Solana, Bitcoin ETF, and Coinbase in StealthEX x CryptoDaily Digest

October 26, 2023

Crypto World

Maciej Zerelik

StealthEX, in collaboration with CryptoDaily, prepared another weekly digest. We’ve diligently curated and summarized the foremost developments and movements from the last week in the cryptocurrency domain. Our commitment is to ensure you’re consistently enlightened. Dive deep to receive the most current and essential updates from the crypto sector!

Solana Dominates Altcoin Inflows as Crypto Funds See Consistent Growth

The cryptocurrency market witnessed its fourth straight week of net inflows, shows recent report by CoinShares. Bitcoin products dominated these inflows, but the altcoin Solana emerged as a significant player. Over the past month, digital asset investment products have attracted $179 million. Bitcoin products accounted for a massive $55.3 million, or 84%, of the inflows in the last week alone.

Meanwhile, with its impressive performance, Solana recorded an additional $15.5 million in inflows, taking its total for the year to $74 million. This surge positions Solana as the most sought-after altcoin this year. On the flip side, Ethereum was the only altcoin to experience outflows, shedding $7.4 million from its total assets under management.

BlackRock’s Bitcoin ETF Nears Launch, Listed on DTCC

BlackRock, the world’s leading asset manager, is on the brink of launching its spot Bitcoin ETF in the US. The much-anticipated iShares Bitcoin Trust has been listed on the Depository Trust and Clearing Corporation (DTCC) under the ticker IBTC. This move has sparked considerable excitement in the crypto community, suggesting that the approval of the ETF might be imminent.

BlackRock, which manages over $10 trillion in assets, is leading the charge in the ETF space with its proactive approach to logistics, such as ticker selection and listing on DTCC. The Bitcoin price has responded positively to this development, surging by more than 20% weekly. The iShares Bitcoin Trust is among 12 spot Bitcoin ETFs awaiting the nod from the US Securities and Exchange Commission (SEC).

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MicroStrategy’s Bitcoin Strategy Pays Off with $170 Million in Unrealised Gains

MicroStrategy, recognized as the largest corporate Bitcoin holder, is now reaping the benefits of its strategic investment in the cryptocurrency. With Bitcoin’s price surpassing the $30,000 mark, the company’s unrealized gains have soared to an impressive $174 million. This turnaround comes after the company’s Bitcoin holdings were undervalued, with the cryptocurrency trading below $16,000.

MicroStrategy and its subsidiaries currently possess an average of 158,245 BTC, valued at approximately $4.82 billion. The company’s commitment to Bitcoin remains unwavering, as evidenced by its recent purchase of an additional $147 million worth of the cryptocurrency in September. 

Michael Saylor, Executive Chairman of MicroStrategy, has expressed the company’s intent to accumulate even more Bitcoin for its shareholders, leveraging the positive momentum of both the cryptocurrency and MicroStrategy’s stock.

Coinbase’s Base Network Embraces Open Source for Enhanced Collaboration

Coinbase’s layer-2 network, Base, has taken a monumental step towards fostering transparency and community collaboration. The company has made its code repositories and smart contracts publicly accessible. This decision, announced on October 19, aims to boost accountability and promote joint development.

The Base team emphasized their dedication to transparency, stating that open-sourcing their work enables the community to monitor their progress and ensures they uphold their commitments. 

This move also facilitates collaboration, allowing developers to leverage their knowledge base and contribute to its enhancement. Furthermore, Coinbase has incentivized security-focused developers by offering rewards of up to $1 million for discovering vulnerabilities in the layer-2 code. 

With this initiative, Base aims to strengthen its position in the layer-2 ecosystem and drive further innovation.

BlockFi Resumes Operations, Begins Asset Withdrawals Post-Bankruptcy

After a challenging period that led to bankruptcy, BlockFi, the renowned crypto-lending platform, is returning. The company has decided to gradually wind down operations and initiate the return of crypto assets to its clientele. This development comes nearly a year after the platform faced setbacks due to the cryptocurrency industry’s turmoil, particularly the collapse of FTX.

BlockFi has now made withdrawals accessible to most of its Wallet customers, providing specific guidelines for retrieving their assets. For those with interest-bearing Earn accounts, reimbursements are estimated to range between 39.4% and 100% of their total account value. 

While Wallet users can access their funds, BIA and Loan customers are expected to wait longer, with initial distributions projected for early 2024. This phased approach aligns with the ongoing bankruptcy proceedings and depends on the outcome of BlockFi’s litigation with FTX.

Tether Aims for Greater Transparency with Real-Time Reserve Data in 2024

Tether, the world’s largest stablecoin, is set to enhance its transparency measures. Paolo Ardoino, the newly appointed CEO of Tether, has announced plans to release real-time data on Tether’s reserves by 2024. This move is a significant step towards addressing the long-standing concerns regarding the stablecoin’s backing.

Historically, Tether has faced scrutiny and even incurred a $41 million fine from the Commodity Futures Trading Commission (CFTC) in 2021 over its reserve claims. The company’s commitment to transparency is further emphasized by its decision to convert its commercial paper for US Treasuries, as revealed in its latest quarterly financial attestation. 

The report disclosed Tether’s exposure to US Treasuries at approximately $72.5 billion, encompassing direct T-bill investments, repurchase agreements, and money market fund deposits. 

Despite past controversies, Tether’s market capitalization stands strong at $83.9 billion, maintaining its position as the dominant stablecoin in the market.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.