The highly anticipated launch of spot Ether exchange-traded funds (ETFs) drew in a net inflow of $106.7 million and a total trading volume of over $1 billion on day one, with the figure significantly behind the $4.5 billion seen for spot Bitcoin ETFs in January on their debut, with only $600 million of that volume representing inflows.

A decade after the collapse of the once-dominant cryptocurrency exchange Mt. Gox, its creditors have now started receiving their Bitcoin and Bitcoin Cash back, with Kraken recently announcing it “successfully distributed” its users’ BTC and BCH.

Nasdaq-listed cryptocurrency exchange Coinbase is asking a New York court to order the U.S. Securities and Exchange Commission (SEC) to hand over documents related to Chair Gary Gensler’s internal communications.

Top stories in the Crypto Roundup today:

• Spot Ether ETFs Debut With $1 Billion Trading Volume
• Kraken Distributes Bitcoin and Bitcoin Cash to Mt. Gox Creditors
• Coinbase Seeks Gary Gensler’s Communications in SEC Lawsuit

Spot Ether ETFs Debut With $1 Billion Trading Volume

The highly anticipated launch of spot Ether exchange-traded funds (ETFs) drew in a net inflow of $106.7 million and a total trading volume of over $1 billion on day one, with the figure significantly behind the $4.5 billion seen for spot Bitcoin ETFs in January on their debut, with only $600 million of that volume representing inflows.

BlackRock’s iShares Ethereum Trust ETF captured $266.5 million in net inflows, followed by Bitwise’s Ethereum ETF with $204 million. A significant portion of the overall trading volume — $484 million — represented outflows from Grayscale’s Ethereum Trust, a precursor to the ETF.

Experts expect spot Ether ETFs to attract between 20% of the flows spot Bitcoin ETFs saw in their first few months. For now, none of the approved spot Ether ETFs will be able to stake the Ether they hold.

Kraken Distributes Bitcoin and Bitcoin Cash to Mt. Gox Creditors

A decade after the collapse of the once-dominant cryptocurrency exchange Mt. Gox, its creditors have now started receiving their Bitcoin and Bitcoin Cash back, with Kraken recently announcing it “successfully distributed” its users’ BTC and BCH.

Kraken CEO Dave Ripley noted on social media that it has been nearly a decade since the exchange was selected by the Trustee to “facilitate the investigation and return of client funds,” adding this was the firm’s “privilege and it was our duty.”

Kraken is one of the five cryptocurrency exchanges tasked with returning billions of dollars in Bitcoin and Bitcoin Cash to Mt. Gox’s 127,000 creditors, which are awaiting an estimated $7 billion worth of cryptocurrency and cash distributions.

Bitstamp, SBI VC Trade, Bitbank, and Coincheck have also been tasked with handling a portion of these funds, though their timeline for payouts to customers remains uncertain.

A recent analysis by blockchain firm Arkham Intelligence revealed that Mt. Gox has moved $2.85 billion worth of Bitcoin to new wallets, with a substantial chunk moving to address associated with Bitstamp. Mt. Gox still holds a substantial Bitcoin reserve valued at approximately $5.7 billion.

Coinbase Seeks Gary Gensler’s Communications in SEC Lawsuit

Nasdaq-listed cryptocurrency exchange Coinbase is asking a New York court to order the U.S. Securities and Exchange Commission (SEC) to hand over documents related to Chair Gary Gensler’s internal communications.

The exchange filed a motion to compel the regulator to provide documents it says are at the heart of its legal battle with the agency. Per Coinbase, years before the SEC sued Coinbase, its staff met with crypto industry players and posted public statements and guidance on crypto regulation.

Coinbase argued these documents “bear directly on the SEC’s claims and on Coinbase’s fair notice defense,” adding the regulator “refuses to search any documents outside of a self-selected group of Enforcement Division investigatory files. And it refuses a produce-or-log protocol for any custodian email searches.”

The regulator sued Coinbase last year for operating without registering, with the lawsuit having now entered the discovery process. In it, Coinbase is asking the court to compel the agency to reveal documents related to the tokens included in its complaint, documents on the SEC’s deliberation of Coinbase becoming a public company in 2021, and personal and professional Gensler statements made during his time at the regulator.

State of the Crypto by Top Tier Exchange Volume

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