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In the crypto market today, everything is about Ethereum ETFs. 10x Research signaled potential future issues as exits surpassed $100 million. Meanwhile, MonoSwap was attacked after an employee fell victim to a phishing scam. Here are the three significant developments of the last 24 hours.
What Is Happening in the ETF Sector?
The long-awaited launch of spot Ethereum exchange-traded funds brought optimism to the market but quickly led to sales and a subsequent drop in Ethereum prices. According to the latest 10x Research report, this selling trend closely follows the familiar pattern seen in previous crypto ETF launches, including spot Bitcoin ETFs. Markus Thielen, founder of 10x Research, stated that many investors expected Ethereum ETFs to capture 20% of Bitcoin ETF inflows:
“However, they overlooked the potential billion-dollar exits from Grayscale and the tendency for news of exchange listings to trigger sell reactions. Additionally, the crypto market is entering a seasonally weak period.”
According to the 10x report, Grayscale’s $9 billion Ethereum Trust experienced significant exits, with $481 million on the first day and $326 million on the second day. In contrast, other ETF issuers like Bitwise recorded $204 million in inflows on the first day, mainly from venture capital firm Pantera Capital.
Key Developments in the Last 24 Hours
U.S. exchange-traded funds investing in spot Ethereum turned into a net outflow of $113.3 million on the second trading day, primarily due to heavy selling pressure on Grayscale’s Ethereum Trust. Seven out of eight Ethereum ETF funds reported net inflows on the second day of trading. Fidelity’s Ethereum Fund (FETH) and Bitwise Ethereum ETF (BITW) led the pack with the largest net inflows of $74.5 million and $29.6 million, respectively.
On July 23, BlackRock’s iShares Ethereum Trust (ETHA), which announced the strongest inflow in the group, collected only $17.4 million from investors on July 24. The new spot funds were recently pressured by heavy sales from the converted Grayscale Ethereum Trust (ETHE), leading to $326.9 million in exits.
MonoSwap Faces Hack Attack
The decentralized swap and staking platform MonoSwap announced on X on the morning of July 24 that it had been attacked. According to the post, the hack resulted from an employee believing one or more scammers posing as venture capitalists.
The platform took extreme measures by publishing the attack link and warned users not to click on it. Additionally, users were advised to withdraw any assets immediately. According to a recent post from MonoSwap, the original post was later deleted as it contained a phishing link.
