Million dollars a day 😳
FTX's cash burn rate: A million dollars a day. Bitwise's ad campaign for Bitcoin ETFs. Web3 gaming gets a boost. OKX NFT Marketplace outshines everyone. Solana's goes up even on Google search.
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FTX has been burning through cash at an alarming rate.
$1.3 million per day.
$53,300 per hour.
The exchange accumulated legal and advisory fees from August 1 to October 31, totalling: $118.1 million.
In these three months
Top Billing: Alvarez and Marshall, a management consulting firm, charged - $35.8 million.
Runner-Up Legal Expertise: Global law firm Sullivan & Cromwell charged - $31.8 million.
Supporting Cast of Advisers: Global consulting firm AlixPartners - $13.3 million. Quinn Emanuel Urquhart & Sullivan - $10.4 million. Several smaller advisory firms combined to bill over $26.8 million.
A FTX creditor revealed that approximately $350 million has been fully paid in legal fees since the start of the FTX bankruptcy saga.
Read: FTX cash burn
Katherine Stadler, the court-appointed fee examiner, voiced concerns about billing practices, citing issues like top-heavy staffing, excessive meeting attendance, and fees for non-working travel time in a report filed on December 5.
Ending bankruptcy woes
FTX, the collapsed crypto enterprise, has submitted a reorganisation plan to end bankruptcy and repay creditors.
The plan includes calculating creditor claims based on asset prices on the day FTX filed for bankruptcy in November 2022.
The proposal aims to prioritise creditor and customer claims and maximise value distribution.
However, the plan is expected to face opposition from creditor groups until the court approves it. A hearing date for the plan will be set in 2024.
Galaxy Digital's Moves
Why? Galaxy Digital's assets under management have tripled, soaring from $1.7 billion to over $5.3 billion, primarily due to a deal involving the sale, hedging, and staking of FTX's bitcoin and ether coins, as well as its holdings of Grayscale's bitcoin trust.
The boost was much needed. The company recorded a $94 million loss in the third quarter of the current year.
Galaxy Digital's asset management division has been gradually selling FTX's tokens on the open market.
The company is now eyeing the assets of other bankrupt companies.
Among Galaxy Digital's potential targets are assets from FTX's extensive venture capital portfolio, which includes stakes in real estate and technology companies.
TTD Ad 🎥
The Bitcoin ETF race is right on.
Remember "The Most Interesting Man in the World" from those legendary Dos Equis beer ads?
Well, he's back, and this time he's here to tell you about Bitcoin ETFs.
Bitwise launched an ad campaign.
Goldsmith proclaims, "Bitwise Is Interesting," and if anyone knows how to make something sound fascinating, it's this guy.
Bitwise's ad campaign will go on TV, social media, and digital platforms. They're rolling out the red carpet on major business news networks like CNBC, Bloomberg, and Fox Business Network.
SEC Countdown: All eyes on January 10, 2024, for potential ETF approval.
Bitwise has a pending Bitcoin ETF application with the SEC. They pushed back their decision on Bitwise's BTC ETF earlier this year, leading Bitwise to make some amendments to their application in September.
TTD Gaming 🎮
Web3 gaming is gearing up for a grand entrance in 2024.
Read here: Game On 🎮
According to the Blockchain Game Alliance (BGA), nearly 40% of devs believe that traditional game studios will play a pivotal role in driving the Web3 gaming sector next year.
The "2023 State of the Industry Report" released by BGA
37.8% of respondents believe that Web2 studios embracing Web3 or integrating blockchain elements into their games will fuel the industry's growth in 2024.
19.8% see traditional game studios launching NFT games as a significant driver.
15.2% expect traditional studios transitioning into Web3 to be a game-changer.
Over half of respondents predict that more than 20% of the $347 billion global gaming industry will embrace blockchain tech.
GameFi executives predict that this year will be the turning point, with "tens of millions" of gamers joining the Web3 revolution.
“2024 is a growth year in terms of bringing people on to Web3,” said Yat Siu, co-founder of Animoca Brands.
Web3 gaming “can really take off and have massive adoption with the help of the bull market,” Johnson Yeh, founder and CEO of gaming firm Ambrus Studio.
The Investment Wave: In Q3 2023 alone, over $600 million flowed into Web3 gaming projects, pushing the total investments for the year past the $2.3 billion mark.
Crypto asset management firm 7RCC has filed an application with the SEC for a spot-bitcoin and carbon credits futures ETF, targeting ESG-focused investor👇🏻
TTD Numbers 🔢
OKX NFT Marketplace has taken the lead in daily trading volume, outshining competitors like OpenSea, Blur, and Magic Eden.
On December 18, the Marketplace achieved a daily trading volume of approx. $50 million ($41 million at 10:00 am UTC).
Bigger than the combined 24-hour trading volume of Blur, Magic Eden, and OpenSea.
What Caused the Surge?
The surge is thanks to Bitcoin Ordinals trading.
Bitcoin Ordinals gained immense popularity during the week.
Sales volume of $367 million: surpassing Ethereum and Solana, which had a combined weekly trading volume of $91 million.
With the Ordinals mania, Bitcoin transaction fees have once again surged to their highest levels in over two and a half years.
Went up to $37 Sunday, a level last seen in April 2021.
Why? Surge in Ordinals minting = Miners have more work to do, leading them to charge higher fees for those who want to send or receive BTC.
It's not just Bitcoin NFTs that are making a comeback.
Read this: Is NFT winter over? 🕵️
TTD Solana 📶
Solana is having its best time and Google search data proves it.
The search volume for "Solana" on Google has shot up by a whopping 250% between early October and early December.
Read this: Saga is the star🎢
From 14 to 49: To put it into perspective, the search volume for "Solana" has climbed from a humble 14 in early October to a significant 49 in early December, measured on a scale from 0 to 100 (with 100 representing peak interest back in 2020).
Read this: BONK Fest 🎉
TTD Surfer 🏄
A federal judge has approved a settlement between the CFTC and cryptocurrency exchange Binance.
The UK government has announced that the provisions on a digital securities sandbox will come into force in January 2024.
Helium Mobile is cracking down on suspicious accounts that are farming MOBILE tokens.
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