Cryptocurrency
Spot Ethereum ETFs Approved, Massive BTC, ETH Volatility, Major CEO Steps Down: This Week’s Crypto Recap
![](https://letizo.com/wp-content/uploads/2024/05/spot-ethereum-etfs-approved-massive-btc-eth-volatilitymajor-ceo-steps-down-this-weeks-crypto-recap_6650ea21f39ed.jpeg)
It was another eventful week in the cryptocurrency markets, with Ethereum going under the spotlight this time. Let’s unpack.
Last weekend went very quietly, with little to no real action in terms of news and price movements. However, everything changed on Monday evening when Bloomberg’s ETF experts raised their prediction rate for the SEC approving spot Ethereum ETFs this week to 75% from 25%.
This caused immediate shock in the markets, as ETH exploded by over 20% from $3,100 to a multi-week peak of $3,800. The rally kept going in the following days for the second-largest cryptocurrency, which exceeded $3,930 at one point as speculations arose about whether it would be able to break the $4,000 barrier.
Bitcoin also followed suit on the way up and skyrocketed from $67,000 to a six-week high of its own at almost $72,000 on Monday evening. However, both assets failed to maintain their run at the end of the week, even though the big news from yesterday was that the Securities and Exchange Commission had indeed approved eight spot Ethereum ETFs to go live for trading in the US at some point.
Both BTC and ETH dropped by more than 4% just hours before the ETFs were greenlighted, faced tons of volatility after that, and failed to recover most losses. In fact, ETH has performed worse than BTC on a 24-hour scale and sits at $3,700 now, while bitcoin is above $68,000.
Still, ETH is among the top performers in the past week, having surged by 18%. Other big gainers from this week include BONK (43% up) and PEPE, which charted a few consecutive all-time highs.
Market Data
Market Cap: $2.676T | 24H Vol: $133B | BTC Dominance: 50.2%
BTC: $68,191 (+1.47%) | ETH: $3,671 (+18%) | BNB: $596 (+2.5%)
This Week’s Crypto Headlines You Can’t Miss
SEC Approves Spot Ethereum ETFs for Public Trading. As mentioned above, the biggest news this week in the entire industry came from the US securities regulator. Despite previous dabbling with whether ETH is a security or not, the SEC greenlighted eight spot Ethereum ETFs, perhaps due to political pressure.
8-Day Winning Streak: Spot Bitcoin ETFs See Strong Inflows. The ETF front has been quite strong in the past several days as the spot BTC products recorded an impressive streak that now stretches to nine consecutive days of positive inflows.
Bitcoin Pizza Day: A Delicious Slice of Crypto History Turns 14. May 22 will forever remain in the Bitcoin history books as the Pizza Day. On this day, 14 years ago, Laszlo Hanyecz made one of the first transactions involving paying with BTC and purchasing two Papa John’s pizzas for 10,000 BTC, and we celebrated this massive achievement earlier this week.
Solana ETFs to See More Demand Than Other Altcoin Funds: Bloomberg Analyst. Following the launch of spot Bitcoin ETFs and the approval of Ethereum-based products, experts have now started to speculate which will be the next crypto asset in line. According to Bloomberg’s James Seyffart, Solana ETFs could follow suit, but there’s a lot of controversy on that front.
Grayscale CEO Michael Sonnenshein Steps Down. Another big piece of news from this week came from the company behind the world’s largest Bitcoin ETF – Grayscale. Michael Sonnenshein, who spent 10 years at the asset manager, decided to step down from his last job as CEO. The person who will be replacing him comes from Goldman Sachs.
Bitcoin Network Sees Lowest New Addresses Created Since 2018. Despite all the positive news around Bitcoin, not everything is going its way. The new addresses count has declined substantially in the past few weeks and recorded their lowest levels since the bear market in 2018.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot – click here for the complete price analysis.
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Cryptocurrency
Top 10 Solana (SOL) Ecosystem Projects by Development Activity
![](https://letizo.com/wp-content/uploads/2024/09/top-10-solana-sol-ecosystem-projects-by-developmentactivity_66dc47b18afea.jpeg)
TL;DR
- Due to recent growth, Solana and its projects have gained popularity.
- Ecosystem meme coins like Dogewifhat (WIF) and Bonk Inu (BONK) have seen significant declines after a substantial surge earlier this year.
The Unsurprising Leader
Solana and numerous projects built on it have brimming in popularity in 2024. Some factors that could have contributed to this might be SOL’s bull run at the end of 2023 and the beginning of 2024, the growing community, and innovations in the ecosystem.
The crypto analytics platform Santiment recently outlined the top 10 Solana-based projects in terms of development activity in the past 30 days.
Somewhat expected, the first spot belongs to Solana itself, which collected a score of 186.33. It is worth noting that the protocol’s native token – SOL – has been experiencing a downfall since the end of July, plunging by approximately 30% and currently trading at around $127 (per Coingecko’s data).
Wormhole holds the second position with a ratio of 90.5. It acts as a bridge connecting various blockchain networks, such as Solana, Ethereum, BNB Smart Chain, and others. It enables users to transfer digital assets and data across these blockchains without a centralized intermediary.
Pyth Network is third, with a score of 68. It operates as a decentralized oracle network where multiple providers contribute to a collective data feed.
JITO and Neon round up the top 5 list. The other Solana-based projects down the line include Drift, Orca, Helium IOT, Helium Mobile, and Metaplex.
The Missing Ones
It is interesting to note that meme coins, which are part of Solana’s ecosystem, did not make the list. Such tokens, including dogwifhat (WIF), Bonk Inu (BONK), and many more, were among the top-trending topics in the crypto space at the start of the year due to their skyrocketing prices.
However, their progress has stalled as of late. WIF – the biggest Solana-based meme coin in terms of market capitalization – currently trades at around $1.52, representing more than a 70% decline from the ATH registered in April.
BONK (the second-largest) is worth approximately $0.00001666 as of the moment, or 60% less than the peak in May.
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Cryptocurrency
These Altcoins Bleed Out as Bitcoin (BTC) Price Fell by $4K in Hours (Weekend Watch)
![](https://letizo.com/wp-content/uploads/2024/09/these-altcoins-bleed-out-as-bitcoin-btc-price-fell-by-4kin-hours-weekend-watch_66dc47b73b311.jpeg)
Bitcoin’s nosedives continued in the past 24 hours as the asset slumped from an intraday high of $57,000 to under $53,000 within hours.
The altcoins are also in the red, and the total crypto market cap has dumped to $2 trillion for the first time in over a month.
BTC’s Troubles Keep Coming
The primary cryptocurrency lost the coveted $60,000 level last week, and the true downfall followed suit. Aside from a brief attempt to overcome that line on September 3, the bears have been predominantly in control, which culminated yesterday.
Before that, it was rejected a couple of times and marked lower daily highs. A relief rally came on Friday when the US released the job report for August, which showed that there was a slight decline in the unemployment rates.
BTC reacted quickly with a price increase from $55,500 to $57,000. However, that turned out to be a false breakout, and the cryptocurrency headed south immediately after. In a matter of minutes, it plummeted to $54,000 before the bears initiated another leg down that pushed it to a monthly low of $52,700 (on Bitstamp).
Despite recovering to just over $54,000 now, it is still 4% down on the day and more than 8% in the past seven days. Its market cap has plunged to $1.070 trillion, while its dominance over the alts is down to 53.5%.
Alts in Red Yet Again
The bearish scenario repeated once again, and the altcoins are back in red. Ethereum is among the leaders in this adverse trend, having lost over 4% of value. As a result, it now struggles at $2,250. BNB is down by 3%, XRP by 3%, and SOL by 2.5%.
DOGE has dumped the most from the larger-cap alts. The OG meme coin has seen 5% of its value evaporate over the past day and is below $0.1.
Further losses come from the likes of TON, BCH, SHIB, LTC, OKB, XMR, and many others.
The total crypto market cap has declined by another $50 billion and is down to $2 trillion on CG.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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Cryptocurrency
Vitalik Buterin Pledges L2 Tokens to Support Public Goods in the Ethereum Ecosystem
![](https://letizo.com/wp-content/uploads/2024/09/vitalik-buterin-pledges-l2-tokens-to-support-public-goods-inthe-ethereum-ecosystem_66dc47bce1201.jpeg)
Ethereum co-founder Vitalik Buterin has pledged to donate all Layer 2 (L2) tokens he holds to support public goods within the Ethereum ecosystem or broader charitable causes.
This announcement comes a few days after accusations that he had sold millions in Ether (ETH) for personal gain.
Vitalik Buterin Denies Profit Motive
Buterin was quick to respond to the allegations, emphasizing that he has not sold any ETH for personal profit since 2018. Instead, he clarified that any proceeds from his ETH sales have been directed toward projects that contribute to the Ethereum ecosystem or other charitable initiatives.
In a September 5 update, he expanded on his stance, pledging to donate all L2 tokens he holds, including not-yet-liquid assets, to support similar causes.
He wrote, “All proceeds will be donated, again either to support public goods within the Ethereum ecosystem or broader charity (e.g., biomedical R&D). I also do not intend to invest into L2s or other token projects in the foreseeable future.”
He explained that his aim in funding projects is to support initiatives he believes are important, particularly in situations where other parts of the ecosystem may not fully recognize their value.
The Allegations
On August 30, an X user accused him of selling over $2 million worth of ETH shortly after posting a positive update about Ethereum’s future.
Later on, Lookonchain also revealed that Vitalik had transferred 800 ETH, worth around $2 million, to a multi-signature wallet. Shortly after, the wallet swapped 190 ETH for 477,000 USDC.
Further analysis from Lookonchain indicated that on August 9, he had moved an additional 3,000 ETH, valued at over $8 million, to the same multi-sig wallet.
These transfers fueled speculation that the Ethereum co-founder was liquidating his Ether holdings to realize profits.
Buterin had previously disclosed that his entire Ether holdings came from the Ethereum pre-mining period, which allocated 11.9 million ETH (about 10% of the total supply) to early contributors. As one of them, he received 700,000 ETH for his role in the network’s creation.
According to blockchain tracker Arkham Intelligence, his current holdings amount to approximately 240,000 ETH. This is a reduction of around 460,000 ETH from his initial stash.
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