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📈BlackRock CEO Sees Value in an Ethereum ETF

The Defiant

DeFi Daily

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We saw a $625 million influx into newly launched Bitcoin ETFs, signaling strong market confidence. Ethereum garners attention with predictions of an upcoming ETH ETF, spurred by BlackRock CEO Larry Fink's comments.

Meanwhile, Ethereum-based stablecoin LUSD spiked above its dollar peg after a user repaid $20M of debt. In a blend of art and technology, the Quantum Cats collection on the Bitcoin blockchain by Taproot Wizards pays homage to Bitcoin's history and hints at its evolving capabilities.

Finally, the crypto community keenly anticipates the next Bitcoin halving in April 2024, with widespread speculation about its impact on the network's economics and market value.

✍️ In today’s newsletter:

  • BlackRock CEO Larry Fink Sees Value in an Ethereum ETF
  • Spot Bitcoin ETFs Drove Over $600M in One Day, Preliminary Data Show
  • LUSD Briefly Spikes to $1.03 After Trading Below Peg Since July
  • ‘Quantum Cats’ Ordinals Collection Pays Homage To Satoshi
  • The Year Of The Fourth Bitcoin Halving

📈 Markets in last 24 hrs:

TickerValue24h
BTC$46,314 -0.68%
ETH$2,618 1.14%
S&P 500$4,784 0.08%
GOLD$2,047 1.61%
Arch WEB31.27pts -7.14%
FINANCE1.24pts -5.14%
INFRA1.36pts -5.38%
CONSUMER1.38pts -4.58%
Arch WEB3

Learn more about Arch Indices here.

🎬 WATCH

in this week's Crypto with Cami, we explore the aftermath of spot Bitcoin ETF approval. Also watch our podcast with Will Warren, the co-founder and CEO of 0x and Matcha, to learn about Matcha's cross-chain swap functionality.


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Bitcoin ETF

Spot Bitcoin ETFs Drove Over $600M in One Day, Preliminary Data Show

TLDR Spot Bitcoin ETFs attracted over $600 million on their first trading day, signaling strong market interest, especially from institutions.

SO WHAT The high demand for Bitcoin ETFs demonstrates growing confidence in Bitcoin as a mainstream investment option and a significant shift towards wider acceptance of crypto investment products.

READ MORE: Spot Bitcoin ETFs Drove Over $600M in One Day, Preliminary Data Show


Ether ETF

BlackRock CEO Larry Fink Sees Value in an Ethereum ETF

TLDR BlackRock CEO Larry Fink expressed support for an Ethereum ETF on CNBC, boosting speculation about its potential approval following the successful launch of Bitcoin ETFs.

SO WHAT The market is anticipating similar products for other crypto assets, with significant bets favoring an Ethereum ETF by the end of May. Several major asset managers have applied for Ethereum-based exchange-traded products.

READ MORE: BlackRock CEO Larry Fink Sees Value in an Ethereum ETF


SPONSORED SHOUTOUT

The Stellar Community Fund (SCF) has played a crucial role in the Stellar ecosystem since its inception in 2016. As we approach the groundbreaking Soroban Mainnet launch, which introduces smart contract functionality to the Stellar public network, SCF is set for its fifth iteration.

The recent expansion of SCF marks a significant stride in bootstrapping the ecosystem, on the Stellar native smart contract platform Soroban. This initiative has been crucial in fostering the development of innovative tools and applications within the Stellar network. With an impressive allocation of nearly $10M in XLM* to over 130 projects in 2023 alone, SCF demonstrates its commitment to scaling up support for blockchain innovation.

Read More: The Stellar Community Fund Evolves to Support New Projects built on the Stellar Network


DeFi

LUSD Briefly Spikes to $1.03 After Trading Below Peg Since July

TLDR LUSD, an Ethereum-based stablecoin, spiked to $1.03 this week, attributed to a significant debt repayment by a large investor. LUSD's market capitalization has trended lower since July.

SO WHAT LUSD's price fluctuation brings into focus the broader competitive landscape among stablecoins, where design, governance, and yield offerings significantly impact their stability and adoption.

READ MORE: LUSD Briefly Spikes to $1.03 After Trading Below Peg Since July


NFTs

‘Quantum Cats’ Ordinals Collection Pays Homage To Satoshi

TLDR Taproot Wizards have launched the Quantum Cats collection, which is designed to evolve using the "Evolving Inscriptions" technique. The collection pays homage to Satoshi Nakamoto, Bitcoin's pseudonymous creator, with references to the early Bitcoin code element "Op_Cat."

SO WHAT The project is a notable example of how the Bitcoin network is being utilized beyond its traditional financial use case, sparking discussions about the potential and controversy of integrating more complex features, like smart contracts, into Bitcoin.

READ MORE: ‘Quantum Cats’ Ordinals Collection Pays Homage To Satoshi


Bitcoin

The Year Of The Fourth Bitcoin Halving

TLDR The Bitcoin network undergoes a "halving" approximately every four years, a process that is set to occur next in April 2024. This event is significant because it reduces the rate at which new bitcoins are created, making the asset less inflationary and potentially affecting its market value.

SO WHAT Historically, halving years have been associated with price increases. This upcoming halving is particularly notable as it occurs in a context marked by recent financial upheavals and the launch of Bitcoin ETFs in the U.S.

READ MORE: The Year Of The Fourth Bitcoin Halving


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • Bitcoin Drops Back Below $42,000 as ETF Optimism Evaporates ( Bloomberg)
  • Gary Gensler says SEC decision to approve spot ETFs isn’t an endorsement ( Fortune)
  • Kevin O'Leary says he would never buy bitcoin ETFs: 'They add no value to me' ( Business Insider)