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Est. read time: 4 minutes

The ETH ETFs have officially dropped 🥳 

Let’s digest:  

1. ETH ETF Hits $107M in Net Inflows on Day 1

2. Ferrari Accepts Crypto Payments

3. Atari Launches Onchain Arcade

📈 MARKETS

NFT Market Flash

📰 TODAY’S TOP STORY

ETH ETFs Hit $107M in Net Inflows on First Day

Ethereum exchange-traded funds (ETFs) made a remarkable debut, achieving over $1 billion in trading volume on their first day, signaling strong investor interest in the second-largest cryptocurrency by market cap.

The daily cumulative net inflow for these ETFs reached $106.78 million, a promising start compared to historical data from other crypto ETF launches.

• Despite not reaching the heights of the Bitcoin ETFs, which saw $4.5 billion in trading volume and $600 million in net inflows on their inaugural day, the ETH ETFs have shown impressive traction.

• The standout performers were the BlackRock iShares Ethereum Trust ETF with the highest inflow of $266.5 million, followed by Bitwise's Ethereum ETF (ETHW), which attracted $204 million.

• This activity reflects a burgeoning confidence in ETH as a viable investment vehicle, especially given that most of these funds are trading in the green.

• The substantial outflow from Grayscale's Ethereum Trust (ETHE), which saw $484 million exit its holdings, underscores the shift towards newly available ETF structures offering more traditional investment pathways to crypto assets.

Though the trading volume was only about 20% of what Bitcoin ETFs garnered on their first day, the ETH ETFs' performance is still significant.

As ETH continues to trade just below $3,500, the market will closely watch how these ETFs influence both short-term price movements and long-term adoption strategies within the broader crypto landscape.

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🖼️ Crypto

Ferrari To Accept Crypto Payments

Following a successful launch in the United States last October, Ferrari is set to roll out crypto payment options across its European dealerships starting from the end of July.

The move underscores Ferrari's commitment to integrating digital payment solutions in response to growing customer interest and the broader adoption of cryptocurrencies.

• The iconic Italian luxury car manufacturer plans to extend this payment method to other international dealers within jurisdictions that legally permit crypto transactions.

• This expansion comes as part of Ferrari's strategy to cater to the evolving preferences of its clientele, many of whom are increasingly invested in digital currencies.

• Ferrari’s initial foray into crypto payments in the U.S. was facilitated through a partnership with BitPay, which allowed customers to purchase cars using Bitcoin, Ether, and the USDC stablecoin.

• Payments made via cryptocurrencies are converted immediately into fiat currency to safeguard dealers from the volatility typical of digital currencies.

While Ferrari utilized BitPay in the U.S., details regarding which crypto payment processors will be employed in Europe and other markets remain undisclosed.

This step by Ferrari follows similar initiatives by other leading automotive companies, including Tesla, which briefly accepted Bitcoin in 2021 before suspending the service due to environmental concerns over Bitcoin mining.

The extension of cryptocurrency payments to Europe indicates a significant shift in how luxury car brands are approaching sales and customer service, aligning with the digital transformation sweeping across global markets.

🟠 Crypto

Atari Launches Onchain Arcade

Despite the recent 28% downturn in the blockchain gaming sector this June, Atari is not stepping back.

The renowned video gaming pioneer is making a significant move into blockchain by reintroducing its iconic arcade games on Base, the Ethereum Layer 2 network developed by Coinbase.

• Atari has teamed up with Coinbase and Stack, a Bitcoin Layer 2 scaling solution, to create the "Onchain Arcade."

• This platform will bring a nostalgic twist to modern gaming, allowing players to mint, play, and compete in Atari's classic game, Asteroids.

• Participants in the Onchain Arcade can compete for top positions on a leaderboard, with weekly resets and a range of rewards up for grabs including the Atari 2600+ console, exclusive merchandise, and game codes.

• The ultimate high score will be honored until the competition concludes on August 30.

Atari's initiative to integrate classic gaming with cutting-edge blockchain technology reflects its ongoing commitment to innovation.

Gamers around the world will soon enjoy more on-chain games, as Atari plans to expand its digital offerings.

This venture not only honors Atari's legacy in shaping the video gaming landscape but also bridges the gap between traditional gaming and the burgeoning field of crypto gaming, promising a refreshing blend of nostalgia and modern technology.

Non-fungible News

• Gaming: Will Gaming Help Improve Crypto Adoption

• NFTs: Does Ebay’s NFT Marketplace KnownOrigin Shutdown Raise Concern?

• Crypto: HSBS Australia to Block All Payments to Crypto Exchanges

💡 INSIGHT

Pudgy Penguins Used in VanEck ETH ETF Announcement

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