manage the payments, was expected to soon receive and distribute its allocation of Bitcoin debt repayments.
- Bitbank and SBI VC Trade appear to have already received and distributed Mt. Gox funds, while BitGo has yet to receive its allocation.
- Meanwhile, Kraken appears to have begun repaying customers on Tuesday after receiving allocations from Mt. Gox last week.
Peter Thiel’s Founders Fund Leads $11M Round for Pudgy Penguins’ Parent Company
- The new capital will be used to establish Cube Labs, a new venture under Igloo that will oversee and contribute to the development of Abstract.
- Incubated by the non-profit Abstract Foundation and built using Matter Labs’ ZK Stack and EigenLayer’s EigenDA, Abstract aims to make decentralized app development easier, cheaper, and more secure.
- Abstract is currently live on testnet, with mainnet expected by the end of the year.
within the next 24 hours
Michelle Bowman, a member of the Federal Open Market Committee, is scheduled to speak on Wednesday at 4:05 p.m. ET.
EDCON 2024 will be held in Tokyo, Japan.
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