Michigan Pension Fund First to Invest in Ethereum ETFs

Daily Top Performer — Ethereum (ETH)

The S&P 500 rose 2.53% after Trump’s election win, driven by optimism around pro-business policies like tax cuts and deregulation, boosting sectors such as financials, energy, and industrials. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 6.26%, with Bitcoin and Ether rising by 9.78% and 11.43%, respectively in the past 24 hours.

Today's top performer is ETH, which surged 9.0% after Michigan's pension fund making waves through significant ETF investments.

Ethereum (ETH), launched in 2015, continues attracting institutional interest through its versatile blockchain platform supporting smart contracts, DeFi, and dApps. Michigan's investment strategy places them among the top five ETH ETF holders, potentially setting a precedent for other state pension funds. Bloomberg ETF analyst Eric Balchunas called this allocation preference a "win" for Ethereum, while VanEck's Matthew Sigel highlighted Michigan's pioneering role. 

Check Out the Latest Prices, Charts, and Data of ETHUSDT Perp and ETH/USDT Spot  Contracts!

Talk of the Town

Wintermute Governance has proposed a shift in the Ethena protocol's revenue structure, aiming to allocate a portion of protocol revenue to sENA holders, who currently do not benefit from it. The proposal asks the Risk Committee to approve this potential allocation and set parameters for when it would be appropriate based on the protocol's maturity. It also requests clarification from the Ethena Foundation on the current and future distribution of protocol revenue, ensuring it benefits the protocol and is governed by ENA/sENA. The community would vote on any implementation.

Check Out the Latest Prices, Charts, and Data of ENAUSDT Perp and ENA/USDT Spot Contracts!

Bitcoin Spot ETF Flows

Total BTC Spot ETF flows yesterday reached $691 million, with $660.1 million from non-GBTC sources and $30.9 million from GBTC.

Check Out the Latest Prices, Charts, and Data of BTCUSDT Perp and BTC/USDT Spot Contracts!

Airdrop to Watch

Henez Interchain Wars Season 1 ends on November 8. Participants have a chance to farm potential airdrops from Henez Finance, Hyperlane, and Caldera simultaneously.