“Should Have Bought” is a news podcast by the ForkLog editorial team, covering the week’s major industry events and the hottest tokens.
Topics: the launch of Ethereum-ETF, ether outflows from Grayscale, Mt.Gox asset distribution, and Portuguese citizenship for bitcoins.
Special guests: Roman Zabuga — Marketing Director of data center operator Sibmain (Russia) and co-owner of BWCM UG (Germany), CEO of Indefibank Sergey Mendeleev.
Participants: ForkLog authors Lena Jess, Aleksey K., and Vasily Smirnov.
Ethereum-ETF Debut
On July 23, trading of spot Ethereum-ETF commenced on regulated US exchanges. Shortly after the trading session opened, the price faced moderate bearish pressure.
In the first 15 minutes, ETH-ETF turnover reached 50% of the first-day figure for bitcoin funds ($112 million).
The day after listing, these new products for the American market concluded with a trading volume of about $1.08 billion. Net inflows into spot ETH-ETF amounted to $106.7 million, with total assets under management exceeding $10 billion.
Sell on the News
Overall, a confident and positive market start was followed by significant outflows from Grayscale’s ETHE — clients withdrew nearly $500 million from the exchange-traded fund on the first day.
In the following days, the trend continued, negatively impacting ether’s price and market sentiment. Since the launch, outflows from Grayscale have exceeded $1.1 billion.
However, despite market corrections and other negative trends, positive inflow dynamics resumed in spot bitcoin-ETF.
The Echo of Mt.Gox
Major centralized crypto exchanges have begun distributing digital assets from the bankrupt Mt.Gox platform among creditors.
On July 24, Kraken CEO Dave Ripley announced the first deposits and payouts.
“Kraken has successfully distributed bitcoin and Bitcoin Cash from Mt.Gox’s estate among creditors. It has been nearly ten years since the Trustee selected our exchange to facilitate the investigation and return of client funds. It was our privilege and duty,” he stated.
Later, Bitstamp made a similar announcement. The platform has begun gradual payouts to Mt.Gox’s creditor clients.
Portuguese Citizenship for Bitcoins
A new fund has offered bitcoin holders the chance to obtain EU citizenship through Portugal’s “golden visa” program.
Unbound Fund co-founder and CEO Alessandro Palombo stated that by investing €500,000 in cryptocurrency through the fund, investors can participate in this program.
Unbound Fund invests funds with 100% passive ownership of digital gold and will purchase shares of BlackRock’s BTC-ETF for security and convenience. Palombo noted that the fund has already attracted its first clients and partners.
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