The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Tuesday! While a dovish surprise from the Fed tomorrow could provide a short-term boost, bitcoin will likely continue consolidating in the absence of clear catalysts, 21Shares Crypto Research Strategist Matt Mena told The Block.
In today's newsletter, U.S. spot Bitcoin ETFs register their largest daily net inflows in six weeks, Solana retracts a controversial ad following a community backlash, Cronos is set to reissue 70 billion previously burned CRO tokens and more.
Meanwhile, GLIF protocol launched its governance token, distributing 94 million GLF in an airdrop, as it seeks to expand beyond Filecoin.
Let's get started.
U.S. spot Bitcoin ETFs recorded $274.6 million worth of net inflows on Monday to post the largest daily figure in six weeks.
Solana removed a video ad designed to promote its upcoming Accelerate conference within hours of posting it to social media on Monday after facing backlash from the crypto community, though copies continue to circulate on X.
A governance proposal by Cronos, a Layer 1 blockchain from crypto exchange Crypto.com, to reissue 70 billion CRO tokens previously burned in 2021, was approved on Monday, returning the total supply from 30 billion to its original cap of 100 billion.
Web3 workflow protocol developer Halliday has raised $20 million in a Series A round led by a16z crypto.
While some have suggested the crypto market has already peaked, analysts at Bernstein argue that the current cycle is "still in its early stages" and has "multiple legs to run further" amid a more crypto-friendly U.S. regulatory backdrop.
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Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
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