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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Bitcoin investment products still suffering outflows despite price recovery

While institutions are still withdrawing capital from Bitcoin investment products, money is flowing into Ethereum and altcoin products.

Institutional crypto products have seen their fifth consecutive week of outflows despite the bullish momentum in the markets. 

In its August 9 Digital Asset Fund Flows Weekly report, institutional asset manager CoinShares estimated that outflows totaled $26 million for the week. However, the report notes that outflows have shrunk compared to during May and June, when outflows surged to a record $141 million per week.

Despite BTC gaining 17.5% over the past week, Bitcoin funds shed $33 million this past week.

CoinShares’ own BTC product was the biggest loser for the period with an outflow of $63.3 million while the world’s largest crypto asset manager, Grayscale, remained flat. According to Grayscale’s latest update on August 10, the combined value of assets managed by its funds has climbed back above $40 billion for the first time since mid-May.

However, Ethereum-based investment products saw inflows of $2.8 million for the week as Ether rallied after last week’s successful London upgrades. Ether products now represent 26% of capital invested into institutional crypto products.

There were minor inflows for some altcoin funds, including XRP, Bitcoin Cash, Cardano, and multi-asset funds — each of which saw inflows of between $1.1 million and $800k.

CoinShares also noted that 2021 has already seen a record 37 new crypto funds launched so far, beating out the 30 cryptocurrency funds that were launched during 2018:

“We have seen the number of funds/investment products listed accelerate recently with a record 37 launched this year compared to the previous high of 30 seen in 2018.”

Following the recent market momentum, the combined assets under management (AUM) of all institutional crypto products have surpassed $50 billion — its highest level since mid-May.

Related: Institutions continue offloading BTC exposure despite price rebound

CoinShares has also published its financials for the first half of 2021, revealing a total income of $81.2 million. As such, CoinShares has earned triple what it did during the entirety of 2020 during the first half of this year.

As of June 30, 2021, CoinShares’ total AUM was $3 billion, up 27.6% compared to the end of December 2020.

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