ETFs - Gold v Bitcoin ⚔️
ETFs - Gold v Bitcoin ⚔️
Bitcoin breaks $52k, leaving gold in the dust. Genesis Global sells $1.3 billion in GBTC. Romance scams remain a $1B honeypot for criminals. Coinbase anticipates robust Q4 earning.
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Bitcoin hit $52k, which is a huge deal.
You know what else is?
Digital gold outpacing physical gold - story of ETFs.
Betting odds are tipping more towards Bitcoin these days and not Gold.
Let's compare.
Gold ETFs: $2.4 billion outflows (and declining gold prices.)
The newly approved Bitcoin ETFs: $3.89 billion inflows (BTC at $52k+)
Major outflows were observed in BlackRock’s iShares Gold Trust Micro and iShares Gold Trust, while the Bitcoin ETFs recorded record volumes.
But, is investors ditching gold for Bitcoin? Or just eyeing US stocks instead?
Still, the move from gold to... well, anything else, is pretty clear.
The Price Tag: Gold prices took a little tumble, dropping 3.4%, while Bitcoin jumped by 23.5%.
Bitcoin's hitting highs not seen in two years, while gold is kinda just there.
The World Gold Council attributes gold's underperformance to global outflows from gold ETFs and a decrease in speculative positioning.
Read this: Gold Market Commentary: Inflation risks seep back in | World Gold Council
Bitcoin ETFs Hit Billionaire's Club
Four Bitcoin ETFs have hit the billion-dollar mark, with Bitwise being the latest to join.
Leading the charge: BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Trust, and Cathie Wood’s Ark 21Shares Bitcoin Trust, all cruising past the billion-dollar AUM mark.
The Underdogs: Others like Invesco, VanEck, Valkyrie, and Franklin Templeton are still playing catch-up, yet to hit the $500 million mark.
In the Numbers 🔢
$1.3 billion
Genesis Global Holdco receives court permission to sell $1.3 billion worth of Grayscale Bitcoin Trust (GBTC) shares to pay back investors.
Genesis' portfolio
~$1.6 billion in shares from GBTC, Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG).
Grayscale's objection noted the need for written approval for sales but clarified it wouldn't block the liquidation process.
Legal settlements: Genesis settled with the SEC for $21 million on January 31 over unregistered securities allegations related to the Gemini Earn program.
Genesis Global Trading, another entity within Genesis, faced actions from the New York Department of Financial Services in January.
Valentine’s Day 💔
Forget chocolates and teddy bears, scammers are making a killing off broken hearts this Valentine's Day.
Projected to hit $3.1B by 2024.
440 million users expected by 2027.
Projected market volume of $3.46 billion by 2028.
Romance stole $1.3 billion in 2022 alone.
Annual growth rate (CAGR) from 2024 to 2028: 2.62%.
The United States: Leading revenue generator in the Online Dating market, with expected revenue of $1,392.00 million in 2024.
According to Gen Digital, 1 in 4 people have fallen victim to online dating scams, averaging losses of $14,000 each.
While cash still rules, 34% of romance scam losses involve cryptocurrency.
Pig-Butchering Trend: Sophos research in January 2024 highlighted "pig-butchering" as a fast-growing online fraud method, with U.S. victims losing billions to fake investment schemes.
Where’s ETF?🚨
BlackRock’s $IBIT has seen a surge in volume, breaking its weekly record with an average of $760 million per day.👇
Scam Alert 🤙
South Korean digital asset exchanges reported a 49% increase in suspicious transactions, totalling 16,076 reports, up from 10,797 in 2022.
Crypto Crime Notifications: Notifications about suspected crypto crimes surged by approximately 90% in 2023. Details on these notifications remain undisclosed due to privacy laws.
Crackdown on Unregistered Crypto Loan Businesses: The FIU identified 100 cases of unregistered crypto loan businesses, referring them to the National Tax Service and the National Police Agency for further action.
Future Plans:
The FIU aims to strengthen its crypto oversight team in 2024, including specialised education and training.
A new "virtual asset analysis system" will be launched for detailed tracking and analysis of crypto transactions.
Three Things About Coinbase🧿
1. Q4 report is on the way
Coinbase (COIN) is poised to unveil robust Q4 earnings on Thursday, driven by a surge in trading volume at the end of 2023.
Gained 37% over the past week.
Analyst Predictions: Revenue is expected to rise to $826.1 million from $674.1 million in the prior quarter, with a noteworthy increase in trading volume and earnings per share (EPS).
2. Compromise on advisory council?
Sean Patrick Maloney, former U.S. House Representative, is President Joe Biden's choice for OECD ambassador, announced in May 2023.
In response to concerns from Senator Elizabeth Warren, Maloney has promised to resign from private-sector advisory roles, including his position on Coinbase’s Global Advisory Council, and recuse himself from crypto-related decisions at the OECD if confirmed.
3. Tiger Global Exits
Investment firm Tiger Global Management liquidated its stake in cryptocurrency exchange Coinbase (COIN) in Q4 of last year.
Details from the Filing: A 13F filing with the SEC revealed Tiger Global held zero Coinbase shares by December 31. Just three months prior, the firm owned 38,850 shares, valued at $2.9 million.
The Surfer 🏄
US investigates the Binance Trust Wallet app for a vulnerability that could allow hackers to steal funds from cryptocurrency wallets.
DEBT Box, a company being sued by the SEC over an alleged fraud scheme, has asked a judge to deny the SEC's move to dismiss the case.
Moonwell’s ‘USDC Anywhere’ allows individuals to lend USDC to Moonwell from various Ethereum networks.
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