Crypto ETF outflows, Durov speaks, Harris vs. Trump | Weekly Recap

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As a seasoned researcher with a penchant for deciphering the enigmatic world of cryptocurrencies, I find myself intrigued by this week’s events. The outflows from ETH ETFs, despite slowing, have left an ominous red mark on the market. It seems that even the most ardent crypto enthusiasts are finding solace in more traditional investments.

1) Cryptocurrency Exchange Traded Funds (ETFs) experienced numerous withdrawals; Telegram’s Pavel Durov discusses potential arrest; Ripple‘s co-creator supports Kamala Harris before her debate against Donald Trump.

    While outflows from spot Ethereum (ETH) ETFs slowed, the market remained red. By the end of the week, ETH ETFs saw $91.1 million in cumulative net outflows, also recording four bearish days out of five.
  • Consequently, on-chain data confirmed that liquidations crossed $295 million across multiple assets as of Sept. 7 — the largest figure this month. 
  • Crypto-related venture capital funds are ballooning; per PitchBook, the average size is up 65.1%, to $41.3 million, in 2024.
  • Durov further defended Telegram’s policies, arguing that the social media platform constantly removes illegal content and doesn’t operate in regions that cannot meet its required standards. 
  • Durov is currently under formal investigation over suspected complicity in allowing illicit activity to flourish on Telegram.
  • Also, the X accounts of two of Trump’s family members were hacked and used to promote a fake Solana-based memecoin. The incident stemmed from the rollout of a DeFi platform run by Trump’s eldest sons.
    Harris, meanwhile, secured the endorsement of 88 business executives — one of them being Ripple (XRP) co-founder and chairman Chris Larsen. The highly anticipated debate between Harris and Trump is slated for Tuesday, Sept. 10.

Smart contracts on the XRPL 

    After over a decade, reports from last week confirmed that the XRP Ledger would soon welcome programmability.
    Ripple plans to enable this through native smart contracts and the EVM sidechain currently in development.

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2024-09-08 16:27