In what's become a pattern over the past couple of weeks, bitcoin (BTC) is again trending lower during U.S. trading hours, the price sliding back to $58,000 just before noon on the east coast. Currently at $58,200, bitcoin is down just shy of 4.4% over the past 24 hours, outperforming the broader market gauge CoinDesk 20 Index's 5.6% decline. Ether (ETH), Chainlink (LINK) and Cardana (ADA) are among the index constituents dropping more than bitcoin. Having the worst session is Solana (SOL) with a 9% decline. A bit more than 24 hours from the close of August, bitcoin has tumbled more than 12% for the month, more than reversing what had been a strong July. Ether is now lower by 25% for August, narrowing its year-to-date gain to just 7%. Solana is also off 25% for August and posting a 31% year-to-date advance.
- 0 replies
- 0 recasts
- 0 reactions
Founded in 2012 by Columbia University alumni Su Zhu and Kyle Davies, 3AC was one of the world’s biggest crypto hedge funds, handling up to $18 billion in assets under management at its peak. Just a few months after Terra crashed, 3AC failed to meet margin calls from its lenders and filed for bankruptcy in late 2022. The company is currently proceeding with insolvency proceedings in the British Virgin Islands. Last year, a court in the British Virgin Islands reportedly banned 3AC co-founders Zhu and Davies from transferring or selling assets worth up to $1.1 billion. 3AC’s liquidator, Teneo, estimated that 3AC creditors were owed roughly $3.3 billion following its collapse in 2022.
- 0 replies
- 0 recasts
- 0 reactions
The first spot Ethereum ETFs in the US hit the ground running on Tuesday, with several experiencing high trading volumes right out of the gate. These first Ether ETFs recorded over $1b in total trading volume across nine funds. This impressive debut positions them strongly, although they didn’t surpass the massive launch of Bitcoin ETFs. Still, some even ranked among the top 50 highest-traded US ETF launches ever. BlackRock’s iShares Ethereum Trust ETF emerged as a star performer on its debut day, according to analyst James Seyffart’s figures. The ETF racked up $258.6m in trading volume on its first day, placing it among the top performers ever for a new ETF launch. Grayscale’s recently converted Ethereum ETF had a stellar debut, clocking in at nearly $470m in trading volume, which places it among the top 25 best-performing launches for ETFs ever. Meanwhile, another ETF from Bitwise Asset Management also enjoyed strong demand, exceeding $94m in trading volume.
- 0 replies
- 0 recasts
- 0 reactions