U.S. Spot Bitcoin ETFs Log $61.3M Inflows; EIGEN Launches at $4.05: News of October 1, 2024

US spot bitcoin ETFs extend inflows streak to eight days, logging $61.3 million on Monday

U.S. spot bitcoin exchange-traded funds recorded $61.3 million in net inflows on Monday, extending their streak of positive flows to eight days.

BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, saw $72.15 million flow into the product, according to SosoValue data. Fidelity’s FBTC reported net inflows of $8.32 million. 

Ark and 21Shares’ ARKB experienced $9.5 million in net outflows on Monday after logging significant inflows of $203.07 million last Friday. Bitwise’s BITB saw $9.67 million in daily net outflows. 

Grayscale’s GBTC logged zero flows on Monday after recording rare daily inflows of $26.15 million on Friday. The seven other spot bitcoin ETFs also reported zero flows.

The total trading volume of these 12 ETFs shrank to $1.37 billion on Monday, down from $1.87 billion on Friday

Ethereum gas fees rose 498% in two weeks as network activity surged

 Ethereum network transaction fees have risen significantly over the last two weeks following a surge in onchain activity, according to Coinbase.

Coinbase’s weekly report, published on Sept. 27, notes that the average Ethereum gas fees between Sept. 16 and Sept. 26 were 498% higher than the monthly average, with the median transaction cost rising from $0.09 at the beginning of the month to $1.69. 

Grayscale Opens Its Decentralized AI Fund to Selected Investors

Grayscale Decentralized AI Fund LLC, which was previously available only through private placement, has now expanded its offerings to accredited investors, providing access to a diversified selection of tokens from leading decentralized AI and blockchain projects. This allows eligible investors to gain exposure to AI-powered protocols without the need to directly purchase or manage digital currencies. Instead, they hold shares that represent the value of the fund's underlying assets.

The fund's shares are designed to reflect the value of the digital assets in its portfolio, based on specific reference rates and weightings, minus any fees or expenses. These digital assets are selected through a methodology employed by the fund’s manager, and the portfolio is periodically rebalanced to maintain its strategy, according to the details shared on the fund’s website.

This structure enables investors to participate in the decentralized AI space through securities, bypassing the technical challenges and risks of handling cryptocurrency directly.

Solana Overtakes Ethereum in 7-Day On-Chain Volume

Solana has surpassed Ethereum in on-chain transaction volume over the past week, marking a significant shift in the blockchain space. Known for its fast, low-cost transactions, Solana's growing network has gained traction, outpacing Ethereum, which continues to face higher fees and slower speeds.

EIGEN Token Launches, Begins Trading at $4.05

EIGEN officially went live for trading last night, opening this morning at $4.05 with a fully diluted valuation (FDV) of $6.8 billion. The much-anticipated token launch marks a significant moment for the project, as it begins its journey on the open market.