Crypto Scoop: Double Win for Crypto as ARK Invest and Ripple Hit Major Milestones

This week, the crypto space was a bit divided between the highs and the lows. A lot happened quickly, from Ark Invest’s Spot Ether ETF filling to the persistent crypto bear market. 

In this edition of the Crypto Scoop, we will provide you with the latest updates on the following:

• Price moves of top cryptocurrencies 
• Buterin Isn't Holding Back with the Sales of All His MakerDAO Tokens 
• Battle of the Executives as Gala Games Co-founders Fight Each Other 
• Ripple Hit Some Positives
• Solana Redemption In Sight with New Inflow Data 
• Cathie Wood's ARK Invest files for the first US Spot Ethereum ETF

Price moves of top cryptocurrencies

After making an incredible rally to the $28k price level after the Grayscale win against the SEC, Bitcoin’s price took a decline. The apex cryptocurrency's trajectory depends on the macro environment for its pump lately. The SEC approving the spot Bitcoin ETFs seems like the significant hope of the top cryptocurrency to enter into a full-fledged bull rally. 

At the time of writing, Bitcoin price is around the $25.7k level. Other altcoins have followed the price movements of Bitcoin. Ethereum is down in the $1.6k range, XRP at $0.50, ADA at $0.25, and the Solana token at $19. 

According to a report by Coindesk, digital assets data provider CCData, crypto trade on the spot market is at its lowest level since March 2019, shedding some light on the market's slumber. Spot trading volume on centralised exchanges fell 7.78% in August to $475 billion, while derivatives volume fell more than 12% to $1.62 trillion, the second-lowest since 2021. 

On the bright side, according to Glassnode, the use of bitcoin margins as collateral for futures contracts has increased and now accounts for 33% of total futures open interest, up from 20% in July. This shows confidence in bitcoin and its place as the apex digital currency.

Buterin Isn't Holding Back with the Sales of All His MakerDAO Tokens 

MakerDAO recently announced they will be moving away from the Ethereum network. They claim they want to create their independent blockchain for the Maker ecosystem. However, the developers want to use Solana Codebase to start this journey. 

This coincided when Ethereum co-founder Vitalik Buterin sold many of his MakerDAO token holdings.  According to Coinmarketcap, he cashed out all his 500 $MKR tokens in exchange for 350 ETH.

Battle of the Executives as Gala Games Co-founders Fight Each Other 

It is a new hell of a rumble for Gala Games after two executives faced each other at the law court. Gala Games’ leadership, including CEO Eric Schiermeyer and co-founder Wright Thurston, are in court for issues regarding the mismanagement of many GALA tokens. 

According to the CEO of Gala Games, Schiermeyer, the company's co-founder, made away with about $130 million in GALA tokens illegally. Through their CEO, Gala Games says the co-founder "was able to exchange, hide or sell approximately $130,000,000 worth of the stolen GALA before Gala Games could stop him." 

On the other hand, the Co-founder made his counter-allegations, saying that the CEO and his cohorts were involved in many illegal burning of GALA tokens. In an official press statement, the company tried to distance the company from the issue of the founders and reassured everything that all would be well.

Ripple Hit Some Positives

September saw a surge in daily on-chain transaction numbers, single-day tokens circulation, and development activities, ushering in a triumphant mood for XRP. 

On September 1, XRP reached a 7-month high in daily transaction volumes, with 4.8 billion tokens changing wallets. This is the second-highest daily transaction volume of the year, and it is a huge step forward.

Additionally, Ripple announced on Twitter (X) that it is looking to push 2 new updates for its blockchain Ripple (XRPL) to improve trading and asset integration experiences.

Solana Redemption In Sight with New Inflow Data 

According to a September 4th fund flows weekly report by CoinShares, the Solana ecosystem might be having the best time this year. It might not reflect on the price, but Solana is strongly building solid fundamentals according to new data. 

The token saw some of the largest amounts of inflows this year. Even bigger than Bitcoin and Ethereum. Solana's year-to-date (YTD) inflows from institutional investors have surged to $26 million. Compared to Bitcoin, the apex cryptocurrency is only around $3.8 million inflow. 

Cathie Wood's ARK Invest files for the first US Spot Ethereum ETF

Cathie Wood's Ark Invest and 21Shares has requested approval to launch the first spot Ethereum ETF in the United States called the ARK 21Shares Ethereum ETF. Whalewire shared a snapshot of the filling in a tweet on its handle on Twitter (X).

According to Decrypt, Ark Invest listed Coinbase as a custodian in its application, indicating that the cryptocurrency exchange would keep the Ethereum used to support the ETF shares.