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Happy Thursday, Zingernation! Former White House official Anthony Scaramucci is pleased by Kamala Harris entering the presidential race and is looking forward to her crypto policies.

Today, we look at why Ethereum keeps going down despite ETFs, what is going on with Marathon Digital stock and more.

Plus, our partner is hosting Canada’s largest Web3 event.

MARKET SNAPSHOT

TOP STORY

Ethereum Down 9% Despite ETFs: What Is Going On?

Briefly: Ethereum is down significantly over the past two days, despite a promising start to ETF trading on Tuesday.

So Basically: A popular analyst drew comparisons to the Bitcoin ETF launch, where net outflows also tanked the price before a full reversal later on.

So Then: Ethereum dipped below $3,200 in Thursday trading and saw over $70 million in net outflows the previous day, almost offsetting the $100 million net inflows on Tuesday.

So What: Traders remain hopeful that history repeats and a reversal spells an altcoin season for Ethereum-based coins.

Read the entire scoop here.

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FIVE ZINGERS

Anticipating: “I like where we're going and look forward to seeing her policies on crypto,” Anthony Scaramucci said about Harris’s presumptive nomination.

Unwavering: Dogecoin is following a previously seen pattern that, traders hope, should eventually take it back to all-time highs after consolidation.

Waning: Bitcoin demand from US investors is slacking, as indicating by the negative Coinbase Premium index, which tracks US buying pressure.

Purring: MEW, a cat-themed meme coin, leapt past Dogecoin, Shiba Inu with a 81% gain over the past week, easily the biggest for any sizeable memecoin.

Mining: Riot announced that it was successful in its application to cease trade the shareholder rights plan (poison pill) implemented by Bitfarms’ board.

FINTECH FOCUS

Marathon Digital Buys Bitcoin, Adopts 'Full HODL' Strategy: What's Going On With The Mining Stock?

Briefly: MARA shares are trading lower Thursday amid a drop in the price of Bitcoin.

What Happened: The company announced the purchase of $100 million of Bitcoin as it adopts a buy-and-hold strategy. It currently holds over 20,000 Bitcoin on its balance sheet.

What Else: “We believe bitcoin is the world’s best treasury reserve asset and support the idea of sovereign wealth funds holding it,” Chairman Fred Thiel said.

Why It Matters: The company believes Bitcoin is supported by current tailwinds including increased institutional support and an improving macro environment.

Read the full scoop here.

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