On the Margin Newsletter: Future of crypto regulation uncertain amid European election results

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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: 

Election results are in from Europe, leaving crypto’s future unclear. 
Ether ETF S-1 revisions continue. The end is near though.
Congress is back in session, and lawmakers have a slew of hearings. Find out what we’ll be listening for.

European elections set off fireworks of their own 

While US readers (hopefully) took a break from pondering politics during the July 4 festivities,…

Read more on Blockworks

LATEST: VanEck Files S-1 with SEC for Spot Ethereum ETF

VanEck has taken a significant step towards introducing the first spot Ethereum ETF in the U.S. by filing an S-1 registration form with the SEC. Set to be listed on the Cboe BZX Exchange under the ticker “ETHV,” the ETF aims to mirror the price of Ethereum, less expenses. Bloomberg’s Erich Balchunas noted that this filing is expected to spark similar moves from other firms, setting the stage for a possible series of crypto ETF launches.

The ETF will directly hold Ethereum, basing its share values on the MarketVector Ethereum Benchmark Rate derived from leading Ethereum trading platforms. Unlike other funds, this ETF will not partake in staking or yield activities, focusing solely on cash transactions for authorized participants. This approach could pave the way for purer exposure to Ethereum’s market dynamics.

This move arrives at a pivotal moment for the crypto sector, as anticipation builds around the SEC’s decision. Approval could lead to a new era of crypto-based ETFs offering direct market access, although the SEC has historically expressed concerns over potential market manipulation. The coming weeks will be crucial as the SEC reviews VanEck’s groundbreaking proposal.

SEC filing

Lightspeed Newsletter: Solana’s rocky July 4th weekend

Today, enjoy the Lightspeed newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Lightspeed newsletter.

Howdy!

I’m back in Brooklyn after some trafficky hours spent in the back middle seat of a Volvo to cap off a 4th of July road trip. 

Sadly I’m not in Brussels for EthCC, but for readers who are across the pond, shoot us an email and let us know the vibes surrounding Solana over there. I’ll be interested to see what announcements come out of the conference. Anyways:

SOL rebounds after market bloodbath

Crypto markets re-enacted that blood-filled elevator scene from ‘The Shining’ over the holiday weekend as investors braced…

Read more on Blockworks

A Bitcoin Node Behind Every Blade of Grass

The debate of 2024 has been about scaling bitcoin self-custody versus ossification, with the presupposition that an ossified bitcoin protocol as it is today is imperfect – but its sound monetary properties alone are enough to change the world for the better, so changes would introduce unacceptable risk. This article will discuss why in fact NOT scaling bitcoin also puts those same monetary properties at direct risk.

Trying to give a neutral overview, the pro-change arguments are about increasing transaction throughput in a way that doesn’t burden nodes (unlike a block size increase). Various proposals exist for tactical extensions to Script, the toolkit all wallets employ to lock up…

Read more on BitcoinMagazine

What’s Going On With Bitfarms Stock? – Bitfarms (NASDAQ:BITF)

Bitfarms Ltd BITF shares are volatile Monday amid multiple developments. Here’s a look at what’s going on.

What To Know: Bitcoin BTC/USD data center company Bitfarms announced Monday that it appointed Ben Gagnon as CEO, effective immediately. Gagnon previously served as chief mining officer of Bitfarms.

“Over the last five years, Ben has been a vital member of the Bitfarms leadership team and has been instrumental in positioning the Company to drive organic growth and capture a greater share of the global demand for Bitcoin,” said Nicolas Bonta, chairman of Bitfarms.

“We look forward to leveraging Ben’s insights and experience as the Company works to expand and diversify the…

Read more on Benzinga

US Bitcoin ETFs Net Flow Analysis (As of July 08, 2024)

Bitcoin ETFs in the U.S. are showcasing diverse trends in investment behaviors and fund performance as of July 8, 2024. BlackRock’s IBIT recorded a net outflow of 60 BTC, reducing its holdings to 307,146 BTC. On a larger scale, Grayscale’s GBTC experienced a significant reduction with a net outflow of 475 BTC, hinting at a shift in investor strategies or preferences.

In contrast, Fidelity’s FBTC ETF demonstrated positive investor sentiment with a net inflow of 109 BTC, boosting its holdings to 168,687 BTC. Bitwise’s BITB also displayed strong investor confidence, receiving the highest net inflow of 534 BTC among the tracked ETFs.

Collectively, these ETFs hold 866,588 BTC, valued at approximately $49.6 billion. The overall market witnessed a modest net inflow of 107 BTC, translating to about $6.1 million. This activity highlights the dynamic and fluctuating nature of the cryptocurrency investment scene in the US.

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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