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Welcome to the On the Margin Newsletter, brought to you by Ben Strack and Casey Wagner. Here’s what you’ll find in today’s edition:

Takeaways from the first month of trading for US spot ETH ETFs.
Fed Chair Jerome Powell spoke. Casey translates. 
The mixed economic data you might have missed this week.

One month in the books for US spot ETH ETFs

Spot ether ETFs hit the US market one month ago today, and the category’s net flows remain in the red. But perhaps that’s not the whole story.

Thursday’s market close…

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