A Week in Review: VanEck and 21Shares amend ETF filings， & Other news

Your weekly roundup of the 🔥hottest news in\xa0crypto

July 7\xa0- 13

#1

VanEck and 21Shares send amended Ether ETF filings to SEC

Asset managers VanEck and 21Sharesamended their S-1 formsfor their prospective Ethereum exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission on July 8. While a specific launch date was not given in either of the amended filings, experts suggested a July launch window for the Ethereum ETFs.

#2.

Goldman Sachs to launch 3 new tokenization products this year: Report

Goldman Sachs is getting ready to launchthree tokenized productsthis year for the United States and European markets. Matthew McDermot, Goldman's global head of digital assets, explained that Goldman has plans to create an institutionally focused marketplace for the exchange of tokenized real-world assets (RWA), though details on the plans remain scant. The investment bank is just one of the latest institutions to show interest in the growing RWA tokenization industry in the United States.

#3.

Bitcoin transfer costs fall to 2020 lows

The average Bitcoin transfer feedropped to 2020 lowson July 7, when the metric hit \\$38.69. This quantitative measurement is determined by dividing miner profits by the total transactions successfully posted to the blockchain. According to recent data from CryptoQuant, the Bitcoin hashrate drawdown also reached December 2022 levels in July, suggesting that mining operations are capitulating.

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#4 Prediction of the week

Bitcoin price faces major ‘summer of 2021’ style correction despite BTC whale buying

Bitcoin may be in for aSummer 2021-style correction, according to a recent report from CryptoQuant. Analysis of the Profit & Loss metric reveals the index is sticking close to its 365-day moving average.

This suggests a potential return to the downside despite whales continuing to accumulate the coin in the face of selling pressure from the German government and the Mt. Gox reimbursement plan.

CryptoQuant's Bull-Bear indicator also shows signs of breaking below the neutral line, suggesting that bears are gaining control of the market, and portending a steeper correction.

Moreover, Bitcoin's price continues to trade under or around the 200-day simple moving average — yet another sign of Bitcoin's current price weakness.

#5 FUD of the week

Paxful co-founder Schaback faces 5 years jail, admits AML failure

Paxful co-founder and former chief technology officer Artur Schaback now facesfive years behind barsafter the entrepreneur accepted a plea deal with the United States Department of Justice. Schaback pleaded guilty to a failure to comply with Anti-Money Laundering regulations and implementing Know Your Customer provisions. Schaback will also pay \\$5 million in fines and step down from Paxos’ board of directors. Schaback's sentencing is set for November 4, 2024.

#6 FUD of the week
Compound Finance site potentially breached — ZachXBT

On July 11, 2024, pseudonymous on-chain sleuth ZackXBTwarned usersthat Compound Finance's website suffered a breach. According to the blockchain detective, visitors to Compound's website are being redirected to a phishing site that poses a high-security risk. The website exploit has since been confirmed by a member of the Compound Finance team, who warned users to stay away from the site for the time being.

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