The Crypto Compass Issue #73

Hello readers,

The crypto market has been relatively quiet since last week, with few major developments making headlines. In this lull, our attention turns to Keith Gill, the man who famously led the GameStop ($GME) craze a few years back. Gill, known for his profound impact on the meme stock phenomenon, has recently resurfaced with significant moves that have reignited interest in the markets. In this edition, we delve into Gill's latest activities and other noteworthy events shaping the financial landscape.

GameStop Shares Surge as Keith Gill Returns to Reddit with Huge Bet

Keith Gill has returned with a significant stake in GameStop, posting a screenshot showing 5 million shares and 120,000 call options. This move makes him one of the top investors in the company. Gill's reappearance spiked GameStop shares by 21%, adding $1.7 billion to its market cap. His post and subsequent actions have reignited interest in meme stocks, although analysts warn this could indicate market over-exuberance.

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Binance Founder CZ Begins Prison Sentence in California

Binance founder Changpeng Zhao, known as CZ, has started his four-month federal prison sentence at a low-security facility in Lompoc, California. Zhao was sentenced in April for anti-money laundering violations and fined $50 million personally, while Binance agreed to a $4.3 billion settlement. Despite the sentence, CZ is expected to remain safe during his term. Binance remains optimistic about its future, highlighting its successes and long-term vision in a recent blog post.

U.S. Spot Bitcoin ETFs Record 15th Consecutive Day of Inflows

U.S. spot bitcoin exchange-traded funds (ETFs) marked their 15th straight day of net inflows on Thursday, adding $105.12 million. Over this period, the 11 ETFs have collectively garnered over $2.28 billion, with total net inflows reaching $13.96 billion. Fidelity's FBTC led with $77 million, followed by Bitwise's BITB with $14 million, and Ark Invest and 21Shares' ARKB with $11 million. Despite this positive streak, the total inflows remain lower than the peak levels observed in March.

Happenings of the week

• Coinbase donates $25 million to crypto super PAC Fairshake

• Here's why other cryptocurrencies may face a harder time getting their own ETFs

• Decentralized exchange Velocore addresses $7 million hack in postmortem, offers bounty to hacker

Ethena Labs' USDe Stablecoin Reaches $3 Billion Supply Milestone

Ethena Labs' USDe stablecoin has rapidly reached a $3 billion supply just four months after its launch, becoming the fastest USD asset to achieve this milestone. Known as a 'synthetic dollar,' USDe maintains its peg through arbitrage mechanics and yield-returning trades. Despite its rapid growth, USDe holds a 3.3% share of the stablecoin market, trailing behind leaders like Tether. The stablecoin was recently integrated with Bybit and began airdropping its governance token, ENA, which has a current market cap of $1.3 billion.

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!