BTC is currently trading around $66,500 and ETH around $3,500. Notable gainers in the last 24 hours are ENS, ETC, and HNT. The global crypto market cap is $2.54T, down 1.3% over the last day. DeFi Total Value Locked is ~$102b and BTC dominance is around 55%.
The SEC granted final approval to the spot Ethereum ETFs, which will begin trading today. All eyes will be on initial flows, which will likely have a material impact on price and where expectations are mixed but center around the Ethereum ETFs capturing 20-25% of the flows that the spot Bitcoin ETFs did. Many will also watch for the amount of outflows from the Grayscale’s Ethereum Trust (ETHE), which maintained its 2.50% fee, and whether those flows will be reinvested into Grayscale’s fee-leading Ethereum Mini Trust (ETH), other spot Ethereum ETFs, or leave altogether.
In addition to the launch of the spot Ethereum ETFs, Kraken may commence returning Bitcoin to Mt Gox creditors today and over the next week. Further, Mt Gox conducted what are likely test transactions with Bitstamp, another of the five exchanges helping with disbursements, and this could portend additional large-scale repayments over the near-term.
Notable news includes: The Japan Blockchain Associated petitioned the government to reform current crypto tax rules; the Digital Chamber trade association wrote an open letter to US VP Harris urging her to adopt a crypto-friendly stance if she becomes the Democratic Presidential candidate; the US government moved $4m of seized Bitcoin; the bankruptcy administrator for defunct centralized crypto lender BlockFi announced the sale of its FTX claims, paving the way for a near-term final distribution and full recovery for customers and creditors; BlackRock’s spot Bitcoin ETF recorded its biggest inflow day since March at over $500m; Brevan Howard and Nomura’s tokenization joint venture Libre added several tokenized funds to Solana; Bitcoin miner Hive Digital announced an expansion into Paraguay; Bitcoin firm Swan announced layoffs, canceled its IPO plans, and shut down its mining unit; data availability solution Avail launched its mainnet; and, English football club Real Bedford added $4.5m of Bitcoin to its treasury.
Sign up to conveniently receive GSR crypto content in your inbox.
Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
This material is provided by GSR (the “Firm”) solely for informational purposes, is intended only for sophisticated, institutional investors and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal. The Firm is not and does not act as an advisor or fiduciary in providing this material. GSR is not authorised or regulated in the UK by the Financial Conduct Authority. The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services.
This material is not a research report, and not subject to any of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm’s proprietary interests, which may conflict with the interests of any counterparty of the Firm. The Firm trades instruments discussed in this material for its own account, may trade contrary to the views expressed in this material, and may have positions in other related instruments.
Information contained herein is based on sources considered to be reliable, but is not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made by the author(s) as of the date of publication, and are subject to change without notice. Trading and investing in digital assets involves significant risks including price volatility and illiquidity and may not be suitable for all investors. The Firm is not liable whatsoever for any direct or consequential loss arising from the use of this material. Copyright of this material belongs to GSR. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of GSR.
