The momentum in the cryptocurrency market remains robust, with major developments influencing investor activity. Ether exchange-traded products (ETPs) are dominating the gains to start the week, with major inflows seen across the assets. Below are the latest updates from the market.
Another week of massive inflows continued in the cryptocurrency market with a total of $3.75 billion in the trading week ending last Friday, according to Cointelegraph. Part of this inflow was attracted to Ether-based exchange-traded products (ETPs), with trading volume hitting a new record.
On Thursday, Ether reached a price of nearly $4,700, yet on Friday, the positive price movements began demonstrating the reversal likely to continue, as both Ether and Bitcoin witnessed outflows. Nonetheless, Ether remained dominant in the market with a week's worth of inflows totaling $2.9 billion.
Bitcoin ETPs experienced less substantial inflows of $552 million, showing a slightly diminished appetite among investors even when Bitcoin crossed a new record at highs of $124,000 earlier in the week.
All of the spot Bitcoin and Ether ETFs had a total volume of 40 billion, a new weekly high. This mainly followed the good performance of Ether, with Ethereum ETFs moving approximately $17 billion weekly. This boost represents a dramatic change in the market, and Ethereum is drawing closer to outpacing Bitcoin in the ETP space.
NASDAQ firm ETHZilla, one of the first Ethereum treasury companies, has formally changed its name and announced its rebranding, marking its rededication to Ethereum accumulation and exposure in the US public markets. Formerly called 180 Life Sciences Corp., the firm has conducted over $565 million in personal finance transactions and is presently maintaining 94,675 ETH, or about $419 million.
The company plans to distinguish itself in the increasingly crowded digital asset treasury environment by seeking to produce on-chain yield generation that extends beyond conventional ETH staking. The new strategy may yield better returns, exploiting decentralized finance (DeFi) protocols and creating value out of its Ethereum investments.
Backed by more than 60 institutional investors, including the Founders Fund founded by Peter Thiel, ETHZilla is becoming a leader in Ethereum asset management. The rebrand is also accompanied by a wider shift towards a greater institutional interest in Ethereum, as the asset gains utility in the DeFi space and the ability to stake.
An outstanding yet unique occasion occurred when one Bitcoin miner alone successfully mined a block. The individual got a reward amounting to 3.137 BTC, or about $371,000 then. The miner was using the Solo CK pool to mine block 910,440, containing more than 4,900 different transactions.
This reward comes amid a long-run trend in which independent miners, though operating on a small scale, have periodically been able to mine blocks, a feat that is becoming rarer as large industrial mining operations come to dominate.
Individual mining is a lottery game to the majority of people, with little chance of winning unless they wield gigantic computing resources. Experts estimate that there is a probability of 1 in 650,000 that a solo miner with 1 petahash of hash power attempts a block every 10 minutes.
This new success demonstrates the continued applicability of smaller mining operations, which, when catalyzed with efficient hardware, still manage to hit the big time. This milestone also shows the growing complexity of the Bitcoin network, which has hit almost all-time highs regarding mining complexity.
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