Grayscale Ethereum Mini Trust (ETH) Common units of fractional undivided beneficial interest (ARCA: ETH)

Últimas noticias sobre Grayscale Ethereum Mini Trust (ETH) Common units of fractional undivided beneficial interest (ARCA:ETH)

Ethan Allen Interiors

The Trust is an emerging growth company as defined in the Jumpstart Our Business Startups Act and will therefore be subject to reduced reporting requirements.

Grayscale Ethereum Mini Trust

$ETH

ETHA

ETHE

ETHW

Fidelity Ethereum Fund Fidelity Ethereum Fund

FETH

Las salidas de Ethereum (CRYPTO: ETH) de Grayscale han experimentado una caída del 80%, lo que podría indicar la llegada de un rally.

Grayscale reduce salidas de Ethereum y podría impulsar un rally

Grayscale Ethereum Mini Trust (ETH) Common units of fractional undivided beneficial interest

Ethereum - United States Dollar

Coop Ethereum 2x Index - United States Dollar

iShares Ethereum Trust - iShares Ethereum Trust ETF

ETHBEAR - United States Dollar

ETHBULL - United States Dollar

ProShares Trust ProShares UltraShort Ether ETF

ETHDOWN - United States Dollar

Grayscale Ethereum Trust (ETH) Common units of fractional undivided beneficial interest

Ether.fi - United States Dollar

PURPOSE ETHR US NON CR HDGD UNT ETF

Amplify ETF Trust Amplify Etho Climate Leadership U.S. ETF

ETHPad

Etherpay - United States Dollar

3IQ ETHER STAKING UNT ETF

EVOLVE ETHER UNT ETF

ProShares Trust ProShares Ultra Ether ETF

Ethereum - TrueUSD

Volatility Shares Trust 2x Ether ETF

ETHUP - United States Dollar

VanEck Ethereum ETF VanEck Ethereum ETF

Bitwise Ethereum ETF Common shares of beneficial interest

EthereumPoW - United States Dollar

CI GALAXY ETHEREUM US UNHED UNT ETF

Stader ETHx - United States Dollar

PURPOSE ETHER YIELD USD ETF

Raoul Pal, CEO of Real Vision, has suggested that Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) could benefit more than Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41883348/donald-trump-cant-fire-gary-gensler-but-pro-crypto-policies-means-industry-is-on-the-verge-of-a-golden-era">under Donald Trump's administration</a>.
Raoul Pal is set to discuss these insights and the future of Ethereum and Bitcoin at Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.
What Happened: Addressing his followers on X about the recent <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41896277/bitcoin-nears-90000-how-high-can-the-apex-crypto-go">surge in the crypto market</a>, Pal noted that while Bitcoin has largely outpaced Ethereum over the past several months, Trump's win could shift the momentum in Ethereum's favor.
This view arrives as Bitcoin reaches record highs, while Ethereum—though <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40255976/is-ethereum-going-to-keep-underperforming-bitcoin-heres-what-technical-analysis-says">underperforming against BTC</a> for most of 2023—has shown signs of narrowing the gap in November, rising 7.06% against Bitcoin.
Pal, who <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41297376/bitcoin-will-hit-250k-raoul-pal-says-why-the-gurus-top-5-crypto-predictions-matter-if-your">predicted Bitcoin to hit $250,000</a>, outlined two main reasons why <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41823388/the-trump-effect-a-deep-dive-into-how-the-crypto-landscape-will-change-in-2025-and-beyond">Trump's presidency</a> might provide Ethereum with a boost.
Firstly, he believes that Trump's leadership may create <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41883348/donald-trump-cant-fire-gary-gensler-but-pro-crypto-policies-means-industry-is-on-the-verge-of-a-golden-era">regulatory conditions favorable</a> to decentralized finance (DeFi), potentially enabling DeFi utility tokens to offer rewards or yields tied to their specific blockchain networks.
A clearer regulatory framework, Pal suggests, could drive expansion in Ethereum's DeFi ecosystem, enhancing opportunities for staking and other yield-generating activities on the Ethereum network. 
As the largest host of DeFi applications, Ethereum stands to gain significantly if these innovations are allowed to flourish.
This regulatory shift could increase Ethereum's network value, making it even more attractive to investors and users as they can access more financial benefits directly within the ecosystem. 
<a href="https://x.com/RaoulGMI/status/1854677961477165347">According</a> to Pal, such developments may ultimately position Ethereum to outperform Bitcoin in terms of growth.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41882591/peanut-the-squirrels-coin-pnut-catapults-343-higher-to-420-million-valuation-the-squirrel-who-saved-the-election-quips-venture-capitalist">Peanut The Squirrel&#8217;s Coin PNUT Catapults 343% Higher To $420 Million Valuation: &#8216;The Squirrel Who Saved The Election,&#8217; Quips Venture Capitalist</a>
The second factor Pal highlighted is Ethereum's established position as a widely trusted blockchain within traditional finance (TradFi). 
With <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41770352/bitcoins-future-under-president-elect-donald-trump-a-look-at-his-crypto-policies">crypto-friendly regulations</a> likely on the horizon under Trump's administration, Pal anticipates that institutions exploring blockchain solutions for their businesses will favor Ethereum, given its stability and credibility.
He likened Ethereum's role to that of Microsoft in the early days of web technology, stating that Ethereum, as a familiar and reliable platform, will likely serve as the primary blockchain choice for large-scale financial applications.
However, Pal also acknowledged rising competition from other blockchains like Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) and Sui (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">SUI</a>), which offer distinct advantages. 
Solana, with its faster transaction speeds and lower costs, has gained traction as a <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40470226/solana-etf-approval-in-2024-has-only-a-6-chance-a-snowballs-chance-in-hell-etf-analyst-say#:~:text=Solana%20ETF%20Approval%20In%202024,%2C'%20ETF%20Analyst%20Says%20%2D%20Benzinga">potential rival to Ethereum</a>.
Additionally, Sui, in its initial stages of rapid growth, is attracting attention from users seeking lower fees. 
While Ethereum may see substantial growth, Pal suggested that newer platforms like Solana and Sui could provide significant competition, particularly for users focused on efficiency and cost-effectiveness.
What&#8217;s Next: As Ethereum positions itself for potential growth under Trump's administration, Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19 will offer further insights into regulatory impacts on the crypto space, as experts gather to discuss the evolving landscape for digital assets.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41878981/microstrategy-acquires-another-27200-bitcoin-worth-2-billion">MicroStrategy Acquires Another 27,200 Bitcoin Worth $2 Billion</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

News

$BTC

$SOL

$SUI

Raoul Pal Predicted Bitcoin To Hit $250,000—But He Thinks Ethereum Could Outperform Under Donald Trump's Administration

The ongoing cryptocurrency bull run resulted in a dramatic rise in fortunes, with some coins seeing their year-to-date returns go through the roof.
What happened: Meme coins have taken the lead, with Popcat and First Neiro on Ethereum netting eye-popping returns to their holders in 2024.
NEIRO, an Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)&#8211;based meme token, surged over 83% over the week, taking its YTD gains to 55,438%.&nbsp;
For the curious, NEIRO has been inspired by the sister of Kabosu, the inspiration behind Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and the accompanying army of dog-themed cryptocurrencies.
Powered by the rally, the coin has ballooned to a market capitalization of over $1 billion.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>7-Day Gains +/-</td>
<td>YTD Gains +/-</td>
<td>Price (Recorded at 10:50 p.m. ET)</td>
</tr>
<tr>
<td>First Neiro on Ethereum (NEIRO)</td>
<td>+83.77%</td>
<td>+55438.12%</td>
<td>$0.002368</td>
</tr>
<tr>
<td>Popcat (POPCAT)</td>
<td>+30.84%</td>
<td>+20120.26%</td>
<td>$1.64</td>
</tr>
</tbody>
</table>
</figure>
Cat-themed cryptocurrency, Popcat, saw its YTD gains rocket past 20,000% after a 30% spike over the past week.
The Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)&#8211;based coin stood at a market capitalization of $1.62 billion. Both POPCAT and NEIRO were among the top 10 biggest meme coins by market value as of this writing.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41873427/shiba-inu-lead-developer-shytoshi-kusama-pitches-s-h-i-b-in-response-to-elon-musks-call-for-new-roles-recommendations-in-trump-administration">Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk&#8217;s Call For New Roles Recommendations In Trump Administration</a>
Why It Matters: The blistering rally has also seen Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), the king of meme coins, more than double in value over the week.&nbsp;Its YTD gains have leapfrogged to 336%.
The coin flipped XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) and USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) to become the sixth-largest cryptocurrency by market capitalization.&nbsp;
The rise had everything to do with expectations of an Elon Musk-headed <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41220500/elon-musk-says-potential-doge-department-under-a-trump-administration-will-be-a-garbage-co">Department of Government Efficiency </a>(DOGE) under President-elect Donald Trump.
Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) hovered below $90,000 in what has been a record-shattering rally pinned on Donald Trump&#8217;s presidential victory. The leading cryptocurrency was up over 110% since the beginning of 2024.
Photo by CMP_NZ on Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41873479/after-anthony-scaramucci-ftx-sues-binance-and-ex-ceo-changpeng-cz-zhao-to-reclaim-1-8b-amid-bankruptcy-tussle">After Anthony Scaramucci, FTX Sues Binance And Ex-CEO Changpeng &#8216;CZ&#8217; Zhao To Reclaim $1.8B Amid Bankruptcy Tussle</a></li>
</ul>

Markets

Movers

Trading Ideas

$DOGE

$USDC

$XRP

Dogecoin, Bitcoin Returns Are Dazzling But First Neiro On Ethereum And Popcat Have Run Up 55000% and 20000% So Far In 2024

Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) could be on the cusp of a significant rally, according to a well-known crypto analyst, which would see the cryptocurrency skyrocket by nearly 70% to reclaim its all-time high.
What Happened: Guy Turner, the host of Coin Bureau, shared insights with his 2.53 million YouTube followers, suggesting that Ethereum (ETH) might reach its all-time high in 2025, following the anticipated Pectra upgrade.
The Pectra upgrade, expected in 2025, is a two-part hard fork designed to improve Ethereum&#8217;s speed, scalability, and usability. Binance highlights that these changes will enable gas fees to be paid with any digital asset, offer larger rewards to bigger validators, and enhance the Ethereum Virtual Machine (EVM).
Turner believes these improvements could be the catalyst Ethereum needs for a breakout, potentially attracting institutional investors. He stated, &#8220;ETH has been desperate for a breakout for quite some time. This could be the spark it needs.&#8221;
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41847581/el-salvadors-bitcoin-bet-is-paying-off-heres-how-much-the-country-is-up?itm_source=parsely-api"> El Salvador&#8217;s Bitcoin Bet Is Paying Off—Here&#8217;s How Much The Country Is Up</a>
Currently, Ethereum trades at $2,902, marking a 2% increase for the day. The cryptocurrency&#8217;s all-time high was approximately $4,900 in November 2021, and a return to that level would mean a 68% increase from its present value.
Why It Matters: The potential surge in Ethereum&#8217;s value aligns with broader market predictions. A recent note from<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41851865/bitcoin-to-200000-ethereum-to-10000-and-crypto-market-cap-to-4x-by-end-of-2025-says-standard-chartered"> Standard Chartered</a> forecasts a fourfold increase in the digital assets market cap by the end of 2025, driven by anticipated regulatory shifts and mainstream adoption. This aligns with Turner&#8217;s prediction, suggesting a favorable environment for Ethereum&#8217;s growth.
Additionally,<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41706152/ethereum-could-hit-6k-predicts-top-analyst-but-heres-why-its-long-term-future-remains-unde"> Ali Martinez</a>, another prominent analyst, has expressed bullish sentiments on Ethereum, citing an attractive risk-to-reward ratio. Martinez&#8217;s strategy involves setting a stop-loss below $1,880 and targeting a take-profit price of $6,000, further indicating potential upward momentum for Ethereum.
These developments come amid discussions about the potential impact of the<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41807557/bitcoin-as-americas-gold-trumps-bitcoin-act-could-reshape-us-reserves-says-coinshares"> Bitcoin Act</a>, which could reshape the U.S. economy by designating Bitcoin as a strategic reserve asset.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="ETH To Skyrocket In 2025? Pectra Explained" width="500" height="281" src="https://www.youtube.com/embed/FqW7TlAY9t0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Price Action: Ethereum is currently trading at $2,975, up by more than 2.3% over the past 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41794596/bitcoin-ethereum-dogecoin-slingshot-to-the-moon-after-trump-victory-but-sharp-correction-m?itm_source=parsely-api">Bitcoin, Ethereum, Dogecoin Slingshot To The Moon After Trump Victory But &#8216;Sharp&#8217; Correction Might Be In Store</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Ethereum Skyrocket 70% To Reclaim Its Peak Once This Happens, Says Crypto Expert

Speculation has arisen regarding Charles Hoskinson, the co-founder of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>), potentially serving as a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41785767/bitcoins-future-under-president-elect-donald-trump-a-look-at-his-crypto-policies">cryptocurrency policy advisor</a> in the administration of president Donald Trump.
What Happened: This speculation comes on the heels of recent posts and statements from various figures within the crypto community, hinting at a possible alignment of interests between Hoskinson and the Trump campaign, particularly with Trump&#8217;s recent ventures into the cryptocurrency space.
The buzz started when Rick McCracken, a notable figure in the Cardano community, expressed <a href="https://x.com/TamaraHaasen/status/1854865475194294383">hope</a> on X (formerly Twitter) that the Trump-Vance administration might consider Hoskinson for such a role.
This suggestion was not made in a vacuum; Hoskinson has previously <a href="https://x.com/RobertKennedyJr/status/1780726997020508562">endorsed</a> Robert F. Kennedy Jr., who has since joined Trump&#8217;s team, indicating a potential pathway for dialogue or collaboration.
Hoskinson, known for his vocal criticism of the current administration&#8217;s crypto policies, has often highlighted the lack of regulatory clarity and what he perceives as an adversarial stance against the crypto industry. 
His endorsement of RFK Jr. was seen as a move towards supporting candidates who promise a change in policy direction, focusing on healing national divisions and promoting economic freedom through decentralized technologies.
The crypto community&#8217;s interest in Hoskinson&#8217;s potential advisory role stems from his deep involvement in blockchain technology and his advocacy for a regulatory environment that fosters innovation rather than stifling it. 
His insights could be pivotal, especially given Trump&#8217;s family&#8217;s recent forays into decentralized finance (DeFi) projects, signaling a more crypto-friendly stance from the former president.
However, the path to such an appointment isn&#8217;t without hurdles.
Hoskinson&#8217;s criticisms of both major political parties for their handling of crypto regulations suggest that any advisory role would come with the expectation of pushing for significant policy reforms.
This could mean navigating the complex political landscape where crypto regulations are concerned, balancing between innovation and security.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41851865/bitcoin-to-200000-ethereum-to-10000-and-crypto-market-cap-to-4x-by-end-of-2025-says-standard-chartered">Bitcoin To $200,000, Ethereum To $10,000 And Crypto Market Cap To 4X By End Of 2025, Says Standard Chartered</a>
The discussion emerges as Cardano&#8217;s native token ADA has reclaimed its position as the ninth-largest cryptocurrency overall, and the seventh-largest when excluding stablecoins like Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>) and USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>). 
The token has shown significant momentum, up 13% over the past 24 hours and 30% over the past 30 days, breaking above key technical resistance levels that have been closely watched by market analysts, <a href="https://x.com/cryptorecruitr/status/1854902966550942065">according</a> to a crypto analyst.
Technical analysis of ADA&#8217;s current movement shows parallels to previous market cycles, particularly in relation to Bitcoin halving events. 
Market data indicates ADA is currently trading approximately 201 days after the latest Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) halving, comparable to a similar breakout pattern observed in the previous cycle at 193 days post-halving.
The asset has demonstrated a notable separation from its 20-day moving average, currently showing a 14% divergence. 
Key resistance levels are identified at $0.47, aligned with the 50-week moving average, while analysts have outlined potential targets extending to $0.60-0.70 based on current pattern formations.
The timing of these speculations couldn&#8217;t be more intriguing, especially with the upcoming Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19. 
This event could serve as a platform for further discussions or announcements regarding the intersection of cryptocurrency and U.S. policy, potentially shedding light on how figures like Hoskinson might influence or be <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41823388/the-trump-effect-a-deep-dive-into-how-the-crypto-landscape-will-change-in-2025-and-beyond">influenced by political decisions.</a>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41849213/crypto-queen-ruja-ignatova-onecoins-4-billion-fraud-mastermind-is-alive-and-in-south-africa-german-police-suspects">&#8216;Crypto Queen&#8217; Ruja Ignatova, OneCoin&#8217;s $4 Billion Fraud Mastermind, Is Alive And In South Africa, German Police Suspects</a></li>
</ul>
Image: Shutterstock

$ADA

$USDT

Cardano Up 13% As Speculation Around Charles Hoskinson As Trump Crypto Policy Advisor Bubbles

Visa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), a world leader in digital payments, today announced a partnership with Coinbase, a trusted place to buy, sell, and manage crypto. This partnership adds convenience and new services for Coinbase customers across the US and EU, including real-time1, reliable, and secure money movement. By integrating with the Visa Direct network, Coinbase customers will be able to deposit funds into their Coinbase account in real-time1 using eligible Visa debit cards.

COIN

Coinbase Customers Will Be Able To Deposit Funds Into Their Coinbase Account In Real-time Using Eligible Visa Debit Cards

<a href="https://www.benzinga.com/topic/grayscale">Grayscale Investments</a> announced on Tuesday that its newly launched Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) exchange-traded products (ETPs) have attracted significant investor interest, recording inflows exceeding $750 million since their respective launches in July 2024.
What Happened: The Grayscale Bitcoin Mini Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTC#NYSE">BTC</a>) and Grayscale Ethereum Mini Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETH#NYSE">ETH</a>) are promoted as the world's lowest-fee ETPs in their categories, with annual expense ratios set at 0.15%.
"Crypto is still in the early stages of adoption, and the strong demand for BTC and ETH underscores investor interest in accessible, low-cost exposure to major digital assets," said John Hoffman, Grayscale's Managing Director and Head of Distribution and Partnerships. 
The low fees, he noted, are intended to bridge the gap between traditional finance and digital assets, a goal Grayscale has pursued with various crypto-related investment products.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41599395/bitcoin-demand-to-surge-as-china-implements-monetary-chemotherapy-arthur-hayes-predicts">Bitcoin Demand To Surge As China Implements &#8216;Monetary Chemotherapy,&#8217; Arthur Hayes Predicts</a>
Since launching three months ago, the Grayscale Bitcoin Mini Trust has grown to over $2 billion in assets under management, while the Ethereum Mini Trust has surpassed $1 billion. 
With their minimal expense ratios, both products offer investors a cost-effective way to gain exposure to bitcoin and ether.
Grayscale's aggressive pricing aims to set a new standard in the market for crypto-linked ETPs, an approach that has driven substantial inflows since inception.
The company&#8217;s success with these products echoes broader investor interest in digital assets, which is set to be explored further at the upcoming Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where leaders in the space will discuss trends, opportunities and challenges shaping the digital asset landscape.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41597830/matterfi-launches-first-decentralized-private-ai-agent-for-payments">MatterFi Launches First Decentralized Private AI Agent For Payments</a></li>
</ul>
Image: Shutterstock

Grayscale's Bitcoin, Ethereum Funds See $750M Inflows In 3 Months

Dog-themed cryptocurrencies Dogecoin and First Neiro On Ethereum, bounded together by a "familial" connection, led the meme coin rally Sunday.
What happened: NEIRO, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40041947/dogecoin-owners-new-shiba-inu-dog-neiro-sparks-multi-million-meme-coin-madness-on-solana-e">named after the newly adopted Shiba Inu pup</a> of the owner of Kabosu, which in turn was the inspiration for Dogecoin, pumped over 6% in the last 24 hours.&nbsp;
The Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based token recorded a 62% jump in trading volume over the last 24 hours.
Dogecoin, the biggest meme coin by market capitalization, rose just shy of 4%. It was the most traded meme token in the last 24 hours, with volumes hitting $1.35 billion.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 11:30 p.m. EDT)</td>
</tr>
<tr>
<td>First Neiro On Ethereum (NEIRO)</td>
<td>+6.76%</td>
<td>$0.001608</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>+4.96%</td>
<td>$0.1449</td>
</tr>
</tbody>
</table>
</figure>
Unsurprisingly, the rally was spurred by tech titan Elon Musk&#8217;s X post, which included an image of DOGE showing its bulging biceps.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/y0UCd5NvMj">pic.twitter.com/y0UCd5NvMj</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1850718973564006767?ref_src=twsrc%5Etfw">October 28, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The Tesla CEO has been frequently mentioning DOGE in his X posts of late, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40829667/dogecoin-up-4-7-benefits-from-another-doge-tweet-by-elon-musk">causing the meme coin </a>to record immediate but short-lived rallies.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41508060/satoshi-nakamoto-identity-prediction-market-appears-more-volatile-than-bitcoin-sassaman-de">Satoshi Nakamoto Identity Prediction Market Appears More Volatile Than Bitcoin: Sassaman Dethrones Peter Todd</a>.&nbsp;
The overall meme coin market cap rose 1.5% in the last 24 hours., though established coins like Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) and Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) trended downward.
The broader cryptocurrency market <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41565622/bitcoin-ethereum-dogecoin-gain-after-israel-skips-targeting-irans-oil-infrastructure-analy">picked up momentum on the weekend</a> as oil prices tumbled after Israel&#8217;s attack on Iran avoided hitting the country&#8217;s oil infrastructure. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) spiked above $68,000 late in the evening before making a U-turn toward the mid-$6700 region.
Image via Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41535904/us-government-hacked-for-20m-in-cryptocurrencies-including-ethereum-says-on-chain-intellig">US Government Hacked For $20M In Cryptocurrencies Including Ethereum, Says On-Chain Intelligence Platform — Attacker Reportedly Laundering Funds</a></li>
</ul>

$PEPE

$SHIB

Elon Musk's 'Doge-Flex' Pose Sends Dogecoin, First Neiro On Ethereum Soaring

Bitcoin spot ETFs recorded a net outflow of $79.09 million on Tuesday, marking the first outflow after a consistent inflow streak over the <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41455031/bitcoin-spot-etf-sees-294m-inflow-extending-7-day-streak-amid-growing-market-confidence">past seven days</a>.
What Happened: BlackRock&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) ETF, showed a gain of $42.9 million on Oct. 22, while ARK Invest&#8216;s (CBOE: ARKB) ETF saw a substantial outflow of $134.7 million. These figures indicate mixed sentiment across Bitcoin-focused funds, despite the overall market outflow.
<a href="https://www.benzinga.com/money/what-is-ethereum-etf">Ethereum spot ETFs</a> showed resilience with a net inflow of $11.9 million on the same day, pointing to contrasting trends between the two leading cryptocurrencies, according to <a href="https://sosovalue.com/assets/etf/us-eth-spot">data</a> from SoSo Value.
Fidelity's (CBOE: FETH) ETF recorded the most significant net inflow of $11.9 million, helping Ethereum spot ETFs maintain a positive momentum despite Bitcoin's outflow.
Cumulative inflows for Ethereum ETFs have reached $1.2 billion, further underscoring Ethereum&#8217;s relative strength in the current environment.
In a note sent to Benzinga, according to Illia Otychenko, Lead Analyst at CEX.IO, Bitcoin's (CRYPO: BTC) futures market is seeing signs of a pullback. 
&#8220;Bitcoin futures have seen a slight correction in open interest, signaling that some traders are unwinding positions,&#8221; said Otychenko, attributing this move to increasing caution among market participants. 
Funding rates have also decreased, reflecting less bullish sentiment as traders become less willing to pay premiums for holding long positions. 
The plateauing of futures volumes suggests that the market is taking a pause, awaiting fresh catalysts to drive momentum.
Bitcoin's price has remained largely range-bound, fluctuating between $66,700 and $67,800 over the past two days. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41455031/bitcoin-spot-etf-sees-294m-inflow-extending-7-day-streak-amid-growing-market-confidence">Bitcoin Spot ETF Sees $294M Inflow, Extending 7-Day Streak Amid Growing Market Confidence</a>
Momentum indicators, such as the MACD and RSI, suggest that an upside breakout could be on the horizon, though higher timeframes hint at the possibility of a price correction if the consolidation range is breached. 
A potential downward break could see Bitcoin quickly drop to $65,400 due to a lack of significant volume clusters in this range.
The upcoming U.S. elections are also affecting market sentiment.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/digital-assets"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Why It Matters: QCP Capital noted that the race between Donald Trump and Kamala Harris is influencing financial markets.
&#8220;Trump has started to extend his lead over Kamala in betting markets, and key swing states are now polling Republican,&#8221; QCP reported, highlighting how <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41357970/anthony-scaramucci-calls-donald-trumps-crypto-project-a-money-scam-that-should-be-avoided-">Trump&#8217;s crypto-friendly stance</a> could be contributing to Bitcoin&#8217;s recent performance.
Trump&#8217;s potential policies, such as tariff increases and tax cuts, are driving the U.S. dollar higher and pushing U.S. bond yields up, with 2-year Treasury yields surpassing 4% again.
The Bitcoin futures market has responded to these developments with a record high open interest of $40.5 billion across exchanges. 
However, broader market caution persists, with traders closely watching the upcoming Non-Farm Payroll (NFP) report, which could influence Federal Reserve policy decisions and significantly impact market dynamics.
As the crypto market navigates these shifts, industry experts will gather at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19 to discuss these evolving trends.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41453782/netvrk-launches-ai-powered-metaverse-aims-to-redefine-digital-interaction">NetVRk Launches AI-Powered Metaverse, Aims To Redefine Digital Interaction</a></li>
</ul>
Image: Shutterstock

ARK 21Shares Bitcoin ETF ARK 21Shares Bitcoin ETF

ARKB

IBIT

Bitcoin Spot ETF Nets $79M Outflow After 7-Day Inflow Streak

Asset management firm Ark Invest expressed belief in the transformative potential of the Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) network for the financial services industry.
What Happened: On Tuesday, Cathie Wood, the influential founder of the company, shared on X a research paper that explained why Ark Invest believes Ethereum and its staking yield would play a critical role in decentralized finance (DeFi).
The paper highlighted Ethereum&#8217;s position as an &#8220;institutional-grade asset&#8221; with yield-bearing potential. 
&#8220;Our research suggests that, as an asset, ETH is beginning to develop attributes in the digital asset space similar to those of U.S. Treasury bills,&#8221; the paper read.
Ark Invest added that ETH and its staking yield were becoming benchmarks, or reference indicators, within the digital asset industry, used to evaluate other Layer 1s, risk profiles, and returns.
Furthermore, the paper noted that the network was setting &#8220;meaningful value&#8221; by virtue of its large market capitalization and millions of monthly active users.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This thoughtful paper by <a href="https://twitter.com/LorenzoARK?ref_src=twsrc%5Etfw">@LorenzoARK</a> explains why <a href="https://twitter.com/ARKInvest?ref_src=twsrc%5Etfw">@ARKInvest</a> believes that the Ethereum network is a big idea that will transform the financial services industry. <a href="https://t.co/LX5REhA1kh">https://t.co/LX5REhA1kh</a>
&mdash; Cathie Wood (@CathieDWood) <a href="https://twitter.com/CathieDWood/status/1846319737766379551?ref_src=twsrc%5Etfw">October 15, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
As of this writing, around 34.223 million ETH was staked in the network, representing more than 28% of the asset&#8217;s circulating supply, <a href="https://www.stakingrewards.com/asset/ethereum-2-0/analytics">according </a>to Staking Rewards. The annualized average yield rate across the network was 3.46%. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41348730/elon-musks-tesla-waving-goodbye-to-bitcoin-760m-sent-to-unknown-wallets">Elon Musk&#8217;s Tesla Waving Goodbye To Bitcoin? $760M Sent To Unknown Wallets</a>
Why It Matters: The latest endorsement reflected Wood&#8217;s earlier bullish prediction on Ethereum. Earlier this year, at the Big Ideas investor conference, Wood <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39430693/could-holding-6-eth-still-make-you-a-millionaire-cathie-woods-ether-etf-pullback-and-her-2">projected that Ethereum&#8217;s market capitalization could reach $20 trillion</a> by 2032, translating to a per-token price of over $166,000.
Interestingly, Ark Investment <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39126892/cathie-woods-ark-investment-drops-plans-for-spot-ether-etf-says-it-will-focus-on-spot-bitc">withdrew from launching an exchange-traded fund (ETF) directly investing in Ether</a>, choosing to focus on a spot Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) ETF i.e, ARK 21Shares Bitcoin ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#BATS">ARKB</a>).
Despite this, Wood&#8217;s recent tweet suggests that Ark Invest continues to explore ways to expose investors to Ethereum technology, recognizing its potential to reshape the financial services industry.
Price Action: At the time of writing, Ether was broadly unchanged at $2,614.69, up just 0.19% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.  
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41341588/donald-trumps-world-liberty-financial-token-sales-hit-220m-in-first-hour-website-faces-mul">Donald Trump&#8217;s World Liberty Financial Token Sales Hit $220M In First Hour, Website Faces Multiple Outages</a>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Cathie Wood's Ark Invest Says Ethereum Is A Big Idea That Will Transform The Financial Services Industry — ETH Is Beginning To 'Develop Attributes' Similar To US Treasury Bills

Donald Trump's family project <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41307276/mark-cuban-questions-trumps-motive-behind-wlfi-token-sale-former-prez-failed-in-the-bitcoi">World Liberty Financial</a> (WLFI) hit the floors, with its token sale reaching $220 million in value within first hour despite website crashes.
What Happened: The WLFI token sale started with more than 344 million tokens sold to around 3,000 unique wallets.  CoinDesk <a href="https://www.coindesk.com/markets/2024/10/15/trump-familys-world-liberty-finance-token-sale-appears-to-go-live-selling-220m-wlfi-in-minutes/?utm_content=editorial&amp;utm_term=organic&amp;utm_campaign=coindesk_main&amp;utm_source=twitter&amp;utm_medium=social">reported</a> that a wallet associated with the token holds nearly $4 million in Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), $1.2 million in Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>), and around $250,000 in USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) tokens.
The WLFI token will serve as a platform governance token, enabling users to engage in borrowing, lending and other DeFi activities. The project aims to raise $300 million, valuing the venture at $1.5 billion, with 100 billion tokens released on the Ethereum blockchain.
The Trump family plays significant roles in the project, with Donald Trump serving as the "chief crypto advocate", his sons Eric and Donald Trump Jr. as "web3 ambassadors", and Barron as the "<a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40853339/donald-trumps-son-barron-is-his-chief-defi-visionary-but-the-real-mastermind-behind-world-">DeFi visionary</a>".
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/digital-assets"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41323012/trump-backed-world-liberty-financial-says-dollar-pegged-stablecoin-and-not-bitcoin-is-the-">Trump-Backed World Liberty Financial Says Dollar-Pegged Stablecoin And Not Bitcoin Is The Best Way To &#8216;Make America Great&#8217;</a>
Why It Matters: The WLFI token will allow holders to propose future platform changes and will be fully functional for its governance upon&nbsp;completion of the token sale. Prior to the token launch, the Trump-backed project had pre-approved over 100,000 accredited U.S. investors.
All the WLFI token will be non-transferable and locked indefinitely in a wallet or smart contract. In mid-October, the team behind World Liberty Financial said that the best way to "Make America Great" using cryptocurrencies is to promote the use of U.S. dollar-backed stablecoins rather than speculative, risky assets. This belief is reflected in the project&#8217;s focus on stablecoins and DeFi activities.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41332888/amid-trump-backed-world-libertys-endorsement-of-stablecoins-over-bitcoin-ripple-introduces">Amid Trump-Backed World Liberty&#8217;s Endorsement Of Stablecoins Over Bitcoin, Ripple Introduces Dollar-Denominated Stablecoin RLUSD</a></li>
</ul>
Image: Shutterstock

Donald Trump's World Liberty Financial Token Sales Hit $220M In First Hour, Website Faces Multiple Outages

Well-known cryptocurrency trader, Capo, has forecasted potential significant declines for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).
What Happened: Capo, who commands a large following on the social media platform X, predicts that Bitcoin might test the $48,000 to $50,000 range, while Ethereum could fall to between $1,800 and $2,000.
"There's a possibility of one last shakeout, with BTC testing the $48,000 – $50,000 zone and ETH $1,800 – $2,000, before the real altcoin season begins."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Quick update: There&#39;s a possibility of one last shakeout, with <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> testing the $48k-50k zone and <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> $1.8k-2k, before the real altseason begins. If that happens, I&#39;ll be adding more to my altcoin bags. <a href="https://t.co/sx6u8wPNrK">https://t.co/sx6u8wPNrK</a>
&mdash; il Capo Of Crypto (@CryptoCapo_) <a href="https://twitter.com/CryptoCapo_/status/1841601158114152912?ref_src=twsrc%5Etfw">October 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Currently, Bitcoin is priced at $60,508, marking a 6% decline over the past week, and Ethereum is valued at $2,345, down by 11% over the same period.
Capo also shared insights on altcoins ranked below the top ten by market capitalization, known as "OTHERS," on his Telegram channel.
He suggests that the market cap of OTHERS might drop to between $132 billion and $164 billion after failing to break a significant resistance level. The altcoins index was rejected from a resistance zone around $240 billion, indicating market weakness.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41170754/donald-trump-is-now-level-with-kamala-harris-at-49-5-election-odds-after-september-rollerc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Is Now Level With Kamala Harris At 49.5% Election Odds After September Rollercoaster</a>
Why It Matters: The potential declines for Bitcoin and Ethereum come at a time when other analysts have <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41195246/bitcoin-could-hit-new-all-time-high-if-it-breaks-above-this-resistance-level-says-a">expressed optimism</a> about Bitcoin&#8217;s future. A recent analysis suggested that Bitcoin could reach a new all-time high if it surpasses the $64,000 resistance level.
Additionally, the cryptocurrency market <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41191566/bitcoin-ethereum-dogecoin-end-the-week-with-strong-gains-summer-lull-seasonality-over-q4-b">recently saw strong gains</a>, with Bitcoin, Ethereum, and Dogecoin ending the week on a high note, driven by positive labor market data. This suggests a potential shift from the summer lull to a more bullish Q4 seasonality.
Despite the current bearish outlook, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41185013/bitcoin-rebounds-above-61-500-and-80k-is-more-likely-than-40k-says-top-technical-analyst">some analysts believe</a> Bitcoin&#8217;s rebound above $61,500 indicates a higher likelihood of reaching $80,000 rather than falling to $40,000. This tension between bullish long-term charts and bearish short-term action highlights the uncertainty in the market.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41177884/mark-cuban-an-ardent-kamala-harris-supporter-isnt-keen-on-elizabeth-warren-as-he-is-on-her?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban, An Ardent Kamala Harris Supporter, Isn&#8217;t Keen On Elizabeth Warren As He Is On Her Pro-Crypto GOP Rival</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Analyst Color

Cryptocurrency Expert Predicts Significant Drops For Bitcoin And Ethereum Before Altcoin Season Begins

Crypto asset manager Grayscale has introduced a new investment product providing exposure to Aave&#8216;s native token, (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/aave/usd">AAVE</a>), as part of the firm's ongoing efforts to offer a wider range of innovative <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40244865/grayscale-which-offers-bitcoin-and-ethereum-exposure-through-etfs-launches-new-crypto-fund">crypto investment products</a>.
It enables users to borrow cryptocurrency by using their existing tokens as collateral and also allows them to lend their crypto assets to earn interest.
Aave is a decentralized lending platform built on the Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) blockchain.
While AAVE&#8217;s market capitalization is around $2.3 billion—a relatively modest figure compared to more popular cryptocurrencies—the platform has established itself as the largest lending protocol in the crypto space in terms of total value locked (TVL), according to data from DeFiLlama.
"Grayscale Aave Trust gives investors exposure to a protocol with the potential to revolutionize traditional finance," Coindesk <a href="https://www.coindesk.com/business/2024/10/03/grayscale-rolls-out-aave-fund/?utm_medium=referral&amp;utm_source=rss&amp;utm_campaign=headlines">quoted </a>Rayhaneh Sharif-Askary, Grayscale's head of product and research.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41161014/trump-vs-harris-who-do-voters-trust-more-to-handle-crypto-policies">Trump Vs. Harris: Who Do Voters Trust More To Handle Crypto Policies?</a>
"By leveraging blockchain technology and smart contracts, Aave&#8217;s decentralized platform aims to optimize lending and borrowing while removing intermediaries and reducing reliance on human judgment,&#8221; she added.
This launch follows closely on the heels of Grayscale&#8217;s recent rollout of the Grayscale Avalanche Trust, designed to give investors exposure to the AVAX token. 
The asset manager now offers over 20 different crypto investment products, a number that has steadily increased since the introduction of <a href="https://www.benzinga.com/money/best-spot-bitcoin-etfs">spot Bitcoin exchange-traded funds</a> (ETFs) earlier this year, sparking a new wave of interest in publicly tradable crypto assets.
In addition to this new fund, Grayscale is also the issuer of several other prominent products, including the Grayscale Bitcoin Trust (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#OTC">GBTC</a>), Grayscale Mini Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTC#NYSE">BTC</a>), Grayscale Ethereum Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETHE#NYSE">ETHE</a>) and Grayscale Ethereum Mini Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETH#NYSE">ETH</a>), all launched earlier this year.
What&#8217;s Next: For a deeper dive into crypto trends and developments, the Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets </a>event, set for Nov. 19, will provide valuable insights and expert perspectives.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41163889/save-ross-ulbricht-how-donald-trump-got-interested-in-the-imprisoned-silk-road-founder">&#8216;Save Ross Ulbricht!&#8217; How Donald Trump Got Interested In The Imprisoned Silk Road Founder</a></li>
</ul>
Image: Shutterstock

$AAVE

GBTC

Grayscale Launches New Fund For AAVE, Expands Investment Product Line

Jamie Dimon, CEO of JPMorgan Chase, stated that the bank is &#8220;probably one of the bigger users of blockchain&#8221; during an interview on Tuesday at the <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40828224/jpmorgan-ceo-jamie-dimon-said-hed-fire-in-a-second-anyone-caught-trading-bitcoin-when-it-w" target="_blank" rel="noopener">Financial Markets Quality Conference</a>.
What Happened: Dimon, who has been skeptical of cryptocurrencies, emphasized that JPMorgan is an &#8220;actual user&#8221; of blockchain technology. He described blockchain as &#8220;just a database&#8221; and highlighted its utility in sharing data and building trust between banks and customers, <a href="https://www.theblock.co/post/316956/jamie-dimon-says-jpmorgan-chase-is-probably-one-of-the-bigger-users-of-blockchain">reported</a> The Block.
&#8220;We&#8217;re probably one of the bigger users of blockchain, an actual user, like a real user," Dimon said, according to the report.
Despite his skepticism towards cryptocurrencies, Dimon acknowledged the effectiveness of blockchain technology. He reiterated his view by calling cryptocurrency a &#8220;pet rock&#8221; but praised blockchain as a &#8220;great way to share data.&#8221;
JPMorgan&#8217;s blockchain network, Onyx, was launched in 2020 and is based on a forked version of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). It supports wholesale payments, peer-to-peer lending, and cross-border transactions. The network has processed over $700 billion worth of transactions and includes firms like Goldman Sachs, DBS Bank, and BNP Paribas among its users.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905692/bitcoin-ethereum-dogecoin-pump-5-heres-what-wednesdays-fed-rate-cut-decision-could-mean-fo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Pump 5%: Here&#8217;s What Wednesday&#8217;s Fed Rate Cut Decision Could Mean For Crypto</a>
Dimon has consistently dismissed cryptocurrencies while advocating for blockchain. At Davos in 2021, he labeled Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) a &#8220;hyped-up fraud&#8221; but acknowledged blockchain&#8217;s efficiency in moving money. He reiterated on Tuesday that blockchain has not advanced as much as artificial intelligence over the past 12 years.
Dimon, who once suggested banning crypto, is <a href="https://www.benzinga.com/news/24/07/39807207/trump-eyes-jamie-dimon-for-treasury-secretary-rules-out-ousting-fed-chair-jerome-powell">reportedly a candidate for Treasury Secretary</a> if Donald Trump wins reelection. He mentioned that while Chase might not lend against cryptocurrencies, clients still have access to some crypto services.
Why It Matters: Dimon&#8217;s recent comments come amid a backdrop of significant shifts in the cryptocurrency landscape. 
Dimon reiterated his harsh stance on Bitcoin, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40828224/jpmorgan-ceo-jamie-dimon-said-hed-fire-in-a-second-anyone-caught-trading-bitcoin-when-it-w">recalling his statement from seven years ago</a>, in which he said he would &#8220;fire in a second&#8221; any JPMorgan trader caught trading Bitcoin. Despite this, JPMorgan has investments in exchange-traded funds tied to Bitcoin, such as the Grayscale Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>).
Additionally, Trump and his family have launched a cryptocurrency project called World Liberty Financial, signaling a dramatic shift from the former President&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905315/donald-trumps-new-crypto-project-world-liberty-financial-everything-you-need-to-know">previous stance on digital currencies</a>.
The skepticism towards Bitcoin is not isolated to Dimon. <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40305550/bitcoin-skeptic-peter-schiff-says-he-is-open-minded-but-hasnt-seen-any-convincing-argument">Renowned economist</a> Peter Schiff and tech billionaire Peter Thiel have also <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39569413/billionaire-peter-thiel-voices-skepticism-on-bitcoins-future-growth-im-not-sure-its-going-">voiced doubts about Bitcoin&#8217;s potential</a>. Schiff stated in August that he hasn&#8217;t seen any convincing argument to embrace Bitcoin, while Thiel expressed skepticism about Bitcoin&#8217;s future growth.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40853339/donald-trumps-son-barron-is-his-chief-defi-visionary-but-the-real-mastermind-behind-world-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump&#8217;s Son Barron Is His &#8216;Chief DeFi Visionary,&#8217; But The Real Mastermind Behind World Liberty Liberty Financial Is Someone Else</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Jamie Dimon Says JPMorgan Is Likely 'One Of The Bigger Users' Of Blockchain Technology, But Calls Cryptocurrencies A 'Pet Rock'

A key detail revealed as part of the SEC&#8217;s settlement with the cryptocurrency platform eToro has suggested a drastic shift in the agency&#8217;s perspective on Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). 
What Happened: According to a press release on Thursday, the SEC found that the U.S. arm of the Israel-based multi-asset company&#8217;s operations violated federal securities laws by allowing the trading of cryptocurrencies as securities.
The company consented to pay $1.5 million in penalties and agreed to scale back its cryptocurrency operations in the country. A significant aspect of the settlement was the directive to halt the trade of all other cryptocurrencies except Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Bitcoin Cash (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bch/usd">BCH</a>), and Ethereum.
While Bitcoin and its offshoots were considered commodities, the SEC, under the leadership of Gary Gensler, had been unclear on whether Ethereum <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37538468/sec-chair-gary-gensler-declines-to-say-whether-ethereum-is-a-commodity-its-about-circumsta">should be classified as a security</a>. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40828224/jpmorgan-ceo-jamie-dimon-said-hed-fire-in-a-second-anyone-caught-trading-bitcoin-when-it-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">JPMorgan CEO Jamie Dimon Said He&#8217;d &#8216;Fire In A Second&#8217; Anyone Caught Trading Bitcoin When It Was At $4,000. 7 Years Later, The Investment Bank Holds Positions In Spot ETFs Tracking The Apex Crypto</a>
Why It Matters: The settlement, coupled with the <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39897440/ethereum-etfs-get-final-go-ahead-from-the-sec-what-happens-next">approval for Ethereum exchange-traded funds</a> in July, indicated an end to years-long ambiguity on the matter. 
Notably in June, blockchain software company ConsenSys <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39393693/ethereum-secures-momentous-win-after-sec-closes-security-probe-whale-accumulates-over-19m-">announced that the SEC has closed its investigation</a> into Ethereum&#8217;s security question.
In a parallel development, SEC Chair&nbsp;Gensler, known for his&nbsp;critical stance on the cryptocurrency industry, was <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40841087/sec-chair-gary-gensler-under-investigation-for-alleged-political-favoritism-in-hiring-prac">under investigation</a> by Republican lawmakers for allegedly engaging in political favoritism during the SEC&#8217;s hiring process.
Price Action: At the time of writing, Ether was exchanging hands at $2,350.22, down 0.58% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Photo via Shutterstock.
Read Next
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40846883/sam-altman-founded-worldcoin-soars-on-openais-o1-announcement-xrp-rides-on-grayscale-trust">Sam-Altman Founded Worldcoin Soars On OpenAI&#8217;s o1 Announcement, XRP Rides On Grayscale Trust Launch</a></li>
</ul>

$BCH

Gary Gensler-Led SEC Directs Crypto Firm To Halt Trading For All Coins But Bitcoin, Ethereum, And Bitcoin Cash — What Does It Mean?

Glauber Contessoto, popularly known as SlumDOGE Millionaire, projected Neiro as the next major smash in the dog-themed memecoin arena amid the cryptocurrency&#8217;s upswing on the price charts.
What Happened: In an X post on Wednesday, the popular trader expressed confidence that NEIRO would unite the communities of the more established memecoins like Dogecoin and Shiba Inu and spearhead the upcoming bull run.
&#8220;IMAGINE what will happen when we all get behind the same INU in harmony,&#8221; Contessoto&nbsp;stated. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24NEIRO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NEIRO</a> will bring together the communities of <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> and <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> IMAGINE what will happen when we all get behind the same INU in harmony <a href="https://twitter.com/NeiroOnEthereum?ref_src=twsrc%5Etfw">@NeiroOnEthereum</a> has proven itself It is the clear WINNER of dog themed memecoin this upcoming bullrun. Everyone loves <a href="https://twitter.com/search?q=%24NEIRO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NEIRO</a> &#x1f680;
&mdash; SlumDOGE Millionaire (@ProTheDoge) <a href="https://twitter.com/ProTheDoge/status/1833992630201712819?ref_src=twsrc%5Etfw">September 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The endorsement came on the back of the Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based coin&#8217;s massive advances over the past week, which propelled it to the top of the memecoin gainers list.
In comparison, DOGE and SHIB were underwhelming, with gains of 6.31% and 0.32%, respectively.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Weekly Gains +/-</td>
<td>Price (Recorded at 11:55 p.m. EDT)</td>
</tr>
<tr>
<td>Neiro (NEIRO)</td>
<td>+160.62%</td>
<td>$0.1612</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>+6.31%</td>
<td>$0.1027</td>
</tr>
<tr>
<td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td>+0.32%</td>
<td>$0.0000134</td>
</tr>
</tbody>
</table>
</figure>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40821491/theyre-eating-the-cats-how-polymarket-traders-predicted-donald-trumps-bizarre-claim-and-th">&#8216;They&#8217;re Eating The Cats:&#8217; How Polymarket Traders Predicted Donald Trump&#8217;s Bizarre Claim And The Pre-Debate Handshake</a>
Why It Matters: NEIRO has made ripples in the cryptocurrency market, growing by a whopping 1024% since its launch.
The meme coin is <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40387150/memecoin-inspired-by-dogecoin-mascot-kabosus-sister-soars-1408-since-launch-what-you-need-">named after the newly adopted Shiba Inu pup of the owner of Kabosu</a>, the original inspiration behind the wave of dog-themed cryptocurrencies.
Well-known for building his fortune <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38215397/conviction-conviction-conviction-dogecoin-millionaire-says-he-held-strong-despite-mockery-">through investments in Dogecoin</a>, SlumDOGE Millionaire revealed last month that <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40222602/dogecoin-millionaire-invests-100-000-in-neiro-quite-literally-your-second-chance-at-doge-a">he invested $100,000</a> into NEIRO.
Photo by Dennis Diatel on Shutterstock
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40825073/pro-bitcoin-president-javier-milei-triumphs-as-pension-spending-hike-stalled-in-argentinas">Pro-Bitcoin President Javier Milei Triumphs As Pension Spending Hike Stalled In Argentina&#8217;s Lower House</a></li>
</ul>

Dogecoin 'Millionaire' Champions NEIRO Amid 1024% Spike Since Launch: 'Clear WINNER Of Dog Themed Memecoin This Upcoming Bullrun'

Cryptocurrency tokens linked with Donald Trump and Kamala Harris were a picture of contrast as the high-voltage debate between the presidential hopefuls drew to a close.
What happened: Maga Coin (TRUMP), rooted in the &#8220;Make America Great Again&#8221; movement, and the largest of all Trump-inspired tokens in terms of market cap, plunged more than 12% during the <a href="https://www.benzinga.com/news/24/09/40807308/trump-and-kamala-harris-break-8-year-no-handshake-era-ex-president-offers-vp-a-maga-hat-5-noteworthy">debate</a>, and overall 10% in the last 24 hours.
The $126-million capitalization token's trading volume rose more than 14% in the last 24 hours, signaling interest from the traders.&nbsp;
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 11:45 p.m. EDT)</td>
</tr>
<tr>
<td>Kamala Horris (KAMA)</td>
<td>+10.85%</td>
<td>$0.008665</td>
</tr>
<tr>
<td>Maga Coin (TRUMP)</td>
<td>-10.69%</td>
<td>$2.89</td>
</tr>
</tbody>
</table>
</figure>
On the contrary, a coin parodying Harris, Kamala Horris (KAMA), soared more than 10% during the face-off, recording an 88% jump in trading volume.&nbsp;
Both the Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based TRUMP and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based KAMA belonged to the hot new breed of PolitiFi tokens, which, as the name implies, bring political themes into the cryptocurrency space.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40766075/peter-schiff-will-accept-he-was-wrong-about-bitcoin-if-restaurants-begin-to-show-prices-in">Peter Schiff Will Accept He Was Wrong About Bitcoin If Restaurants Begin To Show Prices In Satoshis Among Other Things</a>
Why It Matters: The debate between the former president and the incumbent vice president was their first and potentially the last engagement before the all-important presidential elections in November.
The 90-minute interaction saw the two candidates spar over issues of significance such as the status of the economy, the cost of living, abortion, and much more.
However, as with the <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39540605/bitcoin-fails-to-get-a-mention-in-the-fiery-trump-biden-presidential-debate-coins-themed-a">previous presidential debate</a> between Trump and President Joe Biden, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and the broader topic of cryptocurrencies failed to come up for discussion.
Image via Shutterstock
Did You Know?&nbsp;
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

Politics

Trump-Themed MAGA Coin Crashes, Harris-Inspired Token Soars After Presidential Debate

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) spot ETFs recorded a total net inflow of $28.72 million on Sep. 9, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) spot ETFs continued their <a href="https://feeds2.benzinga.com/markets/cryptocurrency/24/08/40650212/bitcoin-dips-below-60-000-as-spot-etfs-see-71-7m-outflow">streak of outflows</a>.
What Happened: The <a href="https://www.benzinga.com/money/best-spot-bitcoin-etfs">Bitcoin ETF market</a> saw mixed performance among its top players. 
While Grayscale&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#OTC">GBTC</a>) experienced an outflow of $22.76 million, Fidelity&#8216;s (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>) countered with a substantial inflow of $28.59 million, contributing to the overall positive flow for Bitcoin funds.
Analysts warn the largest digital currency remains firmly in bear market territory till it trades below the critical 21-week moving average of $61,100.
On the Ethereum front, the situation appears less optimistic. 
<a href="https://www.benzinga.com/money/what-is-ethereum-etf">Ethereum spot ETFs</a> marked their fifth consecutive day of net outflows, with a total of $5.20 million leaving these funds on Monday.
Grayscale&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETHE#NYSE">ETHE</a>) led the exodus with $22.64 million in outflows, although this was partially offset by inflows to other Ethereum ETFs, including $7.97 million into the Grayscale Ethereum Mini Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETH#NYSE">ETH</a>).
The total daily trading volume for the nine <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39140469/ethereum-etf-what-to-expect-for-the-price-of-eth">Ethereum ETFs</a> decreased to $124.51 million on Monday, down from $210.43 million the previous Friday.
The cumulative net flows for these funds remain in negative territory, with $573.49 million in net outflows to date.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40777026/ether-fi-launches-blockchain-credit-card-offering-3-cash-back-and-crypto-collateral-throug" target="_blank" rel="noreferrer noopener">Ether.fi Launches Blockchain Credit Card Offering 3% Cash-Back And Crypto Collateral Through Scroll Partnership</a>
Why It Matters: QCP Capital noted that the cryptocurrency market is currently dominated by macro uncertainty, with the 30-day correlation to the MSCI World Equity Index reaching a near two-year high of 0.6.
&#8220;The options market is pricing in a potential movement of more than 3.3% from the current Bitcoin spot price of $56,800 by tomorrow&#8217;s expiry, following the presidential debate,&#8221; QCP Capital stated. &#8220;While Bitcoin is often seen as the &#8216;<a href="https://www.benzinga.com/personal-finance/24/08/40166357/how-wall-streets-trump-trade-could-drastically-change-your-retirement-plans-in-2025">Trump trade</a>&#8216; due to his vocal support for crypto, we&#8217;re watching closely for any surprising positive crypto mentions from Kamala Harris during her campaign.&#8221;
According to a 10x Research report, positive sentiments around Bitcoin could push it back above $60,000, citing three technical reversal indicators recovering from oversold levels. 
However, they caution that Bitcoin remains in bear market territory as long as it stays below the critical 21-week moving average of $61,100.
&#8220;The upcoming Harris-Trump debate and the anticipated lower CPI data announcement on Wednesday are serving as significant catalysts for potential upward momentum this week,&#8221; 10x Research stated.
As these market dynamics unfold, industry participants are looking forward to Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where experts will likely dissect these trends and provide insights into the future of cryptocurrency investments and the evolving ETF landscape.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40776328/microstrategys-bitcoin-strategy-has-outperformed-every-s-p-500-company-and-even-nvidia-sin" target="_blank" rel="noreferrer noopener">MicroStrategy's Bitcoin Strategy Has Outperformed Every S&amp;P 500 Company And Even Nvidia Since 2020, Says Michael Saylor</a></li>
</ul>
Image: Shutterstock

Fidelity Wise Origin Bitcoin Fund Fidelity Wise Origin Bitcoin Fund

FBTC

Bitcoin Back To $57K, But Monday's ETF Inflows Don't Drag It Out Of Bearish Territory, Analysts Say

Peter Thiel is best known to many investors as the co-founder of PayPal Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) and Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>).
Here's a look at five things investors may be less familiar with when it comes to looking at the life of <a href="https://www.benzinga.com/topic/peter-thiel">the famous investor </a>and executive.
First Outside Facebook Investor: Today, social media company Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is valued at $1.3 trillion. Thiel invested $500,000 in the company back in 2004 as the first outside investor. The company's valuation back then was $4.9 million. 
Thiel owned 10.2% of the company and held more than 44 million shares when the company held its IPO in 2012. Thiel sold 16.8 million shares in the IPO, making $640 million and would later sell the majority of his position. 
All told, Thiel turned his $500,000 investment in Facebook into more than $1 billion, as <a href="https://money.cnn.com/2012/08/20/technology/facebook-peter-thiel/index.html">reported </a>by CNN.
Backing Trump: Thiel's political involvement in recent years has become a hot topic. The investor is backing Donald Trump in the 2024 election and also has ties to Trump's running mate J.D. Vance. The senator and vice-presidential candidate <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39799850/5-things-you-might-not-know-about-j-d-vance-hillbilly-elegy-author-bitcoin-holder-first-mi">previously worked at</a> Mithril Capital, a venture capital firm backed by Thiel. The support for Trump in the 2024 election by Thiel may be less this election cycle.
"If you hold a gun to my head, I will vote for Trump. I'd rather have him…than Biden," Thiel<a href="https://www.benzinga.com/general/politics/24/06/39557155/palantir-co-founders-thiel-lonsdale-back-trump-in-2024-election-id-rather-have-him-than-biden"> said earlier this year.</a>
While Thiel donated over $1 million to Trump for the 2016 election and spoke in support of him at the 2016 Republican National Convention, the investor said he would be less involved for the 2024 election. Thiel also ruled out donating to Trump's super PAC (political action committee).
A falling out ahead of the 2020 election and a&nbsp;<a href="https://www.benzinga.com/news/23/09/34896135/tensions-flare-in-trumps-call-with-conservative-tech-billionaire-peter-thiel-over-political-support" target="_blank" rel="noreferrer noopener">heated phone call</a>&nbsp;with Trump that came to light in recent months show that the relationship between Thiel and Trump has soured over the years. Thiel was a large donor to the Republican party in 2022, listed as the fifth largest individual donor and 11th&nbsp;largest donor overall for the 2022 election according to a report.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent090624">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Relationship with Musk: As a prominent Silicon Valley investor, Thiel's path has crossed with Elon Musk many times. Their most prominent connection over the years was at PayPal. 
The merger of Thiel's Confinity and Musk's X became PayPal. Musk served as CEO of the payments company before he was ousted by a group that replaced him with Thiel. 
Known as a member of the PayPal Mafia today, Thiel and Musk have a friendly relationship now even though it was once tense. Thiel has invested in SpaceX and The Boring Company and his Founders Fund recently <a href="https://www.benzinga.com/news/23/08/33648098/elon-musk-backed-brain-chip-company-neuralink-gets-280-million-in-funding-from-peter-thiel-backed-fu">led an investment round</a> in Musk's Neuralink company.
Having a Hand In Ethereum Creation: Benzinga previously wrote<a href="https://www.benzinga.com/markets/cryptocurrency/21/10/23210010/the-butterfly-effect-heres-the-crazy-story-of-how-world-of-warcraft-led-to-the-creation-2"> on the butterfly effect, </a>or an idea that small events can have non-linear impacts on a complex level, for the creation of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). 
Vitalik Buterin, who is the most famous co-founder of Ethereum, may never have launched the cryptocurrency if it wasn't for a small change made in the popular video game World of Warcraft. This change led to Buterin becoming heavily interested in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and would go on to write for Bitcoin Weekly and co-found Bitcoin Magazine.
Buterin dropped out of university to focus on cryptocurrency and later obtained a $100,000 grant from the Thiel Foundation, which was created by Thiel.
"I went around the world, explored many crypto projects and finally realized that they were all too concerned about specific applications and not being sufficiently general — hence the birth of Ethereum, which has been taking up my life ever since," Buterin previously said.
While the change in World of Warcraft may have had a bigger impact, it could be theorized that if Buterin didn't get the Thiel Foundation award, Ethereum might not exist in the same capacity today. The fellowship award came after Buterin's idea for Ethereum but before the official launch of the cryptocurrency.
Lover of Science Fiction and Fantasy: Among the items that helped shape Thiel's childhood and life were a <a href="https://www.telegraph.co.uk/technology/11098971/Peter-Thiel-the-billionaire-tech-entrepreneur-on-a-mission-to-cheat-death.html">love </a>of science fiction and fantasy. Thiel played Dungeons &amp; Dragons as a kid and also loved to read science fiction by authors like Isaac Asimov and Robert Heinlein. 
Thiel was also obsessed with author J.R.R. Tolkien, who wrote "The Lord of the Rings." Multiple Thiel-related companies have names that are connected to Tolkien including Mithril Capital (a precious metal found in Middle-earth) and Palantir, named after "seeing stones" in "The Lord of the Rings."
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38846891/vitalik-buterin-peter-thiel-back-crypto-prediction-market-polymarket-with-70m-funding">Vitalik Buterin, Peter Thiel Back Crypto Prediction Market Polymarket With $70M Funding</a></li>
</ul>

Education

Tech

PLTR

PYPL

Peter Thiel Supports Trump, Backed Ethereum's Buterin: 5 Facts You Might Not Know About PayPal, Palantir Co-Founder

As Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) hovers near the $55,000 mark, experts are sounding alarms about a potential drop below $50,000, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40728710/bitcoin-below-50k-crypto-market-braces-for-volatility-as-etf-outflows-continue">citing critical market indicators. </a>
On Friday morning, Bitcoin was trading at $56,680, up 0.1%, after hitting a low of $55,282, according to CoinGecko data. 
Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) was trading at $2,390 after a 0.1% drop.
The warnings from industry analysts come as Bitcoin and Ethereum ETFs continue to see significant outflows. 
Bitcoin spot ETFs saw a net outflow of $211 million on Sept. 5, marking the seventh consecutive day of withdrawals.
Among the largest losses were Fidelity Wise Origin Bitcoin Fund (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>), which had an outflow of $149 million, and Grayscale Bitcoin Trust (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#OTC">GBTC</a>), which lost $23.2175 million, according to <a href="https://sosovalue.xyz/assets/etf/us-btc-spot">data </a>from SoSo Value.
The total net asset value of Bitcoin spot ETFs now stands at $50.727 billion.
Ethereum has also been impacted, with spot ETFs reporting a net outflow of $152,700, data <a href="https://sosovalue.xyz/assets/etf/us-eth-spot">showed</a>.
Grayscale Ethereum Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETHE#NYSE">ETHE</a>) recorded a $7.3895 million outflow, although Grayscale Ethereum Mini Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETH#NYSE">ETH</a>) saw a small inflow of $7.2368 million.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40747803/ethereum-co-founder-vitalik-buterin-to-donate-all-crypto-proceeds-ends-new-token-investmen">Ethereum Co-Founder Vitalik Buterin To Donate All Crypto Proceeds, Ends New Token Investments</a>
Analysts from 10x Research are pointing to troubling on-chain data. 
They observed that a peak in the supply held by short-term holders in April 2024 resembled patterns seen at the end of the 2017 and 2021 bull markets.
Long-term holders, or whales, began selling into rallies as early as March 2024, which stifled demand and led to price consolidation. 
&#8220;A drop below $50,000 for Bitcoin appears inevitable,&#8221; the analysts stated, highlighting that most traders remain unaware of the severity of the situation.
Broader economic factors are also adding pressure to the market. 
Weak U.S. Manufacturing PMI data and ongoing political uncertainties are expected to drive declines in risk assets like cryptocurrencies. 
&#8220;Even interest rate cuts may not ensure higher Bitcoin prices, especially when we're seeing sharp declines in protocol revenues, which indicate reduced usage,&#8221; 10x Research noted.
As these market trends continue to unfold, they are expected to be a key focus at Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where industry leaders will delve into the evolving dynamics of the cryptocurrency landscape and discuss how investors can navigate the challenges ahead.
Read Next: • <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40741248/uk-crypto-firms-face-87-rejection-rate-in-fca-registration-process">UK Crypto Firms Face 87% Rejection Rate In FCA Registration Process</a>
Photo: Shutterstock

Bitcoin Nears $55,000 As Experts Warn Of Market Peak: Potential Drop Below $50K 'Inevitable'

&#8220;There is no such thing as &#8216;just one cigarette&#8217; when you quit.&#8221; How many times have you seen such public service announcements in movies, advertisements, and social timelines without batting an eyelid?
Well, would you care if there were financial incentives to reduce taking in those puffs?
In a novel approach to nicotine addiction treatment, PuffPaw, a vape-to-earn project, is leveraging blockchain technology to incentivize reduced vaping. 
What Happened: The innovative startup, which has successfully raised $6 million in seed funding, sells specialty vapes that track users&#8217; smoking habits on the blockchain, as reported by CoinDesk on Wednesday. Users are then rewarded with tokens to decrease their nicotine consumption.
PuffPaw&#8217;s business model fosters a self-sustaining community of smokers who earn tokens by using vape cartridges with lower nicotine levels. These tokens can subsequently be used to buy more vape cartridges from PuffPaw.
Users will receive bonus tokens for using lower-nicotine cartridges. Additionally, social bonuses, like sharing vapes with other PuffPaw users, will increase token payouts.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40722735/trump-presidency-will-be-total-game-changer-for-crypto-industry-says-pro-bitcoin-senator-c">Trump Presidency Will Be &#8216;Total Game Changer&#8217; For Crypto Industry, Says Pro-Bitcoin Senator Cynthia Lummis: Forsees &#8216;Uphill Battle&#8217; If Kamala Harris Wins</a>
Why It Matters: The startup is one of many leveraging the yet-to-be-launched Berachain, which would adhere to the same set of standards and protocols as the&nbsp;Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)&nbsp;blockchain.
PuffPaw belongs to the growing list of platforms tapping blockchain technology and token rewards to promote healthier choices. Its leader Reffo Tse, likened the project to StepN, a run-to-earn app on the Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) network.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40722435/trumps-crypto-project-vows-to-bolster-us-financial-dominance-with-dollar-pegged-stablecoin">Trump&#8217;s Crypto Project Vows To Bolster US&#8217; Financial Dominance With Dollar-Pegged Stablecoins And DeFi: &#8216;We Know The Magnitude Of What We&#8217;re Building…&#8217;</a></li>
</ul>
Photo courtesy: Unsplash

Health Care

Puff, Puff, Pass: This Crypto Project Wants You To Vape To Earn, Raises $6M For Specially-Designed Vapes

As Bitcoin (BTC-USD) and Ethereum (ETH-USD) approach key financial markers, the mood in the crypto world remains one of cautious optimism. Despite ...

Bitcoin and Ethereum Face Caution as Traders Hedge Risks

Prepare For Election Outcomes: Views From Our Portfolio Managers

Will Fed's easing cycle reverse the tide of ether ETF outflows? Analyst weighs in

Caroline Ellison, former CEO of Alameda Research, has been sentenced to 24 months in prison for her involvement in the FTX collapse. In addition to...

Caroline Ellison Slammed with 24 Month Sentence for Role in FTX Collapse

Cryptocurrency hackers were busy in September, hitting the industry hard with losses totaling over $120 million. What's worse? Centralized exchange...

Centralized Exchanges Bleed Millions as Crypto Hacks Surge

ETH: Grayscale Ethereum Mini Trust, Making Sense Of Under-Performance

3 Roadblocks To Crypto Adoption

As the fast-approaching U.S. presidential election continues to spur volatility in crypto markets, investors are likely assessing the best crypto E...

Comments

Grayscale Ethereum Mini Trust (ETH) Common units of fractional undivided beneficial interest

Noticias

Últimas noticias sobre Grayscale Ethereum Mini Trust (ETH) Common units of fractional undivided beneficial interest (ARCA:ETH)

Noticias

SOCIO/CONTRIBUIDOR

BENZINGA GLOBAL