November 29, 2024
ETHEREUM ETFs SURGE PAST BITCOIN IN INVESTOR INFLOWS
ETH exchange-traded funds (ETFs) have outpaced their Bitcoin counterparts in attracting investor capital since Friday, Nov. 22.
Between Nov. 22 and Nov. 27, spot Ether ETFs saw remarkable net inflows of $224.9 million, far surpassing the $35.2 million recorded by spot Bitcoin ETFs, according to data from Farside Investors and reported by Cointelegraph.
The positive sentiment around Ethereum was further bolstered by an almost 8% rally in Ether's price, pushing it above $3,590 over the past week.
TREZOR'S SALES SKYROCKET AS BITCOIN NEARS $100K
As reported by the Daily HODL this week, Trezor, the original Bitcoin hardware wallet company, announced a record-breaking week for sales. This coincides with Bitcoin’s rise toward the $100,000 mark and increasing demand for self-custody solutions over centralized exchanges (CEXs).
It was reported that the company experienced a staggering 600% surge in weekly sales compared to its six-month average, including its highest single-day sales in history, following the U.S. elections.
Danny Sanders, Trezor’s Chief Commercial Officer, highlighted the influence of the elections, stating:“A pivotal moment was Bitcoin becoming a topic during the U.S. presidential elections, which served as a catalyst for further adoption. Moreover, these remarkable results were fueled by a long-term increase in awareness among crypto users about the importance of self-custody.”
This milestone reflects a broader trend of users shifting toward greater control of their digital assets amid rising Bitcoin prices and growing concerns about CEX reliability.
TETHER DISCONTNUES EUR₮ AND TARGETS INNOVATION WITH EURQ and USDQ STABLECOINS
In a press release this week, Tether confirmed the end of support for its Euro-denominated stablecoin, EUR₮. Minting of EUR₮ has officially ceased, with the last acquisition request processed in 2022, and new issuance requests no longer being accepted.
Tether explained the move as part of its strategic response to Europe’s evolving regulatory landscape for stablecoins. The company emphasized the importance of operating within frameworks that ensure innovation while prioritizing user stability and security.
As part of this shift, Tether will concentrate on new initiatives, including the upcoming MiCAR-compliant stablecoins EURQ and USDQ, which leverage its advanced Hadron technology in collaboration with Quantoz Payments.
ETHEREUM LAYER-2 NETWORKS HIT $51.5B TVL AS SCALING SOLUTIONS SURGE
Investor confidence in Ethereum-native assets is surging as the Ethereum ecosystem experiences unprecedented growth in value.
Cointelegraph reported this week that Layer-2 (L2) scaling solutions have reached a new milestone with a cumulative total value locked (TVL) of $51.5 billion, representing an impressive 205% growth from $16.6 billion in November 2023, according to L2beat.
L2 solutions improve scalability, the ability to handle a growing load or growing demand, by handling transactions on secondary chains, reducing costs and congestion on the Ethereum mainnet.
Arbitrum One, a leading L2 network, has been a significant contributor to this growth, holding $18.3 billion in TVL—35% of the total L2 ecosystem—after a 12% rise in the past week, Cointelegraph reported.