Crypto Futures Trading
💰 Elizabeth Stark of Lightning Labs speaks on Bitcoin being the solution for everyone having "equal democratized access to open source global free money.”
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💰 FTX creditor group files objection against bankruptcy reorganization plan
A group of FTX creditors led by Sunil Kavuri has objected to the reorganization plan filed by the defunct exchange’s bankruptcy managers. According to a June 5 court filing, the creditors argued that the plan failed the best interest test. Justifying the objection, Sunil noted that it is unconfirmable as a matter of law as it includes releases not in the interest of the estate. He added that the plan also ignores property rights issues.
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🇭🇰 Hong Kong SFC chief says bitcoin shows 'staying power as alternative asset'
Julia Leung, the chief executive of the Hong Kong Securities and Futures Commission, said that bitcoin has clearly shown its staying power as an alternative asset. In a Wednesday speech delivered at the Greenwich Economic Forum Hong Kong, Leung said that most central bankers and economists would say that virtual assets like bitcoin and ether do not have any intrinsic value.
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🇺🇸 SEC Chair Gary Gensler says disclosures not enough to protect crypto exchanges
U.S. Securities and Exchange Commission Chairman Gary Gensler said Wednesday that federal securities agents may continue bringing enforcement actions against crypto exchanges, even if the platforms disclose their products’ risks to retail investors. The companies are also not protected from lawsuits if they publicize “misleading” information that leads traders to pour money into products they otherwise wouldn’t invest in, he said.
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📣 BitMEX offers 200x leverage for ether perpetuals ahead of anticipated US spot ETFs
The Seychelles-based crypto derivatives exchange announced on Wednesday that it will increase the maximum leverage of its ether perpetuals product to 200x. The leverage boost comes in the wake of the recent U.S. Securities and Exchange Commission (SEC) regulatory approval of spot ether ETFs, which has heightened market volatility.
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📊 Crypto investment products see $2 billion of inflows in May amid 'turnaround' in Ethereum sentiment: CoinShares
Global crypto investment products at asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares registered net inflows totaling $185 million last week, a fourth-consecutive week of positive inflows, according to CoinShares' latest report. The streak saw May inflows reach $2 billion, pushing year-to-date net inflows above the $15 billion level. However, volume fell over the past week, generating $8 billion in trading compared to $13 billion the week prior.
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🇺🇸 US Should Join UK in ‘Blockchain Sandbox’ Free of Regulatory Meddling, SEC Commissioner Says
Hester Peirce, a leading member of the Securities and Exchange Commission (SEC), has signaled her support to a proposed cross-border “digital securities sandbox” between the U.S. and the U.K. SEC Commissioner Peirce praised the Bank of England and the Financial Conduct Authority (FCA) of the U.K. for proposing a local “digital securities sandbox” (DSS), which would let participating companies to experiment with blockchain technology “in the issuance, trading, and settlement of securities.”.
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💰 Ripple CEO Says XRP, Solana, Cardano ETFs Are 'Inevitable'
Ripple CEO Brad Garlinghouse foresees the emergence of exchange-traded funds (ETFs) for cryptocurrencies beyond bitcoin and ether, following the U.S. Securities and Exchange Commission (SEC) approval of spot bitcoin and ethereum ETFs. At the Consensus 2024 event, he stated: “I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a solana (SOL) ETF, there’s gonna be a cardano (ADA) ETF, and that’s great.”.
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⚪️ Worldcoin Officially Launches in Colombia
Worldcoin, the iris-scanning biometric proof-of-personhood project, announced on Thursday the launch of its operations in Colombia. Via social media, the project reported that eye-scanning operations were already available in Bogota and Medellin, for World ID users. Currently, only ten locations with orbs (iris scanning machines) are available, six in Bogota and four in Medellin.
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🪙 Franklin Templeton, VanEck and Invesco Galaxy file amended S-1 for spot Ethereum ETFs, Franklin lists 0.19% fee
Franklin Templeton, VanEck and Invesco Galaxy filed amended S-1 forms with the Securities and Exchange Commission on Friday for their spot Ethereum ETF applications. Those issuers, along with others, after successfully launching a spot Bitcoin ETF, are now trying to complete the necessary regulatory steps to launch a similar product that will allow investors to bet on the price of Ethereum without having to buy the cryptocurrency directly.
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💰 Luna Foundation moves $95 million in crypto to new wallet citing enhanced security
The Luna Foundation Guard (LFG) has transferred approximately $95 million in crypto to a new wallet, aligning with recent plans to enhance fund security. On-chain data from blockchain Arkham Intelligence showed that the Foundation shifted 1.974 million Avalanche’s AVAX token, valued at $71.2 million, and 39,500 BNB, approximately $23.5 million, to a new address identified as “0x1346” earlier today, May 31. The wallet received its initial test transactions from the Foundation on May 17.
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📊 Stablecoin Market Cap Hits $161 Billion, Reaches Two-Year High: CCData
In May 2024, the stablecoin ecosystem rebounded, achieving a market capitalization of $161 billion, marking a 0.63% increase from the month’s outset. While the stablecoin market has been surging, its dominance slightly dropped from 7% in March to 6.07% this month. The fall was due to crypto assets recovering in price after the unexpected spot Ethereum ETF approval in the United States.
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🇺🇸 Senator Lummis says crypto will play important role in US economy post-elections
Senator Cynthia Lummis recently said the crypto market will play a significant role in the US economy unless the opportunity is squandered. Lummis, a vocal advocate for pro-crypto legislation, believes that recent victories in Congress signal a promising future for the sector. In recent years, pro-crypto lawmakers like Lummis have worked tirelessly to educate their colleagues about digital assets.
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🪙 Proposal for Hashdex's Ethereum ETF has been withdrawn
A proposal to list and trade shares of the Hashdex Nasdaq Ethereum exchange-traded fund has been withdrawn, according to a filing posted this week. Nasdaq posted a notice of withdrawal on Tuesday, a week after the U.S. Securities and Exchange Commission approved 19b-4 forms for eight Ethereum ETFs, excluding Hashdex. "On May 24, 2024, the Exchange withdrew the proposed rule change," according to the filing.
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💰 Riot offers $950 million to buyout Bitfarms in hostile takeover amid CEO controversy
Riot Platforms has announced a proposal to acquire Bitfarms for approximately $950 million, reflecting a 24% premium to Bitfarms’ one-month volume-weighted average share price as of May 24. According to the press release, Riot’s decision to make a hostile takeover bid follows Bitfarms’ Board of Directors’ rejection of its private proposal without substantive engagement.
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💰 Bitcoin price falls below $68,000 following transfer worth $9.6 billion from Mt. Gox cold wallet
The price of bitcoin fell below $68,000 following a significant transfer from a Mt. Gox cold wallet. Early on Tuesday, Mt. Gox appeared to have transferred out bitcoin worth at least $9.6 billion from its cold wallets, according to data from Arkham Intelligence. Bitcoin's price has decreased by over 1.5% in the past 24 hours and was changing hands for $67,818 at 10:17 a.m. ET, according to The Block’s Price Page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, increased by 1.42% to 145.45 in the same period.
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🪙 ETF approvals will boost Ethereum’s long-term growth despite short-term headwinds – Kaiko Research
Kaiko Research said on May 27 that spot Ethereum ETF approvals are a positive sign for the digital asset’s long-term growth despite potential short-term headwinds. According to Kaiko’s report, the approval has removed much of the regulatory uncertainty around Ethereum’s classification as an asset class. Will Cai, Head of Indices at Kaiko, said the approval means the SEC is implicitly treating ETH as a commodity rather than a security.
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🔵 Ethereum outperforms market surging to $3900 after ETF approval, Pectra upgrade in sight
Ethereum’s price has climbed to a two-month high of more than $3900 less than a week after the US Securities and Exchange Commission (SEC) approved 19b-4 filings for eight spot exchange-traded funds (ETF)-related to the digital asset. This caps a week of positive performance for Ethereum, significantly outpacing the top 10 cryptocurrencies by market capitalization. During the reporting period, ETH’s value increased by approximately 27%, while Bitcoin saw a modest gain of 2%.
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📉 Friend.tech price drops over 20% after co-founder Racer hints at leaving Base
The native token for Web3 social networ Friend.tech fell sharply today after the protocol's co-founder, known pseudonymously as Racer, publicly expressed a desire to leave Base, the Coinbase-created Ethereum Layer-2 network that hosts the project. "System design bounty: If you can figure out a way to migrate friendtech off of Base without causing major issues for users, and it works well enough that we decide to use it, we will pay you $200K," Racer wrote on X.
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🪙 Spot ETH ETFs could see 25% of the demand of BTC counterpart – Bloomberg analysts
Bloomberg ETF analyst James Seyffart believes that spot Ethereum ETFs could see 20% to 25% of the demand experienced by spot Bitcoin ETFs. Seyffart expressed his stance in an interview hosted by Bitwise, adding that his fellow Bloomberg ETF analyst, Eric Balchunas, believes the new funds will see 15% to 20% of the demand. Seyffart compared both estimates to the fact that ETH has approximately 30% of Bitcoin’s $1.4 trillion market cap, calling his estimate a “discount” in that regard.
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🇭🇰 Hong Kong's spot bitcoin ETFs saw daily outflows, local ether ETFs stable with no new flows
Hong Kong’s three spot bitcoin exchange-traded funds recorded a net outflow of 25.63 BTC on Thursday, while the region’s spot ether ETFs reported zero flows. The spot bitcoin ETFs’ outflow was solely contributed by the product managed by China Asset Management, which saw 25.63 BTC flow out of the fund, according to data from SosoValue. As of Thursday, the total net assets of the three spot bitcoin ETFs amounted to $254.74 million.
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🪙 Crypto industry cheers 'historic move' as Ethereum ETFs get the greenlight
Capping what appears to be a reversal of fortunes, spot Ethereum ETFs were approved by the U.S. Securities and Exchange Commission on Thursday, a move that comes after shifting political sentiments appeared to influence the agency's view of the new financial instruments. Along with BlackRock, Grayscale and Fidelity, VanEck is one of the firms that applied for the right to issue spot Ethereum ETFs.
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📣 Grayscale launches two new trusts investing in NEAR and STX
Crypto asset manager Grayscale Investments launched two new investment trusts for diversified crypto exposure. Grayscale Near Trust and Grayscale Stacks Trust opened on May 23, allowing individual and institutional accredited investors to access daily subscriptions. One trust is exclusively invested in NEAR, which supports the Near Protocol, while the other trust is exclusively invested in STX, which is part of the Bitcoin Layer 2 Stacks, according to a Thursday release.
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💰 MetaMask intends to add Bitcoin support: report
The popular self-custodial hot wallet is looking to add Bitcoin support, reports CoinDesk citing people familiar with the matter. The wallet provider hopes to roll out Bitcoin support within the next month, but those plans are subject to change. Bitcoin features could start small and grow over time, CoinDesk adds. Though MetaMask already expanded beyond the Ethereum ecosystem with the inclusion of Snaps, the move would add one of the most popular blockchains onto the most popular digital wallet platforms.
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💰 Ripple CLO calls Gary Gensler 'a struggling liability' as political winds shift
Ripple's Chief Legal Officer Stuart Alderoty described U.S. Securities and Exchange Commission Chair Gary Gensler as "a struggling liability" — as the hype surrounding the potential approval of spot ether exchange-traded funds grows. "He thought crypto was an easy target," Alderoty said, adding, "He relished being the guy that everyone loved to hate. He thought he was above Congressional oversight. That's all gone. He's now a struggling political liability."
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🪙 Exchanges told SEC leaning toward approval of spot Ethereum ETFs: report
Securities and Exchange Commission staff told exchanges on Monday the agency is "leaning" towards approving spot ether ETFs, according to a report in Barron's, which cited anonymous sources. On Monday, news that the SEC had perhaps changed its tune regarding spot ether ETFs shook the world of crypto and caused the price of ETH to surge. Bloomberg ETF analysts were the first to suggest that the U.S. government might do an about-face on the Ethereum-based products, given shifting political winds.
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📣 Sei Foundation proposes version 2 network upgrade to bring EVM compatibility
The Sei Foundation announced Monday that it has initiated a governance proposal to upgrade the Sei Layer 1 blockchain to version 2. This proposed upgrade, to be implemented by Sei Labs, will introduce a high-performance, parallelized Ethereum Virtual Machine (EVM) aimed at enhancing the network’s capabilities. If the governance proposal is approved, the network upgrade will take place a week later.
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💰 Research Firm Favors Bitcoin 'Covered Strangle' Strategy to Enhance Portfolio Yield by 17%
Bitcoin (BTC) investors looking to generate extra income in addition to their spot market holdings should consider setting a "covered strangle" options strategy, research firm 10X, which has an impeccable record of predicting market trends, said Monday. The premium received for selling/shorting the call option, or protecting the counterparty from price rallies, and selling the put or insurance against downtrends, represents the extra yield.
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