The Ethereum ETF has launched successfully, seeing nearly $1 billion in volume within its first two days. This follows the trend set by Bitcoin’s ETF and is expected to solidify Ethereum’s position in the market, despite initial sell-offs due to high fees associated with some Grayscale products (CCI Newsletter) (CoinDesk).
Bitcoin Price Movements: Bitcoin prices have been volatile. While the recent funding rate suggests a potential pullback, long-term indicators like the hash ribbon signal a possible bullish trend. This follows a period of miner capitulation, where miners were selling off holdings due to reduced profitability (CoinDesk) (CCI Newsletter).
Regulatory Developments: In the regulatory arena, a bill proposed by Senator Cynthia Lummis aims to create a Bitcoin reserve for the US government. This bill has garnered significant support, with 2,200 letters backing it sent to US senators (Cointelegraph).
Ripple’s New Stablecoin: Ripple has entered the stablecoin market, challenging established players like Tether and USDC. Their new stablecoin will be fully backed by US dollar deposits and short-term US government Treasuries (CoinDesk).
Market Sentiment and Activity: There has been a notable decline in on-chain transactions on the XRP Ledger, while Bitcoin whale movements from exchanges have hit a 9-year high, indicating potential market shifts (Cointelegraph).
Policy and Politics: The cryptocurrency industry is actively engaging with policymakers, with industry leaders participating in a roundtable with Vice President Kamala Harris’s campaign officials to influence future policy directions (Cointelegraph).
