Ethereum ETFs Hit 5% Supply Milestone: Key Updates

The Daily: The latest newsletter from The Block focuses on major developments in cryptocurrency. **U.S. Ethereum ETFs Achieve 5% ETH Supply** U.S.-listed spot Ethereum exchange-traded funds (ETFs) have crossed a notable threshold, now holding 5.08% of the total ETH supply. This equates to 6.3 million ETH, valued at approximately $26.7 billion as per data from The Block. Despite a significant net outflow of $196.6 million on Monday—the second-highest daily outflow recorded—these ETFs have accumulated $3.7 billion in net inflows over the past nine sessions. Remarkably, just last week, the inflow was $2.85 billion, a sharp increase from $325.8 million the previous week. Additionally, Coinbase reports that crypto treasuries now control over 2% of the ETH supply, highlighting institutional confidence in Ethereum’s value. **Sen. Scott Blames Warren for Crypto Bill Delays** Senator Tim Scott is advocating for a comprehensive crypto market structure bill by September 30, pointing fingers at Senator Elizabeth Warren for obstructing bipartisan support. Speaking at the Wyoming Blockchain Symposium, Scott aims to rally 12–18 Democratic votes, accusing Warren—a noted crypto skeptic—of discouraging her peers. Although stablecoin legislation has progressed more smoothly, discussions around market structure remain contentious, with Warren critiquing the proposal as an “industry handout” that could undermine financial safeguards. **Thumzup to Acquire Dogecoin and Litecoin Miner** Thumzup, a social media marketing company with a new focus on crypto assets, is acquiring Dogehash Technologies, a miner for Dogecoin and Litecoin, in an all-stock transaction. This deal involves issuing 30.7 million shares of Thumzup to Dogehash shareholders, resulting in a new company named Dogehash Technologies Holdings, which will be listed on Nasdaq as “XDOG.” The transaction is expected to close by year-end. Thumzup recently raised $50 million to acquire various crypto assets, with Donald Trump Jr. as a notable shareholder, further linking the Trump family to the crypto sector. **Bernstein Predicts Extended Crypto Bull Market** Financial analysts at Bernstein have suggested that the current crypto bull market might prolong until 2027, moving beyond the usual four-year cycle. Driving this outlook are U.S. policy trends, institutional backing, and a broader participant base beyond Bitcoin. Their recent projections maintain price targets for leaders in the sector, including Coinbase ($510), Robinhood ($160), and Circle ($230), while forecasting Bitcoin could soar to $150K–$200K in the coming year. **Valantis Acquires StakedHYPE** Valantis, a modular decentralized exchange protocol, has acquired StakedHYPE, the second-largest liquid staking platform on Hyperliquid’s HyperEVM chain. This move enhances Valantis’s capacity in liquid staking technology, with Addison Spiegel (founder of Thunderhead, the driving entity behind StakedHYPE) joining as an advisor. Following the acquisition, Valantis aims to deepen integration of StakedHYPE into its infrastructure, boosting liquidity and efficiency in LST trading. The complete details of the financial agreement remain undisclosed, although the deal has now closed. **Upcoming Events** In the next 24 hours, the Federal Reserve will release minutes from its July policy meeting, while the U.K. will announce its July consumer price index (CPI) inflation figures. Stay updated on the most significant happenings in the digital asset realm with The Block’s daily digest.