In recent developments within the cryptocurrency world, the co-founder of WikiLeaks, Julian Assange, secured his freedom with the support of Bitcoin. Furthermore, Ethereum’s circulating supply has been experiencing an upward trend over the past 70 days, indicating the possible conclusion of its deflationary phase. Additionally, industry analyst Eric anticipates the imminent listing of an Ethereum Exchange-Traded Fund (ETF).
Julian Assange’s Bitcoin Support
Julian Assange, who has been battling extradition to the United States for 14 years, received a significant donation from a Bitcoin investor amounting to approximately $500,000. This contribution facilitated Assange’s relocation expenses for him and his family. Subsequently, Assange departed from the United Kingdom to Saipan, where he admitted to violating the Espionage Act in the local court. His wife, Stella Assange, emphasized that the entire process was financed by crypto investors, stating, “freedom has a price.”
What is Happening with Ethereum Inflation?
Following Ethereum’s transition to Proof of Stake (PoS), Ether initially became deflationary but has now reversed to an inflationary trend. The recent Dencun update resulted in decreased transaction fees, causing staking rewards to outpace supply burns. Despite ongoing network activity, Ethereum’s circulating supply has been on the rise, which has ended the short-lived deflationary period. Since the Merge, over 345,000 ETH has been burned, equating to about $1.1 billion in supply being removed from circulation. Nonetheless, the supply has been increasing for 73 consecutive days.
Spot Ethereum ETF Listing Nears
VanEck has progressed towards listing its spot Ether ETF by submitting Form 8-A to the U.S. Securities and Exchange Commission (SEC). According to Bloomberg ETF analyst Eric Balchunas, this submission indicates that the listing is nearing completion, mirroring the process followed by Bitcoin ETFs. If the timeline is consistent with previous cases, trading is expected to commence on July 2. Several prominent companies, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise, have had their spot Ethereum ETF applications approved recently.
Key Insights for Investors
- Julian Assange’s freedom was facilitated by a significant Bitcoin donation.
- Ethereum’s circulating supply is increasing, reversing its deflationary trend.
- VanEck’s spot Ether ETF listing is approaching completion, potentially starting trading on July 2.
- Several major financial institutions have received approval for their spot Ethereum ETF applications.
These insights provide investors with crucial information to navigate the rapidly evolving cryptocurrency market and make informed decisions.