Ethereum
Lisk DAO to decide what to do with 25% of LSK supply
Published
2 weeks agoon
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The Lisk community will soon have to decide whether it should burn 100 million LSK tokens as its first major vote for a newly-formed decentralized organization.
Starting September 27, the Lisk community will have seven days to vote on whether to burn 100 million LSK tokens, which represents 25% of the total LSK supply or allocate these tokens for community incentives until 2033.
In a press release shared with crypto.news, the Lisk team says this will be the “first major vote” of the newly-formed decentralized autonomous organization Lisk DAO, which recently migrated to the Optimism Superchain to lower access to the network’s products across the Ethereum ecosystem.
If the community votes to burn the tokens, the total LSK supply will decrease to 300 million tokens from the current 400 million mark. Conversely, if the community chooses to allocate the tokens, they will be vested into the Lisk DAO Fund from 2027 – 2033 to enable the community to “drive initiatives, support growth campaigns, and finance innovative projects over the next decade,” according to the press release.
Lisk’s chief project officer, Dominic Schwenter, emphasized that the Onchain Foundation (formerly Lisk Foundation) will not participate in the vote “to ensure a fair and community-focused decision-making process.”
Launched back in 2016, Lisk first unveiled its migration plans in late 2023. The team said at the time in a blog post that the decision was driven by the necessity “to upgrade” the Lisk ecosystem and make the network, which was initially designed as a layer-1 chain, to be more “cost-effective for users and developers.”
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Is Ethereum Becoming Scarcer than Bitcoin on Exchanges?
Published
21 hours agoon
July 8, 2024By
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Ethereum (ETH) metrics have shown that the digital currency might be suffering from scarcity than earlier projected. According to on-chain data, Ethereum is now being accumulated at a faster rate than Bitcoin.
The Ethereum and Bitcoin Divergence
According to data insights from Leon Waidmann from BTC-Echo, Ethereum is becoming scarcer than Bitcoin. While there are metrics that show the individual performance of BTC and ETH, their correlation per exchange balances is also a crucial one.
🚨HUGE divergence between #Ethereum and #Bitcoin!
ETH is becoming SCARCER than BTC.#ETH Exchange Balance: 10.189% 📉#BTC Exchange Balance: 15.086% 📈
The gap is WIDENING! pic.twitter.com/UnuejbnS8l
— Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) July 7, 2024
According to the accompanying Glassnode data shared by Waidmann, the current Ethereum exchange balance is pegged at 10.189%. In contrast, that of Bitcoin comes in at 15.08%, a figure that suggests a tightening gap.
Since the conversation around spot Ethereum ETF came into the limelight, demand for ETH has grown. Investors suddenly started buying Ethereum at a frantic pace, accounting for the drain on trading platforms. The investor action is explainable, considering how Wall Street money is projected to buy Ethereum upon ETF launch.
This projection is not unfounded judging by the trend seen in spot Bitcoin ETF products. When the BTC ETF came into the market in January, top firms like Susquehanna International Group (SIG) went all out to buy the asset. The buyups played a crucial role in sending the price of Bitcoin to an All-Time High (ATH) of $73,750.07.
Despite the exchange balance for Ethereum draining fast, the impact on the price of ETH is not visible. At the time of writing, Ethereum is changing hands for $2,983.03, down by 2.31% in the past 24 hours. The coin’s 24-hour low and high trading price comes in at $2,956.99 and $3,080.11 respectively.
Revival Plans for ETH
The future growth of ETH is now hinged on the new long-awaited decision from the US SEC. After it greenlighted the 19b-4 forms for the spot Ethereum ETF application weeks ago, the wait for S-1 is near.
Though the timeline for launch remains largely speculative, the coming 2 weeks appear pivotal. ETF Store President Nate Geraci believes the regulator will do everything it has to do to make Ethereum ETF start trading in 2 weeks.
Read More: Peter Schiff Claims Bitcoin Whales Set Up ETF Investors As “Bag Holders”
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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ETH
Experts Eye Ethereum ETF Launch By Mid-July, Predict Price Rally
Published
5 days agoon
July 3, 2024By
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The crypto industry is on the verge of a potentially significant development as key figures in the sector hint at the imminent approval of a spot Ethereum ETF in the United States, possibly triggering a notable price rally for ETH.
Nate Geraci, president of The ETF Store, shared insights into the expected timeline for the launch of the first spot Ethereum ETF.
According to Geraci, current forecasts by Bloomberg predict a mid-July launch. He detailed the procedural timeline via X, stating, “Wen spot eth ETF? BBG sticking w/ mid-July. Amended S-1s due July 8th. Potential final S-1s by July 12th. Would theoretically mean launch week of July 15th.”
In parallel, Steve Kurz, head of asset management at Galaxy Digital, confirmed to Bloomberg on July 2 that the U.S. Securities and Exchange Commission (SEC) might greenlight a spot Ethereum ETF before the month’s end.
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Kurz emphasized the extensive groundwork laid in collaboration with the SEC, drawing parallels between the proposed Ethereum ETF and Galaxy’s existing spot Bitcoin ETF (BTCO), created with Invesco. Kurz expressed confidence in their preparedness, remarking, “We know the plumbing, we know the process… The SEC is engaged.”
Bloomberg ETF analyst Eric Balchunas also chimed in, aligning with the mid-July expectations. He highlighted the SEC’s recent instructions to Ethereum ETF issuers for amending their S-1 registration forms by July 8, suggesting possible further amendments. Notably, the SEC approved rule changes under 19-b4 in May, facilitating the listing and trading of such funds, though the issuance of funds remained pending final approvals.
Ethereum Price Holds Above Key Support
The anticipation of these approvals appears to be having a stabilizing effect on Ethereum prices. Crypto analyst IncomeSharks, commenting on Ethereum’s current price trajectory via X, noted optimism for a near-term breakout, stating, “ETH – Looking more optimistic for a Q3 breakout. Liking the chances of a run towards $4,000 this or next month.” According to the chart shared by him, ETH price needs to hold the region of $3,300 to $3,350 in order to rally to $4,000.
![Ethereum price analysis](https://www.newsbtc.com/wp-content/uploads/2024/07/GRckPccb0AEf5FW.jpg?resize=3628%2C1908)
Supporting this sentiment, Cold Blooded Shiller highlighted the crucial need for Ethereum to demonstrate momentum at the current price levels, specifically around the $3,400 mark, as a key indicator for a potential high-time-frame impulse.
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“ETH is still in a fine position but it really needs to start showing some momentum soon. LTF divergences around this $3400 low are probably where I take one stab at trying to capture any HTF impulse away from the consolidation,” he remarked via X.
Adding historical perspective, analyst Jelle (@CryptoJelleNL) compared the current market phase to Ethereum’s long consolidation in 2016-2017 before its massive rally, urging persistence and optimism: “In 2016-2017, ETH consolidated for 50+ weeks before rallying nearly 12000 percent. Today, people are giving up after less than 20 weeks, with ETH ETFs right around the corner. Stick to the plan boys. The best is yet to come.”
At press time, ETH traded at $3,353.
![Ethereum price](https://www.newsbtc.com/wp-content/uploads/2024/07/ETHUSD_2024-07-03_09-41-14.png?resize=3628%2C1675)
Featured image created with DALL·E, chart from TradingView.com
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Ethereum (ETH) Products See Largest Institutional Outflows Since August 2022: CoinShares
Published
7 days agoon
July 1, 2024By
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Digital assets manager CoinShares says that institutional crypto products sustained outflows last week for the third week in a row.
In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products suffered $30 million in outflows last week.
“Digital asset investment products saw a third consecutive week of outflows totaling US$30m, with last week indicating a significant stemming of the outflows. In contrast to prior weeks, most providers saw minor inflows, although this was offset by incumbent Grayscale seeing US$153m outflows.”
![](https://miro.medium.com/v2/resize:fit:4800/format:webp/1*QFgvZ2kc_VZ4NxIZsxs93w.png)
Despite overall outflows, the US, Brazil and Australian regions saw $43 million, $7.6 million and $3 million in inflows, respectively.
“Negative sentiment pervaded Germany, Hong Kong, Canada and Switzerland with outflows of US$29m, US$23m, US$14m and US$13m respectively.”
While the leading crypto by market cap Bitcoin (BTC), multi-asset investment vehicles, Solana (SOL) and Litecoin (LTC) brought in $18 million, $10 million, $1.6 million and $1.4 million in inflows, Ethereum (ETH) had one of its worst weeks in years.
“Ethereum saw the largest outflows since August 2022, totaling US$61m, bringing the last two weeks of outflows to US$119m, making it the worst performing asset year-to-date in terms of net flows.”
Chainlink (LINK) and XRP also brought in $0.6 million and $0.3 million, respectively.
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