Midday Crypto Roundup: ETH ETF Inflows, Ark Buys Block, BTC & ETH Accumulation

This midday briefing summarizes the key crypto and blockchain developments I tracked between 07:00 and 12:00: xAI, Block, and ETHZilla dominated the headlines.

I noted Elon Musk’s xAI announcing plans to pursue legal action against Apple, a move that could reverberate through the broader tech and crypto communities. In South Korea, Kakao’s Kaia unit is preparing to launch a won-backed stablecoin, signaling growing regional momentum for fiat-pegged crypto products.

Institutional activity stood out: Ark Invest purchased over $19 million worth of Block shares, and Block itself revealed plans to offer Bitcoin banking services tailored for small businesses, underlining ongoing integration between traditional payments firms and Bitcoin services. Meanwhile, U.S. spot Ethereum ETFs recorded a substantial net inflow of $1.01962 billion yesterday, reflecting robust demand for Ethereum exposure via regulated products.

On the accumulation front, Metaplanet increased its holdings by 518 BTC (about $61.4 million), and Peter Thiel further backed an Ethereum-focused treasury strategy by taking a 7.5% stake in ETHZilla. Finally, FTX users intensified litigation, alleging that law firm Fenwick & West played a pivotal role in the fraud case—an escalation that keeps legal and recovery risks prominent.