🚫SEC To Knock Back Solana ETFs (For Now)
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The SEC is reportedly planning to reject two of the five pending applications for spot Solana ETFs. The agency likely won’t approve any new crypto ETFs while Biden remains in the Oval Office.
Trump announced David Sacks will serve in the new role of White House AI & Crypto Czar. Sacks founded a VC firm that holds at least 10 web3 projects in its portfolio.
Inflows to Bitcoin and ETH ETFs continue to soar, fueling bullish market momentum.
Also, investors pull BTC from centralized exchanges, SUI tags all-time high, Adidas and STEPN team up on limited edition sneakers, and Hawk Tuah girl’s memecoin attracts backlash.
✍️ In today’s newsletter:
- No new crypto ETFs during Biden’s tenure
- Trump names Crypto Czar
- Institutions pile billions into Bitcoin and Ethereum ETFs
- 171K BTC pulled from centralized exchanges in one month
- Sui’s TVL soars to $1.8 billion
- Adidas and STEPN team up on limited edition footwear
- Alleged insider dumping crashes HAWK by 90%
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📈 Markets in the last 24 hrs:
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❌️SEC Is Reportedly Readying To Shoot Down Solana ETF
Fox Business’ Eleanor Terrett reported that the SEC told two of five prospective Solana ETF issuers it would reject their applications. Terrett claims the SEC will not entertain allowing any new crypto ETFs to market until after Trump returns to the White House.
👀Trump Names David Sacks As Crypto and AI Czar
President-elect Donald Trump announced that David Sacks will serve as the inaugural White House AI & Crypto Czar. Sacks founded Craft Ventures, a VC firm that has invested in dYdX, Lightning Labs, and Set Protocol, among other web3 ventures.
📈Bitcoin and Ethereum ETFs Attract Massive Inflows, Fueling Investor Confidence
Investors have piled $2.3 billion into spot crypto ETFs this week as the digital asset markets continue their ascent. Ether ETFs are enjoying their strongest week on record, with $752 million flowing into the funds so far.
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🪙️Bitcoin on Exchanges Plunges as Investors Shift to Self-Custody
Investors are rapidly pulling BTC off exchanges, signaling their intent to hodl over the longer term. The combined Bitcoin balance of centralized exchanges is down 19% since June 2022.
🚀SUI Rallies to All-time High
The price of SUI is again at all-time highs as alt Layer 1s continue to outperform. Sui’s total value locked also rallied to new heights above $1.8 billion.
👟Adidas and STEPN Unveil Sneaker Drop
Adidas and STEPN have teamed up on a new run of limited-edition shoes. The news follows. “We’ve moved from digital collectibles to tangible products that people can wear, showing just how far the Web3 space has evolved,” STEPN said.
💥Hawk Tuah Girl’s Memecoin Crash Sparks Insider Trading Accusations
HAWK, a token promoted by Hailey Welch, known for the viral “Hawk Tuah” internet meme, is facing backlash after insiders appeared to crash the token by 90% shortly after its launch. Data from Bubblemaps indicated that pre-sale investors controlled more than 96% of the unlocked tokens when it debuted.
🌍 ELSEWHERE
- U.S. Regulator Told Banks to Avoid Crypto, Letters Obtained by Coinbase Reveal (CoinDesk)
- 90% of Token Unlocks Drive Prices Down: Keyrock Research (BeInCrypto)
- France Wants Bitcoin HODLers to Pay Taxes on 'Unproductive Wealth' (Decrypt)
- Arbitrum Reaches Record TVL at $21 Billion as Its Incentive Programs Draw Scrutiny (Unchained)
