Canada announced the approval of the world’s first Ethereum ETF two months after it approved the first ETF in America. Dogecoin saw a dramatic increase in its market capitalization and had twice as many transfers as Ether.
After reaching a new all-time high of USD 2,540, it looks as though Ethereum will have its first exchange-traded fund (ETF). It is public knowledge that Canada approved the first Ethereum ETF in history.
In recent days, Canadian regulators approved the first physically-backed Ethereum ETF. Toronto-based company Purpose Investments announced that it will launch its first Ethereum-based product upon approval.
Earlier this year, Purpose Investments became the first Canadian company to receive approval to launch a Bitcoin exchange-traded fund. America’s first Bitcoin ETF, called the Purpose Bitcoin ETF, debuted on the Toronto Stock Exchange (“TSX”) in February.
The approval of the world’s first Ethereum ETF comes just over two months after that of Purpose Bitcoin ETF, which held 10,064 BTC. Meanwhile, requests for approvals of Bitcoin ETFs in the United States have been piling up. Many hope that the new chairman of the Securities and Exchange Commission (SEC) Gary Gensler will help approve the new investment product.
Dogecoin Whales Move USD 12 Billion Daily, Double that of Ethereum
Dogecoin (DOGE) saw a dramatic rise in market cap rankings, coinciding with the awakening of DOGE whales. At the same time, blockchain metrics rose to new heights in just 24 hours.
There were transfers worth more than USD 12 billion in DOGE through the blockchain in one day, according to data from BitInfoCharts. In that same period, the Ethereum Blockchain only processed USD 6 billion worth of Ether.
Ether is the second-largest cryptocurrency by market capitalization and its blockchain is the most developed in the world. For its part, Dogecoin is a meme coin created as a joke that has no active developers. Its creator himself sold all his coins during a period of unemployment.
Just one address contains 28% of the total Dogecoin supply while 11 addresses account for 46%. This did not go unnoticed by Tesla CEO Elon Musk, who said that he would support the cryptocurrency. He made it a condition that the main holders sell most of their coins.
DeFi Tokens Rise in Price and CRV Points to a High Yield
Multiple metrics indicate a bullish market approaching the DeFi space. However, the most promising thing seems to be the increase in the price of Curve’s governance token CRV.
Curve, one of the “backbone” protocols of DeFi, is an essential tool for many retail and protocol-level high-yielding strategies.
This token allows trading between different stablecoins such as Dai, USD Coin (USDC), and Tether (USDT). Additionally, users who deposit liquidity in Curve pools get trading fees as the issuance of governance token CRV as a reward.
Consequently, the protocol is the seventh-largest by total value (with USD 6.49 billion active) that the DeFiLlama tracker has blocked. On top of that, it works as the primary return-yielding protocol that yield vaults like Yearn.finance take advantage of.
By Alexander Salazar