Ether (ETH) and bitcoin (BTC) were buoyed to one-month highs last week as six ether futures ETFs went live in the U.S. on Monday, with traders expecting high demand for the products. However, their performance was pretty muted. Less than $2 million were traded across the various ETFs on Monday, with poor volumes throughout the week prompting analysts to write down their bullish outlook and pivot to bitcoin investments instead. The ether futures ETFs had 0.2% of trading volume compared to BTC Futures day 1 of trading. Some analysts pointed to a lack of institutional demand for ether and others said it’s due to the macroeconomic environment. “Interest rates are at 5.5%, if you list any kind of ETF in this environment you are going to see low volumes,” said Sui Chung, CEO of CF Benchmarks, in an interview with CoinDesk. “It's the same with equities ETF volumes this week," added Chung. "There might be more interest in ether futures ETFs as the macroeconomic situation changes but right now investors are too busy putting money into bank accounts.”

(Maxim Hopman UnSplash)

Blackbird Labs, an app and loyalty program that's attempting to connect restaurants and their customers via its crypto-powered app, announced on Wednesday it had raised a $24 million Series A led by the venture capital firm Andreessen Horowitz (a16z). Through Blackbird, which is built on Coinbase's Layer-2 Base blockchain, customers tap their phone on a near field communication (NFC) reader (the devices which allow smartphones to connect to payment readers) and create a non-fungible token (NFT) membership. The NFT is then minted when users “tap in” to the restaurant.

FTX’s Sam Bankman-Fried committed financial crimes, co-founder Gary Wang said after taking the stand late Thursday. Wang, the fourth witness called by the U.S. Department of Justice in Bankman-Fried’s trial, said he committed wire fraud, securities fraud and commodities fraud alongside Bankman-Fried and Caroline Ellison, who ran Bankman-Fried's Alameda Research hedge fund, and former FTX executive Nishad Singh. (Wang, Ellison and Singh all pleaded guilty to charges shortly after Bankman-Fried was arrested.) “We gave special privileges to Alameda Research to allow it to withdraw unlimited funds from FTX and lied about it,” Wang said.

Crypto platform Nexo plans to phase out some of the products that it offers to U.K. clients in response to new rules in the country, a company spokesperson told CoinDesk on Friday.

From Oct. 8, the firm will initiate the phase-out of cashback payouts for Nexo Exchange and Nexo Card transactions, as well as referral and affiliate programs.

Nexo is putting these measures in place to comply with the U.K. Financial Conduct Authority's incoming promotions rules for crypto which require firms to be registered to approve their own ads as well as make changes to their systems - like giving first time buyers at least 24 hours to re-confirm if they want to receive invitations to invest.

Several lawmakers and regulators shaping the future of digital assets policy have committed to joining CoinDesk’s inaugural State of Crypto: Policy and Regulation, a one-day boutique event uniting key policymakers, regulators and government officials with legal, policy and compliance executives representing the largest and most influential TradFi and DeFi leaders in asset management and financial services.

The gathering provides an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy.

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