Research
ETF
New zero fee standard for Bitcoin ETFs creates cheap custodial alternative to exchanges
For the next 6 months most ETFs waive fees entirely as competition heats up.
Stablecoins
What happened to PayPal stablecoin PYUSD after last year’s launch?
PayPal's stablecoin PYUSD reaches $300 million market cap in five months
ETF
BlackRock warned SEC lack of in-kind orders for Bitcoin ETF shares could hurt investors
In-kind orders was always BlackRock's preference over cash-creates.
Opinion
Why BlackRock Bitcoin holdings increased as prices dropped
When ETF shares are sold it does not necessarily lead to a decline in AUM if those shares are not redeemed by APs.
GBTC
Grayscale sends 19,236 BTC to Coinbase, moves 8,000 BTC internally
Outflows total $3.6 billion as a further $750 million leaves the fund.
Analysis
Solana and ICP up over 49% against Bitcoin since SEC labeled them as securities
All tokens embroiled in SEC's scrutiny, however, see mixed fortunes against Bitcoin amidst legal turmoil.
GBTC
Bitcoin ETFs see minor net outflows of $100 million as BlackRock acquires 4,080 more Bitcoin
BlackRock adds $160 million in Bitcoin as Grayscale outflows pass $3.96 billion in total.
Opinion
Grayscale GBTC investors still in profit with average cost basis 20% below current prices
Data suggests 70% of Grayscale holders remain profitable at current levels with an average cost of $27.82.
Bitcoin
Grayscale offloads further 13k BTC as revenues still way above competition
Grayscale would lose over $300M in revenue if it dropped fees to competitors levels.
Analysis
Grayscale NAV flips BlackRock as IBIT records first discount to Bitcoin since launch
Grayscale tightens its NAV to -0.27% while BlackRock trades at a discounted -0.3% for the first time.
Culture
China’s underground crypto market thrives despite harsh trading ban: WSJ
Chinese crypto traders flout ban through VPNs, social media, and clandestine meetups, maintaining an $86 billion underground market.
Analysis
If BlackRock continues 6k BTC daily buys we get a supply crunch within 18 months, here’s why
A fun exploration into why Bitcoin liquidity is not the same as other commodity ETFs.
