CoinDesk Weekly Recap: Finally, the Bitcoin Rally
After weeks of plateau, this week we saw an upswing in prices and a return to post-election crypto confidence. Here’s how CoinDesk reported the news that mattered.
After weeks of plateau, this week we saw an upswing in prices and a return to post-election crypto confidence. Here’s how CoinDesk reported the news that mattered.
According to Bitcoin.com, asset management company Grayscale met with the SEC's crypto working group on April 21 to apply for permission to pledge its Ethereum ETF (ETHE and ETH). The company stated that due to regulatory restrictions, it has lost approximately $61 million in potential returns on its $8.1 billion assets under management from product launch until February 2025. Grayscale presents three arguments: 1) Similar products in Europe and Canada have been successfully pledged; 2) Pledge can enhance Ethereum network security; 3) A risk control plan including 'liquidity reserve' has been developed. Coinbase Custody will provide technical support to mitigate the risk of confiscation. The current US spot Ethereum ETP cannot fully reflect the underlying asset value due to the prohibition of staking. Grayscale calls on the SEC to update regulatory rules based on traditional financial products.
According to SoSoValue data, the Ethereum spot ETF had a net inflow of $157 million last week from April 21st to April 25th Eastern Time. The Ethereum spot ETF with the highest weekly net inflow last week was the Fidelity ETF FETH, with a weekly net inflow of $68.59 million. Currently, FETH's total historical net inflow has reached $1.43 billion. Next is the Blackrock ETF ETHA, with a weekly net inflow of $64.18 million and a total historical net inflow of $4.11 billion. The Ethereum spot ETF with the highest net outflow in a single week last week was the Grayscale Ethereum Trust ETF ETHE, with a weekly net outflow of $32.02 million. Currently, the total net outflow of ETHE in history has reached $4.28 billion. As of the time of writing, the total net asset value of the Ethereum spot ETF is $6.14 billion, and the ETF's net asset ratio (market value compared to Ethereum's total market value) is 2.83%. The historical cumulative net inflow has reached $2.4 billion.
BlockBeats News: On April 28th, according to DefiLlama data, the net inflow of funds from Arbitrum's cross chain bridge in the past 7 days reached $313.24 million, ranking first among all public chains. Next are BSC and Noble, with net inflows of $41.14 million and $24.26 million, respectively. Base, Avalanche, and Ethereum had net outflows of $131 million, $70.24 million, and $59.14 million, respectively.
According to SoSoValue data, the cryptocurrency market sector has generally experienced a pullback, with Bitcoin (BTC) falling 1.15% in 24 hours and briefly falling below $93000. Ethereum (ETH) fell 2.36%, falling below $1800. Only the NFT and PayFi sectors maintained their upward trend, with the NFT sector rising by 3.47%. Within the sector, Pudgy Penguins (PENGU) has continued to rise recently, with a 24-hour increase of 30.59%, Magic Eden(ME)、 Rising by 6.92%. The PayFi sector rose 2.60%, with XRP and Monero (XMR) rising 3.22% and 17.79% respectively within the sector. Another impressive performance is the decentralized storage protocol Walrus (WAL) of Sui ecosystem, which rose 17.86% in 24 hours. In terms of other sectors, CeFi fell 0.62%, Layer1 fell 1.54%, and Meme fell 1.69%. Among them, Bonk (BONK) and Fartcoin (FARTCOIN) rose 4.05% and 10.24% against the trend; The AI sector fell 2.50%, but Bittensor (TAO) and ai16z (AI16Z) rose 1.51% and 2.01% respectively; The DeFi sector fell 3.29%, while the Layer2 sector fell 4.10%.
Odaily Planet Daily News: According to @ OnchainLens monitoring, about 40 minutes ago, a giant whale holding 1.32 million SOLs (about 192 million US dollars) transferred 35000 SOLs (about 5.07 million US dollars) to Binance. In the past 19 days, this address has cumulatively transferred 135000 SOLs (approximately 15.72 million US dollars) to Binance. Previously, the giant whale had released all of its SOLs and deposited 1.2 million of them into Kamino, lending out 20 million USDC.