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Crypto Bro Millionaires Made More Money Than Average Joe on Thursday but Only if You Count Losses as a Form of Income

Crypto NewsRegulation/NegotiationRetail Investors 2 Sam Rogers August 16, 2024

An illustration of two figures: one dressed as a millionaire with gold coins spilling out from his pockets, standing next to an overflowing treasure chest; another figure wearing casual clothes holding a small wallet and looking at the ground. The background is filled with dollar signs swirling around them in different directions. A large coin splits between both characters but leans towards the wealthy individual. In contrast, one of the figures' shoes has fallen off while trying to keep up with their wealthier counterpart's pace.

The never-ending saga of crypto bros trying to make money off their precious cryptocurrencies continues. Thursday was no exception as US Bitcoin ETFs somehow managed to gain $11M while Ether ETFs lost a whopping $39M. Because what’s more exciting than watching numbers on a computer go up and down? I mean, it’s not like there are actual people losing real money or anything (oh wait). Fidelity’s FBTC was the star of the show with its impressive inflow of $16.25M, because who doesn’t love throwing their hard-earned cash at an industry that’s still trying to figure out how to make itself useful? Grayscale’s GBTC on the other hand decided to take a dump and shed $25.03M, proving once again that even in crypto, there are consequences for poor performance.

Source: bitcoin.com

US Bitcoin ETFs Gain $11M, Ether ETFs Slip by $39M on Thursday
https://news.bitcoin.com/us-bitcoin-etfs-gain-11m-ether-etfs-slip-by-39m-on-thursday
On Thursday, U.S. spot bitcoin exchange-traded funds (ETFs) pulled in $11.11 million, while ethereum ETFs faced a different outcome, with losses totaling $39.21 million during the day’s trading session. U.S. spot bitcoin ETFs made a slight comeback on Thursday, drawing in $11.11 million in positive inflows. Fidelity’s FBTC led the charge, pulling in $16.25 million. Grayscale’s Mini Bitcoin Trust followed closely with $13.66 million, and Bitwise’s BITB fund added $6.23 […]

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About the author

Sam Rogers

Sam’s plunge into the crypto world turned into a brutal farce when he fell for an absurdly obvious scam promising to double his investment. After being fleeced by a slick email con, Sam is left fuming and broke. His writing drips with anger and dark humor as he exposes the outrageous scams and ludicrous promises of the crypto world. His motto: “I didn’t just fall for a scam—I was sucker-punched by an entire industry. If you think crypto is a goldmine, just wait until you see how deep it can dig your grave.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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