Ethereum ETFs Hit by Outflows After Three-Day Streak!

U.S. spot Ethereum exchange-traded funds were hit with $39.21 million in outflows on Thursday.

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Danielle du Toit
August 16, 2024

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  • Spot Ethereum ETFs Experience $39 Million in Net Outflows, Ending Three-Day Streak of Positive Flows

  • World’s 3rd Largest Public Pension Fund Buys $34M MicroStrategy Shares

  • US Gov’t Silk Road Bitcoin Moved to Coinbase Will Not Be Sold

  • Donald Trump Jr. Debuts Telegram Channel for New Crypto Project

U.S. spot Ethereum exchange-traded funds were hit with $39.21 million in outflows on Thursday.

  • The Grayscale Ethereum Trust (ETHE) experienced major outflows, with $42.52 million exiting the fund. It was also the only spot ether ETF to report outflows on Thursday.

  • The Grayscale Ethereum Mini Trust (ETH) reported no flows on Thursday after posting moderate $2.26 million net inflows on Wednesday.

  • Fidelity's FETH saw net inflows of $2.54 million, and BlackRock's ETHA attracted $770,350 into the fund.

💰️ World’s 3rd Largest Public Pension Fund Buys $34M MicroStrategy Shares

South Korea’s National Pension Service (NPS) bought 24,500 MicroStrategy shares for a price of $33.75 million on Aug. 13.

  • South Korea's National Pension Service is the country's largest investor with over $777 billion in assets.

  • The NPS holds a $51 million stake in Coinbase, and also has investments in other well known tech companies like Roblox and Jack Dorsey's Block, Inc.

  • MicroStrategy (MSTR) has seen a 92.5% gain this year, and its stock price even surpassed $150 for the first time in over 24 years.

❗️ US Gov’t Silk Road Bitcoin Moved to Coinbase Will Not Be Sold

The United States government has transferred almost $600 million worth of Bitcoin to Coinbase.

  • Ryan Lee, chief analyst at Bitget Research, believes it is unlikely that the BTC that were seized during the 2022 Silk Road raid will be sold immediately.

  • It is more likely that the BTC was moved to Coinbase for safekeeping, especially given Coinbase's role as the primary custodian for US ETFs.

  • Lee pointed out that selling such a large amount of BTC will have a massive impact on its price, making an immediate sale a very unlikely scenario.

Donald Trump Jr. has officially launched a Telegram channel called “The DeFiant Ones.”

  • The channel already has more than 13,000 subscribers, and is the latest teaser for the Trump family's upcoming crypto project.

  • Donald Trump Jr. recently revealed plans for a new venture that will be focused on creating a crypto platform to address disparities in banking services.

  • Speculation about the project grew after Trump Jr. hinted at a major DeFi announcement on Aug. 7, which many believed involved the launch of a new meme coin.

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