Ethereum
ETH co-founder Vitalik Buterin: No sell-off, just donations
Published
3 months agoon
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adminVitalik Buterin, the Ethereum co-founder, clapped back at critics Saturday, clarifying whether he sold any of the ETH he had acquired since 2018.
“All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity,” Buterin said in an Aug. 31 post on X.com.
Buterin cited biomedical research and development as an example. See below.
Buterin addresses accusations
Buterin recently transferred 800 ETH (approximately $2.01 million) to a multisig wallet, which subsequently swapped 190 ETH for 477,000 USD Coin, a stablecoin pegged to the U.S. dollar.
The activity piqued the interest of those in the crypto community; some assumed Buterin was dumping his ETH.
This was the second major transfer from Buterin’s wallet in August. 3000 ETH, worth $8.04 million at the time, were moved just weeks before on Aug. 9 to the same multisig wallet.
Buterin clarified that none of his ETH has been sold for personal profit. Also, when ETH from his wallet appears on exchanges, it’s not him selling but the recipients of his donations, he adds.
“If you see an article saying ‘Vitalik sends XXX ETH to [exchange],’ it’s not actually me selling, it’s almost always me donating to some charity or nonprofit or other project, and the recipient selling because, well, they have to cover expenses,” he said.
Buterin breakdown
Buterin holds roughly 90% of his net worth in ETH, underscoring his commitment to the digital asset as a store of value.
Buterin’s claims about supporting “various projects” aren’t unfounded. Crypto.news reported that the 30-year-old entrepreneur donated 199 ETH (roughly $517,000) to ethOS, a mobile operating system based on the Ethereum blockchain.
Buterin has offloaded over 85,000 ($209 million) from his wallets in the past three years, according to Lookonchain data.
One observer is disputing the figure. See below.
Buterin also donated 200 ETH to Effective Altruism Funds, an animal welfare initiative, on Aug. 15.
In 2021, he donated over 50 trillion SHIB tokens, worth over $1 billion at the time, toward the India Covid Relief Fund established by Polygon co-founder Sandeep Nailwal.
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ETH
Ethereum Believers May Be Staring Down Opportunity As ETH Reaches Another Low Against Bitcoin: CryptoQuant CEO
Published
17 mins agoon
November 22, 2024By
adminBelievers in Ethereum (ETH) could be on the verge of an opportunity, according to Ki Young Ju, the founder and chief executive of the digital asset analytics firm CryptoQuant.
Young Ju tells his 370,400 followers on the social media platform X that the ETH/Bitcoin (BTC) Net Unrealized Profit/Loss level just hit a four-year low.
“Despite Ethereum’s underperformance against Bitcoin, ETH holders endure losses without realizing them. This mirrors levels from its early 2020 bottom.
This might be an opportunity for ETH believers.”
Young Ju also notes that ETH is becoming less correlated with BTC.
“The 180-day BTC-ETH Pearson correlation is at a three-year low. A 10% rise in Bitcoin could result in only a 3% gain for Ethereum.
Just because BTC is strong doesn’t mean you should buy ETH. Each asset is now following its own path.”
Young Ju isn’t the only crypto analyst who’s bullish on Ethereum: Former Goldman Sachs executive Raoul Pal also thinks ETH is primed for big gains.
The Real Vision CEO says ETH’s current chart is playing out similarly to Bitcoin’s between 2011 and 2019.
“Ethereum now versus the previous periods is following the last in Bitcoin. Now whether it gets to the target here of $20,000/ETH, who knows. Doesn’t really matter. But directionally, we’ll see what happens. ETH should accelerate from here, and I’m pretty confident that it will.”
ETH is trading at $3,054 at time of writing. The second-ranked crypto asset by market cap is down more than 1% in the past 24 hours.
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Bitcoin
Franklin Templeton crypto index ETF delayed by SEC
Published
1 day agoon
November 20, 2024By
adminFranklin Templeton, one of the crypto exchange-traded fund (ETF) issuers, has expressed interest in releasing the crypto index ETF, but the authorities are now delaying it.
The Securities and Exchange Commission (SEC) detained the deadline for approving the crypto index ETF by Franklin Templeton. According to the filing on Nov. 20, the authorities raised their concern about the sufficient time they needed to decide whether it would be accepted or declined.
“The Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved,” SEC fillings.
On August. 17, based on their filing, Franklin proposed the crypto index ETF by holding Bitcoin (BTC) and Ethereum (ETH) with the ticker EZPZ. The proposed fund would allow the two most prominent crypto in the world under the same index with an unspecified ratio weighted by market capitalization.
If approved by the authorities, EZPZ would use the Coinbase custody and be listed on the Cboe BZX exchange. Franklin may add another crypto into the index but should gain approval from the SEC.
Franklin Templeton moves on crypto
Franklin Templeton, which is based in New York, is one of the most adaptable asset managers that allows investors to gain more exposure from the crypto price movement. Franklin created another crypto-related product after receiving the authority approval in January for Bitcoin spot ETF.
On October. 31, they tokenized money market funds into several blockchains, including Base, Arbitrum, Polygon, Avalanche, Aptos, and Stellar. The U.S. government money market fund (FOBXX) has $410 million in assets being tokenized into that blockchain.
Franklin also works with SBI Group in Japan to prepare for the possibility of accepting the crypto fund in the country, but this work’s development has not been published yet.
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Bitcoin
Crypto product record major inflow up to $2.2 billion
Published
3 days agoon
November 19, 2024By
adminCoinShares, a digital asset manager, reported that last week crypto products saw a major inflow from institutional investors of up to $2.2 billion.
The latest U.S. Election, on Nov. 5, still stimulated the weekly cryptocurrency inflow up to $2.2 billion. The number increased 15% from the previous week by about $1.98 billion.
According to CoinShares’s release, on Nov. 18, digital asset inflows recorded $33.5 billion year-to-date and hit a new peak of under-asset management (AUM) up to $138 billion.
Bitcoin (BTC) saw the largest inflow based on assets last week of around $1.48 billion or equal to 67%. Followed by Ethereum (ETH) and Solana (SOL) with inflows $646 million and $23.9 million respectively.
The Beam Chain network upgrade proposal by Justin Drake has increased Ethereum’s inflow from $157 million. Only multi-asset and Binance Coin (BNB) record a week’s outflow.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) recorded the highest surge in crypto product from last week’s inflow up to 63% or up to $2.1 billion. While the rest of the funding recorded an outflow ranging from $8 million to $153 million, including Grayscale and Fidelity.
Crypto product driving factor: U.S. Election
James Butterfill, CoinShares head of research, says a combination of looser monetary policy and a Republican winning a majority of the Congress and Presidency appears to be a driving factor of these inflows.
Donald Trump winning the White House’s second term still brings a positive rally for the cryptocurrency industry, as well as the crypto product. Buterfill has mentioned that Trump’s presidency would bring crypto-friendly regulations and fiscal policy.
Earlier, Trump picked several names for secretary on his cabinet who identified as pro-crypto personalities including Elon Musk, Tom Emmer, and Robert F. Kennedy Jr.
Bitcoin Act, who were proposed by Republican Senator Cynthia Lummis, and the Bitcoin Strategic Reserve also boosts the crypto investor’s confidence. He also mentioned this favorable outlook may bring the best potential of Bitcoin in the future.
“The next four years may witness an unprecedented level of institutional support, increased government interest, and broader public adoption, setting the stage for Bitcoin to further solidify its place in the global financial landscape,” Buterfill mentioned in the other report.
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