That’s according to new research compiled by Blocknative, a company that specializes in preventing or minimizing the impact of MEV, which stands for “maximal extractable value” – the profits that can be siphoned off by fast-moving software bots that can quickly enter into trades to skim margin off of transactions that are sitting in the network’s public queue, waiting to be processed.
The former CEO of failed Heartland Tri-State Bank was sentenced to over 24 years in prison for embezzling more than $47 million in a fraudulent crypto scheme that caused the bank’s collapse. He funneled the stolen funds into cryptocurrency wallets linked to a “pig butchering” scam, leading to a $9 million loss for investors and […]
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The launch of spot Ethereum ETFs has yet to live up to the market’s initial optimism, as reflected in their performance over the past few weeks.
The Ethereum ETFs’ total on-chain holdings currently stand at approximately 2.81 million ETH, valued at around $7.33 billion, which accounts for about 2.3% of Ethereum’s total supply.
Despite these significant holdings, the net flows since launch have been negative, with a total outflow of 136,700 ETH.
The outflows are primarily attributable to Grayscale’s ETHE, which recorded a withdrawal of $487.88 million on the first trading day alone. Other Ethereum ETFs have seen consistent inflows, but these have not been sufficient to offset the drag from ETHE.
The market’s reaction to these outflows has been reflected in Ethereum’s price, which has struggled to maintain momentum post-launch. After an initial rise in anticipation of the ETF launches, Ethereum’s price dropped significantly, hitting a low of $2,338 on Aug. 7.
Although there has been some recovery since then, with prices hovering around $2,600, the overall sentiment remains cautious. The broader market downturn has compounded this uncertainty, leading to a lack of clear upward momentum for Ethereum.
Adding to the complexity, the Ethereum futures market has shown a marked increase in leverage ratios, signaling heightened risk-taking among traders. This spike in leverage suggests that while some investors are betting on short-term price movements, the broader sentiment remains volatile. The market’s reaction to these leveraged positions could further exacerbate price fluctuations, particularly if negative sentiment continues to dominate.
Despite these challenges, there is still a significant institutional interest in Ethereum-based financial products. BlackRock’s iShares Ethereum Trust (ETHA) has consistently attracted some of the highest inflows among Ethereum ETFs, signaling that not all players are bearish on Ethereum’s long-term prospects.
Moreover, the overall market for Ethereum ETFs has shown some positive movement, with occasional days of net inflows, particularly as outflows from ETHE have begun to slow. This has led some analysts to speculate that the worst of the outflows may be over, potentially setting the stage for a recovery in both ETF flows and Ethereum’s price.
The current state of Ethereum ETFs shows that the market is still finding its footing amid broader volatility and specific challenges related to Grayscale’s ETHE.
While the initial performance has been underwhelming compared to spot Bitcoin ETFs, the slowing outflows from ETHE and continued institutional interest suggest that there may be room for optimism in the medium to long term.
However, for now, Ethereum and its ETFs remain in a precarious position, with its future performance likely tied closely to broader market trends and the actions of major institutional players.
The post Grayscale outflows overshadow Ethereum ETF inflows appeared first on CryptoSlate.
A Messari data engineer has called it the “most extractive crypto phenomenon” since the ICO boom, but the jury’s still out on that one.
To understand how these scientific improvements will change the world of blockchains, it’s worth looking at how we got here in the first place: blockchains use lots of computing power in a way that many would have, once upon a time, considered very wasteful. Again, if you go back to the early days of computing, memory and compute resources were so scarce that people left off the half the year number (The “19” in “1985”) to save space. A proof of work system with thousands of parallel processes would have been considered impossibly wasteful. The problem with blockchains is that they get their security and value from re-doing stuff repeatedly. Everyone is checking balances and calculations and verifying them and trying to reach consensus. If you could just pick one trustworthy party to manage the whole process, we could do this all with 99% less effort. The problem is that we are, currently, rather depressingly short of trustworthy central authorities.
Economist and gold advocate Peter Schiff predicts that “precious metals mining will be the best-performing sector” this decade. He highlighted that “gold mining stocks are a steal” and anticipates “a major bull market.” Additionally, Schiff cautioned that the Federal Reserve risks making a policy mistake by cutting interest rates too soon. ‘The Stage Is Set […]
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TRON (TRX) is really making a splash right now! With its price hitting $0.1578, it’s at its highest point in three years. This huge jump has pushed TRON’s market cap to a jaw-dropping $13.65 billion. But what’s causing this crazy rise, and could there be even more to come for TRX? Let’s dive into the numbers and see what’s going on!
TRON’s price has shot up by 12.45% in just 24 hours and a whopping 22% over the past week. That’s a huge boost! This has rocketed its market cap to $13.65 billion, kicking Cardano (ADA) out of the Top 10 crypto rankings. The 30-minute chart is showing TRX at a critical level of $1.152. If it breaks through the resistance at $1.155, it could shoot up to $1.580. But if it drops below $1.152, we might see a shift in momentum. In that case, the price could slide to support levels at $1.482 or even $1.453. The current market swings mean TRX might be in for some wild ups and downs!
So what’s driving TRON’s sky-high rise? The key seems to be SunPump, a new meme coin platform that’s been making big waves. Since SunPump started, around 40,000 new meme tokens have been launched.
Since launch, around $6.2M revenue has been generated. That’s some serious exponential growth. This meme coin madness is playing a huge part in TRON’s price surge, with lots of investors jumping in hoping for big profits.
The revenue numbers are also showing just how much SunPump is affecting TRON in a positive way. According to Dune’s data, total revenue from token launches on SunPump has skyrocketed to a massive 3,792,453 TRX. The number of tokens launched jumped from 354 on August 13 to an incredible 11,174 by August 19.
Many of these tokens are TRON versions of popular coins like PEPE, which is getting a lot of people excited. With TRON now featured on Dexscreener, it’s getting even more visibility. This could draw even more investors and push TRX to new heights.
TRON has officially been integrated into Dex Screener, a move that’s set to turbocharge the platform’s visibility at a large scale. Justin Sun, the charismatic founder of TRON, announced this exciting development on X (formerly Twitter). With TRON now featured on Dexscreener, the exposure for TRON and its projects is about to hit new heights.
With TRON’s market cap shooting up and SunPump’s meme coin explosion driving big revenue, things are looking bright for TRX. Investors are keeping a close eye on these developments. The numbers suggest that TRX could be on the brink of even bigger gains. If the trends keep going this way, a 50X surge might not be too far off. If you’re thinking about investing, now could be the perfect time to jump in before the next big leap!
Also Read : Hamster Kombat Dark Secrets: Is the Biggest Airdrop a Scam in Disguise?
DEFINITION: Bitcoin bull market corrections: drawdowns compared across previous cycles
Bitcoin’s 2022+ cycle reveals a continuation of steep corrections, evidenced by multiple drawdowns exceeding 20% from peak values. This trend aligns with patterns observed in previous bull cycles, particularly the 2018-2021 period, where drawdowns reached as high as 61.8%. The consistent occurrence of deep corrections suggests a recurring dynamic where sharp retracements follow rapid price escalations.
Historically, these corrections are critical phases that recalibrate the market before subsequent recoveries. The 2022 cycle, characterized by black-shaded drawdowns, mirrors the drawdown severity seen in earlier bull markets but not as deep, suggesting Bitcoin maturing as an asset but reinforcing the notion that heightened volatility remains an intrinsic feature of Bitcoin’s bull phases.
This cyclical behavior highlights the importance of understanding historical patterns, as they provide valuable context for navigating the current market environment. The observed drawdowns highlight both the potential risks and opportunities within Bitcoin’s ongoing bull cycle.
According to the CVM database, the new Solana (SOL) ETF, which is in a pre-operational phase, will be offered by Brazil-based Hashdex — a Brazil-based asset manager with over $962 million in assets under management — in partnership with the local investment bank BTG Pactual.
Bit Digital, Inc. has shared an update on its journey into artificial intelligence (AI) services by securing a binding term sheet with Boosteroid Inc., a major player in the cloud gaming industry. This partnership highlights Bit Digital’s strategic direction, which focuses on enhancing its AI capabilities through its existing digital asset mining infrastructure. Bit Digital […]
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