Ethereum shines, Bitcoin ETF 'bleeds' 1 billion USD - A new wave of IPOs in crypto

The dovish speech of Fed Chairman Jerome Powell at Jackson Hole triggered a strong rally in both the stock and crypto markets. Many cryptocurrency-related stocks surged by 8–15%, led by companies holding Ethereum and the Bitcoin mining group.

🔹 Ethereum returns to the spotlight: Fund #Ethereum saw a net inflow of 288 million USD in just one day, in stark contrast to the Bitcoin ETF - which has recorded a total of 1 billion USD in net outflows over a continuous 5-day period. Funds and businesses related to infrastructure, DeFi, and Web3 have all outperformed Bitcoin in the past week.

🔹 Crypto stocks explode: Coinbase rose by 6%, mining equipment manufacturer Canaan increased by 12%, while miners such as Riot Platforms and Iris Energy grew by 7.7% and 9.3%, respectively. Notably, the two largest holders of Ethereum, BitMine Immersion and SharpLink, recorded increases of 12% and 15.6%, respectively.

🔹 #IPO has appeared: Figure Technologies - a blockchain-based lending company Provenance, which has processed over 16 billion USD in real estate loans - has officially filed for an IPO. Figure currently holds over 70% of the tokenized private credit market share in the US.

Meanwhile, Nasdaq has just delisted Windtree Therapeutics for not meeting stock price standards, while miner Bitdeer confirmed it will produce mining machines in the US to avoid import taxes.

👉 Capital is pivoting: Ethereum and blockchain businesses are emerging, while the Bitcoin ETF continues to face redemption pressure.

Source: #Decrypt