The decline in trading volumes for ETH instruments suggests lower-than-expected institutional interest in the asset, particularly following the launch of spot ETH ETFs, according to CCData.
The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 5, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Restaking protocol EigenLayer said it will distribute 86 million EIGEN tokens, around 5% of the total supply, to stakers, node operators, ecosystem partners and community members.
The approval of the bitcoin and Ethereum ETFs could represent a similar change in market to what central banks caused in gold markets post-2022 – a new factor that, at least temporarily, overwhelms traditional narratives, including the “store of value” concept.