??Bitcoin ETF inflows rising & staked ETH milestone
“The U.S. is on an unsustainable fiscal path, the debt is growing faster than the economy… we’re effectively borrowing from future generations.” Jerome Powell, Chairman of the U.S. Federal Reserve
Ahlan wa sahlan, and welcome to the 103rd edition of CoinMENA's weekly newsletter, Kalam Crypto. This week, bitcoin price ticks upwards as net inflows into spot bitcoin ETFs increase, staked ETH reached a new milestone, and the Solana blockchain experienced another outage. All that and more on this week’s Kalam Crypto.
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Keep an eye on ??
Bitcoin ETF Month 1 Flows: The first-month numbers are out, and the results speak for themselves. +50.6 thousand net bitcoin inflows in the first month of trading. Despite the 150 thousand bitcoin outflows from GBTC, the net inflows are starting to trend upward, and so is the bitcoin price.?
Global News ??
Staked ETH Milestone: The Ethereum network has achieved a significant milestone, with over 25% of its ether supply now staked, marking the first time this threshold has been surpassed. Despite this, staking rewards have declined from 8.6% post-Shapella to below 4%. This comes almost a year after the Ethereum Shapella upgrade, resulting in over 30.1 million ETH staked, valued at $73 billion. The surge in ether staking is attributed to the flexibility introduced by the Shapella upgrade, and the availability of liquid staking solutions like Lido and Rocket Pool has further facilitated the process, enabling staking of less than 32 ETH.?
Solana Down, Again: The Solana Layer 1 blockchain was re-started after a 5-hour outage. Solana is infamous for having frequent outages, experiencing nine since September 2021, accumulating over 150 hours of downtime, excluding the latest incident. Before the recent outage, the network had enjoyed nearly a year without disruptions, with the last one lasting 18 hours in February 2023. SOL price does not seem to mind though, as SOL has increased in price by over 300% in the past year, and is the 5th largest cryptocurrency in the world in terms of market capitalization.
Blog of The Week ??
Check out our latest report from our partnership with Onramp Bitcoin titled “Apolitical Money ”. You can download the full PDF here or from our blog website.
Tweet Of The Week ??
He did it again.
CoinMENA News ???
??$3,000 Referral Competition: ??Invite > ??Earn >??Win: $3,000 to the top three referrers this month!?
??First place: $1,500
??Second place: $1,000?
??Third place: $500
Earn $5 for every successful referral (when your friend verifies their account), and the top three referrers earn an additional bonus at the end of this month! (February 2024). The more successful referrals, the more you earn!
Earn 20 USDC for trying our latest product: Did you know you can deposit and withdraw USDC via the Stellar network on CoinMENA? Deposit or Withdraw USDC via the Stellar network and you can earn your $20 USDC too! This offer is limited to the first 1,000 CoinMENA users to complete such deposit or withdrawal. Terms and conditions apply, see full campaign details in this blog post .
Quiz Corner ??
Last week’s question: what is the maximum number of friends you can invite in the CoinMENA Referral Competition?
Correct Answer: d) Unlimited.
This week’s question, What is the term used to describe the process of locking up ETH on the Ethereum blockchain?
a) Minting
b) Stacking
c) Staking
d) Locking
See the answer in next week’s newsletter. Or check out our new learning platform https://university.coinmena.com/