BTC is currently trading around $67,300 and ETH around $3,750. Notable gainers in the last 24 hours are ETC, BONK, and TAO. The global crypto market cap is $2.65T, down 2.6% over the last day. DeFi Total Value Locked is ~$107b and BTC dominance is around 54%.
Crypto prices are little changed as the market eagerly awaits the SEC’s decision regarding VanEck’s (and likely others’) 19b-4 applications for a spot Ethereum ETF. Historical ETF approvals, including for the spot Bitcoin ETFs, have historically come around 3:45p EST, though this may not necessarily be the case for the ETH applications. In addition to the actual decision, many will be closely watching the SEC commissioner statements, if any are made, around the potential approval order. Looking ahead, while the issuers will still need SEC approval of their S-1 registration statements, ETF experts generally regard the 19b-4s as the key approval here, and Bloomberg has suggested that S-1 approval may come in two weeks, at which point the ETFs may launch. If the SEC does indeed green light the spot Ethereum ETFs, it would be another seminal event for crypto, adding some regulatory clarity to spot ETH, easing access to the digital asset, and further legitimizing crypto as an asset class.
In addition, FIT21, which seeks to establish a comprehensive regulatory framework for digital assets in the US, passed in the House with flying colors yesterday. While odds of Senate passage are less clear (the bill was said to face an uphill battle as of last week), passage in the House is particularly notable given the level of bipartisan support, the amount of progress made (this is the furthest such a comprehensive US crypto bill has made it), and as it demonstrates some loosening of the US’s view towards crypto.
Notable news includes: SEC Chair Gensler restated that most cryptocurrencies are securities; a bipartisan group of House lawmakers sent a letter to the SEC urging it to approve the spot Ethereum ETFs; Hong Kong is reportedly exploring the possibility of allowing Ethereum ETFs to stake; Robinhood launched gas-free trading on Arbitrum; Coinbase resumed XRP trading in New York; Japanese e-commerce giant Mercari launched ETH trading services; layer 1 blockchain Fantom formed the Sonic Foundation and Sonic Labs to support its Sonic blockchain; the Dfinity Foundation launched an API that allows Internet Computer smart contracts to work with any EVM-compatible chain; layer 1 blockchain NEAR launched an initiative to incubate and invest in AI infrastructure; and, EtherFi unveiled plans for a credit card tied to restaking holdings.
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.
