Where Goes Ethereum? 🚩
Regulatory scrutiny and ETF uncertainty has impacted Ethereum. Gary Gensler wants a little disinfectant for crypto. Bitcoin ETF outflow clocks $2B, will momentum turn? Apple M-series chips vulnerable.
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While Bitcoin has finished it’s ATH journey. Ethereum still hasn't.
A plethora of factors are impacting the ride, and as things have shaped up - it doesn't look like an easy one.
Ethereum flowing to Exchanges
Spike in Ethereum tokens being transferred to centralised exchanges due to regulatory uncertainties.
Largest exchange inflow in two years recorded.
Bearish signal; indicates holders might prepare to sell assets.
Increased regulatory scrutiny affecting Ethereum, including Securities Exchange Commission (SEC) investigations into related entities.
Coincides with a 10% decrease in price within the last week.
SEC delays decision on Grayscale's Ethereum Futures Trust ETF
In a document filed late on Friday, the SEC said it would take until May 30, 2024, to decide whether to approve Grayscale’s Ethereum futures ETF.
NUPL data indicates potential correction
ETH has recently moved into the 'Belief - Denial' zone.
Net Unrealised Profit/Loss (NUPL) indicator shows mounting confidence and enthusiasm among investors concerning Ethereum's worth and prospects.
From 449,000 to 545,000 daily active addresses were observed during a major price rally, signifying steady growth and engagement trends.
Decline in Ethereum's price correlates with a substantial increase in daily active addresses, pointing to persistent user involvement in the Ethereum network.
Little demand for Ethereum ETF
Robert Mitchnick, the Head of Digital Assets at BlackRock, highlighted this disparity in demand during the Bitcoin Investor Day conference in New York.
“I can say that for our client base, Bitcoin is overwhelmingly the number one focus and a little bit Ethereum.”
Despite BlackRock's successful launch of the iShares Bitcoin ETF (IBIT), with $15 billion in assets, the asset manager claims that the interest in an Ethereum ETF remains low.
Regulatory scrutiny and limited demand from clients has proved to be dent for BlackRock's Ethereum ETF pursuit. The SEC has delayed the review of BlackRock's Ethereum ETF application to May 2024.
Still, it's been BlackRock who have been at the forefront championing the cause of tokenisation and continues to explore the digital asset space.
Block That Quote 🎙️
Securities and Exchange Commission Chair Gary Gensler
"No registration means no mandatory disclosure. Many would agree that the crypto markets could use a little disinfectant."
Gensler was quoted saying in a speech on Friday at the Columbia Law School conference.
The US Securities and Exchange Commission, Commodity Futures Trading Commission and Treasury Department are all asking for additional resources for the 2025 fiscal year.
Focus: Digital assets and other domains.
Challenges addressed: Policing digital assets sector.
SEC requests an additional 23 personnel for examinations division.
Purpose: Address "evolving risks," including crypto activities.
Overall SEC budget proposal: $2.6 billion.
Goals: Strengthen regulatory oversight and consumer protection.
Treasury Department's 2025 Budget Request: Total $17 billion.
$12.3 billion for the Internal Revenue Service.
$2 billion for various Treasury Department offices.
Around $2.5 billion for international programs.
In the Numbers 🔢
$51.6 million
Bitcoin spot ETFs outflows on March 22.
Around $2 billion outflow in the week.
As the outflow ease, could Bitcoin see momentum turning?
Apple M-series Chips Vulnerable
Researchers have unearthed a security flaw in the Apple computer chips – M1, M2, and M3 models – powering all current Apple devices.
Secure Enclave Processors (SEPs) play a pivotal part in managing various encryption and authentication processes across numerous devices.
Researchers discovered flaws allowing unauthorised access to these supposedly impenetrable environments. They identified ways to execute arbitrary code within secure enclaves, granting privileged access rights.
This vulnerability exposes cryptographic keys intended to shield confidential information, including those linked to software cryptocurrency wallets on affected Apple devices.
The Surfer 🏄
Worldcoin increases transparency, open-sources Orb's app & private key storage codes. A display of dedication to openness.
Reports suggest that Mingxing Xu, commonly referred to as Star Xu, the founder of OKX, is reportedly under investigation in the United States.
Bitcoin demand in Argentina reaches highest point in nearly two years, as the ARS has lost fourfold value against the US dollar in the last year,
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