The Crypto Compass Issue #72

Hello readers,

Last week brought some exciting news for the crypto world: the SEC approved eight spot Ether (ETH) exchange-traded funds (ETFs). This is a pretty big deal because it means that institutional investors can now invest in ETH more easily and securely. For a long time, Bitcoin was the main player in the ETF space, but now Ether is getting its time in the spotlight. This approval is expected to boost the legitimacy of ETH and attract more mainstream investors to the crypto market. It’s a significant step forward for the entire cryptocurrency industry, signaling broader acceptance and confidence in digital assets.

Michael Saylor Shifts Stance on Spot Ether ETFs

Michael Saylor, founder of MicroStrategy, has changed his stance on spot Ether (ETH) ETFs, now viewing their approval by the SEC as beneficial for Bitcoin (BTC). Speaking on the "What Bitcoin Did" podcast, Saylor said this move will accelerate institutional adoption of crypto, legitimizing it as an asset class. He believes mainstream investors will allocate a significant portion of their crypto investments to Bitcoin, reinforcing its leading position. This marks a shift from his previous skepticism about the approval of Ether ETFs and their acceptance by Wall Street.

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U.S. Spot Bitcoin ETFs Record Strong Inflows

U.S. spot bitcoin exchange-traded funds (ETFs) saw significant net inflows of $107.91 million on Thursday, marking the ninth consecutive day of positive flows. BlackRock's IBIT led with $89 million, followed by Fidelity's FBTC with $19 million and VanEck's fund with $10 million. This influx comes despite Grayscale's GBTC experiencing a $14 million outflow. The SEC also approved eight spot ether ETFs on the same day, further boosting investor confidence. Since their January listing, the 11 spot bitcoin ETFs have collectively seen over $13.43 billion in net inflows, although still below their March peak.

Trump Embraces Crypto, Shaping the 2024 Election Landscape

Donald J. Trump has openly endorsed cryptocurrency, stating his positive stance on social media and emphasizing the need for the U.S. to lead in the crypto industry. His comments come as both presidential candidates vie for pro-crypto voters. Trump criticized President Biden's approach to crypto, highlighting his own campaign's acceptance of crypto donations and recent pro-crypto remarks. This shift has seemingly influenced the Biden administration and the SEC, with the latter approving key regulatory filings for ether ETFs, marking a notable change in Washington's stance on cryptocurrency.

Happenings of the week

• Bitcoin price at $150K in 2024 is ‘base case’ — Tom Lee

• Caitlyn Jenner’s X account promotes memecoin amid hack concerns

• 'We Heard You': Coinbase Resumes XRP Trading in New York

• Ethereum Founder Vitalik Buterin: Tornado Cash Dev Conviction 'Really Unfortunate'

Grayscale Launches Investment Trusts for Bitcoin Layer-2 Stacks and Near Protocol

Grayscale has introduced two new investment trusts for accredited investors, providing exposure to the Bitcoin layer-2 Stacks and Near Protocol. These trusts join Grayscale's array of private placements, which include offerings for Solana, Chainlink, and Decentraland. Grayscale’s Head of Product and Research, Rayhaneh Sharif-Askary, emphasized the company's commitment to expanding investor access to emerging crypto assets. Stacks enhances Bitcoin with smart contract capabilities, allowing for decentralized finance applications, and has gained attention with its recent Nakamoto upgrade and the popularity of Bitcoin protocols Ordinals and Runes.

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