Weekly Crypto Recap (Jul 22th - Jul 29th)

Here’s your weekly update from Metaverse.SG, spotlighting the hottest crypto happenings of the week:

• Ethereum ETF Launch
• The Bitcoin Conference
• Grayscale Sell ETH
• Fuel Airdrop
• Top DePIN Gems
• Usual Money Airdrop 

Jump into the latest crypto buzz!

Market Overview

BTC-ETF Flow:

• Monday: +$485M
• Tuesday: -$77M
• Wednesday: +$44M 
• Thursday: +$31M
• Friday: +$51M

ETH-ETF Flow:

• Tuesday: -$106M
• Wednesday: -$133M 
• Thursday: -$152M
• Friday: -$162M

Ethereum ETF Launch 

The launch of new Ethereum (ETH) ETFs has significantly impacted the market, with a record inflow of 714,000 ETH ($2.4 billion) into "long-term holder" wallets, indicating strong investor confidence. 

On July 23rd, ETH-ETFs saw net inflows of $106.6 million, surpassing Bitcoin ETFs' net outflow of $78 million. The new ETH ETFs attracted $1.18 billion in their first week, showcasing high institutional interest.

However, Grayscale's Ethereum Trust (ETHE) experienced substantial outflows, with nearly $327 million leaving the fund, resulting in a net outflow of $338 million despite other funds attracting $193.7 million. 

This highlights a shift in institutional investment, with strong interest in new ETFs contrasting with significant outflows from established trusts.

What do institutional investors say about crypto? 

BlackRock has indicated that ETFs for cryptocurrencies beyond Bitcoin and Ethereum are unlikely to be approved soon, as current client interest is primarily focused on BTC and ETH. 

Robert Mitchnick, BlackRock's Head of Digital Assets, noted the minimal interest in other cryptocurrencies. The addition of staking to ETH ETFs is anticipated, reflecting growing demand for Ethereum's evolving capabilities. 

Nate Geraci suggested that the regulatory landscape might shift significantly under a different administration, such as Donald Trump's, potentially altering the prospects for broader cryptocurrency ETF approvals.

Insights from The Bitcoin Conference

During TheBitcoinConf in Nashville from July 25 to 27, VanEck (an ETH ETF issuer) reported significant interest in Solana ETFs among participants. 

Jan van Eck, managing $108 billion, revealed that 30% of his personal portfolio is in BTC. 

The conference also featured speeches by notable figures and US presidential candidates, including Robert Kennedy Jr., who, despite his slim chances of election, proposed that the US should purchase 550 BTC per day.

Trump at The Bitcoin Conference 

•  "If cryptocurrency is going to define the future, I want it mined, minted, and produced in the USA! 'You won’t have to move your families to China!' The States will become the crypto capital of the planet and the bitcoin superpower of the world.'"
•  "Bitcoin is a marvel of human achievement. Cryptocurrencies will soar like never before if I am elected President of the USA."
• "Bitcoin doesn’t threaten the dollar; the dollar is threatened by the current US government. The threat to our currency comes not from cryptocurrency but from Washington!"
•  "I will fire Gary Gensler… (the loudest applause in the room)... 'Wow, I didn’t know he was so unpopular!'"
•  "I will keep the 200,000 $BTC held on the country’s balance sheet, and any future acquisitions... as a strategic asset of the USA."
•  On Kamala Harris: "By the way, she’s against cryptocurrency. She’s very much against it..."
•  "As long as I am President of the USA, a $CBDC will never be issued."
•  "I will make sure that Elizabeth Warren, also known as 'Pocahontas,' keeps her hands off cryptocurrency."
•  "Bitcoin could exceed the market value of gold. Bitcoin stands for freedom, sovereignty, and independence from government coercion and control."

Fuel Airdrop Guide 

Top DePIN Gems

Usual Money Airdrop

Conclusion:

• Stay tuned

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