In This Issue
- David & Sam share their thoughts on BlackRock refiling their Spot BTC application, BTCs price moves from the ETF news, Gemini’s final offer to Genesis, Coainbase’s L2 (Base) nearing it’s mainnet launch, ETH/BTC ratio futures, Mastercard testing blockchain network & Hong Kong’s Web3 task force.
- This Week On Chain.
- Rekt Capital has the latest technical analysis for you on the market.
- This week’s trending coins by Rebecca
- Erik has a report for you on a possible layer 2 summer.
- Defi Dad has a tutorial for you on how to earn up to 30% APR lending to leverage farmers on Archi Finance.
- Jesse has a ton of hot new airdrops for you.
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The News Now
BlackRock Refiles Spot Bitcoin ETF Application
It’s official.
BlackRock – the world’s largest asset manager – has refiled their spot bitcoin ETF application with the SEC. NASDAQ released the news late July 3rd. BlackRock’s refiling specifically cites Coinbase as their surveillance-sharing partner.
The re-submission comes after the SEC’s June 30th statement that any spot bitcoin ETF application that does not specify a surveillance-sharing partner would be deemed “inadequate”. Surveillance-sharing refers to how an ETF manager and its exchange partner monitor and report particular information to the SEC for the purposes of combating market manipulation.
Multiple other spot bitcoin ETF applicants have already re-submitted their applications to the SEC, as Sam detailed to you on Monday.
BREAKING NEWS:
This is breaking minutes before we email this out to you. Larry Fink, CEO of BlackRock, just appeared on the Fox Business Channel and stated the following:
“I do believe the role of crypto is digitizing gold in many ways [ . . . ] Let’s be clear, bitcoin is an international asset. It’s not based on any one currency, and so it can represent an asset that people can play as an alternative.”
This is happening people. Here we go.
CME Launching ETH/BTC Ratio Futures
In other news relating to the growing crossover between TradFi and crypto, the CME (Chicago Mercantile Exchange) is launching futures trading on the ETH/BTC ratio. According to the CME, Ether/Bitcoin Ratio futures “will allow investors to access cryptocurrency exposure without the need to take a directional view.”
This looks all good, and is another step in crypto’s gradual shift inwards from the fringes. And as spot Bitcoin ETFs are what we’re all focused on right now, does this new CME product have any bearing on the possibility of approval for BlackRock et al? Thinking about the broader picture, it certainly looks like the more products we have to gain exposure to BTC and crypto other than a spot ETF, the stranger it starts to look that a spot ETF remains excluded. And from there, perhaps, the more likely it becomes that a spot ETF winds up gaining approval.
Reviewing BTC’s Price Moves from ETF News
Bitcoin’s price made some significant moves due to all the ETF news that dropped over the last few weeks. Given we’ve got some big ETF announcements coming over the next few months, let’s take a quick trip down…
