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Monochrome Asset Management is set to revolutionize the Australian market by launching the nation’s first spot Ethereum ETF on the Cboe this Monday. The launch follows the successful debut of their Bitcoin ETF earlier in August, which attracted substantial investor interest with a collection of $15 million. Monochrome’s new Ethereum ETF (IETH) introduces a unique feature allowing in-kind subscriptions and redemptions, which can lead to significant tax benefits.
CEO Jeff Yew highlighted the innovative dual-access bare trust structure of the ETF, designed to avoid triggering a capital gains tax event upon transfers. This structure ensures that investors maintain legal and beneficial title to their Ethereum, making it as if they directly own the assets. This could set Monochrome apart from its competitors and appeal to long-term crypto investors.
The fund’s anticipation builds as DigitalX also receives regulatory approval for its Bitcoin ETF on the ASX, signaling a growing institutional acceptance of cryptocurrency products in Australia. Monochrome aims to capitalize on this momentum by offering lower management fees and direct Ethereum ownership through regulated, liquid fund structures.
The weekly net flow of U.S. Bitcoin ETFs from October 7 to 11, 2024, shows diverse trends across various funds. BlackRock’s Bitcoin ETF (Ticker: IBIT) leads with a substantial inflow of 2,168 BTC, reinforcing its dominant position in the market. Fidelity (Ticker: FBTC) and Bitwise (Ticker: BITB) also saw notable inflows, adding 502 BTC and 801 BTC, respectively.
On the negative side, ARK’s Bitcoin ETF (Ticker: ARKB) experienced the largest outflow, losing 954 BTC, followed by Invesco Galaxy (Ticker: BTCO), which shed 913 BTC. Grayscale’s GBTC fund saw a decrease of 437 BTC, while their BTC fund also declined by 356 BTC.
Overall, the total holdings of all listed ETFs reached 922,518 BTC, with a combined net inflow of 980 BTC, valued at approximately $61.2 million. This variation in net flows reflects both positive and negative sentiment from investors and provides insights into how different Bitcoin ETFs are performing over time in the current market conditions.
Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.
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The state of crypto ETFs: Permissionless edition
We’ve already noted there has been plenty of regulatory talk at Permissionless.
ETFs were also a major point of discussion following the milestone launches of US spot bitcoin and ether funds in January and July, respectively.
The bitcoin ETF chatter focused, in part, on the buyers driving the so-far $18.6 billion of net flows into the segment.
“The industry had an expectation that was summed up by: ‘Here come the boomers,’” Bianco Research’s Jim Bianco said…
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The notion that a (former) president of the United States would throw his support behind a DeFi project would’ve been inconceivable just a few years ago, but it’s happening.
The Trump-backed World Liberty Financial (WLF) project submitted on the Aave governance forums a proposal to deploy an Aave v3 instance on Wednesday.
WLF is not technically a fork of Aave’s code, as confirmed by Aave founder Stani Kulechov on the Chopping Block podcast.
On the backend, WLF seems to be a segregated instance of its own “Aave” from the…
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Bitcoin miners have always been a reliable indicator of the overall sentiment within the market. By tracking their earnings and actions, we can get a sense of where the price of BTC might head next. In this article, we’ll explore the latest trends in Bitcoin mining, how miners are reacting to current market conditions, and what we can learn from key indicators to gauge how Bitcoin miners are positioning themselves for the coming weeks and months.
State of Miner Earnings
One of the best ways to assess Bitcoin miner sentiment is to examine their earnings in relation to historical data. This can be done using The Puell Multiple, which measures current miner earnings against the yearly average…
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Crypto conference panel titles are like little time capsules that give a sense of what the crypto world was interested in at a certain moment in time (at least in the eyes of conference organizers).
So here’s one telling example I found: A year ago at Permissionless II, a host of Solana founders sat on a panel called “Solana DeFi: A Phoenix Rises from the Ashes.”
This year, the main stage saw a talk called “DeFi: A Phoenix Rises from the Ashes,” but the panel was populated with Ethereum DeFi founders instead.
During that 2023 panel, SOL was trading at around $18. Today, it’s around $140. This week, the fees and tips being processed by the Solana blockchain are roughly 70…
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