👀🏆 First Ether ETF to Cross $1 Billion in Inflows
In today’s edition: 📈 Bitcoin OTC balances hit two-year peak, 📊 Prometheum's bold move, 🚨 Salame claims government broke plea deal, and more!
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How Crypto Tokens Get Launched and How That’s Evolved Over Time
Leaders from Flowdesk, a market maker doing billions in volume, reveal the complexities of token launches and crypto OTC markets.
In this episode, Reed Werbitt, US CEO of Flowdesk, and Hanson Birringer, Head of US OTC Sales, delve into the intricacies of launching a token and the evolving landscape of over-the-counter markets. They discuss what factors teams should consider when choosing market makers and exchanges, how the launch of bitcoin and ether ETFs has impacted the markets, and the role of points systems in attracting users to tokens. The conversation also covers the challenges faced by Bitcoin miners amid recent market developments and the opportunities presented by solving fragmentation.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
What’s Poppin’?
by Juan Aranovich and Sam Sriram
BlackRock’s Ethereum ETF Surpasses $1 Billion in Net Inflows
BlackRock is the first spot ether ETF issuer to cross the $1 billion mark in net inflows. However, the broader Ethereum ETF landscape faces challenges, with substantial outflows, particularly from Grayscale’s ETHE.
Bitcoin OTC Desk Balances at Two-Year High: CryptoQuant
Historically, increases in bitcoin OTC desk balances have been associated with declines in price, said a CryptoQuant analyst.
Daily Bits… ✍️✍️✍️
🛡️ Prometheum, a controversial SEC-registered crypto firm, plans to treat Uniswap's UNI and Arbitrum's ARB tokens as securities, expanding its custody operations to include these alongside Ethereum's ETH, in compliance with the SEC's stance on digital assets.
💼 Former FTX executive Ryan Salame claims the government reneged on a plea deal by continuing to investigate his partner, despite assurances that the probe would end if he cooperated.
🔍 Binance plans to hire 1,000 more employees, focusing heavily on expanding its compliance team, as the company ramps up efforts to meet regulatory requirements following a costly settlement with US authorities.
🚫 Despite being banned from certain crypto airdrops, US employees at Eigen Labs reportedly managed to claim tokens from projects, such as Renzo and Ether.Fi, raising questions about compliance in the industry.
⚖️ The SEC appears to be filing fewer crypto cases in 2024, with 58 out of 152 actions brought between 2022 and 2023, signaling a possible slowdown in its aggressive regulatory approach.
🛠️ Aave launched its V3 protocol on the Era mainnet, powered by ZKsync, aiming to leverage zero-knowledge proof technology for improved scalability, privacy, and institutional DeFi use cases.
🏀 NBA All-Star Jimmy Butler and YouTuber Ben 'BitBoy' Armstrong agreed to a $340,000 settlement in a class action lawsuit over their alleged promotion of unregistered securities for Binance.
💻 Vice President Kamala Harris is reportedly expected to support policies that help the digital asset industry grow, with her campaign adviser emphasizing the need for stable regulatory rules in the sector.
🎥 PKT, a decentralized media network co-founded by Hollywood talent, launched on Coinbase's Base blockchain, aiming to bring transparency to the film production process using blockchain technology.
Today in Crypto Adoption...
🇧🇷 Latin American e-commerce giant Mercado Libre introduced a US dollar-pegged stablecoin, Meli Dollar, allowing Brazilian users to buy and sell using their local currency without fees through Mercado Pago.
The $$$ Corner…
🔄 Bitcoin miner Bitfarms has agreed to acquire Stronghold Digital in a $175 million stock and debt deal, as the industry faces challenges from reduced revenues following the recent Bitcoin halving.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 2.9%, trading at $61,029
ETH is up 1.8%, trading at $2,631
BTC dominance: 53.63%
Crypto market cap: $2.24T
*All data as of today, 06:30 am ET. Source: CoinGecko
Recommended Reads
Bloomberg: Bond-Market Pros Are Unimpressed With Baby Whales From Crypto
DL News: Wrapped Bitcoin rivals eye $9bn market share after ownership drama
CoinDesk: New Binance CEO Sees No Need for IPO as He Plots 100-Year Strategy for Crypto Exchange
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