The Block
Quick Take EFUT shareholders have until market close on Sept. 16 to sell their shares, with the fund’s liquidation date is set for Sept. 23. EFUT held $21.24 million in total net assets and maintained a NAV of $20.23 as of Sept. 5 The decision to close the fund was related to the approval of VanEck’s spot Ethereum ETF ETHV.
The bitcoin market is experiencing heightened volatility ahead of Friday’s U.S. non-farm payroll data release.The data may be a determinant as to the size of a potential rate cut by the U.S. Federal Reserve at its September meeting.
Quick Take According to a Chainalysis report, Russia is developing financial infrastructure to use cryptocurrencies for international trade, aiming to circumvent Western sanctions.
Quick Take MUFG, SMBC and Mizuho banks will trial a stablecoins platform to facilitate cross-border transfers. The initiative, dubbed “Project Pax,” will be run by blockchain firms, including Progmat, Datachain and TOKI, with expected participation from more banks worldwide.
Quick Take Bernstein analyst Gautam Chhugani argues that AI will require crypto micropayments to avoid the financial bottlenecks automated agents face in the traditional system. While the convergence between crypto and AI is already underway, stablecoins present the greatest opportunity, Chhugani said.
Quick Take Former SEC Chair Jay Clayton explains how the crypto industry has evolved over the years since his time at the SEC.
Quick Take The Ethereum Foundation plans to release a financial report soon, addressing community concerns about its spending. Justin Drake, an Ethereum researcher, indicated in an AMA that the foundation spends $100 million annually and has about $650 million in its main wallet. Depending on ether prices, the foundation’s financial runway is roughly ten years, Drake added.
Quick Take Fidelity’s FBTC saw the largest amount of outflows on Thursday, with $149.49 million. Spot ether ETFs showed comparatively small net movements in funds.
Macro trends took center stage today, driving the market up earlier in the session before pulling it back down.This column is adapted from The Scoop newsletter.
Quick Take Telegram CEO Pavel Durov posted a message to his popular messaging app after being arrested in France. He said Telegram is “prepared to leave markets that aren’t compatible” with the messaging app’s principles.
