The Block
Quick Take Global crypto investment products rebounded with $436 million in net inflows last week led by Bitcoin, according to CoinShares. However, Ethereum-based funds continued to struggle, experiencing weekly net outflows of $19 million.
With the rate cycle heading dovish and a new crypto cycle underway, DeFi lending markets are waking up, according to analysts at Bernstein.DeFi yields could rise above 5% and beat U.S. dollar money market funds, reigniting crypto credit markets and adding fuel to digital asset prices, the analysts said.
Quick Take Bitcoin fell 2.7% over the past 24 hours to change hands at around $58,551. Ether slid 5.38% over the same time frame. The timing coincides with reports of another assassination attempt on former U.S. President Donald Trump. Additionally, many analysts are predicting an interest rate cut announcement this week.
Quick Take The crypto project teased by former President Trump and his family has added Sandy Peng, co-founder of Ethereum Layer 2 network Scroll, as an advisor. The project is set to launch on Monday following months of teasing from the Trumps.
Quick Take The CFTC, as part of its appeal in its case against prediction markets Kalshi offering election prediction contracts to U.S. citizens, argued that prediction markets are vulnerable to manipulation in a filing on Saturday. “A pharmacy does not get to dispense cocaine just because it is sold on the black market,” the CFTC stated in response to Kalshi’s argument that Polymarket and other unregulated exchanges offer the contracts already.
Quick Take An NFT trader has shared an early look at Opensea’s upcoming redesigned platform, which includes an ‘XP’ points system with retroactive rewards for early traders, a redesigned interface, and more. The points system hints at a possible token drop from OpenSea, which is set to launch the redesigned marketplace in December, though no such token has been confirmed.
Quick Take Four stablecoin issuers—Paxos, Tether, Techteryx, and Circle—have frozen nearly $5 million in stablecoins in two wallet addresses tied to the infamous North Korean state-sponsored Lazarus hacking group after an investigation by blockchain sleuth ZachXBT. ZachXBT also took aim at Circle for taking longer than the other issuers to freeze the tokens, a total of 4.5 months.
Quick Take US-based spot bitcoin ETFs on Friday saw their best single-day inflows since July 22, despite industry leader BlackRock’s IBIT logging no significant inflows or outflows. The price of bitcoin is challenging $60,000 as traders bet on a sizable interest rate cut from the Federal Reserve next Wednesday. US-based spot ether ETFs logged modest inflows in a rare rebound.
Well-known crypto trader Jordan Fish, also known as Cobie, has burned 60% of a Pump.fun-launched Solana memecoin called “UPONLY.”Cobie, who previously hosted a podcast of the same name, said the tokens were theoretically worth $17 million when he burned them.
Quick Take Stablecoin issuer Tether has entered the oil market, placing a $45 million trade. The company registered over $7 billion in profits in the first three quarters of 2024.
