TL;DR

• The U.S. Ethereum spot ETF saw a total net outflow of $169.4 million this week.

• Grayscale ETHE outflows have decreased by roughly 80% this week.

• The open interest in ETH contracts network-wide has climbed to $13.115 billion.

• A spokesperson for the Harris campaign stated that Harris intends to proceed with the planned debate on ABC on September 10.

• 10x Research suggests that if the U.S. economy worsens, Bitcoin might drop below $50,000.

• The Bitcoin Reserve Bill has been officially introduced to Congress and referred to the Senate Banking Committee for review.

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Alpha of the Day

U.S. Ethereum Spot ETF: Net Outflows Galore

The U.S. Ethereum spot ETF has had a rough week, with investors pulling out a whopping $169.4 million. It's like everyone decided to take a collective break from ETH, maybe to buy themselves something nice or perhaps just to panic in unison. Either way, the outflow tsunami suggests that traders are either spooked or just playing musical chairs with their investments. The ETF’s managers are probably sweating bullets, hoping for a reversal next week. Until then, it’s a roller coaster of emotions for everyone involved.

Grayscale ETHE: The Outflows Slow Down

In a surprising twist, Grayscale ETHE outflows have plummeted by about 80% this week. It’s like everyone suddenly remembered they left their wallets in the ETH closet and decided to chill. This dramatic decrease in outflows suggests that maybe, just maybe, investors are starting to feel a bit more confident about their ETH holdings. Or perhaps they’re just too exhausted to keep selling. Either way, it’s a tiny beacon of hope in an otherwise tumultuous crypto sea.

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ETH Contracts: Open Interest Skyrockets

The open interest in ETH contracts across the network has soared to a staggering $13.115 billion. It’s as if every trader out there has suddenly developed a serious crush on ETH contracts. This spike indicates a surge in trading activity and speculation, with everyone and their dog wanting a piece of the ETH action. It’s a wild ride for sure, with traders betting big and hoping their crystal balls are accurately predicting the next market move.

Harris Campaign: Debate Drama

A spokesperson for the Harris campaign has confirmed that Harris is sticking to her guns and plans to participate in the ABC debate on September 10. It’s like the political version of a heavyweight boxing match, and Harris is ready to throw some serious punches. Her team seems determined to keep this date despite any hurdles, possibly envisioning a dramatic showdown that will have viewers glued to their screens. Popcorn, anyone?

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10x Research: Bitcoin's Potential Plummet

According to 10x Research, if the U.S. economy takes a nosedive, Bitcoin could drop below $50,000. It’s like predicting rain on your parade – just when you thought Bitcoin was the safest haven, here comes the economic storm cloud. The report hints that BTC isn’t completely immune to broader economic woes, and investors might need to buckle up for a bumpy ride. Keep those fingers crossed and hope for sunnier economic skies!

Bitcoin Reserve Bill: Hitting Congress

The Bitcoin Reserve Bill has officially been introduced to Congress and is now in the hands of the Senate Banking Committee. It’s like a thrilling new chapter in the never-ending crypto saga, with lawmakers now debating whether to officially embrace BTC reserves. The bill’s journey through the legislative maze will be one to watch, as it could mark a significant shift in how the U.S. handles its Bitcoin strategy. Stay tuned, folks, this one’s going to be interesting!

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