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Martin Young



Articles by Martin Young

Ethereum Reigns Supreme: L1 Blockchains and DeFi Protocols Dominate Crypto Fee Generation

3 days ago

Ethereum generated the most fees among the top twenty protocols over the past 30 days with around $180 million, according to new data from Token Terminal.
On June 17, the crypto analytics platform reported that Ethereum was way ahead of other blockchains, which were dominated by layer-1 chains and DeFi protocols, with only one layer-2 blockchain in the top 20. The Coinbase blockchain Base generated the least amount of fees for the period at $6 million.
“Given that the activity on Base has outpaced the Ethereum L1, this is a sign that L2 scaling is working,” it stated.

🤑Top 20 Fee Generating Protocols in Crypto in the Past 30 Days👇
🗳️Key takeaways:
▪️5/20 are L1 blockchains, while only 1/20 is an L2 blockchain▪️Outside of L1 & L2 blockchains, all other protocols belong to

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Tether’s ‘Genius Idea:’ Launching aUSDT, a Gold-Backed Stablecoin with Higher Profit Potential

3 days ago

On June 17, Tether CEO Paolo Ardoino announced aUSDT, a new synthetic dollar over-collateralized by XAUt, Tether’s gold-backed digital asset.
In a post on X on June 18, industry analyst and stock-to-flow creator Willy Woo said it was “A genius business idea by Tether.”
Tether’s USDT is currently earning on U.S. Treasury Bills, but now the firm can issue a stablecoin that earns on gold gains, he explained.
This has greater potential for profits as, over the long term, gold gets 8% compared to T-Bills at 0% to 5%.

A stable coin over collateralised with gold.
A genius business idea by Tether.
Instead of issuing USDT and earning the T-Bills yield, the company can issue aUSDT earning the gain on gold.
Over the long term Gold gets 8%, compared to T-Bills at 0-5%.

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Bitcoin’s Eerie Silence: Calm Before the Storm or New Stable Era?

5 days ago

Bitcoin fell to a monthly low of $65,000 on June 14 and is currently down around 5% since the same time last week. However, zooming out to view the bigger picture shows that the asset is still consolidating where it has been since early March.
“Bitcoin very rarely goes this quiet,” commented analyst James Check in a post on X on June 14. The 30-day price range is separated by just 8.3%, he added before stating:
“There are two outcomes: 1) Bitcoin remains a stablecoin for a new paradigm. 2) Volatility is just over the horizon.”

#Bitcoin very rarely goes this quiet.
The 30-day price range is separated by just 8.3%.
There are two outcomes:1) Bitcoin remains a stablecoin for a new paradigm2) Volatility is just over the horizon. pic.twitter.com/aNl3WlkZky
— _Checkmate 🟠🔑⚡☢️🛢️

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‘Clown World:’ Crypto Community Lambasts Biden Over Coinbase Campaign Donation Plan

8 days ago

President Joe Biden’s reelection campaign is reportedly considering accepting crypto donations via Coinbase.
On June 12, The Block reported that Biden’s team was attempting to engage crypto-focused voters in response to rival candidate Donald Trump’s endorsing of the industry and acceptance of crypto donations.
According to the report, the Biden team is in discussion with Coinbase Commerce, a payment service enabling merchants to accept crypto which has already facilitated such donations for the Trump campaign.
Sources told the outlet that “They’re paying attention to issues around crypto and are trying to find quick wins to show that they’re supportive of the industry” because they want to “show that they’re not the enemy.”
Crypto Community Reacts
The move has caused

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Bitcoin Bulls Eye $83,000 if This Technical Pattern Pattern Plays Out

12 days ago

“It is only a matter of time until Bitcoin makes a new all-time high,” said 10x Research CEO Markus Thielen in a note on June 7.
The analyst has observed a “head and shoulders” chart pattern, which is nearing completion. This could result in a “rally towards 83,000 soon,” he said, predicting that this may occur within the next week if resistance is broken.
However, bitcoin did hit resistance and retreated to just over $69,000 on June 7. Nevertheless, the analyst remains bullish, and the chart pattern is still in play.
Bitcoin Still Bullish
“We are bullish,” Thielen said, citing the start of the global central bank easing cycle, which has now been confirmed with interest rates being cut in Canada and Europe this week.
“With US growth, employment, and consumer spending

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American Crypto Advocacy Movement Tops Milestone 1 Million Supporters

13 days ago

On June 5, Coinbase CEO Brian Armstrong reported that one million people have joined ‘Stand With Crypto’ as advocates for the industry, adding, “That’s a lot of voters!”
He continued to state that 600,000 of these advocates joined after a Whitehouse veto threat, “and thousands mobilized around the back-to-back historic, bipartisan wins in the House and Senate.”
“Crypto is non-partisan and momentum for pro-crypto policy in America has never been stronger.”

As of today, 1 million people have joined #StandWithCrypto as advocates for crypto. That’s a lot of voters!
600k of these advocates joined after a Whitehouse veto threat, and thousands mobilized around the back-to-back historic, bipartisan wins in the House and Senate.
Crypto… pic.twitter.com/IEotx8AXm9
— Brian Armstrong

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Biggest Wave of Crypto IPOs Coming if Crypto Prices Continue Up (Analyst)

14 days ago

As bitcoin prices approach another all-time high, the crypto industry is preparing for a potential wave of initial public offerings (IPOs), according to Bloomberg.
If crypto asset prices continue rising, the next 18 months could see the biggest wave of crypto-related IPOs on record, said Matthew Kennedy, a senior market strategist with IPO researcher Renaissance Capital, in an interview with Bloomberg on June 6.
He added that as many as 15 companies could go public if market momentum continues.
Crypto IPO Avalanche
The analyst added that even if BTC stays where it is at around $70,000, it would still spur more crypto companies to go public.
“If Bitcoin stays on its current trajectory, I am sure that would open the floodgates. If it stays at its current level, that would

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Bitcoin Market Not ‘Top Heavy’ Yet But More Consolidation Expected: Analysts

May 22, 2024

BTC prices have retreated back below $70,000 during Wednesday morning’s Asian trading session but markets are not overbought yet, according to analyst James Check.
“Right now, using a variety of volume metrics as the input, BTC prices appear to be right in line with the fundamentals,” he said in a newsletter on May 21.
Moreover, the market looks like it did in late-2020, he added.
In early December 2020, BTC prices rose to reclaim its 2017 all-time high of $20,000. It consolidated around this level for a couple of weeks before surging to a new peak of $30,000 by New Year’s Day.

The #Bitcoin NVT Price models are a sort of fair value model, imputing a price based on transaction throughput.
Right now, using a variety of volume metrics as the input, $BTC prices appear to be

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Robinhood Crypto Revenue Triples Amid SEC Crackdown 

May 12, 2024

The popular millennial trading platform released its earnings report on May 8, beating analyst estimates.
According to its first-quarter results, Robinhood reported record revenues of $618 million, up 40% year-over-year.
Additionally, revenue from cryptocurrencies surged 232% to $126 million.
“Transaction-based revenues increased 59% year-over-year to $329 million, primarily driven by cryptocurrencies,” the firm stated.

Robinhood’s crypto revenue tripled in Q1 pic.twitter.com/Z6UtTWvz4C
— Jeff Roberts (@jeffjohnroberts) May 8, 2024

Robinhood Record Revenue
Net income for the first quarter totaled $157 million, or 18 cents a share. This eclipsed the 6-cent average estimate from analysts and compared to a loss of $511 million, or 57 cents, a year earlier.
The firm also

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Mark Cuban Joins Calls Against Anti-Crypto Biden Administration, Slams the SEC 

May 11, 2024

On May 11, the American businessman and television personality said if Joe Biden loses the presidential election, “there is a good chance you will be able to thank Gary Gensler and the SEC (Securities and Exchange Commission).”
“Crypto is a mainstay with younger and independent voters,” he said before adding that SEC Chair Gensler “has not protected a single investor against fraud.”
The outspoken entrepreneur didn’t stop there, adding that all the SEC has done is make it virtually impossible for crypto companies to operate in the United States, “killing who knows how many businesses and ruining who knows how many entrepreneurs.”

If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SECCrypto is a mainstay with younger and

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Chainlink Chosen as Technology Partner for HKDR Hong Kong Dollar Stablecoin

May 7, 2024

On May 7, the crypto oracle solutions provider announced that RD Technologies was integrating Chainlink CCIP and Proof of Reserve to power its Hong Kong dollar stablecoin.
Chainlink’s Cross-Chain Interoperability Protocol will be integrated to enable secure and reliable cross-chain transfers of HKDR and easier access to the new stablecoin.
Additionally, the firm is also adopting Chainlink’s Proof of Reserve (PoR) to help provide reliable on-chain verification of HKDR’s reserve backing, according to the announcement.
Chainlink Delving Deeper Into RWA
The collaboration aims to enable more businesses and merchants to settle payments in HKDR, enjoy faster and cheaper cross-border payments, and enable reliable transfer of tokenized real-world assets (RWA) using the stablecoin.

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Ripple Reaches Further Into Japan With XRPL in Latest Partnership

April 30, 2024

On April 30, Ripple announced a partnership with HashKey Group, furthering its collaboration with financial services giant SBI Group.
The joint venture with HashKey DX, a Tokyo-based specialized consulting company of the HashKey Group, aims to introduce XRP Ledger (XRPL) enterprise solutions to the Japanese market.
HashKey DX will deploy supply chain finance solutions to Japan through the partnership, which was highlighted by company CEO Brad Garlinghouse in a post on X.

Japan🤝XRPL https://t.co/qjnyvnoTRF
— Brad Garlinghouse (@bgarlinghouse) April 30, 2024

XRPL Adoption
The supply chain tech will be built upon Ripple’s layer-1 blockchain XRP Ledger. SBI Group companies will become the first Japanese corporations to utilize this supply chain finance solution, according to

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Grayscale’s Mini-Bitcoin ETF to Have Lowest Fees on The Market

April 22, 2024

The world’s largest asset manager is aiming to retain its position as leader of the spot Bitcoin ETF market following a massive exodus of capital from its flagship GBTC product.
In order to do this, Grayscale has applied for a smaller Bitcoin ETF with highly competitive fees to compete with its ten rivals.
According to its latest filing with the US Securities and Exchange Commission, Grayscale’s new ETF, the Bitcoin Mini Trust, has set fees at just 0.15%.
Grayscale Mini-BTC Fund
On April 21, Bloomberg ETF analyst Eric Balchunas reacted to the news, exclaiming:
“Wow, GBTC’s mini-me BTC will have a fee of 15bps, which means Grayscale will have the cheapest BTC ETF in the market.”
He added that this was still hypothetical and it doesn’t necessarily mean the fund fee will be

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Ethereum Network Generated $370M in Profit in Q1, as ETH Reclaims $3K

April 19, 2024

It may sound counter-intuitive that a decentralized network can generate a profit, but that is exactly what Ethereum has done so far this year.
According to an April 18 Token Terminal report, the Ethereum blockchain generated a $369 million profit in the first quarter of 2024.
If this level of profit is sustained, the blockchain could generate around $1.5 billion for the year.

🚨 BREAKING: The Ethereum blockchain generated a $369.08M profit in Q1 ‘24.
Wait, what?!
How can a *blockchain* like @ethereum be profitable?
Let’s go through Ethereum’s business model step-by-step:
1. Fees. All users on the Ethereum blockchain pay transaction fees in ETH… pic.twitter.com/gHAoNbRf48
— Token Terminal (@tokenterminal) April 18, 2024

Ethereum Blockchain Profitable
Token Terminal

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US Senators Introduce Stablecoin Regulatory Framework, While Warren Wants Restrictions

April 18, 2024

On April 17, the two pro-crypto Senators introduced the Lummis-Gillibrand Payment Stablecoin Act.
The bill “solves key policy challenges that have lingered around previous proposals and provides prudential regulation and added consumer protections to stablecoin issuers,” said Lummis, who added, “But above all, it allows innovation to prosper.”
The Senators have been drafting the bill for months as customer protections and proper custody practices for issuers came into focus following the fallout of the FTX collapse.

🚨@gillibrandny and I are introducing the most comprehensive stablecoin bill to date.
Crypto assets are revolutionizing the world and as the undisputed leader in financial innovation, the U.S. must embrace crypto assets, but it cannot be done without clear

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Ethena USDe Tops $2.3B Market Cap But Risks Identified

April 17, 2024

Ethena is a synthetic dollar protocol on Ethereum that issues the stablecoin USDe. The asset aims to be a censorship-resistant and scalable form of digital money pegged to the US dollar.
On April 16, on-chain analytics firm CryptoQuant took a deep dive into the Ethena ecosystem revealing risks with the latest stablecoin, which has seen its market capitalization grow to more than $2 billion in a shorter time after launch than any other major counterpart.
USDe’s market cap peaked this week at just under $2.4 billion, following a surge of 900% following its launch in February, making it the fifth-largest stablecoin.
Ethena Risks Revealed
USDe is backed by crypto assets like ETH and BTC and maintains its peg by delta hedging using short positions on centralized exchanges.
To

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Coinbase Files Appeal Over ‘Investment Contracts’ in SEC Battle 

April 14, 2024

On April 12, Coinbase’s legal counsel filed a brief asking the court’s permission to seek an interlocutory appeal in its case.
The controlling question was whether an “investment contract” requires something contractual. Coinbase believes it does, whereas the SEC disagrees.
An interlocutory appeal occurs when a ruling by a trial court is appealed while other aspects of the case are still proceeding.
Coinbase Fights Back
Coinbase chief legal officer Paul Grewal said that the SEC’s action against the company and other crypto firms “goes way beyond the legal authority granted by Congress and puts an unjust cloud over US digital asset innovation.”
The SEC sued Coinbase in June 2023, alleging that its provision of crypto asset trading constituted operating as an unregistered

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Ethereum Restaking Platform EigenLayer Launches EigenDA to Mainnet

April 13, 2024

On April 9, the EigenLayer team announced that the platform’s EigenDA, the first Available Validator Service, had launched on the Ethereum mainnet.
The team added that over 4.1 million ETH had been restaked on EigenLayer, and over the past few weeks, 70% of all new Ethereum validators restaked to the platform.
Moreover, restakers can now delegate their entire stake to an operator that has opted in to run available validator services like EigenDA.

Announcing: EigenLayer ♾ EigenDA Mainnet Launch pic.twitter.com/bTp5BfnsKE
— EigenLayer (@eigenlayer) April 9, 2024

Restaking Narrative Grows
Restaking allows users to stake the same ETH on both Ethereum and other protocols. Platforms such as EigenLayer leverage Ethereum’s validators and staked tokens, enabling smaller and newer

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LINK Prices Lifted Following Chainlink Transporter Launch

April 12, 2024

On April 11, Chainlink announced Transporter, which it described as “the next evolution in cross-chain bridging.”
The app is powered by Chainlink’s Cross Chain Interoperability Protocol (CCIP), which allows smart contracts to securely access data from external systems and enable trustless data connectivity between blockchains.
“Having a secure way to move both value and data across chains is something the blockchain industry has needed for years,” commented Chainlink co-founder Sergey Nazarov.

We are excited to introduce @transporter_io, the next evolution in cross-chain bridging, powered by #Chainlink CCIP.
Transporter is your gateway to the multi-chain universe.
Cross chains with confidence: https://t.co/OJ9XWcAy4F pic.twitter.com/ANNWiFfXdC
— Chainlink (@chainlink)

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Crypto VC Comeback: Paradigm, Galaxy Digital to Raise Millions for New Funds

April 4, 2024

The firm, co-founded by Coinbase co-founder Fred Ehrsam and former Sequoia partner Matt Huang, is looking to tap into institutional interest in the space following a bear market lull in VC investing.
It would be one of the largest new crypto VC funds raised since the market downturn last year, according to an April 3 Bloomberg report citing anonymous sources.
The peak for crypto VC fundraising came in May 2022, when venture firm Andreessen Horowitz (a16z) raised a $4.5 billion fund.
Crypto VC Comeback
Paradigm previously raised a record $2.5 billion crypto fund in 2021 during the bull market peak. However, the firm faced scrutiny last year for appearing to deemphasize and reduce commitment to crypto in a pivot to AI on its website.
Additionally, it invested $278 million in

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Grayscale Launches New Institutional Crypto Fund With Staking Rewards

March 30, 2024

On March 29, the firm announced its Grayscale Dynamic Income Fund (GDIF) stating that it is its first actively managed investment product.
Grayscale added that the new fund aims to optimize income in the form of staking rewards associated with proof-of-stake crypto assets.
It is the latest effort from the world’s largest crypto asset manager to retain clients and capital following a huge exodus from its flagship product (GBTC) and its conversion to a spot Bitcoin ETF.

Grayscale Dynamic Income Fund $GDIF is our first actively managed investment product. It seeks to optimize income in the form of staking rewards associated with proof-of-stake digital assets.For important disclosures and more information: https://t.co/v5IR7nJQY1 pic.twitter.com/YTBJzJJbTQ
— Grayscale

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BlackRock Pivots to RWA, With Planned Ethereum Tokenized Asset Fund

March 20, 2024

On March 19, BlackRock revealed that it is preparing to offer a fund through a partnership with digital asset tokenization specialist Securitize.
According to a filing to the US Securities and Exchange Commission, the Wall Street giant plans to launch the “BlackRock USD Institutional Digital Liquidity Fund.” However, the total size of the fund was not disclosed.
It feels very good for Ethereum, commented Galaxy CEO Mike Novogratz on March 20.

This feels very important for $Eth!!! https://t.co/UJVnIhm5pJ
— Mike Novogratz (@novogratz) March 19, 2024

BackRock Pivot to RWA
The fund will be based on the Ethereum blockchain and will trade under the ticker BUIDL. The Ethereum address hosting it had its first transfer around two weeks ago, according to Etherscan. It contains 100

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Ethereum (ETH) Prices Could Face Heavy Resistance if This Happens

March 19, 2024

Ethereum staking could present challenges for crypto asset manager Grayscale if the SEC greenlights fund conversion for ETHE as it did for GBTC.
These are the findings of BitMEX research, which added that if the SEC does not allow staking, then there will be large outflows from the firm’s ETHE fund, larger than those from its Bitcoin ETF.
“All the more reason to redeem from ETHE as soon as you can,” it advised.
Staking Allowed in ETFs?
Moreover, if Grayscale lowers the fee from 2.5% to 1.5% and the staking yield is 4%, investors could lose 5.5% by not redeeming and holding stETH, it stated.
If the SEC does allow ETH staking, ETF issuers such as BlackRock and Fidelity could adopt a policy where 70% of inflows are staked, and 30% is held in spot ETH for liquidity.
“For ETHE

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Is the Bitcoin Rally Cooling Down in the Short Term? Altcoin Seasons Starts Brewing (Analysis)

March 10, 2024

On March 8, on-chain analytics provider Santiment reported that despite the incredible milestone for Bitcoin, “there is a combined sense of exhaustion and altcoin distraction coming from the trading community right now.”
BTC prices briefly topped $70,000 on Coinbase on Friday marking a new all-time high for the digital asset.
However, it sharply retreated from this level for the second time in a week, falling to around $68,000 a few hours later.
Bitcoin Fervor Fading?
So far, it has been largely institutions driving momentum for crypto markets with consecutive days of high trading volumes and inflows for the newly launched spot Bitcoin ETFs.
Santiment also reported that social activity, or the percentage of discussions related to BTC versus other assets, is at a fairly

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Coinbase International Exchange Tops $1B Daily Volume While Bitcoin ETF Volumes Surge 

February 21, 2024

On Feb. 20, the company’s CEO Brian Armstrong reported that Coinbase International Exchange continues to grow, hitting $1 billion in daily volume for the first time.
The exchange, which is based in Bermuda, offers crypto perpetual futures trading to professional non-US traders.
It was set up outside of the United States due to the ongoing war on crypto and legal battles. Armstrong added, “Would be great to see perpetual futures allowed in the U.S. market as well.”

Coinbase International Exchange continues to grow – first time hitting $1B in volume in a day.
Sign up here: https://t.co/Z21Z7mqrca
Would be great to see perpetual futures allowed in the U.S. market as well. https://t.co/DxXobk5XVS
— Brian Armstrong 🛡️ (@brian_armstrong) February 20, 2024

Bitcoin ETF Volumes

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European Central Bank: Digital Euro for Payments Only, Not Investment or Holding 

February 20, 2024

A digital Euro CBDC will be “designed for making payments, not for investment,” explained Ulrich Bindseil, Jürgen Schaaf, and Executive Board member Piero Cipollone in a blog post on Feb. 19.
They added that many banks worry their customers might withdraw deposits to hold digital Euros instead. “These fears are misplaced,” they stated.
The ECB is developing a digital Euro CBDC with legal tender status functioning as a digital payment solution for Europe. However, concerns are growing over a potential flow of deposits from retail banks to the central bank, which controls the CBDC.
“CBDCs could affect financial institutions, as depositors might choose to move money from bank deposits to the central bank,” it stated.

A digital euro will be designed for making payments, not

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Congressman Grills Treasury on Incorrect Reporting of Crypto Terror Financing

February 15, 2024

Brian Nelson was grilled during a House Financial Services Committee hearing providing oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence, according to a press release from Representative Tom Emmer on Feb. 14.
Treasury Undersecretary Brian Nelson had to answer for reports that Hamas received $41 million and Palestinian Islamic Jihad received $93 million in cryptocurrency donations.
He admitted that the reported figures were inaccurate and inflated, and the actual amounts received by the groups were likely much smaller.
Mainstream Media Misinformation
Anti-crypto politicians often embellish the role of digital assets in illicit finance and seldom back up their claims with facts that prove otherwise.

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Ark 21Shares Becomes Third Bitcoin ETF to Top $1 Billion After Big Inflow Day

February 11, 2024

On Feb. 9, Ark Invest reported that its ARKB ETF had crossed $1 billion in Bitcoin holdings. “This isn’t just a number – it’s a testament to the growing trust and interest in digital assets,” it stated.
The milestone was also commented on by Bloomberg ETF analyst James Seyffart, who said it suggests that Ark had a big flow day on Friday.
“Bitwise’s BITB on price appreciation alone is around $830 million right now,” he said before adding, “They’re probably relatively close behind ARKB.”
According to Farside, Ark 21Shares did indeed have a big day with $135.5 million in BTC inflows.

Appears we have a 3rd US spot #Bitcoin ETF to cross the $1 billion mark. https://t.co/iBtr1iUfrW
— James Seyffart (@JSeyff) February 9, 2024

Bitcoin ETF Inflows
Preliminary figures indicate

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NBA Sued Over Crypto Marketing Deal Between Voyager and Mark Cuban

February 8, 2024

Investors claim the deal led to total losses of around $4.2 billion when the company collapsed during the crypto contagions of 2022.
The lawsuit alleges the NBA was “grossly negligent” in agreeing to a marketing deal between Voyager and Mark Cuban’s Dallas Mavericks.
Moreover, several NBA teams had deals to promote crypto companies like Voyager and FTX, which also failed.
Unregistered Securities Promotion
This latest lawsuit was filed in Miami on Feb. 6, claiming that the NBA promoted Voyager’s “unregistered securities,” making it liable for damages.
“The NBA carefully and deliberately decided to embrace the risks associated with cryptocurrency exchanges such as Voyager, FTX, and Coinbase, and go all in,”
“This decision, fraught with risk, involved promoting and selling

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US Lawmakers Urge Treasury Secretary to ‘Fill Gaps’ in Crypto Regulations, Call for CFTC Oversight 

February 7, 2024

On Feb. 6, House Financial Services and Agriculture Committee leaders sent a letter to Treasury Secretary Janet Yellen regarding the lack of regulation in the spot market for digital assets that are not securities.
The letter was sent from Patrick McHenry, Glenn Thompson, French Hill, and Dusty Johnson, all chairmen of various House committees.
They requested that Janet Yellen, in her capacity as Chair of the Financial Stability Oversight Council (FSOC), provide answers to calls to “fill existing regulatory gaps in the spot market for digital assets.”
Moreover, the House Financial Services Committee held a hearing with Janet Yellen on the FSOC’s annual report on Feb. 6.
CFTC Oversight on Non-Securities
The letter follows calls from the FSOC and Commodity Futures Trading

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