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BlackRock rocks the Ethereum boat, SEC paperwork in hand. AI's ethical puzzle – Are we losing our human touch? Meta turning words into videos and Snoop Dogg's weed wager.
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BlackRock has officially filed with the US SEC for its iShares Ethereum Trust.
Submitting an S-1 form to the SEC for its iShares Ethereum Trust, a spot Ether exchange-traded fund (ETF).
This comes on the heels of BlackRock's recent registration of the iShares Ethereum Trust name and Nasdaq's filing seeking SEC approval for this spot ETF.
Read more: Ethereum gets a BlackRock booster 🪨
Price Reacts: Following the S-1 filing, the price of ether (ETH) experienced a brief surge, nearly 2%, hitting $2,080. However, the price stabilised, returning to levels prior to the announcement.
Alongside other asset managers, BlackRock is waiting for the SEC’s decision on listing a spot bitcoin ETF, which could significantly broaden average investor access to cryptocurrency.
A $7.8 Billion Arbitrage Opportunity: Bitget’s chief research analyst, Ryan Lee, pointed out that the surge in Ethereum’s derivatives market liquidity could potentially open up a massive $7.8 billion arbitrage window, marking a significant moment in crypto trading.
“Going forward, ETH derivatives trading volumes will continue to maintain higher levels, accompanied by significant price volatility. This will bring more trading opportunities for market funds, amplifying returns for short-term long and short strategies, as well as funding rate arbitrage.”
Also, Ethereum funding rates hit an all-time high of 0.034%, as traders increasingly lean towards holding long positions.
The move by BlackRock is seen as a major step toward mainstream institutional recognition and could lead to substantial capital allocation to Ethereum.
Post-announcement, Ethereum’s price performance has outshined Bitcoin, with the ETH/BTC exchange rate climbing significantly.
Ethereum Open Interest Peaks: Following the BlackRock application, Ethereum open interest in the futures market rose significantly, signalling heightened investor interest and capital inflow into Ethereum derivatives.
If Ethereum can overcome initial resistance around $2,300, there's potential for a short squeeze that could catapult its price toward $3,000, though this is contingent on maintaining momentum and overcoming selling pressure.
🚀 XRP's Spoof Rally: An intriguing side note - a spoof iShares ETF registration mentioning XRP triggered a 10% rally in the token, only to be dismissed as fake by BlackRock.
Chelsea Manning, whistleblower and activist.
AI Is Making People “Question Their Own Reality”
Guess who popped up at the annual Web Summit in Lisbon with some food for thought?
None other than whistleblower-turned-tech-activist Chelsea Manning.
Here's the Highlights
Human vs. Tech Dynamics: Manning shared her personal journey, underscoring how technology profoundly shapes human interaction and societal structures.
“Are we simply forgetting the human element and turning every single interaction that we have on a day-to-day basis into a commodity? … This commodity is us doing something as simple as swiping on an app or clicking a cute little heart icon.”
AI's Ethical Dilemma: She questioned the accelerated development of AI, its beneficiaries, and the potential commodification of everyday life, challenging the monetisation of basic human interactions.
Data Privacy Concerns: Manning raised concerns about the vast data pools fuelling AI, especially large language models, and the implications for privacy in light of regulations like GDPR.
Deepfakes and Reality Distortion: She highlighted the rise of deepfakes, noting their capacity to distort public discourse and reality perception.
Cryptography as a Solution: Advocating for cryptography, Manning suggested it as a tool to verify information and combat misinformation.
Advocacy for Privacy: Working with Nym Technologies, Manning champions privacy-enhancing technologies, emphasising secure and private communication.
Climate Change: She concluded with a stark reminder of the inevitable collision between digital fantasies and the physical challenges of climate change.
TTD WTF 🙄
Snoop Dogg, the rapper synonymous with cannabis culture, has stunned his fans by announcing he's giving up smoking weed.
He posted this:
And now, crypto degens on the Polymarket are now placing bets on whether Snoop will relight his joint before 2023 ends.
The Bet Details: The bet, which opened just minutes after Snoop's statement, is asking participants to gamble on whether he'll smoke again this year.
Despite a slow start, there's a growing interest, with the order book showing an increasing number of limit orders.
Betting activity earlier today saw the odds of Snoop breaking his vow (and thus the bet on "Yes") soar to 73%, hinting at a collective disbelief that Snoop can ditch the dutch.
UMA, a decentralised oracle network, is tasked with verifying the outcome of the bet, based on Snoop Dogg's statements or credible reports.
The wager raises questions about what constitutes 'smoking' - does it include vaping or edibles, or is it limited to traditional methods?
The bet also faces the challenge of verifying Snoop's actions, especially if he chooses to smoke privately.
Where’s ETF? 🚨
Crypto asset manager CoinShares has obtained an exclusive option to purchase the ETF unit of Valkyrie Investments, potentially giving the company a presence in the US market👇🏻
Meta has unveiled its latest AI innovations.
Two new tools.
Emu Video: AI-Powered Video Generation Tool
Functionality: Generates video clips based on text and image inputs.
Enhancement: Builds upon Meta’s previous Emu model.
Training Process: Employs a “factorised” approach, creating images from text prompts and then videos from both images and text.
Output Quality: Produces videos at 512x512 resolution, four seconds long, at 16 frames per second.
Technology: Utilises two diffusion models for video generation.
Application: Aimed at assisting creators, artists, and animators.
Emu Edit: AI Tool for Image Manipulation
Focus: Primarily designed for image editing tasks.
Capabilities: Enables users to add or remove backgrounds, adjust colors, perform geometry transformations, and conduct both local and global edits.
Precision Editing: Tailored to alter only pixels relevant to the specific edit request.
Training Data: Utilised a dataset of 10 million synthesised images, each paired with an editing task and a targeted outcome.
Potential Uses: Could revolutionise how images are edited and manipulated, providing more tools and flexibility for digital artists and creators.
These models are still in research, but Meta's initial results are promising, indicating potential applications across various creative fields.
TTD Coinbase 🧿
The National Pension Service of South Korea invested nearly $20 million in Coinbase (COIN) stock during the third quarter, as per a recent SEC filing.
Purchase Details: The pension fund acquired 282,673 shares of Coinbase, totalling $19,934,100, averaging around $70.52 per share.
Profit from Investment: The shares' value rose to around $27.74 million based on Coinbase's last close on Wednesday, translating to a 40% profit for the pension fund.
This investment marks the first time the South Korean pension fund has added a digital assets company to its US stock portfolio.
The investment aligns with South Korea's growing interest in digital assets, following the passage of the Virtual Asset User Protection Act by South Korea’s National Assembly in July, laying the groundwork for a comprehensive legislative framework for digital assets.
Global Pension Fund Trend: Pension funds globally have generally been cautious or restricted from investing in digital assets due to their high-risk nature. However, there's a growing trend of such funds entering the crypto investment space, as seen in the US with two funds in Fairfax County, Virginia, in 2019.
TTD Surfer 🏄
The FBI has arrested three men for allegedly laundering over $10 million in cryptocurrency.
Decentralised finance (DeFi) group Aave Companies has rebranded to Avara in order to expand its user base in the Web3 ecosystem.
The CEO of Coinext, José Ribeiro, believes that despite crypto being "out of fashion," it continues to attract new users, especially in emerging markets like Brazil.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.