The ETF wrap 🫔
The ETF wrap 🫔
This crypto bull run is different with the big boys in the play. Memecoins mania and the rules of the game. Crypto-related investment fraud rose 53% in 2023 - FBI. Coinbase gets a ratings upgrade.
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So much has been happening in crypto, that we are back in them times where it it tough to keep track of them things.
It's also different times compared to previous crypto times.
It's been a story of ETF. Mass participation. Driven by the big institutions boys in game with all the muscle, and the armour - M.O.N.E.Y.
C'est La Vie.
So here is the wrap, to keep you up to speed.
Bitcoin ETF cumulative TVL crosses $100 billion
Spot Bitcoin ETFs hit $100 billion in trading volume.
Includes funds from BlackRock, Fidelity, Grayscale.
Many new products launched from firms like Bitwise & VanEck.
BlackRock's IBIT fund leads with $12 billion AUM.
ETFs have absorbed over $10 billion Grayscale bitcoin liquidation.
Bitcoin dipped below $43k amidst ETF launch, but resumed the rally.
Overall, Bitcoin gained 26.5% in March and 21% YTD.
BlackRock wants more of ETF
BlackRock’s Global Allocation Fund, which has $18 billion in assets under management, plans to buy spot Bitcoin trading products. BlackRock filed earlier this week to add a spot Bitcoin ETP to its $36.7 billion Strategic Income Opportunities Fund.
A $10T tokenisation play
Larry Fink, the CEO of BlackRock, envisions a future where financial assets are tokenised on the blockchain, with estimates suggesting that tokenised "real-world assets" could reach $10 trillion by 2030.
Bitcoin ETFs Myths
The myth buster from the good folks at CoinTelegraph.
Myth: Bitcoin ETFs guarantee profit.
Fact: Neither Bitcoin ETFs nor direct Bitcoin ownership guarantees profit. Both are risky due to Bitcoin's price volatility.
Myth: Bitcoin ETFs are the same as owning Bitcoin.
Fact: Bitcoin ETFs track Bitcoin's price but don't grant ownership of actual Bitcoins. You buy shares in a fund, not the Bitcoin itself.
Myth: Bitcoin ETFs are as volatile as Bitcoin.
Fact: Regulation and potential risk-mitigating strategies within a Bitcoin ETF could lead to lower volatility compared to Bitcoin itself.
Block That Quote
Bitwise chief investment officer Matt Hougan
“Be careful out there. Lots of terrible projects get funded in exuberant bull markets and many are already trading at crazy valuations. Crypto natives make money in Bitcoin, feel rich, and then look for more speculative assets to invest in.”
Read the lovely thread by Hougan.
He warns about cryptocurrencies with high valuations.
Investors moving money from Bitcoin to other cryptocurrencies because Bitcoin's price has been rising.
Not all cryptocurrencies deserve the high prices they are trading at and that investors should be careful about investing in risky assets.
Some investors are looking for riskier investments because they are hoping for higher returns.
Bitcoin's market capitalisation has grown by $1 trillion since November 2022.
Where’s ETF?🚨
Coinbase and Grayscale met with the US Securities and Exchange Commission this week to share information to support their push to gain regulatory approval for a spot Ethereum ETF. Grayscale is trying to convert its Ethereal Trust into a spot Ethereum ETF👇
Crypto Investment Scams in the US on the Rise
The Federal Bureau of Investigation’s (FBI) Internet Crime Report 2023 revealed a significant increase in crypto investment scams.
According to the report, there was a 53% surge in these scams in 2023, resulting in total losses of $3.94 billion.
This makes crypto investment scams the leading type of investment fraud. Scammers are reportedly using custodial accounts to facilitate the swift movement of stolen funds.
Coinbase Gets A Ratings Upgrade
What: Goldman Sachs upgraded Coinbase's stock from sell to neutral. Goldman Sachs raised its price target on Coinbase's stock from $170 to $282.
Why: Coinbase's profitability and Bitcoin's rally. The increase is attributed to Bitcoin’s positive performance, focus on regulatory compliance and the launch of Bitcoin ETFs. Expected to benefit from the fees associated with these ETFs. Analyst Kenneth Worthington revised Coinbase’s stock rating to neutral due to the positive impact of Bitcoin ETFs
Key numbers: Old price target: $170 | New price target: $282
The Surfer 🏄
Optimism sold $90 million worth of tokens in a private deal, sparking community concerns about transparency.
The Indian government approved a $1.25 billion budget to support AI research and development over the next five years.
MIT and Harvard alumni launch startup accelerator to support web3 founders; accelerator is non-dilutive and first cohort starts next month.
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