Has Ethereum Bottomed Out? 🤔
Ethereum leads the Fed cut rally: Five things to know. The Vitalik documentary is here. What about Zuzalu? Family offices love crypto. Bitcoin millionaires increased.
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So, remember when the Fed cut interest rates?
Read: “Recalibration” 🧮
So far, Ethereum is the big winner.
Been on a roll ever since, leaving Bitcoin behind.
Five things about state of Ethereum
1/ The outperformance
What did the US Fed cut by 50 basis points do to Ethereum?
Rallied over 15% between September 17 and September 23.
Bitcoin? Up by over 8%.
The ETH/BTC ratio reached a three-week high of 0.0424 on Sept. 23 - increasing demand for Ether.
Ethereum dominance? 5% up in 7d, meanwhile Bitcoin dominance is down.
2/ The transaction fees jump
The seven-day moving average transaction fee on Ethereum reached $4.55 on September 23, more than five times its value of $0.85 on September 1.
The increase in transaction fees has also led to a surge in the burn rate of Ethereum, which spiked from 80.27 ETH on September 1 to 2250 ETH on September 21 - 2699% increase in three weeks.
3/ The ETF outflow
Spot ether ETFs recorded net outflows of $79.21 million on September 23, their largest daily outflows since July 29.
The total trading volume of these nine ETFs reached $167.35 million, up from $139.47 million on Friday.
4/ The whales on the move
An Ethereum ICO participant has deposited 3,510 ETH (approx. $9.12 million) into Kraken after over two years of inactivity.
The whale originally acquired 150,000 ETH for just $46,500 during Ethereum's Genesis event. Current holdings are worth about $389.7 million - profit of 838,064%.
5/ The diamond hands
A "diamond hands" crypto investor made a profit of $131.72 million.
Acquired 96,639 ETH from Coinbase for $151.42 million between September 3-4, 2022, at around $1,567 per ETH.
In March 2024, transferred over 70,000 ETH to Kraken, valued at $214.34 million when ETH was priced at $3,062.
Retains 26,639 ETH, worth approximately $68.81 million.
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Block That Quote 🎙️
Ethereum co-founder Vitalik Buterin
“Bring these people together for 60 days, try to be a city, and then see what happens”
Buterin was speaking at the Network State Conference 2024 in Singapore about the Zuzalu experiment.
Identifies two key issues—governance and membership—that need resolution for his "popup city" concept to succeed.
Zuzalu was a 3-month pop-up city in Montenegro, attracting 200 Ethereum enthusiasts, crypto executives, and biotech innovators. The community focused on collaborative projects, particularly in human longevity research.
Vitalik: An Ethereum Story
Documentary offering an "intimate" look at Vitalik Buterin and the Ethereum ecosystem.
Where to watch?
For the next 30 days, you can access the documentary through a special token-gated website (ethereumfilm.xyz). If you miss the window - the film is expected to hit major streaming platforms in 2025.
What do we know?
Directors: Zach Ingrasci and Chris Temple.
Producers: Carrie Weprin and Jenna Kelly, with contributions from Optimist and other studios.
Crowdfunding: Raised 1,036 ETH (approx. $2.6 million) in July 2021, the largest crowdfund in documentary history.
Theatrical Release: Launched in 23 countries on September 18, 2024, sponsored by Ethereum Layer 2 Base.
Features Vitalik Buterin, his parents, and industry experts like Dmitry Buterin and Tim O’Reilly.
Explores Buterin's childhood and the creation of Ethereum through interviews and archival footage.
In The Numbers 🔢
110,644
Total addresses that hold at least $1 million worth bitcoin.
Number of Bitcoin millionaires increased by 25% in 2024.
On January 4, 2024, there were 96,736 millionaire addresses.
24,353 new millionaire Bitcoin addresses have emerged this year.
Addresses exceeding $10 million: 10,434.
Family offices that are optimistic about crypto?
More than doubled in just one year.
Citi’s “Global Family Office 2024 Survey Report” finds
17% of family offices are now "early adopters" of crypto, up from 8% last year.
24% invest directly in digital assets.
10% are "crypto-curious."
Large family offices (> $500M AUM): 11% invest in tokenised real-world assets (RWA).
Small family offices (< $500M AUM): 8% invest in derivatives.
What are the challenges?
Low Priority: 73% do not consider crypto a priority.
Education Gap: Two-thirds are undecided on digital asset products.
Net Interest Decline: More family offices plan to reduce crypto exposure than increase it (-11%).
The Surfer 🏄
Cathie Wood's Ark Invest sold $2.8 million worth of its ARKB spot Bitcoin ETF, offloading 44,609 shares from its Next Generation Internet ETF (ARKW). This sale follows previous offloads, totalling $17.5 million in ARKB shares since July, including $6.9 million on August 1.
Bitfarms and Riot Platforms have settled a governance dispute, ending months of conflict. Andrés Finkielsztain will step down from Bitfarms’ board, while Amy Freedman and a sixth member will join.
Polymarket is exploring a token launch to raise over $50 million for its crypto betting platform, as reported by The Information. Investors in this potential funding round would receive token warrants, allowing them to purchase tokens if launched later.
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