By Kapil Rajyaguru
Ether ETFs Register $393mn in Inflows This Month as Crypto Investors Turn Their Back on Bitcoin.
Despite Ethereum’s (ETH) price dip to $2,000 earlier this month, investor interest in U.S.-listed spot ETFs has surged, signaling a strong shift away from Bitcoin (BTC). According to Farside Investors, nine ether spot ETFs in the U.S. have seen a cumulative net inflow of $393 million in February.
This figure is seven times higher than January’s inflows, as per Glassnode, with only two days of outflows recorded. Meanwhile, Bitcoin ETFs have struggled, registering a net outflow of $376 million this month and inflows on just four trading days.
The shift to ETH is largely attributed to carry trading strategies, where traders buy spot ETFs while shorting ETH CME futures. Additionally, some investors are making outright bullish bets on Ethereum’s long-term prospects.
Donald Trump’s Official Memecoin Rewards TRUMP Faithfuls With $50 Airdrop.
Donald Trump supporters are getting rewarded with a few dollars worth of his official TRUMP token if they had purchased any of the merchandise from websites associated with the U.S. president.
Three TRUMP tokens, worth just over $50, will be given to past buyers of Trump’s perfumes, sneakers, cards or watches per email address they used to conduct these purchases. The tokens can be claimed until Mar.1.
TRUMP is down 8% in the past 24 hours alongside a slide in the broader crypto market.
NFT Collector Buys Digital Art for $3mn, Largest Sale in 3 Years.
U.S.-based art collective Kanbas made the largest non-fungible token (NFT) purchase in three years last week, scooping up a 1-of-1 artwork by Sam Spratt for $3 million.
The artwork is called “X.Masquerade” and is the sixth chapter in the “Story of Luci.” It ties into into an upcoming invite-only event that allows supporters to participate in a game by purchasing a “Mask of Luci” for 2.56 ETH worth $6,800.
OpenSea Pauses Airdrop Reward System After User Backlash.
Non-fungible token (NFT) marketplace OpenSea has paused its new airdrop reward system following criticism from users over its mechanics. On Jan. 28, the NFT marketplace started providing access to the beta version of its upgraded marketplace, OS2.
Users were introduced to new mechanics, such as points that would contribute to their eligibility for an upcoming airdrop of the platform’s native token SEA. Community members expressed their frustration over the platform’s experience points (XP) system, saying that it’s not conducive to builders, promotes wash trading and prioritizes earning fees.
In response to user feedback, OpenSea co-founder and CEO Devin Finzer announced that the platform’s taking a step back by pausing XP rewards for listing and bidding. Instead, the NFT platform would focus on XP shipments, a mechanism they introduced on Feb. 14.
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