OVERVIEW

Grayscale Leads The ETH ETF Bleed 

Well, this is an odd day. Why? The total market cap is down -0.57%, the altcoin market is down -1.09%, but the altcoin market excluding Ethereum is up +0.44%. 🤔 

In today’s Litepaper, we’re taking a look at how the ETH ETFs have done on their second day of trading.

Also on deck: hopes for a Solana ETF grow and Mt. Gox transfers are confirmed to be coming in on Kraken. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

ETHEREUM
Outflows Dominate ETH ETFs ⏬

For the second day in a row, ETH ETF volume surpassed $1 billion. But, like Bitcoin’s ETFs, Grayscale leads the bleed. 🩸 

According to Nansen’s ETH ETF dashboard, net flows are most definitely in the red. Grayscale leads the push lower with -$1.46 billion. Excluding inflows into Grayscales mini-trust, Bitwise is the lead in inflows ($200 million). 

Analysts note that Ethereum's lack of staking features in ETFs, prohibited by the SEC, led some investors to buy Ethereum directly. 💵 

Analysts expect spot ETH ETFs to attract $1 billion to $2 billion in total assets under management over the next three months, a fraction of the $12.7 billion Bitcoin ETFs pulled in a similar timeframe.

Ethereum is down -3.21% today, and -4.72% this week. 🟥 

NEWS
Solana ETF Hopes Soar ✈️

According to Lookonchain, two whales staked 238,893 $SOL—worth $41.4 million—amid rising Solana ETF talks. 🐳 

The Chicago Board Options Exchange (CBOE) filed form 19b-4s for Solana ETFs earlier this month, inviting public commentary and sparking regulatory discussions.

Solana Revolutionizing Cross-Border Trade

As reported by Cointelegraph, AgriDex, a Solana-based marketplace, facilitated a trade between a South African farm and a London importer involving over two hundred bottles of olive oil and wine. AgriDex charged a mere 0.15% fee, a stark contrast to traditional high fees. 

Henry Duckworth of AgriDex emphasized how Solana's blockchain eliminates the complexities of international trade, ensuring better payments for farmers and fostering improved productivity. 🌱

STOCKTWITS & 11thESTATE PARTNERSHIP
Final Day To Secure Your Alphabet Payout! 🚨

$GOOG has agreed to a $350 million settlement with shareholders to resolve claims related to the security issues of Google+.  

Back in 2018, Alphabet was accused of hiding a major security flaw in its Google+ social network. This exposed users' private data to third parties between 2015 and March 2018. Following this news, $GOOG fell significantly, and Alphabet faced a lawsuit from shareholders.

Now, Alphabet has decided to pay the affected shareholders to avoid further litigation. 

NEWS
Mt. Gox Victims Receive First Payouts Through Bitstamp 🏣

Mt. Gox creditors, after nearly a decade of waiting, are finally seeing some movement. Bitstamp announced that they would begin distributing the funds on Thursday (July 25, 2024), marking a significant moment for those who lost their assets in the infamous 2014 hack. 🎉

The payouts will include BTC, ETH, and BCH, received from the Mt. Gox trustees. However, there's a catch: U.K. customers will have to wait a bit longer for their share, as they’re excluded from the initial distributions. 🕰️

Meanwhile, over on the r/mtgoxinsolvency subreddit, some creditors reported receiving their deposits through Kraken, sparking a mix of relief and disbelief among the community. It’s a small win, but a win nonetheless.

Unfortunately for doom-sayers, the Mt. Gox hodlers are not selling their Bitcoin. The Bitcoin Cash though? If posts on Stocktwits, X, and Reddit are true, then BCH is going to get sold off big time. 📉 

NEWS
Crypto News In Three Sentences 📰

💰 Dakota Emerges to Offer Bank-Like Services for Crypto 

Dakota, founded by ex-Airbnb, Anchorage, and Coinbase Custody bigwigs, just popped out of stealth mode to provide treasury management, lending, and payment services for crypto businesses. Unlike Celsius and BlockFi, Dakota lets clients pick DeFi protocols for lending, with returns up to 9%. Pay a monthly fee ranging from $150 to $1,500, and enjoy yields based on U.S. Treasuries. CoinDesk has more.

🔗 Injective Adds High-Yield USDM Stablecoin 

Injective ($INJ) just integrated Mountain Protocol's USDM, the first native stablecoin offering a 5% annual yield backed by Treasury bonds. This stablecoin can now be used as margin for derivatives trading, boosting capital efficiency and passive yields. The fusion of traditional finance and DeFi just got a lot more interesting. Full story at Crypto-economy.

📉 NEAR Long Liquidations Surge as Price Tanks 

$NEAR’s price drop to $5.94 triggered long liquidations totaling $2.31 million. Despite this bloodbath, demand for long positions persists, with a positive funding rate of 0.0047%. NEAR's sentiment is in the dumps, putting the asset at risk unless the mood improves. More from BeInCrypto.

📅 Terra Victims: One Month to File Crypto Loss Claims 

Terra/LUNA collapse victims have until August 21 to file claims and have a say in the bankruptcy plan, says a Delaware court. Miss the deadline, and you can still submit claims later—just no voting rights. Meanwhile, ex-Montenegrin PM claims Do Kwon offloaded LUNA tokens before the crash. More from Protos.

🔋 Riot Platforms Buys Block Mining for $92.5 Million 

Riot ($RIOT) Platforms snapped up Kentucky-based Block Mining, adding 60 MW of capacity and aiming for 110 MW by the end of 2024. The deal, split between cash and Riot stock, pushes Riot’s total potential capacity to 2 gigawatts. CEO Jason Les is pretty pumped about hitting their 100 EH/s growth target. TheBlock has more.

🌐 Worldcoin Turns One: A Year of Controversy and Growth 

Worldcoin ($WLD), co-founded by OpenAI's Sam Altman, celebrates its first year with 10 million users despite a minefield of regulatory issues. The project's aim to create a universal digital identity using biometric data has sparked both excitement and concern. Privacy watchdogs in Hong Kong, Spain, and Kenya are having none of it. From Cointelegraph.

Links That Don’t Suck 🔗

🚗 Ferrari revs up crypto payments In Europe, expanding on US success

🤝 Kamala Harris consults Mark Cuban on crypto policy, says report

🕹️ fFormer Epic Games exec Alain Tascan is the new president of Netflix Games

📊 Base introduces fault-proof feature to testnet, step toward network decentralization

🤖 AI arms race escalates: OpenAI offers free GPT-4o Mini to counter Meta’s Llama 3.1 release

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