Ether futures ETFs recently launched in the U.S., leading Ether and Bitcoin to hit one-month highs. Despite this initial surge, the performance of these ETFs was underwhelming, with less than $2 million traded across various Ether futures ETFs on the first day. As a result, analysts adjusted their bullish outlook and shifted focus to Bitcoin investments. The Ether futures ETFs accounted for a mere 0.2% of trading volume compared to Bitcoin futures on the first day of trading.
Several factors contributed to the lackluster performance of Ether futures ETFs. Some analysts believe that the low trading volume is due to a lack of institutional demand for Ether, while others attribute it to the current macroeconomic environment. Regardless of the reason, it is clear that Ether futures ETFs have not yet gained significant traction in the market.
Blackbird Labs Raises $24 Million in Series A Funding
In other cryptocurrency news, Blackbird Labs, a crypto-powered app and loyalty program that connects restaurants and their customers, announced that it had raised $24 million in a Series A funding round. The round was led by Andreessen Horowitz, a prominent venture capital firm.
The Blackbird Labs app is built on Coinbase’s Layer-2 Base blockchain, which allows customers to create an NFT membership by tapping their phone on an NFC reader when they “tap in” to a restaurant. This innovative approach to restaurant loyalty programs demonstrates the growing potential of blockchain technology in various industries.
FTX Founder Sam Bankman-Fried Accused of Financial Crimes
In a surprising turn of events, FTX founder Sam Bankman-Fried has been accused of committing financial crimes by his co-founder, Gary Wang. Wang testified in Bankman-Fried’s trial, stating that they had committed wire fraud, securities fraud, and commodities fraud. Wang, who pleaded guilty to charges alongside Bankman-Fried and two others, also revealed that they had given special privileges to Alameda Research, Bankman-Fried’s hedge fund.
These privileges allowed Alameda Research to withdraw unlimited funds from FTX, and the founders lied about this arrangement. The revelations have undoubtedly shaken the cryptocurrency industry, as FTX is a major player in the market.
Conclusion
The launch of Ether futures ETFs in the U.S. initially sparked excitement, but their poor performance has led analysts to reconsider their bullish outlook on Ether and pivot to Bitcoin investments instead. With Ether futures ETFs accounting for only 0.2% of trading volume compared to Bitcoin futures, it is evident that there is still much room for growth in this market.
Meanwhile, the successful funding round for Blackbird Labs highlights the potential for blockchain technology in various industries, such as the restaurant loyalty program sector. However, the accusations against FTX founder Sam Bankman-Fried serve as a reminder of the risks and uncertainties that still surround the cryptocurrency industry.
As the market continues to evolve, it will be crucial for investors to stay informed and be aware of the developments and challenges facing the cryptocurrency space. Despite the disappointing performance of Ether futures ETFs thus far, there is still potential for growth and innovation in the market, and investors should keep an eye on these developments moving forward.
