Halving Impact on Miners' BTC Holdings ⛏️
In today’s edition: 🤔 Wormhole's multichain governance plans, 😬 Lido's Solana staking problem, 🔮 Insight into Bitcoin ETF buyers, and more!
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On March 20, Fortune reported that the SEC was investigating the Ethereum Foundation and was looking for legal ways to label ether (ETH) as a security.
Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications.
The guests speculate about the hidden motivations behind the SEC’s investigation and discuss the likelihood of the approval of spot ether ETFs. They also discuss the recent ruling in the SEC vs Coinbase case, where the judge dismissed claims that Coinbase’s wallet was acting as an unregistered brokerage, but allowed the rest of the suit to proceed.
Lastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ether is a security and what they are looking out for in the next couple of weeks and months.
Listen to the episode on Apple Podcasts, Spotify, 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, Jacob Oliver, and Sage Young
The 2024 Bitcoin Halving: What Miners Are Doing Differently Now Compared to 2020
Bitcoin miners have been offloading their bitcoin holdings, which is a stark contrast to the accumulation trend observed in the previous halving.
Wormhole’s W Token Holders Will Operate DAO via ‘Industry-First’ Multichain Governance System
Wormhole’s W token will initially launch on the Solana network before expanding to other EVM chains using Wormhole’s Native Token Transfers.
$24 Million SOL Stuck in Lido’s Solana Staking Protocol
An issue with Lido’s smart contracts is preventing staked SOL holders from withdrawing their funds from the protocol, which still holds $24 million worth of deposits.
Who Is Buying Into Spot Bitcoin ETFs? We’ll Soon Start to Get an Idea
Major asset managers have begun submitting their first 13F filings of 2024, providing a possible glimpse into the institutional market for bitcoin ETFs.
Daily Bits…✍️✍️✍️
🔒 A wallet linked to the U.S. Department of Justice containing approximately $2 billion worth of confiscated bitcoin made a test transaction to Coinbase Prime, hinting at potential future fund movements.
📉 KuCoin's market share plummeted over 50% with $1.2 billion exiting the platform following DOJ and CFTC charges, sparking user withdrawal congestion.
📊 The supply of major stablecoins hit a new high, indicating continuous capital inflow into the crypto market despite bitcoin's recent price stabilization.
🏦 SEC Commissioner Hester Peirce criticized the commission's approach to crypto regulation and public engagement, particularly targeting Staff Accounting Bulletin 121.
💵 MakerDAO is deliberating a plan to mint up to 1 billion DAI via Ethena’s USDe and sUSDe collateral, stirring debate over potential risks to the DAI stablecoin.
💰 Ark Invest’s spot bitcoin ETF, ARKB, experienced a significant $87.5 million daily net outflow, marking a sharp contrast to the general positive inflow trend in the spot bitcoin ETF sector.
Today in Crypto Adoption...
🌊 OpenSea now supports the ERC-721C standard, enabling creators to enforce royalties directly onchain, following Ethereum's Dencun upgrade.
The $$$ Corner…
💰 Paradigm is looking to raise up to $850 million for a new crypto fund, potentially marking the largest venture fund in the sector since the 2022 market downturn.
🐉 Dragonfly spearheaded a $12 million seed financing round for stablecoin startup Agora, which is aiming to launch a USD-pegged stablecoin catering primarily to non-US clientele, backed by cash and US Treasury bills. Nick Van Eck, who is the son of Jan Van Eck, the CEO of investment firm VanEck, will manage the funds.
🌬️ Gasp (previously Mangata Finance) raised $5 million in a funding round, reaching an $80 million token valuation, as it prepares to launch on EigenLayer.
🏕️ Camp Network, a layer 2 blockchain platform, secured $4 million in seed investment to advance its ecosystem and gear up for its mainnet launch.
What Do You Meme?
Recommended Reads
Unchained: What Is a 51% Attack in Blockchain?
The Defiant: DeFi Projects Clash After MakerDAO Adds Ethena’s USDe As Collateral
📈 Your Market Update 📉
BTC is up 0.3%, trading at $66,306
ETH is up 0.1%, trading at $3,331
BTC dominance: 49.56%
Crypto market cap: $2.64T
*All data as of today, 06:40 am ET. Source: CoinGecko
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