This week's latest trends and insights in the digital asset market from our asset management team.
Market Commentary
With U.S. presidential elections approaching and the ‘Uptober’ phenomenon in full swing, Bitcoin surged past US$73,000, reaching an all-time high this week. Spot Bitcoin ETFs also saw strong inflows, coinciding with Bitcoin’s rise on Tuesday, marking their third-largest daily inflow of $870 million since launching in January. Soon, U.S. spot Bitcoin ETFs are expected to collectively hold nearly one million BTC – a figure close to Satoshi Nakamoto’s estimated holdings of 1.1 million BTC.
The state of Florida eyes creating a Bitcoin stockpile for retirees. Inspired by Trump, Florida’s Chief Financial Officer Jimmy Patronis filed a letter to the state’s investment managers to build a Bitcoin stockpile for the U.S., shifting some state pension money into crypto in order to support retired state workers. Mr. Patronis further stated that Bitcoin could “help diversify the state’s portfolio and provide a secure hedge against the volatility of other major asset classes”. As one of the three trustees alongside the governor and state attorney general, Patronis is adamant into further study to understand how crypto investing may fit into one of Florida’s funds to “provide the best returns for Floridians”.
Paxos CEO Charles Cascarilla argues that stablecoins are vital for the U.S. dollar’s future. In an open letter to leading U.S. presidential candidates, Cascarilla urges adoption of stablecoins to ‘ensure the supremacy of the U.S. dollar for years to come,’ enabling broader participation in the global economy and providing a critical upgrade from the traditional banking system’s inefficiencies. Other prominent voices, including Circle CEO Jeremy Allaire and Tether CEO Paolo Ardoino, continue to advocate for U.S. leadership in stablecoin innovation to support the underbanked and preserve the U.S. dollar’s role as the global reserve currency.
CRYPTO TOP 20 7 DAY PRICE CHANGE
*All figures throughout are in USD unless otherwise specified
Market Updates
- Bitcoin tops $70K for first time in more than four months
- Bitcoin ETFs record $870M inflows as BTC flirts with lifetime highs
- Bitcoin ETFs will soon hold 1M tokens, nearly as much as Satoshi
- Microsoft urges shareholders to vote against a proposal to assess Bitcoin as a diversification investment: Filing
- MicroStrategy touches new highs as trading volume relative to NVIDIA surges
- Michael Saylor’s MicroStrategy plans to raise $42B to buy more Bitcoin over next 3 years
- Newly-qualified crypto custodian Balance aims to bring ETF assets held in the U.S. back to Canada
- Chainlink expands to Bitcoin, helping original blockchain with its layer-2 shift
- Tokenised treasuries like BlackRock’s BUIDL will challenge stablecoins but won’t fully replace them: JPMorgan
- Crypto.com overtakes Coinbase to dominate North American crypto trading, data shows
- Crypto data tracking platform Arkham adds support for Solana
- As Hong Kong firms downsize, Animoca built a workspace the size of 10 tennis courts
- Binance unveils ‘Binance Wealth’ for elite customers
- Consensys cuts 20% workforce, blames SEC’s ‘abuse of power’
- dYdX CEO Juliano fires 35% of workforce and promises pivot
- NBA Topshot NFT sales hit six-month high as 2024 season tips off
- Brazil’s crypto imports surged 40% in September
- Election betting market Kalshi to take USDC deposits
- Stacks Asia partners with HEX Trust for $180B Bitcoin DeFi opportunity
- Legion launches merit-based platform for ICOs in Europe
- Chainlink unveils ‘Chainlink runtime environment’, aiming for better blockchain workflows
- Kraken lays off staff, announces new co-CEO
- Tether denies it is being investigated by US government
- Robinhood’s Q3 crypto trading volume increase to $14.4 billion, more than double from last year
- WhatsApp-based payment startup Felix partners with Zero Hash to improve international remittance service
- Base one-day stablecoin transfer volume outranks all other chains for first time
The Shift List
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- Hong Kong Exchanges and Clearing to launch crypto index in November
- Emory University joins Bitcoin ETF rush, reporting $16M holding in Grayscale vehicle
- Circle and Hong Kong telecom provider HKT to collaborate on blockchain-based customer loyalty solution
- Hitachi Solutions introduces Web3 development for enterprises
- Coinbase, Visa to allow real-time crypto deposits through debit card
- Canary Capital makes its move for a spot Solana ETF in latest filing to the SEC
- NYSE seeks to list Grayscale crypto index ETF
- Inspired by Trump, Florida official eyes state Bitcoin stockpile for retirees
Tinkering with Tokenisation
- Stablecoins essential for US dollar’s future, says Paxos CEO
- BCG estimates tokenisation could improve mutual fund returns by $100 billion
- HKMA Project Ensemble partners with Brazil, Thailand for tokenisation
- Wall Street financial services firm Lazard plans to create tokenised funds with Bitfinex securities
- Solana-based RWA platform AgriDex taps Stripe’s Bridge to lower cost for agricultural trade settlements
- Solayer, OpenEden launch Treasury-backed stablecoin on Solana
- Kazakhstan CBDC pilot drastically reduces VAT refund wait
- Libeara, FundBridge launch onchain US Treasurys fund
- BBVA Asset Management partners Allfunds for tokenised fund pilot
- Lloyds, Santander, UBS use Fnality tokenised central bank money for margin settlement
Macro and Regulatory Environment
- Pennsylvania House of Representatives passes crypto bill to bring regulatory clarity: Report
- Crypto ghosted in U.S. Treasury Department’s new strategy on financial inclusion
- Netherlands starts consulting on crypto tax reporting bill
- As BIS mulls shutting down mBridge, its innovation hub calls the project a ‘public good’
- U.S. Treasury Advisory panel says tokenisation could be big, but may need central control
- US Treasury says stablecoin growth is increasing demand for T-bills
- Binance’s Tigran Gambaryan has left Nigeria following 8-month detention
- Crypto policy didn’t occupy the spotlight in elections in Austria, Georgia
- FTX’s $228M settlement with Bybit brings conclusion of epic liquidation closer
- Hong Kong considering tax concessions for crypto investments
- Hong Kong SFC to establish ‘consultative panel’ for licensed crypto exchanges
- FTX estate sues KuCoin to recover over $50M in assets
- Gemini crypto exchange receives preliminary approval in Singapore
- Canadians wary of adopting digital dollar, Bank of Canada finds
- Crypto lobby group CCI expands its reach by absorbing Proof of Stake alliance
- FTX’s Nishad Singh gets no prison time for role in crypto exchange collapse
About DigitalX
DigitalX Ltd (ASX:DCC) is a leading ASX-Listed Bitcoin and digital asset funds management business. The Company has a 9 year track record mining Bitcoin, blockchain and smart contract development. DigitalX Asset Management is the investment manager of digital asset investment products that provide qualified investors with highly secure and streamlined access to digital asset exposure. To learn more contact the team at [email protected] or visit our website https://digitalx.fund/.
Disclaimer:
The information in this document is prepared by DigitalX Asset Management Pty Ltd (ACN 629 653 121) (DigitalX).
DigitalX is a corporate authorised representative (CAR) (CAR No. 1270748) of Boutique Capital Pty Ltd (AFSL 508011) and True Oak Investments Ltd (AFSL 238184). Boutique Capital is the Trustee of the DigitalX Fund and the DigitalX Bitcoin Fund. True Oak Investments is the Trustee of the DigitalX Real World Asset Tokenisation Fund (RWAx). All three funds are open to wholesale investors only.
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The information herein is presented in summary form and is therefore subject to qualification and further explanation. The information in this document is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking into account personal investment objectives, financial circumstances or particular needs. Recipients of this document are advised to consult their own professional advisers about legal, tax, financial or other matters relevant to the suitability of this information. Past performance is not indicative of future performance.