💰 Big Bets on Bitcoin ETFs by Institutions
In today’s edition: 🇺🇸 Crypto politics heats up in Senate, 🤣 Meme narrative up 53% in 2024, 🚀 Chainlink surges 14% after DTCC tokenization pilot, and more!
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Union is the first sovereign interoperability layer pioneering trustless bridging between appchains, L1s, and L2s without depending on trusted third parties, oracles, multi-signatures, or MPC. Looking to future-proof blockchain bridging, it is the only protocol that fully addresses the sovereign bridging trilemma, unlocking a horizontally-scaled future.
In this episode, we touch on how Donald Trump’s pro-crypto statements influence voter behavior in the upcoming U.S. elections. We ask ourselves, is voting based solely on crypto policy a legitimate strategy? What are the implications of the Biden administration’s stance on crypto regulations for future electoral outcomes? Following the political discussion, we unpack the recent GameStop and AMC pump and dissect the viability of their business models. We bring to light the broader implications for memestocks and whether the increased capital really saves these companies.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Sam Sriram, Sage Young, Savannah Fortis, and Frederick Munawa
Large Institutions Betting Big on Bitcoin ETFs Revealed in SEC Filings
Entities such as Millenium Management—one of the top five largest hedge funds in the world—have invested billions in the spot bitcoin ETFs launched in January.
Crypto Continues to Get Politicized as Senate Votes to Kill SAB 121 Custody Bill
Crypto has become a hot-button issue in the run-up to the US presidential election in November.
‘Memes’ Are One Of The Strongest Growing Crypto Narratives in 2024: Kaito AI
Web3 search platform Kaito found that the “meme” narrative has grown 53% from the start of January till date.
Chainlink Surges 14%, Decouples From Altcoins After Tokenization Pilot With DTCC
Chainlink’s Smart NAV pilot program with the DTCC saw participation from banking giants like BNY Mellon, State Street and JPMorgan.
BNB Smart Chain to Feature Its Own Blobs to Compete With Ethereum
Developers of BNB Smart Chain are expected to activate the Tycho hard fork on mainnet in mid-June.
Daily Bits… ✍️✍️✍️
⚖️ Former Alameda co-CEO Sam Trabucco wrote a character reference for his best friend Ryan Salame, urging for a fair punishment ahead of Salame's May 28 trial for unlawful political contributions and operating an unlicensed money-transmitting business.
🏛️ The U.S. Senate voted 60 to 38 to overturn the SEC’s accounting bulletin SAB 121, which sets standards for crypto custody firms, but the resolution is expected to be vetoed by President Joe Biden.
📜 Tornado Cash developer Alexey Pertsev appealed his 64-month prison sentence for money laundering, with the Dutch court of appeal expected to take months to review the case.
💥 Solana-based memecoin platform Pump.Fun was exploited by a former employee using flashloans to manipulate bonding curves, prompting the platform to pause trading and upgrade contracts to prevent further attacks.
💹 FTX's token FTT saw a surge in trading volume after the exchange announced a compensation plan for creditors, promising 118% repayment on allowed claims.
🎉 Solana-based decentralized exchange Drift launched its DRIFT token and opened claims for a 120 million token airdrop, which includes a unique bonus component to discourage early selling and avoid network congestion.
💸 PancakeSwap is offering up to $8 million in fee reimbursements to Uniswap users who match their trading volume on PancakeSwap, following Uniswap's recent fee hike.
The $$$ Corner…
🎮 Animoca Brands led a $7 million funding round for Param Labs, a gaming platform with a large online community, to help redefine digital asset ownership in gaming.
What Do You Meme?
📈 Your Market Update 📉
BTC is up .4%, trading at $66,439
ETH is up 1.4%, trading at $3,037
BTC dominance: 51.81%
Crypto market cap: $2.52T
*All data as of today, 06:55 am ET. Source: CoinGecko
Recommended Reads
Unchained: What Are Synthetic Assets in Crypto?
Blockworks: How are advisers using bitcoin ETFs in client portfolios? It depends.
The Defiant: Why Memecoins, Despite Being Unserious By Nature, Seriously Exemplify Web3’s Core Value Proposition
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