News

BlockBeats News, July 27 — Exchange executive Conor Grogan posted that, according to his statistics, at least 913,111 ETH have been permanently lost due to user error, accounting for more than 0.76% of the total ETH supply, with a value of approximately $3.43 billion. If you add the ETH burned by EIP-1559 (5.3 million ETH), then over 5% of all ETH ever issued (worth $23.42 billion) has been permanently destroyed. Some of the largest permanent Ethereum lock-up incidents in history include: The Web3 Foundation lost 306,000 ETH due to the Parity Multisig vulnerability; Quadriga lost 60,000 ETH due to a smart contract failure; Akutars lost 11,500 ETH in a failed NFT mint; Users collectively sent 25,000 ETH to a burn address for unknown reasons; Conor Grogan added that the $3.43 billion figure is significantly lower than the actual amount of lost or inaccessible ETH, as it only covers cases where Ethereum has been permanently locked. It does not include all lost private keys or forgotten Genesis wallets, for example. The statistics are based on various public reports and queries.

BlockBeats News, July 27 — Blockware BTC analyst Mitchell Askew stated that Bitcoin will no longer experience “parabolic” price surges or “devastating” bear markets, as the existence of spot ETFs has permanently reduced volatility and changed market dynamics. Bitcoin before and after the launch of ETFs appears to be two entirely different assets, and over the next decade, it will reach $1 million through a prolonged cycle of “rallies” and “consolidations.” This journey will bore everyone and squeeze short-term speculators out of the market. The chart shared by Mitchell Askew shows that since the launch of the US Bitcoin ETF in January 2024, Bitcoin’s price volatility has significantly decreased. Bloomberg Senior ETF Analyst Eric Balchunas previously noted that reduced volatility helps Bitcoin attract larger investors and gives it a chance to be adopted as a currency, but the trade-off may be the end of “legendary candlestick charts.” Spot ETFs further intertwine traditional finance, institutional investors, and the crypto asset market.