Institutional Adoption Up 27% ⬆️
Of the US spot Bitcoin ETFs in Q2 2024. Miner Marathon Digital CEO not happy with Democrats. World’s 3rd-largest public pension fund buys MicroStrategy shares. Trump's $7M from NFTs, $5M in crypto.
Hello, y'all. Play music. Play the music quiz. Now you can do both, together👇
Institutional adoption of the US spot Bitcoin ETFs grew over 27% in Q2, 2024.
Who has come up with that? Vetle Lunde, senior analyst at K33 Research.
We don’t feel too good looking at them charts, going up and down the volatility street. Should this make us feel better? Maybe.
Growing institutional interest: As of June 30, 2024, according to 13F filings, 1,199 professional firms held investments in US spot ETFs, an increase of 262 firms from previous quarter.
Institutional investors now account for 21.15% of total assets under management (AUM) in Bitcoin ETFs, up from 18.7% in the first quarter.
Retail investors still dominate: Despite the uptick in institutional participation, retail investors remain the largest holders of Bitcoin ETFs.
While institutional investors increased their share of AUM by 2.41 percentage points, retail investors still hold the majority of the float.
Bitcoin price struggles to break $60,000: Despite growing institutional interest, Bitcoin's price has struggled to surpass the psychological $60,000 mark, recently trading at $58,370.
What’s contributing to this price stagnation? Bitcoin ETF inflows.
How do the Bitcoin holdings look like?
The Quiz Game For The Music Lovers
Musicnerd.io - is more than just a platform; it's a journey into the world of music.
It provides an interactive experience through quizzes and exploration tools. For artists it’s a powerful tool for artists to connect with their fans.
Through custom quizzes artists can engage their audience, receive direct feedback, and build a loyal following eagerly anticipating their next release.
The platform offers a direct line to fans, fostering a sense of connection that goes beyond mere listening.
Block That Quote 🎙️
Miner Marathon Digital (MARA) CEO, Fred Thiel
“I expect to see no mention of Bitcoin”
Marathon Digital is one of the largest bitcoin mining companies, and they are not pleased.
Thiel expressed concerns that the Harris administration might take an aggressive stance against Bitcoin, just like the current administration and they might have to accelerate plans to move business offshore if necessary.
“I expect to see no mention of Bitcoin in that policy, which tells me there is no change to her perspective over what the Biden administration has done, which tells me that they are going to target it. If there is language in the policy platform that is supportive of Bitcoin [...] that would be a good sign.
“It would be insane for me to be supportive of a candidate who’s going to be detrimental to my industry because I’m not fulfilling the fiduciary responsibility I have as the CEO of a company. I’d be harming my shareholders by doing that.”
Kamala Harris: The Democratic presidential nominee has the endorsement of many crypto users who see her campaign as an opportunity for a "reset" with the industry.
Donald Trump: The Republican nominee met with representatives of many mining companies in June, pledging to have all Bitcoin "made in the USA."
Crypto4Harris Town Hall: Lawmakers, including Senate Majority Leader Chuck Schumer, spoke in favour of sensible digital asset regulation, but Harris herself was absent. So were representatives from the Bitcoin mining industry.
World’s 3rd-largest public pension fund buys MicroStrategy
South Korea's National Pension Service (NPS) has purchased 24,500 shares of MicroStrategy for $33.75 million.
The NPS is the largest public pension fund in South Korea, managing over $777 billion in assets as of February 2024.
As per Global Pension Assets Study
Japan’s Government Pension Investment Fund is the world’s largest pension fund, with nearly $1.5 trillion in total assets as of 2023.
Next is the Government Pension Fund of Norway, with just over $1.3 trillion.
Current holdings: The NPS also holds over $51 million in Coinbase shares, $31.5 million in Roblox, and $61.5 million in Jack Dorsey’s Block.
MicroStrategy's Bitcoin strategy: MicroStrategy continues to expand its Bitcoin holdings, recently acquiring 12,222 Bitcoin, bringing its total to 226,500 BTC, valued at approximately $13.5 billion.
Stock Performance: MicroStrategy's stock has surged 92.5% in 2024, reaching over $150 for the first time in 24 years, making it a proxy investment for Bitcoin.
$7M from NFTs, $5M in Crypto
Donald Trump disclosed his holdings.
$1 million to $5 million in Ethereum-based assets
Earned over $7.15 million from NFT collections.
Detailed holdings: Blockchain analysis by Arkham Intelligence estimates Trump's Ethereum holdings at approximately $3.6 million, including $1.29 million in Ether, over $900,000 in WETH, and around $400,000 in GUA tokens.
We know Trump has been all over crypto this election season, but this last time he disappointed as he did not mention crypto during a recent interview with Elon Musk.
Donald Trump Jr. has unveiled a Telegram channel: Called "The Defiant Ones" to provide official updates on the Trump family's upcoming decentralised finance project, aiming to clarify rumours and speculation surrounding it.
In The Numbers 🔢
$5.1 billion
The amount of illicit crypto transactions in the UK annually, as per UK's National Crime Agency (NCA).
The NCA formed a specialised crypto unit in 2023 to address crypto crime.
“As the popularity of cryptocurrency grows, so too does the frequency of cryptocurrency crime. Cryptocurrency remains an important facilitator of criminal transactions, for laundering funds, paying for goods and services on the dark web, and making ransom demands. Their legitimate use by the public also provides criminals with fraud and theft opportunities.”
The NCA and UK police have gained expanded powers to seize, freeze, and destroy cryptocurrencies linked to criminal activity without needing to make an arrest first.
The efforts are part of a coordinated international campaign against cybercrime, resulting in the freezing of over 200 cryptocurrency accounts linked to criminal organisations.
The Surfer 🏄
International Monetary Fund suggests an 85% increase in electricity taxes for crypto miners could generate $5.2 billion annually and reduce global carbon emissions by 100 million tons, despite profitability challenges in the industry.
Despite global privacy concerns, Malaysia partners with Worldcoin to integrate its biometric identification system into the country's digital infrastructure, aiming to enhance digital credential verification.
The Dubai Court of First Instance has ruled that cryptocurrency can be legally recognised as a valid form of salary payment under employment contracts, reflecting the UAE's progressive approach to integrating digital currencies into its legal and economic framework.
This is The Token Dispatch 🙌 and you can find all about us here 🤟
If you like us, if you don't like us .. either ways do tell us✌️
So long. OKAY? ✋