TL;DR

• Bitcoin mining's sustainable energy utilization rate hit a record high of 56.2%.

• Yesterday, GBTC funds saw a net inflow of $23 million.

• The U.S. House of Representatives was unable to override Biden’s veto on SAB121-related resolutions.

• Since the launch of the U.S. Spot Bitcoin ETF, net inflows have surpassed $15.5 billion.

• The U.S. SEC has ended its investigation into Bitcoin L2 developer Hiro.

• A U.S. Senator stated that holding Bitcoin reserves can help keep the dollar strong.

• The German government's Bitcoin address balance is now completely drained.

• The President of The ETF Store still believes that the US SEC will approve the spot Ethereum ETF next week.

• BlackRock's IBIT position's market value has climbed back above $18 billion.

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Alpha of the Day

Green Mining: Bitcoin Goes Eco-Friendly

Bitcoin mining just hit a milestone that’s making tree-huggers everywhere do a little happy dance. The sustainable energy utilization rate for mining hit a record high of 56.2%. That’s right, those crypto miners aren’t just eating up all the planet’s resources; they’re actually doing their bit for the environment. Who knew that minting digital gold could be so green? Maybe we can start calling them eco-warriors instead of energy hogs. Next up: Bitcoin miners planting trees and saving pandas.

GBTC's $23 Million Payday

Yesterday, GBTC funds saw a net inflow of $23 million, making it rain in the world of Bitcoin trusts. Looks like investors are more confident in digital currency than ever. Is this a sign that people are getting their crypto FOMO on, or just a savvy move by those in the know? Either way, GBTC is laughing all the way to the bank. Just goes to show, even in the world of imaginary money, cash flow is king.

SAB121 Veto Stands Strong

The U.S. House of Representatives tried to flex their muscles but couldn’t quite manage to override Biden’s veto on those SAB121-related resolutions. It's like watching a game of political ping-pong where no one can score. The veto stays, and the House has to go back to the drawing board. Better luck next time, folks. Maybe they should try a new tactic: actual compromise. Revolutionary idea, right?

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U.S. Spot Bitcoin ETF: A $15.5 Billion Bonanza

Since its launch, the U.S. Spot Bitcoin ETF has been pulling in the big bucks with net inflows now over $15.5 billion. That’s a lot of zeros, my friends. Seems like Wall Street’s finally got the crypto bug, and they’re not letting go. Who knew ETFs could be so exciting? It’s like watching a blockbuster movie where Bitcoin is the superhero everyone’s rooting for.

SEC Gives Hiro a Hall Pass

In a surprising twist, the U.S. SEC decided to end its investigation into Bitcoin L2 developer Hiro. Guess they found nothing more than a bunch of really passionate coders and their open-source dreams. Hiro can now breathe a sigh of relief and get back to doing whatever it is they do best—probably something involving lots of code and very little sleep. Way to dodge a bullet, Hiro.

Bitcoin: The Dollar’s New Best Friend?

A U.S. Senator made waves by suggesting that holding Bitcoin reserves could help keep the dollar strong. Sounds like the kind of logic you'd hear at a tech conference after one too many energy drinks, but hey, stranger things have happened. Maybe the future of the dollar is digital after all. Just imagine: Uncle Sam with a Bitcoin wallet. HODL, America, HODL!

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Germany’s Bitcoin Balance: Zero

The German government’s Bitcoin address is officially empty. They’ve spent it all, or maybe they just lost the password. Either way, it’s back to square one for Deutschland’s digital assets. Better luck next time, guys. Maybe it’s time to invest in a good password manager or hire that one friend who’s always bragging about their crypto security setup.

Ethereum ETF Hopes Still Alive

The President of The ETF Store is still holding out hope that the US SEC will approve the spot Ethereum ETF next week. Optimism or just good PR? Either way, Ethereum fans are crossing their fingers and toes. It’s like waiting for your favorite band to drop a new album—lots of anticipation, a bit of anxiety, and hopefully a big payoff at the end. Keep the faith, crypto kids.

BlackRock’s IBIT: Back on Top

BlackRock's IBIT position's market value has climbed back above $18 billion, proving that the big players in finance still have a taste for digital assets. It’s like watching a heavyweight champ make a comeback. Just when you thought they were down for the count, they bounce back stronger than ever. IBIT is in the ring, gloves on, ready to rumble. Crypto is here to stay, folks.

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