Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Spot Ethereum ETFs $1B Debut: The debut of U.S.-listed spot Ethereum ETFs saw a combined trading volume of $1.08 billion on its first day, about 23% of the trading volume of spot Bitcoin ETFs on their debut.

2. dYdX v3 Compromised?: The website for crypto exchange dYdX’s version 3.0 was compromised in a DNS attack, prompting the team to warn users against visiting the site.

3.  📈Technical Analysis Masterclass - Our technical analysis expert is bullish on Bitcoin due to a combination of technical and fundamental factors. Catch this opportunity by watching UseTheBitcoin’s latest Youtube video “The Top Reasons Why I'm Buying Bitcoin Now! (BTC)” or join our Official Discord Channel for more alpha!

4. Kraken Returns Bitcoin to Mt. Gox Customers: Kraken has successfully distributed Bitcoin and Bitcoin Cash to customers affected by the Mt. Gox hack a decade ago. Kraken was one of five exchanges tasked with returning funds to the 127,000 creditors impacted by the hack.

5. 💡Feature of the Day - Bitwise Pledge to Ethereum Devs: Bitwise pledged to donate 10% of its profits from its spot Ether ETF to Ethereum developers, supporting the Protocol Guild and the PBS Foundation.

   
   All this and more in today’s headlines!

📰 News Highlights:

Spot Ethereum ETFs $1B Debut [Source][Source]

The debut of United States-listed spot Ethereum exchange-traded funds (ETFs) generated a staggering $1.08 billion in cumulative trading volume on its first day. This figure, roughly 23% of the trading volume seen on the opening day of spot Bitcoin ETFs, highlights the strong interest in these new financial products.

Among the various ETFs, Grayscale's Ethereum Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA) led the way, with volumes of $458 million and $248.7 million, respectively.

ETF analyst Eric Balchunas described the $625 million in trading volume from new products, excluding Grayscale's ETHE, as "healthy" and expects a substantial portion of this will convert to inflows.

Fidelity, 21Shares, Bitwise, Franklin, and VanEck have temporarily waived fees for their ETFs to attract initial investments. BlackRock is offering a discounted fee for its first year or until the fund reaches a $2.5 billion asset threshold.

dYdX v3 Compromised? [Source][Source]

The website for crypto exchange dYdX’s version 3.0 was compromised in a DNS attack, prompting warnings from the team not to visit the site or click any links until further notice.

Although the smart contracts and funds remain secure, the attack targeted the user interface, potentially exposing users to token-draining scams. The version 4.0 on Cosmos was unaffected and continues to function normally.

This attack is part of a growing trend of DNS hijacking in the Web3 space, with previous incidents involving Compound Finance and Celer Network.

 📈Technical Analysis Masterclass:

The Top Reasons Why I'm Buying Bitcoin Now! (BTC)

1. Fibonacci Retracement

• Golden Ratio Zone: Currently, Bitcoin is within the golden ratio of the Fibonacci retracement, indicating a strong potential for a price bounce.

• Price Dip Potential: The price might dip further to around $65,300 or $65,200, still within the golden ratio, suggesting a continuation of the bullish trend.

• Risk Management: A stop loss is set just below the Fibonacci retracement level to limit potential losses if the trend does not hold.

2. Imbalance Orders on the 4-Hour Timeframe

• Technical Setup: Visible imbalance orders on the 4-hour timeframe suggest that prices often move to fill these gaps before making significant moves higher.

• Upward Momentum: This setup supports the potential for Bitcoin to experience upward momentum as it seeks to balance these orders.

3. Strong Support at $65,000

• Key Support Level: Bitcoin is currently at a strong support level around $65,000, historically acting as a floor preventing further price declines.

• Price Rebound: Being at this key level increases the likelihood of a price rebound.

4. Trump’s Attendance at the Bitcoin Conference

• High-Profile Endorsement: Former President Donald Trump's attendance at the Bitcoin conference in Nashville from July 25-27 has generated significant excitement.

• Market Sentiment: Such high-profile endorsements can positively impact market sentiment and price action.

5. Larry Fink’s Endorsement

• Influential Support: Larry Fink, chairman and CEO of BlackRock, has recently acknowledged Bitcoin as "digital gold" after years of skepticism.

• Credibility Boost: Endorsements from influential figures like Fink and Trump add credibility and optimism to the cryptocurrency market.

Kraken Returns Bitcoin to Mt. Gox Customers [Source][Source]

In a significant development in the long-running Mt. Gox saga, Kraken has successfully distributed Bitcoin and Bitcoin Cash to customers affected by the infamous hack a decade ago.

Kraken CEO Dave Ripley announced that the exchange has fulfilled its duty to return funds to clients, marking one of the final chapters in resolving the fallout from the 2014 collapse of the Japanese exchange.

Kraken was one of five exchanges tasked with returning funds to the 127,000 creditors impacted by the hack. Although the exact amount returned by Kraken has not been disclosed, the Mt. Gox estate is moving substantial amounts of Bitcoin, with reports of $340 million directed to addresses owned by Bitstamp.

The total assets held by the Mt. Gox estate still include approximately 85,234 BTC, valued at $5.7 billion.

💡 Feature of the Day:

Bitwise Pledge to Ethereum Devs [Source][Source][Source]

As Bitwise launches its spot Ether ETF, it has pledged to donate 10% of its profits to Ethereum developers. This move, announced on the first trading day of the ETFs, aims to support the core contributors of the Ethereum ecosystem.

The donations will go to the Protocol Guild and the PBS Foundation, both of which play critical roles in the research, development, and decentralization of the Ethereum protocol.

By pledging 10% of its profits, Bitwise aims to ensure the continued advancement of Ethereum, benefiting all investors in its ETF. This transparency is further enhanced by Bitwise's commitment to publishing the wallet addresses of its holdings, allowing investors to verify the fund's assets directly on the blockchain.

This initiative follows Bitwise’s similar commitment to Bitcoin development, where it pledged 10% of profits from its Bitcoin ETF to open-source projects.

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com