Ethereum's Mass Exodus From Exchanges
Ethereum's Mass Exodus From Exchanges
ARK Invests Backs Out Of Ethereum ETF Race, Tether Now Has 53% Share Of Polygon's Stablecoin Market
Following the SEC's approval of spot Ethereum ETFs, more than $3 billion in Ethereum has been withdrawn from centralized exhanges.
For the crypto community, this has signaled a potential upcoming supply "short" squeeze due to the exchange balances falling by around 797k ETH (Cryptoquant).
On-chain researcher Leon Waidmann has noted, sharing Glassnode data on Twitter, that both Bitcoin and Ethereum's exchange balances (11.6%, 10.6%) are at their lowest levels in years.
Amid the Ether exodus, analysts Eric Balchunas and Michael Nadeau have speculated that Ethereum ETF trading has a "legit" possibility of starting as soon as late June, and that because Ether is not bound by structural sell pressure from of PoW & mining, it could benefit even more from demand pressures than Bitcoin.
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ARK Invest Exits Ethereum ETF Race, Ending 21 Shares Partnership
ARK Invest's decision to step back from the Ethereum ETF market is notable, especially considering the recent approval of Ethereum ETFs by regulatory bodies. This move might reflect a strategic realignment or a response to the competitive and regulatory environment surrounding crypto ETFs. Despite withdrawing from the Ethereum ETF race, ARK Invest remains committed to its Bitcoin ETF. | Read More
Shiba Inu Exposes Scam Targeting SHIB Holders
The core of this scam lies in exploiting the high engagement levels within the SHIB community. By presenting themselves as affiliated with Shiba Inu, these scammers gain unwarranted credibility. The unauthorized tokens they launch are designed to attract investors looking to capitalize on what they believe to be a legitimate opportunity on ShibaSwap. | Read More
Tether Dominates Polygon's Stablecoin Market With 53% Share
The rise in stablecoin adoption and Tether's dominance on Polygon have had a profound impact on the network's ecosystem. Specifically, the gaming sector on Polygon has witnessed an astonishing 1,615% increase in daily active addresses, while the DeFi sector has seen a 67% growth in daily active addresses. | Read More
Ethena's USDe Stablecoin Hits $3 Billion Supply, Surpassing Competitors
Ethena's synthetic dollar, known as USDe, has quickly risen to prominence, achieving a remarkable milestone by reaching a $3 billion supply within just four months of its launch. SDe's journey is not without its challenges. Prominent figures Andre Cronje and Ki Young Ju have voiced concerns regarding the potential risks associated with USDe, particularly its ability to maintain stability during bear markets. | Read More
Velocore Suffers $6.8M Hack, Linea Responds by Reaffirming Decentralization Plans
The attacker managed to bypass Velocore's security protocols, transferring the stolen funds to the Ethereum network. From there, the funds were converted into Ethereum and laundered through Tornado.Cash, a protocol designed to ensure transaction anonymity. In response, Linea, an Ethereum Layer 2 blockchain, took the drastic step of pausing block production and reaffirming decentralization plans. | Read More