Ethereum ETFs Shine Despite Grayscale's Outflows!

Grayscale's cumulative outflows from the fund has topped $2 billion.

Author

Danielle du Toit
August 02, 2024

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Here's what we've got for you today:

  • Ethereum ETF Flows Flip Positive Even as ETHE Total Outflows Top $2B

  • VanEck CEO Foresees Bitcoin Surging to $2.9 Million by 2050

  • Coinbase Shares Jump 3+% After Sharing Impressive Q2 Earnings Report

  • Massive Token Unlocks Coming in August: Will Prices Crash?

ETH ETFs posted a net inflow of $26.7 million on Aug. 1, led by BlackRock’s iShares Ethereum Trust (ETHA).

  • Grayscale’s Ethereum Trust experienced $78 million in outflows on Aug. 1, bringing the cumulative outflows from the fund to just over $2 billion.

  • Before its conversion, the fund originally held $9 billion in ETH. The recent outflows indicate that 22% of the initial fund has been sold.

  • Steno Research senior analyst Mads Eberhardt believes these outflows will taper off by the end of the week, which could be a bullish catalyst for ETH prices.

During an appearance on “The Claman Countdown,” Van Eck predicted that Bitcoin will eventually equal half of gold’s total market cap.

  • Based on gold’s current market cap, this prediction would place Bitcoin’s value at about $350,000 per coin.

  • In a more optimistic scenario, where central banks adopt Bitcoin, its value could potentially rise to millions per coin.

  • VanEck did hesitate a bit to assume BTC could reach values this high, but under certain assumptions, he predicts Bitcoin might reach as high as $2.9 million by 2050

Coinbase shares rose by 3.2% hours after its latest Q2 results filing, which reported $1.4 billion in revenue.

  • The exchange reported $266 billion in trading volumes, which did meet analyst estimates, but was still down from $312 billion in Q1.

  • Revenue increased by 17% from Q1, driven mostly by stablecoin revenue, blockchain rewards, and fees. Coinbase’s Q2 2024 revenue was almost double the revenue from Q2 of 2023.

  • Q2 was Coinbase’s third consecutive profitable quarter and its sixth on an adjusted EBITDA basis.

Over $2.3 billion in crypto token unlocks is scheduled for August of 2024.

  • On Aug. 1, Sui (SUI) released 68.79 million tokens worth $53.26 million, or 2.74% of its circulating supply, while dYdX (DYDX) unlocked tokens worth $10.67 million.

  • On Aug. 3, Wormhole (W) will release 612.12 million tokens valued at $179.38 million, representing 34.01% of its circulating supply.

  • On Aug. 9, Immutable (IMX) will release 32.47 million tokens worth $50 million, accounting for 2.11% of its circulating supply.

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