The Crypto Compass Issue #56

Hello readers,

In this week's cryptocurrency update, we explore key developments: BlackRock's iShares Bitcoin ETF (IBIT) crossing $2 billion in assets, Google's revised ad policy opening doors for crypto products, Manta Pacific's rise as a leading Layer 2 network, and the U.S. government's plan to sell seized Bitcoin from a dark web bust. Stay tuned for insights into how these events are shaping the digital currency landscape.

BlackRock's iShares Bitcoin ETF (IBIT) Hits $2 Billion in Assets Under Management

BlackRock's iShares Bitcoin ETF (IBIT) achieved a significant milestone by becoming the first among the new spot bitcoin products to amass over $2 billion in assets under management (AUM), excluding Grayscale's GBTC which had around $30 billion at its conversion. On Thursday alone, investors added approximately $170 million to IBIT, enabling the fund to acquire an additional 4,300 bitcoins, bringing its total to 49,952 tokens. This increase coincided with a surge in Bitcoin's price above $40,000. The impressive growth of IBIT places it third in asset gathering among all ETFs launched in the past year. The Fidelity Wise Origin Bitcoin Fund (FBTC) is also on track to cross the $2 billion mark soon, currently holding just under 44,000 bitcoins.

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Google to Allow Ads for Cryptocurrency Products, Boosting Visibility for Bitcoin ETFs

Google is poised to revise its advertising policies, a move that will enable advertisements for certain cryptocurrency products, including the newly launched spot Bitcoin exchange-traded funds (ETFs), to be featured on its platforms starting January 29. This change specifically targets "advertisers offering Cryptocurrency Coin Trust targeting the United States," though the exact scope remains somewhat unclear.

The update follows the transformation of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF after SEC approval. Unlike the previous format where GBTC shares were limited to accredited investors, spot Bitcoin ETFs like BlackRock's IBIT, which recently exceeded $2 billion in assets under management, are accessible to the general public and regulated more stringently. Google's policy shift is expected to significantly enhance the visibility and inflow potential for these 10 spot Bitcoin ETF issuers.

Manta Pacific Rises as a Leading Layer 2 Network, Overcoming Challenges

Manta Pacific, a promising Layer 2 network, has recently surpassed Coinbase’s Base network to become the second-largest in its category, just five months after its launch. Co-founder Kenny Li attributes this rapid growth to two key factors: the network's New Paradigm campaign, which introduced yield-bearing assets and boosted its ranking, and the launch of its native token, which attracted significant liquidity and volume. Manta Pacific, an EVM-compatible network using Celestia for data availability, currently holds $1.7 billion in value within its smart contracts.

Despite facing challenges like a distributed denial of service (DDoS) attack post-token launch, the network has managed to navigate these issues effectively. Looking forward, Manta Pacific is transitioning to a zkEVM, integrating zero-knowledge proof technology with Ethereum compatibility, while its sibling network, Manta Atlantic, focuses on confidential on-chain identities on Polkadot. Manta Network's primary goal is to foster growth among the over 150 projects in its ecosystem.

Happenings of the week

• Bitcoin price rises back above $43,000 as market expects another Fed rate pause this week

• OpenSea chief says NFT platform is ‘open-minded’ towards acquisitions — including its own

• Solana Mobile still has a long way to go until it hits breakeven

• Tornado Cash Developers Storm, Pertsev Raise Over $350K for Legal Defense With Support From Snowden

U.S. Government to Dispose of $117 Million in Bitcoin from Dark Web Bust

The U.S. government plans to sell about $117 million worth of Bitcoin, seized from a dark web drug operation involving Ryan Farace and Sean Bridges. The disposal includes nearly 2,875 Bitcoin from the 2021 bust and an additional 59 Bitcoin owned by Farace. The move follows Farace's 2018 indictment for selling Xanax online for Bitcoin and his subsequent sentencing for money laundering conspiracy. This sale is part of broader actions, including the forfeiture of Bitcoin linked to the Silk Road dark web market, with implications for the cryptocurrency's market price.

Stay tuned for more updates next week! If you haven't yet, hit that subscribe button to ensure you never miss an issue. Found value in this edition? Please consider sharing it with your friends, colleagues, and fellow crypto enthusiasts. Together, let's navigate the world of crypto with clarity and insight!