Spot Bitcoin ETFs have racked up around $1.24 billion in inflows over the past week as spot markets recover.
Preliminary figures from Farside Investors suggest that Friday, July 19, saw inflows of $384 million, with Fidelity leading the pack at $140 million inflows.
This marks eleven consecutive trading days with a positive flow to these institutional investment products. Even Grayscale saw an inflow of $20 million to its GBTC spot ETF on Friday, the first positive flow day for the fund for a week.
Ethereum ETF Dates
On July 19, the CBOE announced that five spot Ethereum ETFs will begin trading on July 23, “pending regulatory effectiveness.”
The five products set to start trading next week are the 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum

ETF issuers are making their final preparations to launch spot Ethereum-based products in the United States next week.
On July 18, ETF Store president Nate Geraci noted that the final S-1s were in from prospective spot ETH ETF issuers. The Form S-1 is the initial registration form for new securities required by the SEC for public companies.
Two months ago, “just about everyone thought these had no chance of approval,” he added before predicting that the launch date could be Tuesday, July 23.

Looks like *Final* S-1s now IN from prospective spot eth ETF issuers…
2mos ago, just about everyone thought these had no chance of approval.
Next step = launch (sounds like Tues)!
— Nate Geraci (@NateGeraci) July 17, 2024

ETH ETFs Gearing Up
On July 18, Bloomberg ETF analyst James

The total inflow to the ten U.S. spot Bitcoin ETFs reached $310 million, or 5,361 BTC, on Friday, July 12. This is the largest inflow to the derivatives products since June 5, according to Farside Investors.
Moreover, it is the sixth consecutive day of positive flows, indicating that institutional investors have been buying the bottom of the recent market correction.
The total inflow for the past week has topped a billion dollars, and the products have not seen an outflow since July 3.

✅ Final 7/12 U.S. Bitcoin ETF inflows of $311 million (5,361 $BTC)
6th consecutive positive day 👌 pic.twitter.com/jap2jftUeN
— HODL15Capital 🇺🇸 (@HODL15Capital) July 13, 2024

Record BTC Supply Held By ETFs
The BlackRock IBIT fund led the pack with an inflow of $120 million closely followed

The Security and Exchange Commission’s accounting bulletin 121 (SAB 121) requires companies, including banks, to hold crypto assets for clients as a liability on their balance sheets. This makes it inefficient for large banks to offer crypto custody services.
Both the House and Senate passed a bipartisan Congressional Review Act (CRA) resolution to nullify this guidance, which the Biden Administration vetoed in May.
However, a House vote to overturn the veto failed to reach the required two-thirds majority, with a 228-184 result on July 11, according to reports by the American Banker.
SAB 121 Threatens Safe Custody
Pro-crypto Chairman of the House Financial Services Committee, Patrick McHenry, commented:
“That is a mandate from the Americans we represent. Despite all of

Bitcoin is currently down 23% from its peak price, with most of those losses coming over the past week.
The summer crash had been predicted on the premise that the four-year cycle was too early to peak.
On July 7, market analyst Benjamin Cowen eyed the Bitcoin bull market support band (BMSB) as a key technical indicator to determine if the asset will recover later this year.
BMSB a Key Indicator
The analyst compared current trends to historical patterns from 2013, 2016, 2019, and 2023, particularly examining BTC’s relationship with its BMSB.
He suggests that Bitcoin’s performance in Q4 2024 may depend on whether it can rise above the BMSB in the coming weeks.

In 2023, Bitcoin dropped below its BMSB in August, stayed below it for a few weeks, and then rallied hard in Q4.

Bitcoin’s price has stagnated since its March peak due to tight U.S. monetary policy, which has reduced stablecoin supply, according to CryptoQuant analysts.
“The reason for Bitcoin’s inability to rally further is fundamentally due to the tightening monetary policy in the U.S. since March 2022,” they reported on July 3.
As a result, the overall stablecoin supply started to decline in early 2022 when the Federal Reserve started raising interest rates.

Conditions for $BTC to Rise: Stablecoin Liquidity
“The bottom line is that in order for #Bitcoin to rally in earnest, we need to see an increase in stablecoin liquidity and circulating supply” – By @MAC_D46035
Read more 👇https://t.co/2XfjofHghh pic.twitter.com/uCNtzLvi2l
— CryptoQuant.com (@cryptoquant_com) July 3, 2024

US

Over the past few days, crypto markets have tanked 15% with more than $350 million exiting the space.
Monthly support levels have been broken sending crypto assets to their lowest levels since late February as bearish sentiment returns.
However, the 28% market correction is nothing new and has happened several times during every market cycle.
Crypto Corrections Are Normal
Cryptographer and Bitcoin pioneer Adam Back said that prior bull runs had around half a dozen 30% drawdowns.
“In fact if anything, recent draw-downs seem to be less deep, but people forget the normal bull market pattern,” he said before advising against panic selling.

reminder, zoom out. prior bull runs had half a dozen -30% draw downs too. we’re at about -26% (-27% earlier).
in fact if anything, recent

On June 25, the ECB published an update on its two-year preparation phase for the digital Euro CBDC that ends in October 2025.
The central bank said that privacy and data protection are its top priorities, but there are a number of disturbing features to the currency that would result in the total opposite.
On June 26, crypto entrepreneur and investor Daniel Batten highlighted a few of them.

JUST IN: ECB announce first progress report on the digital Euro
Features:– easier to surveil you– easier to deplatform you– easier to freeze your account– limits on how much you’re allowed to hold in your accounthttps://t.co/ZBG6Zoi9oG pic.twitter.com/D2EbxhuNzu
— Daniel Batten (@DSBatten) June 26, 2024

Central Bank Surveillance
A CBDC is essentially programmable money on a

There will be no sharp correction following any potential interest rate cuts by the U.S. central bank in September or November.
This is the prediction from analyst ‘RamenPanda’ who explained their thinking in a lengthy post on X on June 27.
The analyst noted that during times of financial crisis, such as in 2008, the Fed cuts rates to preserve the economy. However, in that scenario, markets fared worse, and stocks fell following the cuts.

We all know it’s pretty certain that the US Fed will cut either in September or November. Many have feared a sharp drop in US stocks and #Bitcoin $BTC #Crypto citing 2008 precedent
My take is, NO, THERE WILL BE NO SHARP CORRECTION. Here is why
To put it simply, there are two…
— RamenPanda (@IamRamenPanda) June 27, 2024

Bitcoin Boom

The layer-2 ecosystem remains robust with protocols and EVM (Ethereum Virtual Machine) scaling platforms growing rapidly and becoming ubiquitous, contrary to some bearish claims, said Ethereum community member Ryan Berckmans in a post on X on June 26.
His comments came in response to a post from Movement Labs founder Rushi Manche, who said, “EVM L2s will go to zero. they mostly all suck compared to SOL.”
Berckmans retorted, stating that the L2 ecosystem is still “growing like crazy,” citing ecosystem analytics platforms such as L2beat before adding, “Coinbase made an EVM L2. So did Worldcoin. So did Immutable X.”
Layer-2 Growth Impressive
Additionally, layer-2s are seen as an integral part of Ethereum, not just a scaling solution, he said before arguing that L2s on the

There has been increased speculation over a Bitcoin miner capitulation as hash rate increases slow down, operational costs increase, and the asset price continues to fall.
Analyst James Check assessed miner-side sell pressure to determine the severity of the miner selloff in a video on June 21.
Miners selling after a halving event and the slashing of their block subsidy is quite normal, he said.

I’ve seen a few folks speculating as to whether #Bitcoin miners are capitulating and ssuppressing the price.
So I ran the numbers, and analysed both current, and ancient miner sell side pressure.
Now live for @_checkonchain subscribers.https://t.co/BqEd6tkokG
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) June 21, 2024

Bitcoin Miners Selling
Check analyzed the Puell multiple, which is

The AVAX native token for the layer-1 blockchain Avalanche is in severe pain this weekend, slumping more than 10% at one point in a fall to its lowest level since December 2023.
Over the past 24 hours, the token has crashed from $27.87 to an intraday and six-month low of $24.92, according to CoinGecko.
Moreover, the asset has dropped a whopping 37% over the past month as altcoins continue to get crushed in the crypto market pullback.
What Has Caused the AVAX Avalanche?
“What’s going on there?” asked ‘Crypto Mechanic’ in a post on X on June 22, before adding it is “the first high cap coin that broke the [yearly] low, I think.”
“AVAX hype is so far gone this cycle… It looks like nothing will save it from becoming Cardano 2.0,” commented ‘The Crypto Monk.’
Meanwhile, the head

Ethereum generated the most fees among the top twenty protocols over the past 30 days with around $180 million, according to new data from Token Terminal.
On June 17, the crypto analytics platform reported that Ethereum was way ahead of other blockchains, which were dominated by layer-1 chains and DeFi protocols, with only one layer-2 blockchain in the top 20. The Coinbase blockchain Base generated the least amount of fees for the period at $6 million.
“Given that the activity on Base has outpaced the Ethereum L1, this is a sign that L2 scaling is working,” it stated.

🤑Top 20 Fee Generating Protocols in Crypto in the Past 30 Days👇
🗳️Key takeaways:
▪️5/20 are L1 blockchains, while only 1/20 is an L2 blockchain▪️Outside of L1 & L2 blockchains, all other protocols belong to

On June 17, Tether CEO Paolo Ardoino announced aUSDT, a new synthetic dollar over-collateralized by XAUt, Tether’s gold-backed digital asset.
In a post on X on June 18, industry analyst and stock-to-flow creator Willy Woo said it was “A genius business idea by Tether.”
Tether’s USDT is currently earning on U.S. Treasury Bills, but now the firm can issue a stablecoin that earns on gold gains, he explained.
This has greater potential for profits as, over the long term, gold gets 8% compared to T-Bills at 0% to 5%.

A stable coin over collateralised with gold.
A genius business idea by Tether.
Instead of issuing USDT and earning the T-Bills yield, the company can issue aUSDT earning the gain on gold.
Over the long term Gold gets 8%, compared to T-Bills at 0-5%.

Bitcoin fell to a monthly low of $65,000 on June 14 and is currently down around 5% since the same time last week. However, zooming out to view the bigger picture shows that the asset is still consolidating where it has been since early March.
“Bitcoin very rarely goes this quiet,” commented analyst James Check in a post on X on June 14. The 30-day price range is separated by just 8.3%, he added before stating:
“There are two outcomes: 1) Bitcoin remains a stablecoin for a new paradigm. 2) Volatility is just over the horizon.”

#Bitcoin very rarely goes this quiet.
The 30-day price range is separated by just 8.3%.
There are two outcomes:1) Bitcoin remains a stablecoin for a new paradigm2) Volatility is just over the horizon. pic.twitter.com/aNl3WlkZky
— _Checkmate 🟠🔑⚡☢️🛢️

President Joe Biden’s reelection campaign is reportedly considering accepting crypto donations via Coinbase.
On June 12, The Block reported that Biden’s team was attempting to engage crypto-focused voters in response to rival candidate Donald Trump’s endorsing of the industry and acceptance of crypto donations.
According to the report, the Biden team is in discussion with Coinbase Commerce, a payment service enabling merchants to accept crypto which has already facilitated such donations for the Trump campaign.
Sources told the outlet that “They’re paying attention to issues around crypto and are trying to find quick wins to show that they’re supportive of the industry” because they want to “show that they’re not the enemy.”
Crypto Community Reacts
The move has caused

“It is only a matter of time until Bitcoin makes a new all-time high,” said 10x Research CEO Markus Thielen in a note on June 7.
The analyst has observed a “head and shoulders” chart pattern, which is nearing completion. This could result in a “rally towards 83,000 soon,” he said, predicting that this may occur within the next week if resistance is broken.
However, bitcoin did hit resistance and retreated to just over $69,000 on June 7. Nevertheless, the analyst remains bullish, and the chart pattern is still in play.
Bitcoin Still Bullish
“We are bullish,” Thielen said, citing the start of the global central bank easing cycle, which has now been confirmed with interest rates being cut in Canada and Europe this week.
“With US growth, employment, and consumer spending

On June 5, Coinbase CEO Brian Armstrong reported that one million people have joined ‘Stand With Crypto’ as advocates for the industry, adding, “That’s a lot of voters!”
He continued to state that 600,000 of these advocates joined after a Whitehouse veto threat, “and thousands mobilized around the back-to-back historic, bipartisan wins in the House and Senate.”
“Crypto is non-partisan and momentum for pro-crypto policy in America has never been stronger.”

As of today, 1 million people have joined #StandWithCrypto as advocates for crypto. That’s a lot of voters!
600k of these advocates joined after a Whitehouse veto threat, and thousands mobilized around the back-to-back historic, bipartisan wins in the House and Senate.
Crypto… pic.twitter.com/IEotx8AXm9
— Brian Armstrong

As bitcoin prices approach another all-time high, the crypto industry is preparing for a potential wave of initial public offerings (IPOs), according to Bloomberg.
If crypto asset prices continue rising, the next 18 months could see the biggest wave of crypto-related IPOs on record, said Matthew Kennedy, a senior market strategist with IPO researcher Renaissance Capital, in an interview with Bloomberg on June 6.
He added that as many as 15 companies could go public if market momentum continues.
Crypto IPO Avalanche
The analyst added that even if BTC stays where it is at around $70,000, it would still spur more crypto companies to go public.
“If Bitcoin stays on its current trajectory, I am sure that would open the floodgates. If it stays at its current level, that would

BTC prices have retreated back below $70,000 during Wednesday morning’s Asian trading session but markets are not overbought yet, according to analyst James Check.
“Right now, using a variety of volume metrics as the input, BTC prices appear to be right in line with the fundamentals,” he said in a newsletter on May 21.
Moreover, the market looks like it did in late-2020, he added.
In early December 2020, BTC prices rose to reclaim its 2017 all-time high of $20,000. It consolidated around this level for a couple of weeks before surging to a new peak of $30,000 by New Year’s Day.

The #Bitcoin NVT Price models are a sort of fair value model, imputing a price based on transaction throughput.
Right now, using a variety of volume metrics as the input, $BTC prices appear to be

The popular millennial trading platform released its earnings report on May 8, beating analyst estimates.
According to its first-quarter results, Robinhood reported record revenues of $618 million, up 40% year-over-year.
Additionally, revenue from cryptocurrencies surged 232% to $126 million.
“Transaction-based revenues increased 59% year-over-year to $329 million, primarily driven by cryptocurrencies,” the firm stated.

Robinhood’s crypto revenue tripled in Q1 pic.twitter.com/Z6UtTWvz4C
— Jeff Roberts (@jeffjohnroberts) May 8, 2024

Robinhood Record Revenue
Net income for the first quarter totaled $157 million, or 18 cents a share. This eclipsed the 6-cent average estimate from analysts and compared to a loss of $511 million, or 57 cents, a year earlier.
The firm also

On May 11, the American businessman and television personality said if Joe Biden loses the presidential election, “there is a good chance you will be able to thank Gary Gensler and the SEC (Securities and Exchange Commission).”
“Crypto is a mainstay with younger and independent voters,” he said before adding that SEC Chair Gensler “has not protected a single investor against fraud.”
The outspoken entrepreneur didn’t stop there, adding that all the SEC has done is make it virtually impossible for crypto companies to operate in the United States, “killing who knows how many businesses and ruining who knows how many entrepreneurs.”

If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SECCrypto is a mainstay with younger and

On May 7, the crypto oracle solutions provider announced that RD Technologies was integrating Chainlink CCIP and Proof of Reserve to power its Hong Kong dollar stablecoin.
Chainlink’s Cross-Chain Interoperability Protocol will be integrated to enable secure and reliable cross-chain transfers of HKDR and easier access to the new stablecoin.
Additionally, the firm is also adopting Chainlink’s Proof of Reserve (PoR) to help provide reliable on-chain verification of HKDR’s reserve backing, according to the announcement.
Chainlink Delving Deeper Into RWA
The collaboration aims to enable more businesses and merchants to settle payments in HKDR, enjoy faster and cheaper cross-border payments, and enable reliable transfer of tokenized real-world assets (RWA) using the stablecoin.

On April 30, Ripple announced a partnership with HashKey Group, furthering its collaboration with financial services giant SBI Group.
The joint venture with HashKey DX, a Tokyo-based specialized consulting company of the HashKey Group, aims to introduce XRP Ledger (XRPL) enterprise solutions to the Japanese market.
HashKey DX will deploy supply chain finance solutions to Japan through the partnership, which was highlighted by company CEO Brad Garlinghouse in a post on X.

Japan🤝XRPL https://t.co/qjnyvnoTRF
— Brad Garlinghouse (@bgarlinghouse) April 30, 2024

XRPL Adoption
The supply chain tech will be built upon Ripple’s layer-1 blockchain XRP Ledger. SBI Group companies will become the first Japanese corporations to utilize this supply chain finance solution, according to

The world’s largest asset manager is aiming to retain its position as leader of the spot Bitcoin ETF market following a massive exodus of capital from its flagship GBTC product.
In order to do this, Grayscale has applied for a smaller Bitcoin ETF with highly competitive fees to compete with its ten rivals.
According to its latest filing with the US Securities and Exchange Commission, Grayscale’s new ETF, the Bitcoin Mini Trust, has set fees at just 0.15%.
Grayscale Mini-BTC Fund
On April 21, Bloomberg ETF analyst Eric Balchunas reacted to the news, exclaiming:
“Wow, GBTC’s mini-me BTC will have a fee of 15bps, which means Grayscale will have the cheapest BTC ETF in the market.”
He added that this was still hypothetical and it doesn’t necessarily mean the fund fee will be

It may sound counter-intuitive that a decentralized network can generate a profit, but that is exactly what Ethereum has done so far this year.
According to an April 18 Token Terminal report, the Ethereum blockchain generated a $369 million profit in the first quarter of 2024.
If this level of profit is sustained, the blockchain could generate around $1.5 billion for the year.

🚨 BREAKING: The Ethereum blockchain generated a $369.08M profit in Q1 ‘24.
Wait, what?!
How can a *blockchain* like @ethereum be profitable?
Let’s go through Ethereum’s business model step-by-step:
1. Fees. All users on the Ethereum blockchain pay transaction fees in ETH… pic.twitter.com/gHAoNbRf48
— Token Terminal (@tokenterminal) April 18, 2024

Ethereum Blockchain Profitable
Token Terminal

On April 17, the two pro-crypto Senators introduced the Lummis-Gillibrand Payment Stablecoin Act.
The bill “solves key policy challenges that have lingered around previous proposals and provides prudential regulation and added consumer protections to stablecoin issuers,” said Lummis, who added, “But above all, it allows innovation to prosper.”
The Senators have been drafting the bill for months as customer protections and proper custody practices for issuers came into focus following the fallout of the FTX collapse.

🚨@gillibrandny and I are introducing the most comprehensive stablecoin bill to date.
Crypto assets are revolutionizing the world and as the undisputed leader in financial innovation, the U.S. must embrace crypto assets, but it cannot be done without clear

Ethena is a synthetic dollar protocol on Ethereum that issues the stablecoin USDe. The asset aims to be a censorship-resistant and scalable form of digital money pegged to the US dollar.
On April 16, on-chain analytics firm CryptoQuant took a deep dive into the Ethena ecosystem revealing risks with the latest stablecoin, which has seen its market capitalization grow to more than $2 billion in a shorter time after launch than any other major counterpart.
USDe’s market cap peaked this week at just under $2.4 billion, following a surge of 900% following its launch in February, making it the fifth-largest stablecoin.
Ethena Risks Revealed
USDe is backed by crypto assets like ETH and BTC and maintains its peg by delta hedging using short positions on centralized exchanges.
To

On April 12, Coinbase’s legal counsel filed a brief asking the court’s permission to seek an interlocutory appeal in its case.
The controlling question was whether an “investment contract” requires something contractual. Coinbase believes it does, whereas the SEC disagrees.
An interlocutory appeal occurs when a ruling by a trial court is appealed while other aspects of the case are still proceeding.
Coinbase Fights Back
Coinbase chief legal officer Paul Grewal said that the SEC’s action against the company and other crypto firms “goes way beyond the legal authority granted by Congress and puts an unjust cloud over US digital asset innovation.”
The SEC sued Coinbase in June 2023, alleging that its provision of crypto asset trading constituted operating as an unregistered

On April 9, the EigenLayer team announced that the platform’s EigenDA, the first Available Validator Service, had launched on the Ethereum mainnet.
The team added that over 4.1 million ETH had been restaked on EigenLayer, and over the past few weeks, 70% of all new Ethereum validators restaked to the platform.
Moreover, restakers can now delegate their entire stake to an operator that has opted in to run available validator services like EigenDA.

Announcing: EigenLayer ♾ EigenDA Mainnet Launch pic.twitter.com/bTp5BfnsKE
— EigenLayer (@eigenlayer) April 9, 2024

Restaking Narrative Grows
Restaking allows users to stake the same ETH on both Ethereum and other protocols. Platforms such as EigenLayer leverage Ethereum’s validators and staked tokens, enabling smaller and newer