Most successful ETFs in history 69-day streak 🔥🔥

Welcome back to Web3 Creator – quick-hitting alpha for the crypto degens.  Here's what we got for you today:

• $IBIT inflow streak is currently at 69 DAYS

• Hedera’s HBAR token soars 96% mistakenly

• Grayscale files to launch lower-fee ETF alternative

• News from the decentralized world 🗺️

• A peekaboo into Bitcoin history 

• Tweet of the week 🐤

• Meme of the week 🤡

• Degen of the week 🤠

Let’s dive in!

BlackRock’s bitcoin ETF could become one of the most successful ETFs in history if it hits 70 days of inflows

You know what's really interesting? Well, after 5 straight days of outflows from spot bitcoin ETFs, on Friday they finally saw some inflows to the tune of $59.7 million worth of bitcoin!

Now, at the same time, the massive Grayscale Bitcoin Trust (GBTC) that holds a huge stash of actual bitcoins is teetering on the edge of dipping below 300,000 BTC in its holdings. As of Monday, it was down to just 304,970 bitcoins.

It's pretty wild when you look at the top 5 spot bitcoin ETF products - that's GBTC, BlackRock's IBIT, Fidelity's FBTC, Ark Invest's ARKB, and Bitwise's BITB. 

Together they control over 4% of the total bitcoin supply currently circulating! 

Speaking of $IBIT - it's about to hit a 70-day streak of consecutive inflows and BTC accumulation, highlighting investor confidence despite the recent Bitcoin halving.

The halving cutting miners' rewards is supposed to be massively bullish long-term by constraining supply. But so far price hasn't exploded. 

Some analysts think we could see that big run-up 9-12 months from now as the ETF demand starts squeezing available supply while fewer new bitcoins hit the market.

The halving aftershock could get interesting if they keep hoarding…

^{Together with Kraken}

Why liquidity is an important metric in crypto markets 

Trading volume can be misleading, but liquidity directly affects your trading experience. While volume may be easily manipulated, liquidity ensures smooth execution of trades without impacting market prices. Discover how Kraken monitors six key metrics like spread, depth, and order book stability to maintain a resilient marketplace.

Click to read more and get started with Kraken's robust platform.

Hedera’s HBAR token soars 96% on misinterpreted BlackRock announcement

Oof, did the Hedera HBAR token just get caught up in a crazy misunderstanding or what?

So here's what went down:

The HBAR Foundation announced that one of BlackRock's money market funds worth over $22 billion had been tokenized on the Hedera blockchain. 

Sounds like a pretty big deal, right?

Well, crypto influencers with massive followings on X took this announcement and ran with it. They were sharing it like BlackRock itself had directly partnered with Hedera or was actively involved in moving this fund onto their blockchain.

But apparently, that wasn't the full story at all! 

Some projects called Archax and Ownera had actually tokenized BlackRock's fund on Hedera's network, but BlackRock was just "aware" of it happening - not an active participant.

The way the HBAR Foundation framed the initial announcement made it really seem like a legitimate partnership between Hedera, Archax, Ownera, and BlackRock itself. 

No wonder it caused such a frenzy!

Despite the misunderstanding, the HBAR token pumped a whopping 96% over the 24 hours, hitting a 2-year high price-wise according to CoinGecko. 

Though it's still down significantly from its all-time high a couple of years ago.

Some people are calling out the HBAR Foundation hard for the misleading announcement. While others are saying all parties involved were aware of what was happening, even if BlackRock wasn't directly involved.

It was just one massively hyped-up case of misunderstood information in crypto. Always DYOR, my degens.

Grayscale files to launch lower-fee ETF alternative

Grayscale Investments filed an S-3 registration statement with the SEC to list shares of its Grayscale Ethereum Trust under the ticker ETHE, a step towards converting it into a spot Ethereum ETF.

The NYSE Arca had previously filed for the Ethereum Trust to trade on its exchange, laying the groundwork for this move by Grayscale.

• Grayscale also announced plans to launch a new "Grayscale Ethereum Mini Trust" under the proposed ticker ETH, which would be a lower-fee alternative spot Ethereum ETF product.

• The Ethereum Mini Trust would be created through a spin-off and distribution from the existing Grayscale Ethereum Trust.

• Grayscale believes approval of the Mini Trust would benefit existing ETHE shareholders by giving them the same Ethereum exposure but with a lower blended fee across both products.

You can really see Grayscale's master plan here - get the big Ethereum Trust approved as an ETF to appeal to larger investors. But also gives cost-conscious individuals a cheaper Ethereum ETF alternative to buy. Covering all their bases.

News from the decentralized world 🗺️

• Upbit, South Korea’s largest exchange, listed AKT, the native token of the Akash ecosystem, which caused the token to pump over 60%. [Link]

• Coinbase has listed PEPE perps, further legitimizing memecoin trading. [Link]

• 2 SEC attorneys resign after a federal judge sanctioned the agency for misconduct in a crypto case against a firm called DEBT Box. [Link]

• Binance founder Changpeng Zhao faces a potential three-year jail term. [Link]

• Philippines SEC orders Apple and Google to remove Binance from app stores [Link]

• Bitcoin outperforms Tesla stock for the first time since 2019 [Link]

• Cosmos patches ‘critical’ IBC protocol bug, saving $126M [Link]

• Wallets linked to Coinbase and Vitalik Buterin have millions ‘stuck’ in bridge contracts [Link]

• PayPal Proposes Crypto Rewards to Accelerate Sustainable Bitcoin Mining [Link]

A Peekaboo into Bitcoin history 

In the mysterious world of Bitcoin's origins, a glimpse into the past reveals the creator's farewell. 

Satoshi Nakamoto, the pseudonymous inventor of Bitcoin, sent their last known communication to the cryptocurrency's first devs on April 23, 2011, to be exact. 

In this final exchange, Nakamoto expressed hope for the continued development of alternative clients and acknowledged handing over the reins to Gavin Andresen and others, stating, "I've moved on to other things. It's in good hands with Gavin and everyone."

This email exchange is like a little peekaboo moment into the origins of Bitcoin, the white paper laid the foundation for what has now become a $1.3 trillion asset.

Satoshi's identity is still unknown to this day. So these final words from the real Satoshi remain one of the only concrete insights we have into Bitcoin's birth and the person behind it all.

Tweet of the week 🐤

Degen of the week 🤠

Meme of the week 🤡

That’s a wrap! We’ll see you next week for more.

Enjoy the newsletter? Please forward to a pal. It only takes 18 seconds.