Mt Pelerin animated logo 🔥 ETHEREUM ETFS HAVE LAUNCHED On July 23, the long awaited Ethereum Spot ETFs have started trading. One day before, the SEC had finally approved the S-1 applications of those ETFs, paving the way for trading on mainstream stock exchanges such as the Nasdaq, the New York Stock Exchange and the Chicago Board Options Exchange. The first issuers include names that we are already familiar with from the Bitcoin Spot ETFs: BlackRock, Fidelity, Grayscale, 21Shares, Bitwise, Franklin Templeton, VanEck and Invesco Galaxy. The individual ETFs are listed on different exchanges. For example, the iShares Ethereum Trust operated by BlackRock is listed on the Nasdaq, while Grayscale's Ethereum Trust and Bitwise are listed on the NYSE. NYSE1 July 22, 2024 Chief, Information Technology Securities and Exchange Commission Division of Corporate Finance 100 F Street, NE MS 3040 Washington, DC 20549 To whom it may concem: The NYSE Arca certifies its approval for listing and registration of the Common Shares of Beneficial Interest of Bitwise Ethereum ETF, under the Exchange Act of 1934. Sincerely, Dy P The fees at the start of trading are between 0.15 and 0.25 %. As with the launch of Bitcoin ETFs, some funds waive these fees for a certain period of time. These include Fidelity, 21Shares, Bitwise, Franklin and VanEck. Read more > 📈 ETHEREUM ETFS OFF TO A GOOD START As expected, the new Ethereum ETFs have started with large inflows, totaling $106.6 million on the first day of trading. Similarly to the Bitcoin ETFs, the Grayscale Ethereum Trust recorded initial outflows of $485 million. Once again, BlackRock's iShares Ethereum Trust led the way with inflows of $266.5 million, followed by Bitwise with $204 million and Fidelity with $71 million: Ethereum ETF Flow Table (US$m) B g BECCECCEEEn R R N R 23 102 11 27 91093 10225 10255 230u2024 2665 713 2040 75 76 55 132 (441 151 1066 240u2024 174 745 296 00 198 25 39 (269 4591333 2502024 709 343 163 00 80 62 00 (462 581(1524) 26Jul 2024 p g B P p p B g - 00 Total 348 1801 2409 75 34 M2 71 (11572 11941791 Combined, all inflows were sufficient to compensate for the initial outflows of the Grayscale Ethereum Trust. All spot ETFS cumulatively reached a trading volume of $1.08 billion on the first trading day, 23% of the volume of Bitcoin ETFs at launch. Day two continued with high inflows, but these were quickly exceeded by outflows from the Grayscale ETHE. This resulted in net outflows of $113.3 million. Total Ethereum Spot ETF Net Inflow ETH ~ ETH USD Bitcoin ETF Overview Last update(UTC) :2024-07-26 ETHE ETH ETHA ETHW. FETH ETHY ezeT ceTH QETH Time(UTC) Total Grayscale Grayscale Blackrock Bitwise Fidelity Vankck Franklin 21 Shares. Invesco 2024-07-25 -103.83K +17.43K +21.26K +4.89K +1029K +2.40K +0 0 +1.86K -45.71K 2024-07-24. -93.91K +13.19K +5.00K +8.50K +21.40K +5.69K +112K +0 471818 -3829K 2024-07-23 -140.80K +439K +7751K +59.34K +20.74K +221K +3.84K +2.18K +1.60K +31.01K Total -338.55K +35.00K +103.78K +72.73K +52.43K +10.30K +4.96K +2.18K +4.18K Even the BlackRock ETH, which got off to a strong start, only recorded capital gains of $17.4 million. The outflows from Grayscale therefore seem to weigh heavily at the beginning. But that's not at all surprising. The Bitcoin Spot ETFs also recorded cumulative net outflows on six out of ten of the first trading days, due to outflows from the Grayscale Bitcoin Trust as well. Read more > 💰 BITCOIN MINER BUYS BTC FOR $100 MILLION The world's largest Bitcoin miner, Marathon Digital Holdings, acquired $100 million worth of Bitcoin last month. CEO Fred Thiel proudly announced this on X: @ Fred Thiel & el Today Marathon is proud to announce that to strengthen our olding as our strategic treasury reserve we have over the past month purchased $100 million in BTC, and will now go full HODL i BTC STRATEGIC + BUY $160M 7, HODL STRATEGY @ Copy link This is in line with the company's strategy of holding Bitcoin as a strategic reserve. Why is this interesting for you? Because the behavior of large mining companies can have a significant impact on the Bitcoin price. Since the halving at the beginning of the year, some miners have been forced to sell more BTC than before. Not Marathon, however. The company has switched to a "full hodl" strategy and is not planning to sell any BTC in the near future. With its latest acquisitions, the company has now exceeded 20,000 bitcoins in its treasury, which corresponds to a current market value of $1.28 billion. Read more > 🇺🇸 BITCOIN IN THE US ELECTION CAMPAIGN The election campaign for the upcoming presidential election has been raging in the USA. Everything pointed to a duel between Trump and Biden, with the latter withdrawing from the campaign and leaving the candidacy to current Vice President Kamala Harris. Donald Trump's opinion on Bitcoin has turned 180 degrees during this campaign. While he was an absolute opponent of cryptocurrencies in previous years, Trump is now actively campaigning to win votes from this sector. He showed up as a speaker at the Bitcoin 2024 conference in Nashville, Tennessee, where he said that as president he would prevent digital central bank currencies, ensure that no politician could threatens the bitcoins of its citizens, and that political donations could be made in crypto. Trump's VP pick JD Vance is also a Bitcoin owner and crypto advocate. Among other industry figures, Trump's presidential rival Robert F. Kennedy Jr. was also a speaker at Bitcoin 2024: What about the competition? What does Kamala Harris think about cryptocurrencies and Bitcoin? Not much is known so far. Tech billionaire Mark Cuban is of the opinion that Kamala Harris could be much more open to technological innovations and cryptocurrencies than Joe Biden was. He has received feedback that she is much more open to companies, artificial intelligence and cryptocurrencies. Harris' team is also said to have contacted crypto executives to get suggestions for possible policies. It remains to be seen to what extent both candidates will hold their promises or just use the cryptospace as a tool to get votes and funds. Read more > 🇺🇸 BITCOIN AS A US RESERVE ASSET? The calls to acquire and hold Bitcoin as part of the US state reserves are growing louder and louder. Asset manager Bryan Courchesne told CNBC that this would be difficult, but not impossible. The Ministry of Justice already holds around 200,000 Bitcoin, making it the largest holder in the world after Satoshi Nakamoto. Mark Cuban could also imagine such a scenario. Due to rising inflation and geopolitical instability, the population worldwide could switch to using Bitcoin as a safe haven to secure savings and protect purchasing power. Bitcoin could even organically become a kind of global reserve currency, which has already become apparent in countries with high inflation such as Argentina, Venezuela and Turkey. Read more > 🔮 VANECK WITH A WILD BITCOIN FORECAST They were commonplace in the early years of Bitcoin before slowly becoming more discreet, but bold price forecasts seem to be back. The fund manager VanEck has now published a new forecast, according to which Bitcoin could reach a price of $2.9 million by 2050, a scenario explained in the following report: . =i Variek Q mvesuenrs coucarion msionts <INSIGHTS < DIGITAL ASSETS Bitcoin 2050 Valuation Scenarios: Global Medium of Exchange and Reserve Asset s July 24, 2024 READ TIME 10+ MIN The firm believes it is possible that Bitcoin could reach a market capitalization of $61 trillion. The price should be made possible by an extreme demand for digital and, above all, decentralized currencies, which could be triggered primarily by central banks that could include Bitcoin in their reserves. "It is conceivable that by 2050 Bitcoin could be used to settle 10% of the globe's international trade and 5% of the world's domestic trade." "This scenario would result in central banks holding 2.5% of their assets in BTC." In addition, layer 2 solutions for Bitcoin are expected to further boost growth in the future. VanEck, like Mark Cuban, sees the rise of Bitcoin as being driven in part by a decline in the world's leading industrial nations such as the US, Europe and Japan, and a loss of confidence in their currencies. "In this environment of uncertainty, businesses and consumers worldwide are likely to recognize the endemic flaws of alternative fiat currencies, thereby generating demand for a neutral medium of exchange with immutable property rights and predictable monetary policy." "This is where Bitcoin comes in." Leading Bitcoin Layer 2 solutions will need to be established in the future, but VanEck highlights some promising ones: Read more > 🇩🇪 GERMANY MISSES OUT ON PROFITS AFTER BTC SALES On July 13, the German federal government, or more precisely the federal state of Saxony, sold its remaining 50,000 bitcoins. Those were confiscated during the takeover of the illegal streaming portal movie2k. In total, the state government realized an amount of $2.87 billion and thus a profit of over $740 million compared to the acquisition value. But after the sale, Bitcoin's price rose by 16.55%. In March already, with a record high of $74,000, the state government's chances of achieving maximum returns were at their highest: a profit of $1.5 billion could have been possible at that time. The actual sale was ordered because it was assumed that the value of Bitcoin could fall by more than 10%, something that shouldn't be a surprise as most crypto investors know. NotverduBerung von fast 50.000 Bitcoins abgeschlossen 16.07.2024, 15:00 Uhr — Erstveroffentiichung (aktuell) The state government justified the sales with a possible foreseeable loss in value. It was therefore obliged to sell. The sale primarily coincides with rising demand from Bitcoin ETFs and other fund investors. After the sales were completed, ARK Invest classified the Bitcoin price as "oversold", according to a company report. This could prove to be a turning point. Added to this is the continued interest in Bitcoin ETFs. The sell-off of Bitcoin has not triggered a general flight from the market. Another risk for the Bitcoin price would continue to be the repayment of the $9 billion Mt Gox funds. However, creditors may decide to hold on to their Bitcoin holdings instead of selling them. This could mitigate the impact on the market, Cointelegraph reports. 12 Bicoi Ovesod A German Government Sl ® Flows Suggest That ETFs Are Not Driving The Current Correction Delta Between 30d Percent Change in Price vs. US ETF Flows s Delta Between30d Percent Change in Price vs USETF Flows ——Price (USD) ARK'S VIEW: BULLISH $75,000 50 + Given the negative 173 w percentage point difference 570000 between the percent 30 decline in bitcoin's price — and that of US ETF balances 2 00 during the past 30 days, 2 =0 2 bitcoin appears oversold. iz 0 ;E + I ourview, exogenous factors, as opposed to $63000) w o bitcoin ETF flows, caused Ty e e R * The German government's 2000 aggressive selling of bitcoin 20 seems to be the most likely explanation. $50000 30 Mar-2 Apr2 May-20 Jun2 2 Read more > Referral animation INVITE FRIENDS & EARN Invite your friends to use Mt Pelerin and earn 25% of their fees in reward! 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