DeFi
Not since Jan. 2022 have the most adept on-chain traders held such a low percentage of their holdings in stablecoins, says the blockchain research firm.
Bitcoin
The first day of trading also included outflows for the Grayscale Bitcoin Trust (GBTC), but these were largely expected.
Grayscale’s GBTC and iShares IBIT accounted for more than 70% of the $4.6 billion in volume recorded on the first day of trading.
Business
The NEAR Foundation has trimmed its headcount as it seeks to consolidate the team into focusing on a “higher-impact set of activities.”
The global investment manager said the newly SEC approved exchange-traded funds “don’t align” with its broader investment offerings.
Long-term investors have been selling BTC in the last week, after more than a year of buying, according to blockchain analytics firm Glassnode.
Regulation
Hacks and communication failures were the only appropriate ending to the regulators’ many years of wrongheaded misbehavior.
Ether has risen as much as 9% in the last 24 hours on expectations that a spot Ethereum ETF will get approved next.
The company previously attempted to go public in 2022 through a SPAC merger but that deal fell through.
Spot Bitcoin ETFs are launching to much fanfare. But the reason has little to do with the original cryptocurrency’s actual accomplishments, which is why in the long run, this day will be a minor footnote in Bitcoin history.
