Grayscale Transfers $1 Billion in Ether to Coinbase Ahead of ETF Launch
Daily Top Performer β Taiko (TAIKO)
The SPX index was up by 1.08%, particularly driven by strong performances in the technology sector. Additionally, the political scene is also in focus after President Joe Biden concluded his reelection campaign and endorsed Vice President Kamala Harris. The broader cryptocurrency market was mixed, with Bitcoin rising by 1.18% and Ether dropping by 0.32%, in the past 24 hours.
Today's top performer is TAIKO, which surged 8.4% after the launch of Taiko's Trailblazers Trail 5.
Taiko (TAIKO), launched in May 2024, is a fully open-source, Ethereum-equivalent ZK-rollup scaling solution designed for decentralized, secure, and permissionless operations. Taiko has announced "The Trailblazers Trail 5: Domains and Social" event, running from July 22 to July 28, 2024. Participants can mint their unique Taiko name using DotTaiko Domains or ZNS, or create a TBA smart account on PoPP. This event offers a chance to earn points, climb the ranks, and secure one's identity on the Taiko network. Participants will receive a Monk Faction Badge and see their domain name displayed on their Trailblazers profile. For more details, visit this link.
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Talk of the Town:
Grayscale has transferred $1 billion in Ethereum to Coinbase Prime ahead of the U.S. debut of its Ethereum ETFs, sparking speculation about its intentions. This move is part of Grayscale converting 10% of its Ethereum Trust holdings into its new, lower-cost Ethereum ETF. Some market observers expect that the high fees of the existing trust could drive funds into the new ETF, keeping assets within Grayscale's management. Despite some concerns about potential lower demand for Ethereum ETFs, the market remains optimistic about their launch. Analysts predict significant initial demand, with Ethereum's price already rising in anticipation.
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Bitcoin Spot ETF Flows:
Category | Flow (millions) |
GBTC | 0.0 |
Non-GBTC | 6.9 |
Total | 6.9 |
Bitcoin surpassed $67,000, buoyed by nearly 6.9 million in inflows into Bitcoin Spot ETF. The market is also anticipating the U.S. launch of Ethereum ETFs. However, Analyst Rachael Lucas cautioned that pending repayments from the defunct Mt. Gox exchange could introduce volatility.
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Airdrop to Watch:
Liquidium, a Bitcoin-based lending and borrowing platform, surprised its users and Ordinal holders with an unannounced airdrop, distributing 10% of its total token supply during its token-generation event (TGE). The distribution included 7% to Liquidium users and 3% to select Ordinals communities, based on a snapshot taken on July 21. The platform, which allows users to borrow against or loan assets like Ordinals and Runes, announced a $2.75 million seed raise and has seen $125 million in cumulative volume since its launch. The TGE concludes Liquidium's Genesis Season and kicks off Season 1, focusing on user rewards for the next two months. The Liquidium token is currently valued at a market capitalization of $35 million.