Bitcoin Drops Below $60,000, ETH Foundation Faces Departures, and Congress Schedules CLARITY Act Hearing

Takeaways

• Bitcoin drops under $60,000 after latest sell-off: Bitcoin ETFs have recorded $182 million in net outflows this week, continuing seven consecutive weeks of outflows. The latest move comes in a challenging environment for crypto, driven by capital rotation into IPOs, the AI trade, and fears of an inflationary environment forcing the Federal Reserve to raise rates later this year.
  
  
• Ethereum Foundation faces more turnover: The Ethereum Foundation has come under scrutiny of late for executive turnover, with co-executive directors Hsiao-Wei Wang and Tomasz Stanczak recently stepping down along with a handful of others. In the meantime, the price of ethereum has dropped from its all-time high above $4,800 last August, currently trading slightly under $1,600.
  
  
• Kalshi aims for new fundraise at $40 billion: The deal would mark a significant markup from Kalshi’s Series F round in May that raised $1 billion at a $22 billion valuation. On Wednesday, Kalshi CEO Tarek Mansour said the company is now considering a public offering, but cautioned it won’t come before 2027.
  
  
• Congress schedules CLARITY Act discussion: The session comes as the crypto industry continues to watch the market structure bill in hopes of seeing it pass before the August recess, potentially opening billions in institutional capital for the crypto space. But the bill still faces significant hurdles in the Senate as lawmakers hash out remaining differences around ethics concerns over whether government officials should be allowed to stay tied to the industry.

Sign up for a Gemini account

The secure way to buy, sell, store and convert crypto. Millions use Gemini to diversify their portfolios.

Onward and Upward,
Team Gemini

^*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.