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ETH ETF outflows stop
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BTC ETFs face $18M outflows as ETH ETFs see relief with $33M inflows
Key points:
Spot Bitcoin ETFs experienced $18 million in outflows on Tuesday.
Grayscale’s GBTC led the outflows with $74 million, while BlackRock’s IBIT saw inflows of nearly $75 million.
News - U.S.-listed spot Bitcoin ETFs experienced notable outflows on Tuesday, reversing a recent trend of inflows. The outflows totaled $18 million, ending a four-day streak during which these funds saw inflows of up to $124 million.
Grayscale’s GBTC led the outflow trend with a significant $74 million withdrawal. ETFs from Fidelity, Ark Invest, Bitwise, and VanEck also experienced reductions, with outflows ranging between $2 million and $7 million. BlackRock’s IBIT ETF was an exception, showing inflows of nearly $75 million.
In contrast, Ethereum-tracked ETFs saw a positive turn with $33 million in net inflows on Tuesday, following a four-day period of losses. This marked only the second day of net inflows since these ETFs launched on 23 July.
Despite this recent gain, Ethereum ETFs have faced a cumulative net outflow exceeding $400 million. Grayscale’s ETHE has been hardest hit, with losses totaling $1.84 billion, while BlackRock’s ETHA has seen $618 million in inflows.
Market analysts are cautioning against potential volatility in Bitcoin and ETH prices as major U.S. tech companies prepare to release their earnings this week.
$4M stolen in Terra blockchain attack; network halted for emergency fix
Key points:
Terra blockchain suffered a $4 million exploit due to a reentrancy attack.
The attack targeted a vulnerability in the ibc-hooks module.
News - The Terra blockchain experienced a significant setback on Wednesday after suffering a reentrancy attack that resulted in the theft of over $4 million worth of various cryptocurrencies.
The incident forced the network to temporarily halt operations while developers implemented an emergency patch to address the vulnerability.
Exploiting a weakness in the ibc-hooks module, the attacker managed to siphon off millions in stablecoins like USDC and USDT, along with Bitcoin and a substantial amount of Astroport's ASTRO tokens. This attack sent shockwaves through the crypto community, causing the price of ASTRO to plummet by 56%.
A reentrancy attack occurs when malicious actors manipulate smart contracts to repeatedly execute code, allowing them to drain funds. While this type of vulnerability is well-known, it continues to pose a significant threat to blockchain security.
Terra's network is now back online after validators with over 67% of the voting power upgraded their nodes to prevent a recurrence of the exploit.
England's law commission suggests new property classification for crypto assets
Key points:
UK Law Commission proposes a new legal category for crypto assets.
Current property laws are deemed insufficient for digital assets.
News - The Law Commission of England and Wales has recommended a new legal category for cryptocurrencies and other digital assets.
The commission argues that current laws, which categorize property as either tangible or intangible, are inadequate for digital assets, which often exhibit characteristics of both.
To address this, the commission has proposed a third category of personal property specifically for digital assets. This move aims to provide a clear legal framework for cryptocurrencies, non-fungible tokens (NFTs), and other digital assets, fostering a more secure and predictable environment for the growing digital asset industry.
The UK government is currently reviewing the commission’s recommendations and a draft bill has been introduced to implement the changes.
This development positions the UK as a potential leader in creating a robust legal infrastructure for digital assets, attracting businesses and investors to the country.
UAE residents can now use their bank accounts for direct crypto trades
Key points:
M2 enables direct Bitcoin and Ether trading for UAE residents.
Users can convert dirhams to crypto and vice versa.
News - Crypto exchange M2 has announced a new service allowing UAE residents to buy and sell Bitcoin and Ether directly using their bank accounts.
This integration simplifies the process of converting dirhams into cryptocurrencies and vice versa, enhancing accessibility for investors.
M2 believes this move will attract new investors, especially those unfamiliar with the complexities of cryptocurrency trading. Bitcoin and Ether, as the most widely traded cryptocurrencies, are seen as ideal entry points for beginners.
The exchange emphasizes that the service operates within the UAE's robust regulatory framework, prioritizing consumer protection.
This development is a significant step forward for M2 and the wider cryptocurrency ecosystem in the region, as it bridges the gap between traditional finance and the digital asset world.
M2 is a licensed cryptocurrency exchange operating in the United Arab Emirates. The platform is authorized by the Financial Services Regulatory Authority (FSRA) within the Abu Dhabi Global Market (ADGM).
More stories from the crypto ecosystem
Did you know?
Pharmaceutical companies are exploring blockchain's potential to track and verify the authenticity of medication throughout the supply chain.
With the rise of cryptocurrencies, several central banks worldwide are researching and developing their own digital versions of national currencies.
EOS, a blockchain-based service, raised a whopping $ 4.1B over the course of a year-long ICO that closed in June 2018.
Top 3 coins of the day
Bitcoin Cash (BCH)
Key points:
BCH was trading at $425, at the time of writing.
It was up 14.51% over the past week.
What you should know - Bitcoin Cash experienced a bullish surge, breaking out of an ascending triangle pattern and reaching $453. However, the momentum has faded, and the price is currently retracing to the $428 support level. Bulls are aiming for a retest of the $511 resistance, but the RSI of 69 indicates potential downward pressure in the near term. While the $350 support remains crucial, a breach could trigger a deeper correction towards $320. Overall, BCH is not in a consolidation phase after a strong rally.
Kaspa (KAS)
Key points:
KAS reached its all-time-high on 31 July.
Bulls have been dominating its daily chart majorly.
What you should know - On 31 July, KAS reached an all-time high of $0.21000, defying the broader market trends as most top 30 cryptocurrencies struggled. This surge followed a series of higher highs on the daily chart, driven by strong buyer momentum. KAS has surged 103.69% from its low of $0.10376 on 6 May, showcasing impressive growth. Market sentiment remains highly bullish, with buyers eyeing a potential rise to $1 in the near future. The MACD and signal line readings suggest that this bullish momentum could continue, indicating that further gains may be on the horizon.
Aave (AAVE)
Key points:
AAVE was trading at $108 at the time of writing.
Bullish momentum pushed the coin up by 16% over the week.
What you should know - AAVE was demonstrating resilience, at the time of writing, trading at $108 with a weekly gain of 16%. The cryptocurrency is eyeing a potential test of the $117 resistance level. Strong buying pressure is evident, as indicated by the Awesome Oscillator's green signal. While the $88 level offers support, the overall bullish sentiment suggests AAVE may continue its upward trajectory. However, traders should monitor Bitcoin’s price movements closely because AAVE like other altcoins shares a strong co-relation with the king coin.
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