This article is a synopsis of the key topics from The Block’s weekday newsletter, The Daily. Have a great day! Despite a potential short-term lift from a surprising dovish Fed stance tomorrow, Bitcoin may maintain its consolidation due to the lack of clear triggers, as suggested by Matt Mena, 21Shares Crypto Research Strategist.
In today’s digest, U.S. Bitcoin ETFs marked their biggest daily net inflows in six weeks, Solana pulled a contentious ad in the wake of community outrage, Cronos is prepared to reissue 70 billion previously burned CRO tokens, and more. Furthermore, the GLIF protocol unveiled its governance token by distributing 94 million GLF in an airdrop, aiming to extend beyond Filecoin.
U.S. Bitcoin ETFs reported net inflows of $274.6 million on Monday, marking the highest daily figure in six weeks. This followed five successive weeks of net outflows, which stripped over $5 billion from Bitcoin ETFs, reducing their cumulative all-time net inflows to $35.9 billion.
Rachael Lucas, a crypto analyst at BTC Markets, linked this shift to increased confidence resulting from Bitcoin’s price stability and renewed institutional interest. She also pointed out that quarter-end institutional portfolio rebalancing and rising demand for lower-fee ETFs played a part in the positive flows.
Solana has withdrawn a promotional video for its forthcoming Accelerate conference following a backlash from the crypto community. The video, which is still being circulated, was criticized for appearing to make light of gender issues and was seen by some as anti-queer.
A governance proposal by Cronos, a Layer 1 blockchain from crypto exchange Crypto.com, to reissue 70 billion previously burned CRO tokens was approved, returning the total supply to its original cap of 100 billion. However, several large Crypto.com-affiliated validators appeared to have tipped the vote in favor of approval, leading to accusations of centralization and manipulation.
Web3 workflow protocol developer Halliday has secured $20 million in a Series A round led by a16z crypto. With the new funding, Halliday plans to grow its team and continue developing its workflow protocol and Halliday Payments application.
Analysts at Bernstein contend that the current crypto market cycle is still in its early stages and has further to go, given a more crypto-friendly U.S. regulatory environment. They predict Bitcoin to reach a cycle peak of $200,000 by the end of 2025.
