BlackRock's Ether ETF Sees Surge

CRYPTO
BlackRock's Ether ETF Sees Surge

BlackRock’s spot Ether ETF recently saw a substantial inflow of $60.3 million on November 8, marking the largest single-day inflow for the fund in 94 days. This influx arrives amid a notable price rally for Ether (ETH), which recently reached close to the $3,000 mark, its highest level since August. BlackRock’s iShares Ethereum Trust ETF (ETHA) saw its last major inflow on August 6, when it drew in $109.9 million, according to Farside data.

The timing of this surge aligns with Ether’s price gains over the past week, which have been the strongest since May 2024. Traders are linking these inflows and price activity partly to Donald Trump’s recent presidential victory, which some speculate could impact market sentiment. Alongside ETHA’s inflows, other Ethereum ETFs saw increased interest, with Fidelity’s fund gaining $18.4 million, VanEck’s receiving $4.3 million, and Bitwise’s collecting $3.4 million in the same timeframe.

Meanwhile, Ether has outperformed Bitcoin (BTC) over the past week, sparking discussions around a possible ETH/BTC trend reversal. The ETH/BTC chart shows a 6% increase, and market analysts, including Into The Cryptoverse’s Benjamin Cowen, have suggested that ETH may be hitting a bottom against BTC, setting the stage for a potential altcoin rally.
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ELON MUSK
Musk’s Wealth Surges Past $300B

Elon Musk's net worth has soared past $300 billion, hitting a record $313.7 billion, Bloomberg reports, as optimism builds around Donald Trump’s presidential victory. Investors are betting that Trump’s policies will favor Musk’s companies, especially Tesla and SpaceX. The president-elect has expressed interest in supporting Musk’s vision, from green energy projects to SpaceX’s Mars missions, while hinting at a possible role for Musk in his administration. Trump’s proposed ban on self-driving Chinese electric vehicles, a Tesla competitor, has further fueled investor confidence.

This week alone, Tesla’s stock surged 28%, driving much of Musk’s $50 billion wealth increase. Musk has shown substantial support for Trump, contributing over $130 million to his campaign and appearing at rallies. His support has extended to high-stakes voter engagement efforts, sparking legal challenges. Investors see potential regulatory ease and faster government contracts, but questions remain about the longevity of Musk's relationship with Trump if political dynamics shift.
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CRYPTO
Crypto Ceo Freed After Ransom

WonderFi CEO Dean Skurka was safely released after being kidnapped in Toronto and held for a $1 million Canadian dollar ransom (approximately $720,660 USD). Skurka, the head of Canada’s largest regulated crypto company, was abducted during downtown rush hour, forced into a vehicle by unknown suspects who demanded a substantial ransom. After the payment was made electronically, Skurka was dropped off in a park outside the city.

In a statement, Skurka assured that WonderFi’s client funds and data remain secure, adding that employee safety is a top priority. Toronto police have launched an investigation, though no arrests have been confirmed.

The abduction took place on the same day WonderFi released its third-quarter earnings report, which showed a 153% revenue increase year-over-year. This incident highlights a troubling rise in attacks on crypto executives and holders, as criminals target digital asset figures for untraceable payments. Such cases include a recent crypto extortion ring in Thailand and a high-profile murder in Ukraine tied to cryptocurrency theft.
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SAM ALTMAN
Sam Altman Acquires "Chat.com" Domain

OpenAI CEO Sam Altman appears to have made a hefty investment, potentially worth over $15 million, to acquire the URL "chat.com" for ChatGPT. On Wednesday, Altman tweeted the four-letter URL, which now serves as the new online home for OpenAI’s popular AI tool.

The domain previously belonged to Dharmesh Shah, HubSpot's cofounder, who initially acquired it for an “8-figure sum,” noting it as his most expensive domain transaction. Shah believed in the future of chat-based software and had expressed openness to selling the domain if the right buyer came along.

Shortly after Altman’s tweet, Shah confirmed that OpenAI had indeed purchased "chat.com." While Shah didn’t disclose the exact sale price, he hinted in a humorous, ChatGPT-style post that he didn’t profit from the sale, possibly taking OpenAI shares instead. Shah also mentioned using $250,000 from the sale to donate to Khan Academy, further emphasizing his support for educational initiatives.
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Word of the day
Hyponym

A term that denotes a subcategory of a more general class

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