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Bybit Report Reveals Liquid Staking as a Driver for Solana’s Growth

Dubai, United Arab Emirates, September 12th, 2024, Chainwire

A new report by Bybit, the world’s second-largest cryptocurrency exchange by trading volume, reveals the Solana blockchain is having a break-through moment driven by its liquid staking model. This report examines the current state of liquid staking on Solana—particularly exchange-launched liquid-staked SOL, key players in the space, and why and how the liquid staking model is poised to mobilize the masses to the Solana ecosystem.

The leading proof-of-stake blockchain has been a popular destination for memecoins, grassroot projects and other DeFi protocols in 2024. However, limited by its current market cap and reach, the mainstreaming of Solana is still underway. Bybit’s report underscores the significance of liquid staking, particularly led by the rise of exchange-backed liquid staking tokens (LST), such as Bybit’s own bbSOL, in driving the next chapter of growth on Solana. 

Key takeaways: 

  • Guiding Retail Investors to Solana: Mainstream exchange-backed LSTs will break down barriers and become the de-facto bridge between casual users and the DeFi opportunities in Solana. Bybit is first-in-market having recently launched bbSOL, the world’s first exchange to launch a LST on Solana. 
  • Blending Growth and Potential: Report findings show that Solana’s innovative liquid staking model is a step ahead of traditional staking with more flexibility and liquidity, providing users with improved yield and access. Its potential also speaks volume with a current liquid staking ratio of only 6.5%, allowing significant room for growth. Additionally, various projections see the market reaching $6-10 billion soon.
  • The Power of Memecoin:  The rise of memecoins on Solana creates a space for retail investors and may open up DeFi opportunities, potentially driving liquid staking adoptions further upwards.
  • Challenges Ahead: Sustaining growth in the ecosystem will require better user education and addressing smart contract risks.

Overall staking on Solana far outpaces Ethereum with over $57 billion worth of SOL staked, equivalent to a staking ratio of around 68%. 

The report also offers an in-depth view of the liquid staking landscape on Solana and the dynamics between the driving forces. 

Download the full report: Solana Liquid Staking: Driving Solana to the Next Phase of Mass Adoption

#Bybit / #TheCryptoArk

About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, users can please visit Bybit Press
For media inquiries, users can please contact: media@bybit.com
For more information, users can please visit: https://www.bybit.com
For updates, users can please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

Contact

Head of PR
Tony Au
Bybit
tony.au@bybit.com

Price Prediction: Ethereum Will Hit $22,000 By 2030

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Analysts project that the spot price of Ether (ETH) could soar to between $12,000 and $22,000 by the end of this decade, with optimistic scenarios laid out by cryptocurrency brokerage StoneX Digital and asset manager VanEck.

Matthew Sigel, head of digital asset research at VanEck, forecasts that the Ethereum network could generate as much as $66 billion in annual free cash flow by 2030, potentially elevating the price of ETH to around $22,000 per token. On the shorter-term horizon, David Kroger, a data scientist at StoneX, anticipates ETH prices reaching approximately $4,600 within the next 18 months. However, Kroger suggests an even higher potential of around $12,621, citing significant upcoming technological advancements in Ethereum, as discussed during a StoneX panel on September 10.

The bullish estimates are rooted in the anticipated accrual of value to ETH holders from transaction fees as Ethereum increasingly processes a larger share of global transactions. Sigel pointed out Ethereum’s already significant transaction volume, stating, “Ethereum processed roughly $4 trillion in settlement value over the last year and another $5 trillion in stablecoin transfers annually. So this is far bigger than PayPal and is beginning to approach networks like Visa.”

Since its inception in 2015, Ethereum has accumulated $3 billion in fees (denominated in ETH), according to Sigel. Additional value accrual mechanisms for ETH include the “burning” of a portion of transaction fees—permanently removing them from circulation—and issuing new ETH to reward stakers who secure the network by posting ETH as collateral.

Despite a recent sharp decline in revenue following the network’s March Dencun upgrade—which cut transaction fees by about 95%—Sigel remains optimistic about Ethereum’s recovery prospects in the latter half of the year. “There wasn’t enough volume to make up for the fee decline, so investors have become less constructive about the chain,” Sigel explained. “Ethereum still has some levers it can pull to recover value […] That’s what we’re looking at for the second half of the year.”

Additionally, the broader appeal of Ethereum is linked to a growing global demand for decentralized solutions, as Kroger highlighted, especially outside the United States due to diminishing trust in centralized institutions and the credibility of the US dollar.

Memecoins Lose Momentum Following Meteoric Gains

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In 2024, the memecoin market experienced a surge in popularity but struggled to maintain the high valuations seen earlier in the year. Well-known tokens such as Dogecoin, Shiba Inu, Pepe, and Dogwifhat have seen significant drops, with average declines around 63% according to data from Lookonchain released on September 2.

The influx of new tokens has dramatically changed the landscape. Safe-launch platforms like Pump.fun and BaseJump have simplified the coin launch process by removing many of the technical and financial barriers that once existed, leading to a flood of new entries into the market and heightening competition within the memecoin sector.

Ilias Salvatore, from the token analytics tool Flooz, noted the shift in market dynamics due to these new platforms, highlighting the changes in trader behavior and investment focus. “I think that money flows where attention goes,” Salvatore explained. He pointed out the popularity of platforms like Pump.fun and Solana for discovering new tokens, which attract a particular type of trader, different from those trading established memes on major exchanges.

Carlos Mercado, a data scientist at Flipside Crypto, observed that this frenetic pace promotes short-term trading behaviors that differ from traditional investment strategies. “We do see onchain evidence of rotation — volumes peak for most memes early, and traders pivot to more recently launched coins,” Mercado said, indicating a rapid turnover in the memecoin market.

The proliferation of new tokens, with over 1.98 million launched on Pump.fun alone since March, has led to increased competition among memecoins. However, the reality for traders is stark; a snapshot from September 11 showed that only 1.3% of tokens on Pump.fun reached a market cap of $69,000 to be listed on the decentralized exchange Raydium, signifying a “graduation.”

Despite the vast number of new memecoins, most investors face long odds, with a reported $100 investment on Pump.fun having worse success rates than casino roulette, underscoring the high-risk nature of investing in these volatile digital assets.

$750 Million of BTC Leaves Exchanges as Supply Crunch Nears

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On September 10, Bitcoin saw a notable surge in outflows from exchanges, with roughly $750 million worth of assets being withdrawn. This marks the most significant net outflow since May, hinting at a potential shift in investor sentiment, as reported by IntoTheBlock (ITB). With Bitcoin prices hovering around $57,000, these movements are seen as indicators of investors’ confidence and strategic positioning.

Juan Pellicer, a senior researcher at ITB, explained in a discussion with Cointelegraph the implications of such large outflows. He stated, “Regulatory concerns can prompt withdrawals as users seek to avoid potential restrictions. Institutional accumulation typically involves large-scale transfers from exchanges.” This context suggests that both institutional and retail investors might be anticipating a rise in Bitcoin’s price, prompting them to move their holdings to private wallets for more control and security.

Another reason for the significant outflows could be the growing preference for transferring Bitcoin to cold storage—hardware wallets that are not connected to the internet. This method is preferred for its enhanced security features, supporting the trend of self-custody among investors concerned about the safety of their assets on exchanges.

The magnitude of the outflows, with a total volume of $2.95 billion on the previous day, suggests substantial institutional activity. Pellicer elaborated, “…retail investors rarely move such large amounts in total. However, some portion likely comes from retail.” This mix of institutional and retail movements indicates a broader consensus possibly leaning towards a bullish outlook for Bitcoin.

Historical data supports the notion that significant outflows generally precede price increases. Pellicer highlighted this pattern, saying, “As Bitcoin leaves exchanges, available supply for trading decreases. Assuming demand remains stable or increases, this supply reduction typically leads to upward price pressure.” This correlation underscores the basic supply-demand dynamics influencing Bitcoin’s market price.

For instance, on May 31, exchanges experienced a net outflow of 16,050 BTC, valued at approximately $1 billion, which was followed by a spike in Bitcoin’s price to $71,000 just five days later. This pattern suggests that large outflows could be a precursor to price rallies, reflecting a strategic shift among investors to brace for potential gains.

Digital Identity Progression With LUKSO’s Universal Follower System

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X has been banned in Brazil. The French government has charged Telegram’s founder with some pretty outrageous crimes. Decentralized social platforms are what the world needs right now — more than DeFi and more than RWAs.

The blockchain and social media landscapes are on the cusp of a major transformation, thanks to LUKSO’s newest innovation — the Universal Follower System. 

This feature, announced recently, promises to unify social connections across decentralized platforms, offering a seamless follower experience like never before.

Introduction to LUKSO’s New Universal Follower System

LUKSO, an L1 EVM-based blockchain, has always been at the forefront of integrating blockchain technology with social, creative, and cultural use cases. 

Now, with the Universal Follower System, they are taking a massive step toward changing how users connect and interact online. This latest innovation solidifies LUKSO’s role in the ecosystem and sets a new standard for digital identity and social interactions.

How It Works

At its core, the Universal Follower System is a smart contract-based solution designed to create a unified follower registry across various decentralized applications (dApps). 

Unlike traditional social media platforms where followers are siloed within each app, LUKSO’s system allows users to retain their followers across multiple platforms. If two users follow each other on one dApp, their connection is preserved across other dApps in the LUKSO ecosystem.

The technical aspects of this system are rooted in blockchain tech, keeping follower data secure, transparent, and immutable. By recording all follower interactions on-chain, LUKSO guarantees that users have full control over their social connections, free from the constraints of centralized platforms.

Unique Features and Use Cases

The Universal Follower System boasts several unique features that set it apart from traditional follower mechanisms:

  • Automated Actions: The system supports automated actions like follow notifications, ensuring users are always informed about their social interactions.
  • Customization Options: Users can customize their follower interactions based on specific criteria, tailoring their social experience to their preferences.
  • Versatile Applications: From social networking to professional connections, the follower system can be applied across a wide range of use cases, making it a versatile tool for various online interactions.

The system has the potential to redefine how we perceive and manage our social connections in a decentralized world.

Why Blockchain?

LUKSO is a next-generation EVM Layer-1 blockchain designed to revamp social, creative, and cultural domains. The platform unlocks unprecedented opportunities for dApps and on-chain experiences using new smart contract standards. 

The introduction of the Universal Follower System aligns perfectly with LUKSO’s mission to transform how people interact with blockchain technology.

Through these initiatives, LUKSO is paving the way for a more inclusive and user-centric blockchain ecosystem.

Universal Profiles

Central to LUKSO’s vision is the concept of Universal Profiles, based on the ERC 725 standard. Introduced by Fabian Vogelsteller in 2017. ERC 725 allows for the creation of smart contract accounts that can hold any information and be controlled by multiple private keys.

LUKSO’s Universal Profile is the first fully standardized smart contract account. It is a multi-functional profile that works across websites, social accounts, and blockchain wallets. This user-centric design ensures that individuals have complete control over their digital identity, making online interactions more secure and personalized.

Deploying and Using Universal Profiles

Deploying a Universal Profile on LUKSO is a straightforward process. Here’s a step-by-step guide:

  1. Create a Profile: Visit the LUKSO platform and create your Universal Profile by entering basic information and uploading a profile picture.
  2. Customize the Profile: Add tags, links, and other details to personalize the profile. Set up control of the account on multiple devices with different permissions.
  3. Connect with Others: Follow other users and build a personalized social network across various dApps in the LUKSO ecosystem.

By deploying and using Universal Profiles, users can enhance their digital presence and make online interactions more meaningful and secure.

Decentralization Is the Foundation for the Future of Social Platforms

The introduction of the Universal Follower System and Universal Profiles has far-reaching implications for the future of social media, blockchain adoption, and digital identity. The platform will create a more interconnected and user-centric digital ecosystem where individuals have full control over social connections and online interactions.

LUKSO’s Universal Follower System will change social media. By offering a unified follower experience across decentralized platforms, LUKSO is setting a new standard for digital identity and social interactions. 

For those looking to stay ahead of the curve, now is the time to get involved with LUKSO and experience the future of digital identity firsthand.

Dune Becomes the Most Comprehensive Onchain Data Hub for Polkadot’s 50+ Parachains

Boston, Mass, September 11th, 2024, Chainwire

New Integration Expands Dune’s Coverage Across the Entire Polkadot Ecosystem, Delivering Unmatched Onchain Analytics

Zurg, Switzerland, September 11th 2024 Dune, the leading platform for onchain analytics, announces the integration of 50+ parachains from the Polkadot ecosystem. With this expansion, Dune solidifies its position as the most comprehensive data hub for Polkadot, offering unparalleled insights and analytics for developers, investors, and data enthusiasts alike.

Earlier this year, Dune launched support for Polkadot, Kusama, and six parachains. Now, the platform takes a major step forward by expanding coverage to include the entire Polkadot ecosystem. This integration enables users to explore, analyze, and visualize all onchain activities across Polkadot in real time, making Dune the go-to destination for data-driven decision-making.

Polkadot’s ecosystem, known for its diverse and innovative parachains, generates a vast amount of data. Navigating this complex network can be a challenge. Dune’s expanded support simplifies access to crucial onchain data, empowering users to gain deeper insights into Polkadot’s dynamic ecosystem.

The newly integrated parachains include Moonbeam, which specializes in smart contracts and cross-chain DeFi; Acala, known as Polkadot’s hub for decentralized finance; Phala, which focuses on privacy-first DePIN and AI solutions; and Mythos, a protocol bringing AAA decentralized gaming and hugely popular franchises to Polkadot. These integrations, along with dozens of others, position Dune as the most expansive source for Polkadot’s onchain analytics, allowing users to track transaction flows, analyze DeFi activity, and monitor developments in gaming and NFTs—all within a single, comprehensive platform.

FredrikHaga, CEO of Dune shared, “Polkadot and its Substrate-based chains form a vast and complex ecosystem. With this integration of 50+ parachains, our goal is to make that complexity easier to navigate. We want to give people a clear, accessible view of what’s happening across the network, so they can focus on innovation and building with confidence.”   

This milestone integration was achieved through Dune’s partnership with Colorful Notion. Together, the teams developed a streamlined process for integrating new parachains, ensuring Dune’s data remains comprehensive, accurate, and reliable.

Dune’s integration also includes enhanced functionality through the Dune API, allowing users to convert any query into a flexible API endpoint. This feature offers greater flexibility for developers and analysts, enabling them to seamlessly incorporate Dune’s data into their own applications.

To learn more about the latest Polkadot integrations, readers can visit Dune’s Polkadot Analytics.

About Dune 

Dune is a leading data analytics platform that democratizes access to onchain data by enabling users to query, visualize, and share insights across various blockchains. With over 700,000 community-contributed data tables, Dune supports comprehensive analysis of tokens, wallets, protocols, and more. The platform’s recent launch of the Dune API extends its capabilities for automated reporting, alerting, and integration into user applications. 

For more information, readers can visit https://dune.com/home 

About Polkadot

Polkadot is the powerful, secure core of Web3, providing a shared foundation that unites some of the world’s most transformative apps and blockchains. Polkadot offers advanced modular architecture that allows devs to easily design and build their own specialized blockchain projects, pooled security that ensures the same high standard for secure block production across all connected chains and apps connected to it, and robust governance that ensures a transparent system where everyone has say in shaping the blockchain ecosystem for growth and sustainability. With Polkadot, you’re not just a participant, you’re a co-creator with the power to shape its future.

Contact

Jonathan Duran
jonathan@distractive.xyz

Crypto Exchange Loses $22 Million in New Hack

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Indonesian cryptocurrency exchange Indodax experienced a significant security breach resulting in the loss of approximately $22 million in various cryptocurrencies, prompting the shutdown of its mobile and web platforms for an in-depth investigation. On September 11, blockchain investigation firms PeckShield, Cyvers, and SlowMist detected unusual activity suggesting an attack on Indodax’s hot wallets, where substantial amounts of Bitcoin, Tron, Ether, Polygon, and Shiba Inu tokens were stolen.

SlowMist’s preliminary analysis indicated a vulnerability in Indodax’s withdrawal system, which allowed the hackers to siphon funds from the exchange’s hot wallet. Cyvers pointed to additional compromised elements, including the signature machine used by the exchange. The stolen assets included over $1.42 million in Bitcoin, $2.4 million in Tron tokens, more than $14.6 million in various ERC-20 tokens, $2.58 million in Polygon, and $0.9 million in Ether from the Optimism blockchain.

Following the breach, Cyvers identified over 150 suspicious transactions across multiple networks, noting that the hacker began converting the stolen assets to Ether. The culprits then reportedly used crypto mixing services like Tornado Cash to launder the funds, making it difficult to trace the stolen assets.

In response to the security incident, Indodax took immediate action by halting all operations and issuing a statement to its users: “Currently, we are conducting a complete maintenance to ensure the entire system is operating properly. During this maintenance process, the INDODAX web platform and application are temporarily inaccessible.”

Amid the investigation, there is speculation about the perpetrators’ identity. Yosi Hammer, head of AI at Cyvers, suggested a link to North Korea’s notorious Lazarus Group, known for its sophisticated cyberattacks on financial institutions. He observed, “The pattern and the characteristics of the (Indodax) attack highly resemble those of North Korea’s Lazarus Group.”

Despite the significant financial impact of the hack, Indodax, with a reserve balance of $369 million as reported by CoinMarketCap, reassured investors of the safety of their assets, hinting at potential measures to compensate for the losses.

BTC Spot ETFs Record Net Inflows of $28.6 Million

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On September 9, United States-based spot Bitcoin exchange-traded funds (ETFs) reversed a negative trend, registering a net inflow of $28.6 million after eight consecutive trading days of outflows. This shift in investor sentiment was highlighted by notable inflows into several prominent funds.

Despite experiencing its third-ever day of net outflows, BlackRock’s iShares Bitcoin Trust (IBIT) saw a decrease of $9.1 million, marking its smallest outflow to date, with previous larger outflows recorded on May 1 ($36.9 million) and August 29 ($13.5 million), according to data from Farside Investors.

The Fidelity Wise Origin Bitcoin Fund (FBTC) led the day with substantial inflows, garnering $28.6 million. Other funds like the Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF (ARKB) also saw significant positive movements, with inflows of $22 million and $6.8 million respectively. Additionally, the Invesco Galaxy Bitcoin ETF (BTCO) reported an inflow of $3.1 million.

This turnaround followed a challenging period from August 27 to September 6, during which approximately $1.2 billion exited these ETFs. Coinciding with the influx of funds was a 5.35% rally in Bitcoin’s price, peaking at $57,635 before settling down to $56,682, as per CoinGecko’s tracking.

Overall, BlackRock continues to dominate the spot Bitcoin ETF market with a total of $20.9 billion in net inflows, outpacing other providers like Fidelity and ARK 21Shares, which have amassed $9.45 billion and $2.28 billion in inflows respectively. Across all funds, total net inflows have reached $16.93 billion, despite more than $20 billion in outflows from the Grayscale Bitcoin Trust (GBTC).

In contrast, the spot Ether ETFs are still facing challenges, with a net outflow of $5.2 million on September 9, marking seven days without any new inflows. BlackRock and Fidelity’s Ether products have seen inflows of $1 billion and $405.4 million respectively, while Bitwise and the Grayscale Ethereum Trust (ETHE) continue to navigate significant outflows.

Ethernity Chain Unveils $10 Million Grant Program to Empower Founders

Los Angeles, United States, September 10th, 2024, Chainwire

Ethernity, the leading entertainment-focused Layer 2 blockchain solution, proudly announces a $10 million grant program dedicated to revolutionizing the entertainment and creator economy through development of Ethernity’s Layer 2. This substantial investment aims to support developers, founders, and startups building the future of digital entertainment on the Ethernity Layer 2 ecosystem.

Fuelling Innovation in Entertainment and the Creator Economy

The Ethernity Grant Program is designed to fuel groundbreaking projects that elevate the entertainment landscape, offering financial support, strategic mentorship, and valuable business resources. By focusing on enhancing the creator economy, Ethernity empowers brands and founders to leverage blockchain technology for new levels of engagement, security, and monetization.

Program Focus Areas:

  1. Games and Entertainment Products: Innovative games and interactive experiences that push the boundaries of digital entertainment.
  2. Blockchain Infrastructure: Tools, protocols, and infrastructure enhancements that strengthen the Ethernity ecosystem for entertainment applications.
  3. Entertainment Infrastructure: Projects that integrate global entertainment brands with blockchain, enabling new business models and fan experiences.
  4. DeFi Tools: Financial applications tailored to the needs of the entertainment industry, providing new ways to monetize and secure digital assets.
  5. RWA’s and Collectibles: Cutting-edge digital assets and marketplaces that redefine ownership and engagement.
  6. Education and Outreach: Initiatives that promote blockchain adoption and educate the creator community.

How to Apply

The program is open globally to developers, startups, and organizations whose projects align with Ethernity’s mission to disrupt the entertainment industry through innovative products. Applicants are encouraged to submit detailed proposals outlining their project objectives, milestones, and potential impact.

What Grant Recipients Will Receive

Grant recipients will receive financial backing to accelerate project development, access to mentorship from entertainment and blockchain experts within Ethernity’s network, and support with marketing and PR to enhance visibility. They will also benefit from technical resources, including tools, SDKs, and dedicated technical support, as well as opportunities to connect with venture capitalists for further investment and growth.

“Ethernity is committed to fostering a dynamic ecosystem that supports the next generation of entertainment and creator-focused technologies,” said Nick Rose Ntertsas, CEO of Ethernity. “This $10 million grant program is a significant step in empowering innovators and creators to bring their visions to life on the blockchain.”

For More Information and Application Details

Developers, creators, and organizations are invited to apply for the Ethernity Grant Program and join a pioneering movement to transform entertainment and the creator economy through blockchain technology.

For more information and to apply, users can visit https://www.ethernity.io/grants

About Ethernity

Ethernity is a Layer 2 blockchain solution designed specifically for the entertainment industry and the creator economy. It offers AI-powered security and Digital Rights Management (DRM) to protect intellectual property on-chain. With a robust infrastructure and strong partnerships, Ethernity is poised to become the leading web3 platform for entertainment, providing a secure, scalable, and user-friendly environment for creators and brands.

Website: Ethernity.io

Twitter: @EthernityChain

Telegram: EthernityChain

Contact

CMO
James Aitken
Ethernity Chain
james@ethernity.io

Bitcoin Spot ETFs Record Net Inflows of $28.6 Million

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On September 9, United States-based spot Bitcoin exchange-traded funds (ETFs) reversed a negative trend, registering a net inflow of $28.6 million after eight consecutive trading days of outflows. This shift in investor sentiment was highlighted by notable inflows into several prominent funds.

Despite experiencing its third-ever day of net outflows, BlackRock’s iShares Bitcoin Trust (IBIT) saw a decrease of $9.1 million, marking its smallest outflow to date, with previous larger outflows recorded on May 1 ($36.9 million) and August 29 ($13.5 million), according to data from Farside Investors.

The Fidelity Wise Origin Bitcoin Fund (FBTC) led the day with substantial inflows, garnering $28.6 million. Other funds like the Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF (ARKB) also saw significant positive movements, with inflows of $22 million and $6.8 million respectively. Additionally, the Invesco Galaxy Bitcoin ETF (BTCO) reported an inflow of $3.1 million.

This turnaround followed a challenging period from August 27 to September 6, during which approximately $1.2 billion exited these ETFs. Coinciding with the influx of funds was a 5.35% rally in Bitcoin’s price, peaking at $57,635 before settling down to $56,682, as per CoinGecko’s tracking.

Overall, BlackRock continues to dominate the spot Bitcoin ETF market with a total of $20.9 billion in net inflows, outpacing other providers like Fidelity and ARK 21Shares, which have amassed $9.45 billion and $2.28 billion in inflows respectively. Across all funds, total net inflows have reached $16.93 billion, despite more than $20 billion in outflows from the Grayscale Bitcoin Trust (GBTC).

In contrast, the spot Ether ETFs are still facing challenges, with a net outflow of $5.2 million on September 9, marking seven days without any new inflows. BlackRock and Fidelity’s Ether products have seen inflows of $1 billion and $405.4 million respectively, while Bitwise and the Grayscale Ethereum Trust (ETHE) continue to navigate significant outflows.

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