Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Inflows into Ethereum ETFs have flipped positive again, despite a $2b Grayscale’s Ethereum Trust bleeding $2 billion A pro-crypto Republican candidate for the United States House of Representatives lost his party’s primary in Arizona. Notcoin has announced that it will launch a story-driven Web3 game in a bid to transition into a community movement. Meanwhile, Bitwise chief investment officer Matt Hougan doesn’t think the industry is bullish enough, considering the recent political shift in support of crypto.
Ethereum ETF flows flip positive despite total ETHE outflows topping $2B
Net inflows into United States spot Ether exchange-traded funds have flipped positive again despite cumulative outflows from Grayscale’s Ethereum Trust breaching $2 billion.
On Aug. 1, the roster of eight recently approved spot ETFs posted a net inflow of $28.5 million, led by a $91.4 million inflow into BlackRock’s iShares Ethereum Trust (ETHA), per FarSide Investors data.
Meanwhile, Grayscale’s Ethereum Trust saw outflows of $78 million on the day, bringing the cumulative outflows from the fund to just over $2 billion since its conversion to a spot fund.
Unlike the other eight spots ETH ETFs that were launched as “newborn” funds on July 23, ETHE was a trust that offered institutional investors exposure to ETH. ETHE was converted to a spot ETF on July 23.
Prior to its conversion, ETHE held a total of $9 billion in Ether on its books. Today’s outflow figure means that 22% of the initial fund has been sold.
Several analysts predict that gradually slowing outflows from Grayscale’s fund could mark a turning point for the price of Ether.
Blake Masters loses Arizona primary
Blake Masters, a Republican candidate for the House of Representatives supported by the crypto industry, lost in his party’s primary on July 31.
According to results published by the Associated Press, Abraham Hamadeh defeated Masters in the primary with 29.8% of the vote. Masters came in second with 25.3% of the vote.
Before the election, Masters received strong support from the Defend American Jobs Super political action committee (PAC), which is affiliated with the Fairshake and Protect Progress PACs. Fairshake and its affiliates have disseminated more than $2 million to support three candidates in the Arizona congressional races. Masters received $600,000, Democrat Yassamin Ansari received $1.3 million, and Democrat Andrei Cherney received $400,000.
Masters accepted the results in a social media post on X. “I’m proud to have worked hard and told the truth. For me, now, it’s back to business, and helping in any way I can to get Donald J. Trump back in the White House,” he wrote.Notcoin to launch story-driven Web3 game with Lost Dogs and Getgems
Web3 game Notcoin announced that it will launch a story-driven Web3 game in collaboration with non-fungible token (NFT) collection Lost Dogs and The Open Network (TON)-based NFT marketplace Getgems.
Notcoin, a viral clicker game that onboarded over 30 million users in less than two months, is shifting its gears into a more sustainable ecosystem. It aims to engage users on a “deeper, more meaningful” level and transition into a community movement rather than just a cryptocurrency.
Notcoin will launch a game where users can play with Lost Dogs NFTs as characters and evolve by completing various tasks and making choices.
In the announcement sent to Cointelegraph, Notcoin recognized that its tap-to-earn model could not sustain long-term engagement and growth. Even though the game attracted a massive player base, the project decided to end its mining phase during its peak on April 1.
Mad Tail, the chief barking officer of the Lost Dogs collection, told Cointelegraph in a statement about the importance of having story-driven games. Mad Tail explained:
“Because everything in our lives is a form of narrative. Life itself is a narrative concept. Therefore, we aimed to establish this synchronicity in our game — as above, so below.”
Meanwhile, Mad Tail also argued that NFTs are a technology that exists whether people believe in them. When asked why they incorporated it in their game with Notcoin, the executive said it can enhance the user experience.
“We see NFTs as a tool that can enrich the gaming experience by enhancing the sense of ownership within the game. This is why we’ve chosen to incorporate NFTs into our playground.”
Source:- COINTELEGRAPH