kucoin-logo 1.svg

KuCoin

binance.svg

Binance

Web3 projects "are going to perform even better" than Bitcoin and Ethereum, according to Dan Morehead. The number of users active on the blockchain platforms could soon surpass one billion.

Web3.jpg

Web3 projects may yield greater profits than BTC or ETH

https://res.cloudinary.com/dds1hga1g/image/upload/v1633010276/favicon_605e82e261.png

AVAX

DOGE

Michael Saylor's astute observations and bold predictions influence market sentiment, guiding investors through Bitcoin's ever-evolving landscape.

Discover the latest news and insights on the world of cryptocurrency with Coinpaper.com. Stay up-to-date on the latest trends and developments in the crypto space.

Crypto

dbbf2df9-d096-4dae-8bcc-682b3e64dd49.jfif

Michael Saylor Issues Vital Reminder Regarding Bitcoin (BTC)

The company explained that the vulnerability poses a direct threat to crypto wallets on iPhones with iMessage enabled.

Security

cp6225_smart_phones_in_trash_cans_neon_theme_1f9a2872-222c-435c-8f7d-96c3ff2eff89.webp

Trust Wallet Raises Alarm Over Zero-Day Exploit Threat on iMessage

Unfortunately, Ethereum-based products saw a large outflow of $22.5 million last week, making it the fourth consecutive week of negative performance.

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Learn about it, and its native token Ether.

Ethereum

cp6225_melting_ethereum_logo_neon_theme_98890e43-4ed3-41c5-a766-34e8219ee1a2.webp

EigenLayer Launches on Ethereum Mainnet, Promises More Features 

In the ever-evolving landscape of cryptocurrency, three pivotal narratives converge to shape the future of Bitcoin. Michael Saylor, the founder of MicroStrategy and a vocal advocate for Bitcoin, continues to influence the market with his astute observations and bold predictions. His recent reminder about the impending Bitcoin halving highlights the significance of fundamental events in shaping the cryptocurrency's trajectory.

Simultaneously, Bitcoin miners are navigating their own path, depleting their coin stashes ahead of the halving to ensure operational sustainability. With the impending reduction in per-block rewards, miners are strategically positioning themselves to weather the changing dynamics of the Bitcoin ecosystem. Their actions reflect a nuanced understanding of market trends and a commitment to long-term resilience.

Adding to the excitement is the progress towards spot-based Bitcoin Exchange-Traded Funds (ETFs) in Hong Kong. While U.S. regulators have been at the forefront of discussions, reports of progress in Hong Kong have largely remained under the radar. These ETFs could not only supercharge Bitcoin's upward trajectory but also unlock a floodgate of investment from Chinese investors seeking alternative assets amidst market uncertainties.

As Saylor's insights, miner strategies, and Hong Kong's ETF progress intersect, the Bitcoin community braces for the impact of these developments. With influential figures shaping the narrative and new opportunities on the horizon, the stage is set for further evolution and growth in the world of cryptocurrency.

Bitcoin Halving Looms: Michael Saylor's Call to Arms

In the fast-paced world of cryptocurrency, where every development can send shockwaves through the market, Michael Saylor stands as a prominent figure, a beacon of insight and foresight. The founder of MicroStrategy, a titan in the realm of business intelligence, Saylor has pivoted his focus to Bitcoin, serving as its evangelist-in-chief. With his vast army of followers, he wields considerable influence, disseminating crucial messages through the digital ether.

His latest missive, delivered in characteristic fashion via Twitter, serves as a clarion call to the cryptocurrency community: the Bitcoin halving draws nigh. Saylor, in his inimitable style, employs AI-generated imagery adorned with 

 motifs to underscore the significance of the impending event. In this digital age, where information travels at the speed of light, his message resonates across the vast expanse of the internet.

The Bitcoin halving, slated to occur in a mere nine days, is an event of paramount importance for all Bitcoin enthusiasts and stakeholders. As the fourth halving since Bitcoin's inception in 2009, it heralds a momentous reduction in miners' rewards per block, halving them from 6.25 BTC to 3.125 BTC. Consequently, the issuance of new Bitcoins per day will plummet from 900 to 450 BTC, fundamentally altering the supply dynamics of the world's preeminent cryptocurrency.

Analysts within the cryptocurrency sphere are unanimous in their prognostication: the halving will catalyze a surge in Bitcoin's price, propelling it to new heights. History serves as a guide, with the previous halving event in 2020 ushering in a period of unprecedented growth. Buoyed by the endorsement of Elon Musk and Tesla, which allocated a staggering $1.5 billion to Bitcoin and embraced it as a payment option for their electric vehicles, Bitcoin soared to stratospheric levels.

In 2021, Bitcoin witnessed two historic peaks, fueled by a confluence of factors including institutional adoption, macroeconomic uncertainty, and a fervent retail frenzy. The cryptocurrency market experienced an electrifying surge, culminating in a record-breaking high of $73,750 on Mar. 14. Yet, in the volatile world of cryptocurrencies, fortunes can change in an instant. At present, Bitcoin hovers at $70,483.05, marking an almost 2% increase in value over the past 24 hours.

As the countdown to the halving continues, Saylor's reminder serves as both a rallying cry and a moment of reflection. In an industry characterized by rapid evolution and relentless innovation, staying abreast of key developments is paramount. The halving represents not merely a milestone in Bitcoin's journey but a testament to its resilience and enduring appeal.

In the coming days, eyes will remain fixed on the Bitcoin market, as participants brace for the seismic shifts that lie ahead. With Michael Saylor at the helm, armed with his unwavering conviction and pioneering spirit, the Bitcoin community stands poised to navigate the tumultuous waters of the digital economy, charting a course towards a future defined by decentralization and empowerment.

Bitcoin Miners Deplete Coin Stashes Ahead of Halving, Embrace Strategic Shift

As the cryptocurrency world braces for the impending halving of Bitcoin rewards, miners are embarking on a strategic shift, depleting their coin stashes in a bid to ensure operational sustainability. With the halving scheduled for Apr. 20, miners are navigating the landscape with a forward-looking approach, adapting to the evolving dynamics of the market.

Data from CoinMetrics reveals a notable decline in the number of Bitcoin held by miners, plummeting to 1.794 million BTC this week, marking the lowest level since early 2021. This drawdown, amounting to 27,000 BTC since November, suggests a deliberate sell-off strategy in the lead-up to the quadrennial mining reward halving. 

This departure from previous accumulation trends is starkly evident when juxtaposed with the steady accumulation of approximately 25,000 BTC in the five months preceding the previous halving on May 11, 2020. The change in strategy is a response to Bitcoin's recent rally to record highs, surpassing $73,000 and registering a 63% surge this year alone. This remarkable ascent has provided miners with an opportune moment to capitalize on profits and reinvest in equipment upgrades, preparing for the forthcoming reduction in rewards.

Strategic Moves for Operational Resilience

Algorithmic trading firm Wintermute identifies this strategic sell-off as a pivotal move for profit-taking and operational enhancements, signaling a behavioral shift from previous cycles. Wintermute, in its weekly newsletter, highlights the significant rise in miners' holdings, nearing an all-time high of $124 billion. This liquidity event highlights miners' adaptability and their proactive approach to navigate the evolving landscape of cryptocurrency mining.

Evidence of these upgrades is palpable in the surge of the hashrate, reflecting the total computational power dedicated to mining and processing transactions on the Bitcoin blockchain. Over the past five months, the hashrate has surged by 45% to over 600 exahashes per second, a remarkable increase compared to the 15% growth observed ahead of the previous halving. Wintermute interprets this consistent rise as a testament to miners' efforts to mitigate the impact of the halving on revenues, emphasizing a strategic shift toward long-term operational resilience.

As the countdown to the halving continues, miners are grappling with a complex interplay of factors, including 

 price trajectory, market sentiment, and regulatory developments. The strategic decisions undertaken by miners hold far-reaching implications not only for their own operations but also for the broader cryptocurrency ecosystem. With Bitcoin's role as a store of value and medium of exchange gaining traction, miners play a pivotal role in maintaining the integrity and security of the network.

As the cryptocurrency community remains poised to witness further developments in miners' strategies and market dynamics, the halving event serves as a litmus test for the resilience and adaptability of the Bitcoin network. With each halving, Bitcoin reaffirms its status as a deflationary asset, with a fixed supply that becomes increasingly scarce over time. As miners navigate the challenges and opportunities presented by the halving, their actions shape the trajectory of the cryptocurrency market, setting the stage for a new chapter in Bitcoin's storied history.

Anticipation Grows for Bitcoin ETFs in Hong Kong, Igniting Potential Inflows

The approval of spot-based Bitcoin Exchange-Traded Funds (ETFs) in the United States has fueled the cryptocurrency's surge to new all-time highs. Now, recent reports suggest that Hong Kong regulators are also edging closer to approving similar funds, a development that has largely flown under the radar in crypto circles.

Spotlight on Hong Kong Regulators' Approval

These forthcoming vehicles could potentially unleash a torrent of investment from Chinese investors seeking alternative havens to diversify their wealth, alongside traditional options like gold and overseas real estate and stocks.

Macro analyst and author of the "Crypto Is Macro Now" newsletter, Noelle Acheson, emphasized the significance of these ETFs, stating that they will not only provide access to hedge funds and family offices in the region but also open doors for mainland Chinese investors.

Chinese Investors' Diversification Strategies

Acheson highlighted the reluctance of Chinese investors to engage with domestic real estate and stocks due to the well-documented challenges faced by the country's housing market, construction sector, and equities. This has led to increased interest in alternative assets such as gold. Notably, trading in a gold-linked ETF in China was halted recently after its price premium surged to 30%, with investors flocking to the asset amidst record-high prices.

Similarly, Acheson suggested that there could be a significant influx of funds into 

, particularly if concerns about the further devaluation of the yuan intensify. She noted that Chinese authorities likely recognize that a substantial portion of their citizens will diversify into hard assets, whether approved or not, and may prefer these assets to be unrelated to the U.S. economy.

Markus Thielen, founder of Singapore-based analytics firm 10x Research, echoed this sentiment, suggesting that the approval of ETFs could spark a buying frenzy reminiscent of the 2013 bull market in China. Bitcoin's popularity soared in the country during that period, propelling its price to over $1,000 from just $10 in January. The rally eventually halted after China's government prohibited financial institutions from trading the asset in December.

However, Vetle Lunde, senior analyst at K33 Research, cautioned against expecting inflows similar to those seen in U.S. spot funds. While the two futures-based Bitcoin ETFs listed in Hong Kong have experienced significant growth this year, doubling their assets in BTC terms, their combined size remains relatively modest, comprising less than 2,000 BTC or just 2% of the U.S.-listed futures ETFs.

Lunde suggested that the comparatively small size of Hong Kong futures ETFs signals to the market that inflows into these funds may be more subdued compared to the exuberant flows witnessed in the U.S.

As anticipation mounts for the approval of Bitcoin ETFs in Hong Kong, market participants remain vigilant, poised to capitalize on potential opportunities while navigating the complexities of the evolving cryptocurrency landscape.

large_dbbf2df9-d096-4dae-8bcc-682b3e64dd49.jfif

medium_dbbf2df9-d096-4dae-8bcc-682b3e64dd49.jfif

small_dbbf2df9-d096-4dae-8bcc-682b3e64dd49.jfif

thumbnail_dbbf2df9-d096-4dae-8bcc-682b3e64dd49.jfif

Trust Wallet alerted Apple users to disable iMessage due to a zero-day exploit that could compromise iPhones and access crypto wallets without user interaction, a claim that was confirmed by CEO Eowyn Chen. Despite skepticism from some industry experts, the warning followed very closely after Apple addressed some other iOS vulnerabilities recently. Meanwhile, other crypto-related crimes have also been reported, including a multi-million dollar cryptojacking scam led by Charles O. Parks III and a security breach in the Grand Base tokenization protocol resulting in big financial losses. Additionally, the Filecoin Foundation still faces challenges with unauthorized activities in its Filecoin Liquid Staking protocol.

 has issued a warning to Apple users to disable iMessage after receiving what it calls “credible intel” about a zero-day exploit that could allow hackers to take control of users' phones. The alert was shared on X, stating that the exploit is particularly dangerous because it can compromise iPhones without the user clicking on any link, and that people with high-value accounts are at great risk.

The company explained that the vulnerability poses a direct threat to crypto wallets on iPhones with iMessage enabled. Trust Wallet's CEO, Eowyn Chen, supported the claim by posting a screenshot of an alleged 

 listing offering the exploit for $2 million.

However, this warning has been met with skepticism by some in the industry. A pseudonymous blockchain researcher, 

, criticized the firm’s reliance on a mere screenshot as proof of the exploit, suggesting that such evidence is certainly not sufficient enough to substantiate the claims of an iOS vulnerability. Beau believes that the alert could unnecessarily cause panic among users.

The reaction on X has been huge, with more than 1.2 million views of the post in the first four hours. Despite the initial alarm, Trust Wallet later stated that their information came from their security team and partners who continuously monitor for threats.

 to address two other zero-day vulnerabilities in iOS that were actively exploited last month. Security researchers have previously noted that Apple’s iMessage is a common target for hackers.

Concerningly, cybersecurity firm Halborn reported last month that more than 280 blockchain networks are susceptible to zero-day exploits, potentially endangering approximately $25 billion in cryptocurrency. 

A zero-day attack exploits a software vulnerability unknown to the software vendor or developer, often discovered only when the attack actually happened. This leaves the developer with "zero days" to fix the issue, hence the term "zero-day." The primary defense against such attacks involves regular software updates and the use of host intrusion prevention systems. However, even the most updated antivirus software might not detect a zero-day attack since it operates on vulnerabilities that are not yet publicly recognized.

Zero-day vulnerabilities are analogous to an unlocked car door that the owner mistakenly believes is locked. These vulnerabilities can be exploited without immediate detection, allowing hackers to access sensitive data. Both criminal hackers and government security agencies have been known to exploit zero-day vulnerabilities for their respective purposes, whether for theft, surveillance, or other objectives. Governments, in particular, are big drivers in the market for zero-day exploits due to their need for surveillance tools.

The trade in zero-day vulnerabilities happenes across various markets. In the dark market, criminals exchange information on exploiting software vulnerabilities. In the gray market, researchers and companies may sell this information to military and intelligence agencies. Meanwhile, in the white market, companies pay security researchers to find and report vulnerabilities so they can be patched before being exploited by criminals. 

Prices for zero-day exploits can range significantly, depending on their utility and the market, with proofs-of-concept often required before transactions are completed. While zero-day attacks can sound severe, their actual threat can vary, with some governments finding simpler methods to achieve similar objectives without the need for these exploits.

Man Charged in Multi-Million Dollar Cryptojacking Scam

Meanwhile, Charles O. Parks III, known by the alias “CP3O,” has been 

 by U.S. prosecutors with wire fraud, money laundering, and engaging in unlawful monetary transactions after allegedly conducting a large-scale cryptojacking operation that defrauded two well known cloud computing providers of $3.5 million. According to the Brooklyn U.S. Attorney’s Office, Parks used this illicitly gained computing power to mine cryptocurrencies worth about $970,000, including Ether (ETH), 

Parks created multiple fraudulent accounts under a number of fake names and corporate identities, like MultiMillionaire LLC and CP3O LLC, to access enhanced services and deferred billing from these cloud providers—one based in Seattle and the other in Redmond, Washington. The operation ran from January to August of 2021, during which Parks managed to avoid payment while consuming huge amounts of resources from the companies.

As the providers began to question the unusual data usage and unpaid bills, Parks allegedly engaged in further deceit to maintain access. He is accused of laundering the proceeds from his mining activities through a decentralized crypto exchange and a New York City-based 

 marketplace, among other channels. He structured transactions to dodge the $10,000 minimum reporting requirement, often transferring sums just under this threshold.

Parks was arrested in Nebraska on Apr. 13 and now faces a potential maximum sentence of 50 years in prison if he is convicted on all charges. His extravagant purchases apparently  include a luxury Mercedes Benz, jewelry, and first-class travel accommodations. U.S. Attorney Breon Peace and his office is very committed when it comes to prosecuting people who exploit advanced technologies to carry out traditional fraud schemes. Parks is scheduled for a court appearance in Omaha on Apr. 16.

Grand Base Token Value Plummets After Exploit

Base was also one of the latest victims of crypto crime. The Grand Base tokenization protocol, which facilitates the creation of 

 representing real-world assets, experienced a security breach leading to the loss of $1.7 million. Grand Base operates on Coinbase's native layer-2 blockchain 

. The protocol faced an exploit when a hacker compromised a private key and accessed its contracts. This breach happened early on Apr. 15, according to a protocol administrator in the Grand Base Telegram chat, who also warned users against interacting with the compromised contract.

Blockchain analytics firms PeckShield and CertiK provided a bit more details into the incident. PeckShield reported that the stolen funds were very quickly converted to ETH and moved to an external address. Meanwhile, CertiK's analysis suggested that the hacker managed to take control of the deployer contracts, which allowed the unauthorized minting of a large number of GB tokens, which were then extracted. This resulted in the protocol’s native token plunging by 99% in value within just 24 hours.

In response to the breach, Grand Base personnel informed the community that they were able to track the hacker's wallet addresses and were coordinating with centralized exchanges to potentially freeze any transferred funds. Despite these efforts, the sentiment in the Grand Base community has turned pretty negative, with users advising each other to withdraw from the protocol and stop any further investments.

 less than five months before the exploit, planned to offer a platform for 

 real-world assets and providing liquidity to earn rewards. Now, the future of the protocol hangs in balance as the team works to address the security lapse and restore trust among its users.

The Filecoin Foundation, a nonprofit dedicated to supporting the 

 storage protocol Filecoin, is currently dealing with the aftermath of unauthorized activities in the Filecoin 

 (STFIL) protocol. Early in April, the STFIL protocol experienced a halt in withdrawals after a developer wallet conducted several unexpected upgrades and moved $23 million in Filecoin tokens to an unknown address. This issue escalated when the STFIL team disclosed on Apr. 8 that core technical members had been detained by local Chinese authorities, and these upgrades and transactions happened during their detention.

Danny O’Brien, a senior fellow at the foundation, revealed in a social media post on Apr. 13 that the foundation has enlisted the help of a legal representative in China to investigate the situation. He is confident that the detained STFIL team members are indeed in police custody, although it is still a bit uncertain if the police have control over the transferred funds. The foundation anticipates acquiring more definitive information within the next week and plans for their lawyer to represent all affected staking providers and leasers in potential court proceedings.

O’Brien committed to providing any new updates once the details of their approach are solidified. He also urged those who lost funds to submit their contact information through a designated Google Doc or Slack Channel to make communication and support possible.

Filecoin operates as a decentralized storage solution that enables PC owners to rent out disk space, securing transactions with FIL tokens as collateral. Through FIL staking, token holders can lend their tokens to storage providers, earning a share of the fees generated.

The STFIL protocol, in particular, aggregates FIL tokens for staking through a network of trusted providers. Users typically receive STFIL tokens equivalent to their deposited FIL plus any accrued staking rewards. However, due to the recent disruptions, the redemption of these tokens has been suspended.

This incident is not isolated within the Web3 protocols in China, with previous cases like the 

 platform seeing over $1.5 billion frozen after the arrest of its development team, and no recovery of funds to date. The Fantom Protocol, which was heavily impacted by the Multichain situation, declared bankruptcy in March while pursuing the lost funds through legal channels—a process expected to take years, according to Fantom co-founder Andre Cronje.

large_cp6225_smart_phones_in_trash_cans_neon_theme_1f9a2872-222c-435c-8f7d-96c3ff2eff89.webp

medium_cp6225_smart_phones_in_trash_cans_neon_theme_1f9a2872-222c-435c-8f7d-96c3ff2eff89.webp

small_cp6225_smart_phones_in_trash_cans_neon_theme_1f9a2872-222c-435c-8f7d-96c3ff2eff89.webp

thumbnail_cp6225_smart_phones_in_trash_cans_neon_theme_1f9a2872-222c-435c-8f7d-96c3ff2eff89.webp

EigenLayer has officially launched on the Ethereum mainnet. This is a major development in Ethereum's staking ecosystem as it allows restakers to delegate their ETH to EigenLayer operators. Despite the enthusiasm surrounding its debut, EigenLayer is facing some challenges, like the absence of in-protocol payments and a slashing mechanism. Meanwhile, Stablecoin issuer Circle recently expanded support of its native stablecoin, USD Coin (USDC), to Ethereum's zero-knowledge layer-2 solution, zkSync. However, Ethereum-based investment products are experiencing a downturn, with large outflows despite the crypto market's overall positive inflows. This is compounded by skepticism from industry leaders about the SEC's approval of Ether ETFs.

EigenLayer, a restaking protocol with more than $13 billion in assets, has made its debut on the 

. This launch is a major step towards enhancing Ethereum's staking ecosystem, enabling restakers to delegate their ETH balance to EigenLayer operators. These operators are responsible for managing actively validated services (AVS), including applications and cross-chain bridges. However, despite the launch, EigenLayer still has to introduce key features like in-protocol payments to operators from AVS and a slashing mechanism, which penalizes validators for non-compliance. These features are expected to roll out "later this year" as the EigenLayer marketplace matures.

The absence of these features, especially restaking rewards, has sparked a lot of discussions in the crypto community. 

's vice president of research, Christine Kim, specifically pointed out  the lack of restaking rewards in a post, questioning the protocol's immediate value proposition. Restaking protocols like EigenLayer aim to allow users to earn additional rewards by restaking their Ether tokens, which are already staked in other protocols like 

 or Rocket Pool. While restaking could potentially enhance earnings, it also introduces complex security and financial risks..

In tandem with its mainnet launch, EigenLayer introduced EigenDA, the first AVS on its protocol, designed to assist blockchain applications in storing transaction data. However, full deployment of other AVS is pending registration with EigenLayer. The reaction to EigenDA has been mixed, with some questioning the excitement around it given the lack of implemented risk and reward mechanisms essential for restaking.

Despite these challenges, EigenLayer's launch is a pivotal moment in the decentralized finance (

) of $13.33 billion, EigenLayer has quickly ascended in the DeFi ranks, recently surpassing Aave to become the second-largest DeFi protocol behind Lido. However, the success of this ambitious endeavor still hinges on the timely introduction of the promised features.

 has emerged as a very popular means for cryptocurrency holders to earn some passive income, similar to depositing money in a high-yield savings account. Instead of trading their digital assets, holders can lock them up to support the operations and security of a blockchain network. In return, they receive rewards in the form of percentage yields, generally offering much higher returns than traditional bank interest rates.

 (PoS) consensus mechanism, used by certain blockchains to ensure honesty and integrity among participants, known as validators or stakers. Validators are required to lock away a specified amount of tokens as a form of security deposit. This stake acts as a deterrent against dishonest behavior since any attempt to compromise the blockchain would devalue the native token and result in financial loss for the perpetrator. Validators who faithfully execute their duties receive rewards in the blockchain's native cryptocurrency, with the reward size proportional to the amount staked.

To democratize access to the staking process, validators often create staking pools, allowing individual token holders to contribute their assets to a collective pool. This method reduces the entry barrier, enabling more participants to contribute to network security through delegated staking. While validators are generally rewarded for their service, they also face risks like penalties for minor infractions or even "slashing"—the removal of their stake for more serious offenses. Each blockchain has specific rules for its validators, with requirements varying widely across networks. 

 support of its native stablecoin, USD Coin (USDC), to Ethereum's zero-knowledge layer-2 solution, 

. This move is part of Circle's ongoing effort to widen USDC's reach and utility across the blockchain ecosystem. USDC on zkSync is designed to facilitate payments, trading, borrowing, and lending within the DeFi space, leveraging zkSync's technology to offer fast, low-cost transactions. This technology utilizes zero-knowledge proofs to maintain transaction integrity without revealing sensitive data, and rollups to process transactions off the Ethereum main layer efficiently.

 over 180 decentralized applications and more than 5.7 million unique active wallet addresses in the last 30 days, is seen as a big step towards enhancing the scalability and efficiency of blockchain transactions. With this addition, USDC is now supported on 16 different blockchains, including major platforms like Ethereum, Solana, 

zkSync's core technology plans to increase Ethereum's throughput while still upholding its foundational values, making it a very attractive platform for developers and businesses who want to leverage blockchain technology for various applications. USDC on zkSync can be redeemed one-for-one for U.S. dollars through Circle, digital wallets, and exchanges, and can also be swapped for other USDC tokens through cross-chain bridges.

Despite Circle's proactive expansion strategy, it is still important to remember that the company is sometimes known for occasionally pausing its efforts. This was the case with the cessation of USDC minting on the 

 blockchain in February. Although Circle did not share any specific reasons for halting support for Tron, it did mention its commitment to continually assessing the suitability of all blockchains as part of its risk management process. This decision came in the wake of the United States Securities and Exchange Commission's lawsuit against Justin Sun and the Tron Foundation.

Despite these new developments, Ethereum-based investment products have not been faring too well recently. These products are experiencing a noticeable dip in investor interest. Despite the broader market's positive momentum, Ethereum saw a large outflow of $22.5 million last week, making it the fourth consecutive week of negative performance. This decline starkly contrasts with the gains seen in some of the other major altcoins.

, which was released on Apr. 8, revealed a mixed landscape for digital asset investment. While the market overall enjoyed inflows of $646 million last week, pushing the year-to-date total to an all-time high of $13.8 billion, Ethereum struggled to attract the same level of enthusiasm. This slump happened despite 

, and Filecoin registering weekly inflows of $4.4 million, $4 million, and $1.4 million, respectively. Solana, in particular, has been attracting a lot of attention as a formidable competitor to Ethereum, thanks to its scalability and transaction efficiency.

Its token, SOL, was also able to outperform Ethereum's Ether. In just the past 30 days, the price of 

 was able to climb by over 12%. On the other hand, 

’s price took a 14+% hit over the same time period.

The fluctuating investor interest seems to extend beyond individual cryptocurrencies to the broader market of crypto-based investment products, including exchange-traded funds (ETFs). Although digital asset products saw decent inflows, the appetite for ETFs appears to be waning a bit. The initial excitement after the approval of spot

 in January is certainly not as strong as it was at the start of the year, with weekly flows and trading volumes not maintaining the high levels seen earlier in 2024.

Jan van Eck is also not too optimistic about 

 approvals. The CEO of VanEck, expressed his skepticism about the Securities and Exchange Commission (

)'s likelihood to approve ETH ETFs anytime soon. In an interview with CNBC, he stated that he is sure that VanEck's application for a spot Ether ETF will very likely face rejection.

Van Eck specifically referred to the SEC’s usual regulatory procedure, mentioning that the SEC typically engages with applicants through comments and feedback in the weeks leading up to a decision. However, he pointed out a concerning silence on Ethereum-related applications, very different from the process that preceded the approval of Bitcoin ETFs. 

Echoing Van Eck's sentiment, CoinShares CEO Jean-Marie Mognetti also voiced some of his own doubts about any Ethereum ETF approvals receiving approval in the current year. 