Ethereum Rising
US spot Ethereum ETFs saw over $1.8 billion in net inflows in a single week, compared to just around $70 million into Bitcoin ETF products.
According to data from Farside, ETH has managed to extend its streak of inflows since early July.
Most of the deposits went to BlackRock’s iShares Ethereum Trust (ETHA), which saw its AUM grow by $1.3B in the past week.
However, there have been several days of outflows from Grayscale’s Ethereum Trust in the past week, losing $70M in ETH.
ETH itself has risen by 60.1% in the past month, rising from $2.4K to a yearly high of $3.9K.
In line with ETH’s price appreciation, governance tokens of liquid staking protocols and RWA protocols have become the top-performing coins of the week, including COLLAT, LISTA, and PENDLE.
Proof-of-Borrow
Lending firm Divine Research has issued over 30,000 unbacked crypto loans with the help of Sam Altman’s World ID system.
The company provides uncollateralized loans of up to $1000 in the form of USDC stablecoins, mostly to foreign borrowers.
Using World ID, Divine Research is able to verify each borrower’s identity and to ensure that defaulters are unable to create new accounts.
With default rates as high as 40%, interest rates on these loans range anywhere from 20-30%.
Additionally, the free WORLD tokens issued to borrowers helps Divine Research to offset losses.
In Other News…
Wyoming Teases Yield Bearing Stablecoin Feature. The US state of Wyoming teased that their upcoming Wyoming Stablecoin (WYST) is likely to be a yield bearing stablecoin thanks in part to the success of the GENIUS stablecoin act.
Pump.fun Losing Ground. Market sentiment around the PUMP token and its memecoin launchpad platform continues to decline as co-founder Alon Cohen confirmed that the highly anticipated PUMP airdrop is not happening anytime soon, much to the disappointment of many users.
Drug Firm Announces $700M Support for BNB. Nasdaq-listed Windtree Therapeutics, a biotech firm, said that they will buy up to $700M worth of BNB. This announcement comes just right after BNB hits ATH prices.
SBET Goes Hunting. Ethereum treasury firm Sharplink Gaming, one of the largest ETH treasury firms has successfully poached Joseph Chalom, the head of digital assets at Blackrock. Chalom will be joining SBET as their new co-CEO.
Bitcoin Whale Enjoys Happy Retirement. Galaxy Digital has just successfully sold 80K Bitcoins for a Satoshi-era investor, netting him over $9B in the sale. Galaxy noted that this is “one of the most significant exits” of the crypto space.
Zora Surges on Coinbase Integration. Coinbase’s rebrand of their wallet application has led to ZORA surging over 440% in the past week. ZORA is one of the socialFi platforms integrated into Coinbase’s wallet revamp.