The Daily: Kekius Maximus memecoin plunges after Elon Musk’s profile change, Ethereum ETFs see record $2 billion monthly inflows and more
2025-01-03
Category: None

Happy Thursday, and welcome back to our regular programming! In today's newsletter, Kekius Maximus tumbles after Elon Musk changed his X profile back from the memecoin namesake, spot Ethereum ETFs attract a record $2 billion worth of monthly inflows, the IRS delays crypto cost-basis reporting rules and more.
Meanwhile, The Block Research team set out their 2025 crypto predictions. 
Let's get started.
Kekius Maximus memecoin plunges after Elon Musk profile change
Elon Musk's reversion of his X profile from Kekius Maximus triggered a 75% price plunge for the Ethereum-based memecoin namesake in just over an hour on New Year's Day.
Spot Ethereum ETFs attract a record $2 billion worth of monthly inflows
Spot Ethereum ETFs in the U.S. generated record inflows exceeding $2 billion in December, nearly doubling November's figure.
IRS delays implementing crypto cost-basis reporting rules
The U.S. Internal Revenue Service delayed implementing new crypto cost-basis reporting rules until Jan. 1, 2026, giving brokers more time to adapt.
Bitcoin futures funding rate suggests cautious optimism to start 2025
Bitcoin recovered from a post-Christmas slump to trade back above $97,000 on Thursday, as traders weigh key events like Trump's inauguration on Jan. 20.
Long-running Ethereum newsletter shuts down citing lack of EF funding
The long-running "Week in Ethereum" newsletter, which dates back to August 2016, is winding down, citing diminished financial support from the Ethereum Foundation as the primary reason.
In the next 24 hours
U.S. FOMC member Thomas Barkin will speak at 11 a.m. ET on Friday.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.