Weekly ETF Recap: Bitcoin and Ethereum ETF's Experience Significant Net Outflows

@newsontheblockchain, 06/10/2024

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Global Stats:

• Cryptocurrencies: 2.4M+

• Exchanges: 751

• Market Cap: $2.16T (↑2.23%)

• 24h Volume: $35.36B (↓41.93%)

• Bitcoin Dominance: 56.81% (↓1.35%)

• Ethereum Dominance: 13.5%

• ETH Gas Price: 7.26 Gwei

• Fear & Greed Index: 41/100 (Neutral)

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💹 Market Highlights:

• Total DeFi Volume: $2.34B (6.61% of total)

• Stablecoins Volume: $30.84B (87.21% of total)

• Coin with highest % change: Ordi $ORDI 5.62%

📈 Preview On Today’s News:

1. - Weekly ETF Recap: Bitcoin and Ethereum ETF's Experience Significant Net Outflows

2. - Len Sassaman: The Latest Candidate for Satoshi Nakamoto?

3. - Weekly NFT Market Update: Ethereum Leads as Sales Volume Surges to $85.9 Million

🔥Heat Map:

Top 10 News for today:

1)

Weekly ETF Recap: Bitcoin and Ethereum ETF's Experience Significant Net Outflows

In the past week, both Bitcoin and Ethereum ETFs faced substantial net outflows, likely driven by geopolitical tensions in the Middle East. Bitcoin ETFs experienced a shift from their positive streak, with a total of $274.3 million withdrawn, leading to a price decline from $66,500 to $62,000. Similarly, Ethereum ETFs saw net outflows of $25.4 million, causing ETH prices to fall from $2,700 to $2,420 by week's end.

• Bitcoin ETFs: After a strong run of inflows, Bitcoin ETFs saw $274.3 million in outflows, driving BTC’s price down by over 5% for the week.

• Ethereum ETFs: Ethereum ETFs faced smaller outflows of $25.4 million, but ETH prices dropped by more than 8% during the week.

2)

Len Sassaman: The Latest Candidate for Satoshi Nakamoto?

In the cryptocurrency world, speculation continues to swirl around the identity of Bitcoin’s creator, Satoshi Nakamoto. The latest theory gaining traction is that Len Sassaman, a prominent cryptographer, could be the mysterious figure behind Bitcoin. HBO’s upcoming documentary "Money Electric: The Bitcoin Mystery" has fueled this speculation, and bettors on Polymarket are favoring Sassaman as a potential candidate. Sassaman was a respected figure in the cypherpunk community, worked closely with early Bitcoin contributors, and his death in 2011 coincided with Nakamoto's final communication. However, his widow has publicly dismissed the idea, maintaining that her late husband was not Nakamoto. With no definitive proof and contrasting opinions, the true identity of Satoshi Nakamoto remains a captivating mystery.

• Summary of Theory: Len Sassaman, a respected cryptographer and key figure in the cypherpunk community, is speculated to be Satoshi Nakamoto due to his work with early Bitcoin contributors, his involvement in privacy projects, and the timing of his death, which coincided with Nakamoto’s disappearance.

• Counterpoints and Ongoing Mystery: Despite Sassaman’s compelling profile, his widow has dismissed the theory, and no concrete evidence has been found. As discussions continue, the identity of Bitcoin’s creator remains one of the cryptocurrency world’s most intriguing unsolved mysteries.

3)

Weekly NFT Market Update: Ethereum Leads as Sales Volume Surges to $85.9 Million

The non-fungible token (NFT) market has experienced a notable 10.10% increase in sales volume over the past week, reaching a total of $85.97 million, according to Cryptoslam data. The surge was accompanied by a 21.73% rise in the number of NFT buyers, reaching 794,763, while the number of sellers dropped to 377,711. Ethereum (ETH) led the market with $27.48 million in sales, despite $3.3 million attributed to wash trading. Bitcoin (BTC) ranked second at $12.62 million, with Solana (SOL) following closely at $11.8 million. DMarket recorded the highest sales among NFT collections, generating $11.29 million in over 396,801 transactions, followed by Guild of Guardians and CryptoPunks. Significant sales during this period included Autoglyphs and Beeple Special Editions, each selling for over $100,000.

• NFT Market Surge: Weekly NFT sales rose to $85.97 million, driven by a 21.73% increase in buyers, while Ethereum maintained its lead in the market, with $27.48 million in sales despite some wash trading.

• Top Collections and Sales: DMarket led with $11.29 million in sales, followed by Guild of Guardians and CryptoPunks, while top individual sales included Autoglyphs and Beeple Special Editions, each selling for over $100,000.

4)

Coinbase Leverages Ripple Case Against SEC to Strengthen Its Position

Coinbase, the leading U.S. cryptocurrency exchange, is leveraging the Securities and Exchange Commission's (SEC) appeal in the Ripple case to its advantage. In a recent letter to Judge Failla, Coinbase requested approval for an interlocutory appeal, arguing that a detailed assessment of the SEC's litigation stance is necessary. Legal expert James Murphy noted this move as strategic, emphasizing its potential impact on the classification of cryptocurrencies as investment contracts. Despite an initial rejection of Coinbase's dismissal attempt, the exchange is pushing for clarity on whether cryptocurrencies without issuer obligations can be classified as securities, which could redefine regulatory precedents. While the SEC claims that Coinbase's appeal would hinder judicial efficiency, Coinbase remains optimistic about its chances following the SEC's appeal in the Ripple case.

• Key Point 1: Coinbase seeks an interlocutory appeal to address whether cryptocurrencies with no obligation to their original issuer should be classified as investment contracts, which could significantly impact the regulatory landscape.

• Key Point 2: The SEC argues that this appeal may reduce institutional efficiency, but Coinbase sees the Ripple case appeal as a potential turning point in its favor, aiming to reshape regulatory interpretations.

5)

Telegram's NFT Integration and Market Overview

Telegram recently launched a new feature called "Gifts," allowing users to send animated images with custom messages. Gifts can be converted into the platform’s in-app currency, Stars, which can support creators or be used in digital services. CEO Pavel Durov announced that later this year, certain Gifts will be convertible into NFTs, enabling users to auction or trade these tokenized items outside of Telegram with blockchain-based ownership. This update coincides with a broader downturn in the NFT market, which saw its lowest sales volume since 2021, with a significant 81% drop from March 2024 and a 32% decrease in monthly transactions. Despite this decline, Telegram and other platforms, like the game Hamster Kombat, are still actively integrating NFTs.

• Telegram's New Gift and NFT Features: Telegram launched Gifts that can be converted into its in-app currency, Stars, and plans to support NFT conversions, allowing users to trade these items with verified ownership on the blockchain.

• NFT Market Performance: The broader NFT market has seen a sharp decline, with September's sales volume hitting a record low since 2021, reflecting an 81% drop from March 2024 and a 32% decrease in transaction volume.

6)

Max Keiser’s Criticism of XRP and Its Impact on the Market

Bitcoin maximalist Max Keiser has strongly criticized XRP's future prospects, arguing that the long-awaited XRP bull run will never occur. His skepticism comes amidst the ongoing legal battle between the U.S. SEC and Ripple, which recently took a turn with the SEC filing an appeal against a favorable ruling for Ripple. This legal development has negatively impacted XRP’s market performance, leading to a decline in price and uncertainty among investors. Keiser’s comments also align with his broader support for Bitcoin maximalism, which views Bitcoin as the only truly decentralized cryptocurrency, and he has historically advocated for regulatory scrutiny on altcoins like XRP.

• Keiser’s Viewpoint: Max Keiser, a prominent Bitcoin supporter and advisor to El Salvador’s president, criticized XRP holders, asserting that a price surge will never happen, and attributed XRP’s lack of growth to its disputed legitimacy and decentralization.

• XRP’s Market Struggles: The SEC's appeal against a previous ruling in favor of Ripple has led to a drop in XRP’s value, dampening investor sentiment, while Ripple’s CEO, Brad Garlinghouse, vowed to continue fighting the lawsuit, which has already cost the company over $200 million in legal fees.

7)

LEGO Hacked to Promote Fake Crypto Coin Scam

LEGO’s homepage was briefly hacked to promote a fake "LEGO Coin," which falsely promised “secret rewards” for users who purchased it. The scam, identified by a LEGO fan on social media, redirected users to a phishing site but was taken down within 75 minutes. LEGO confirmed that no user accounts were compromised, though the incident highlights the growing trend of crypto scams, which have resulted in over $127 million in losses in Q3 2024 alone. The company is now implementing new security measures to prevent future breaches.

• LEGO Crypto Scam Incident: LEGO’s homepage was hacked to promote a fraudulent “LEGO Coin,” which misled users with promises of secret rewards. The scam was removed within 75 minutes without compromising user accounts.

• Rising Crypto Scam Trend: This incident reflects a growing trend in cryptocurrency fraud, with losses reaching $127 million in Q3 2024. LEGO is reinforcing security to avoid similar breaches in the future.

8)

Binance’s Response to Freezing Palestinian Crypto Wallets

Recently, Binance, one of the world’s largest cryptocurrency exchange platforms, faced controversy after allegations surfaced that it froze over 1,500 Palestinian crypto wallets at the request of the Israeli army. Binance’s CEO, Richard Teng, responded by clarifying that only 220 accounts linked to illicit activities were blocked following an internal investigation. This situation underscores the challenges crypto exchanges face in balancing compliance with anti-money laundering regulations and protecting legitimate users. It also highlights the complexities of global cryptocurrency regulation, with Binance emphasizing its adherence to international laws to maintain trust.

• Binance Freezes Wallets at Israel's Request: Binance, under the directive of the Israeli army, froze 220 Palestinian crypto wallets suspected of being linked to illegal activities, despite initial claims of freezing 1,500 accounts.

• Regulatory Challenges for Crypto Exchanges: The controversy illustrates the difficulties exchanges face in aligning with anti-money laundering laws, ensuring transparency, and maintaining global regulatory compliance to build user trust.

9)

Binance’s Response to Freezing Palestinian Crypto Wallets

Recently, Binance, one of the world’s largest cryptocurrency exchange platforms, faced controversy after allegations surfaced that it froze over 1,500 Palestinian crypto wallets at the request of the Israeli army. Binance’s CEO, Richard Teng, responded by clarifying that only 220 accounts linked to illicit activities were blocked following an internal investigation. This situation underscores the challenges crypto exchanges face in balancing compliance with anti-money laundering regulations and protecting legitimate users. It also highlights the complexities of global cryptocurrency regulation, with Binance emphasizing its adherence to international laws to maintain trust.

• Binance Freezes Wallets at Israel's Request: Binance, under the directive of the Israeli army, froze 220 Palestinian crypto wallets suspected of being linked to illegal activities, despite initial claims of freezing 1,500 accounts.

• Regulatory Challenges for Crypto Exchanges: The controversy illustrates the difficulties exchanges face in aligning with anti-money laundering laws, ensuring transparency, and maintaining global regulatory compliance to build user trust.

10)

### Vitalik Buterin’s $240K Donation to Tornado Cash Developer’s Defence Fund and Legal Developments

Vitalik Buterin, co-founder of Ethereum, has donated $240,000 worth of ETH to support the legal defence fund for Tornado Cash developer Roman Storm, marking his third contribution to the cause. The ongoing legal battle has gained significant attention as a New York judge ruled that the trial against Storm would proceed on December 2, despite his plea that the charges violate free speech rights. Storm and fellow developer Roman Semenov face three charges related to their work with the Tornado Cash privacy mixer, including conspiracy to commit money laundering and operating an unlicensed money-transmitting business. If convicted, Storm could face up to 45 years in prison. The case has ignited widespread community support, with the defence fund now holding over 327 ETH (approx. $785,000) raised from 148 payments.

• Key Developments: Vitalik Buterin donated $240,000 to Tornado Cash developer Roman Storm’s defence fund, which has raised over 327 ETH to support the developers amid ongoing legal challenges. A New York judge ruled that the case against Storm will proceed to trial on December 2, with potential maximum penalties of up to 45 years if convicted on all charges.

• Legal Context: Storm and his co-defendant Roman Semenov are facing charges including conspiracy to commit money laundering and operating an unlicensed money-transmitting business, sparking debates over the role of code as free speech. The case has drawn significant community support, reflecting growing concern over legal precedents for open-source developers in the crypto space.

That’s all for today folks, see you tomorrow. 👋

Disclaimer

The information provided in this overview is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.