Hello Snapshotters,
It was a busy week for crypto, as nine spot Ethereum ETFs began trading in the U.S. on Tuesday, generating over $1 billion in volume on day 1. Meanwhile, Bitcoin mining stocks added billions of dollars to their market caps over the last two weeks, and Bitcoin ETF issuer Grayscale has launched new crypto products, including an AI token-based fund.
And in another world first from Crypto.com, this week Bitcoin debuted as the first crypto to be featured on the world’s largest screen: the Las Vegas Sphere. Here are a few reactions, including from Shiba Inu’s Shytoshi and MicroStrategy’s Michael Saylor.
Watch the Bitcoin Sphere takeover here.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
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News Snaps
🎉 Ethereum ETFs Are Now Trading
Nine spot Ethereum ETFs began trading in the U.S., generating over $1 billion in volume on their first day of trading on Tuesday. The Grayscale Ethereum Trust led the pack at $456 million, accounting for almost half of the total volume.
📈 BTC Mining Stocks Soar
Over the past two weeks, Bitcoin mining stocks have added billions to their market caps. Marathon Digital led the pack, with its market cap jump from $5.51 billion on July 8 to $7.56 billion last week.
🇪🇺 MiCA Guidelines Introduced
European Union regulators introduced new guidelines regarding the classification of cryptocurrencies and digital assets under the Markets in Crypto-Assets (MiCA) Regulation. These guidelines, for example, help determine whether a token falls under MiCA.
🔄 Bitcoin Trust Spinoff Planned
Grayscale announced plans to spin off a portion of Grayscale Bitcoin Trust (GBTC) into a new ETF. On July 31, Grayscale will contribute 10% of Bitcoin held by GBTC to its new ETF, Grayscale Bitcoin Mini Trust (BTC). The ETF is set to begin trading on NYSE’s Arca exchange pending final regulatory signoff.
🤖 Crypto AI Fund Launched
Grayscale launched Grayscale Decentralized AI Fund, a new crypto fund that aims to provide accredited investors with exposure to decentralized AI protocols. The fund has a basket of tokens, including Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR).
What’s Ahead
MATIC to POL Migration
Polygon Labs will migrate its native token from MATIC to POL on September 4, with POL acting as the new gas and staking token on Polygon. In subsequent phases, POL will also secure other blockchains in Polygon’s wider network, including AggLayer.
Number of the Week
Chart of the Week
U.S. spot Bitcoin ETFs closed last week with a record high of $17 billion in net inflows since launch, according to Farside Investors. Weekly net inflows amounted to $1.241 million last week, a six-week record. This coincided with Bitcoin’s price rebounding from the $57,000 level in the week of July 8 to $67,000 over the past weekend.
Since their launch, most of the net inflows went into BlackRock’s IBIT and Fidelity’s FBTC, which contributed a total of $19 billion and $10 billion, respectively.
Research & Insights
Monthly Feature Article | Spot Ethereum ETFs
In May, the SEC approved spot Ethereum ETFs, which launched this week. These ETFs, unlike Bitcoin’s, offer staking rewards.
Projections estimate ETH ETFs could see $1.4–$4.5 billion in inflows and $700 million to $2.4 billion in trading volume within six months.
Learn more in the full report.
Crypto Trivia
How many cryptocurrency ETFs are currently trading in the U.S.?
A) 26
B) 35
C) 16
Find the correct answer at the end of this newsletter.
NFT Spotlight
Neo Pop artist YERIN’s first NFT drop, ‘As Good As It Gets’, explores the complex and diverse inner world of people and the alter ego within all of us. Through the iconic character ‘Beaubeau’, who represents the artist herself and the inherent contradictory dualities within each individual, YERIN symbolically portrays and overcomes the tendencies to judge or lean toward one side.
Dropping on July 31, ‘As Good As It Gets’ aims to evoke empathy from the audience through various forms of collaboration based on painting. The collection includes 11 signatures, which encapsulate the essence of human experiences, with the cute characters serving as intentional devices to make YERIN’s work more approachable.
Break away from the norms.
Product Picks
ZETA Now Available for On-Chain Staking
ZetaChain joins the list of tokens eligible for on-chain Staking in the Crypto.com App and on the Exchange, in addition to ETH, SOL, CRO, and more. Stake to help secure the underlying blockchain and receive rewards of up to 5%, as often as three times a week. Stake now.
A Growing List of 330+ Tokens Available on Target Price Orders
ZK, ZRO, NYAN, and six other tokens have been added to Target Price Orders in the Crypto.com App. Set Target Price Orders to automate trades at your preferred price, without having to monitor the market. Try it now.
The Mane City Raffle Is Giving Away 150 Core Tool NFTs
To commemorate the Privy Integration, which allows users to start playing Mane City using just an email address, we will be hosting a Mane City Raffle giveaway of 150 core tool NFTs over a period of four weeks, from July 25 to August 22. This is available for users in Mane City at Avatar level 15–25, so hurry! Start playing now and climb the levels!
Crypto.com App New Token Listings
Drift (DRIFT)
Drift (DRIFT) Protocol is a decentralized exchange (DEX) built on the Solana blockchain, offering a variety of trading options, including perpetual futures contracts.
Crypto Level Up
Crypto Tokenomics: What It Is and Why It Is Important
How do traders evaluate potential token value? One common way is tokenomics, the economic systems surrounding a cryptocurrency.
What Are the Key Factors in Tokenomics?
Crypto tokenomics can be shaped by supply, distribution, utility, incentives, and token burns. These factors can affect how sustainable or successful a cryptocurrency may become.
For instance, cryptocurrencies can be designed with a limited total supply, like Bitcoin. If demand increases, token prices could rise. Another indicator of token value is utility: The more use cases a token has, the higher its utility. Finally, incentives for staking and yield farming could encourage long-term commitment to the token.
Check out our comprehensive breakdown of Crypto Tokenomics.
CryptoIRL
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Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Security Tips
Private Keys Are Easy Targets for Hackers
In 2023, over 55% of hacked digital assets were lost due to private key leaks. Malicious actors are increasingly targeting individuals to steal their private keys and, ultimately, crypto. Private key theft is often accomplished through phishing.
Here’s how to protect yourself:
1. Keep your private keys safe and hidden.
2. Never give out your private key information to anyone.
3. Stay updated with the latest phishing scams.
4. Consider using a hardware wallet to store your private keys offline.
Crypto Trivia Answer
B) 35
With the addition of nine new spot ETH ETFs, a total of 35 crypto ETFs are now trading in the U.S. (Source: VettaFi)
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
