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Home»ADOPTION NEWS»The Daily: Spot Ethereum ETF Launches, BlackRock’s Bitcoin ETF Sees Huge Daily Inflows, Pudgy Penguins
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The Daily: Spot Ethereum ETF Launches, BlackRock’s Bitcoin ETF Sees Huge Daily Inflows, Pudgy Penguins

By Crypto FlexsJuly 23, 20244 Mins Read
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The Daily: Spot Ethereum ETF Launches, BlackRock’s Bitcoin ETF Sees Huge Daily Inflows, Pudgy Penguins
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Company • July 23, 2024 5:59 PM EDT

Posted 1 minute earlier In ~

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.

The SEC allowed eight issuers’ registration statements to become effective on Monday, meaning the first spot Ethereum ETF to begin trading in the United States is set to receive final approval by 9:30 a.m. ET on Tuesday.

  • 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.

Wallets connected to Mt. Gox transferred about 42,587 BTC ($2.85 billion) to an internal address on Tuesday, part of the ongoing process to repay $9 billion worth of bitcoin to creditors.

  • 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.

Don’t miss a beat with The Block’s daily roundup of the most impactful events happening across the digital asset ecosystem.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

James Hunt is a journalist for The Block, based in the UK. As the author of The Daily newsletter, James also brings you the latest crypto news every weekday. Prior to joining The Block in 2022, James worked as a freelance writer in the industry for four years, contributing content to publications and crypto projects. James’s coverage ranges from Bitcoin and Ethereum to layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals, and the latest market updates. Reach James on Telegram or 𝕏 on @humanjets or email him at (email protected).
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