Sponsored by

TLDR:

• Bitwise BITB's Bitcoin holdings surpassed 30,000 units for the first time, marking a significant milestone.

• Crypto venture capital firms are projected to raise only $5.8 billion in 2023, indicating a slower pace of investment.

• Hack VC is raising $100 million for another fund, underscoring sustained investor interest.

• The U.S. SEC once again delayed its decision on the Grayscale Ethereum Futures ETF, prolonging anticipation.

• In 24 hours, three major whales deposited over $100 million worth of Ethereum into exchanges, signaling large-scale movements.

• Cathie Wood predicts Bitcoin's price could soar to $3.8 million, fueling ongoing speculation.

• The U.S. SEC aims to boost resources for crypto enforcement reviews in its 2025 budget.

• JPMorgan Chase warns against relying solely on ETF flows to gauge Bitcoin's market direction.

• FTX plans to sell a $1 billion stake in Anthropic to settle bankruptcy debts, stabilizing its finances.

Up your crypto game and gain an upper hand by signing up to our premium content, sent straight to your inbox once a week! The premium content includes weekly Market Insights, Airdrop Updates & Premium News

Click below to signup to premium content

👇

Stay up-to-date with AI.

The Rundown is the world’s fastest-growing AI newsletter, with over 500,000+ readers staying up-to-date with the latest AI news and learning how to apply it.

Our research team spends all day learning what’s new in AI, then distills the most important developments into one free email every morning.

Sign up with one click.

Alpha of the Day

Bitwise BITB's Milestone Bitcoin Holdings

Bitwise BITB achieves a significant milestone as its Bitcoin holdings surpass 30,000 units for the first time, indicating robust growth in its cryptocurrency portfolio. This achievement underscores Bitwise's confidence in Bitcoin as a long-term investment asset and highlights the increasing institutional interest in digital currencies. With Bitcoin's continued prominence as a store of value and hedge against inflation, Bitwise's growing holdings reflect a strategic allocation towards the leading cryptocurrency. The milestone not only signifies Bitwise's commitment to cryptocurrency investment but also serves as a testament to the maturation of the digital asset market.

Venture Capital Funding in Crypto Sector

Despite the rapid growth of the cryptocurrency industry, venture capital companies in the encryption field are projected to raise only $5.8 billion in funding throughout 2023, signaling a potential slowdown in investment activity. This figure suggests a more cautious approach among investors amid regulatory uncertainties and market volatility. While the crypto sector continues to attract interest from venture capitalists, the relatively modest funding projection for 2023 reflects a more measured outlook compared to previous years of exuberant growth. It underscores the need for strategic investment decisions and prudent risk management practices in navigating the dynamic crypto landscape.

SIGN UP TO CRYPTO.COM & GET $25 IN CRO TODAY

Hack VC's Fundraising Endeavor

Hack VC, a prominent player in the crypto venture capital space, is in the process of raising at least $100 million for another fund, demonstrating sustained investor confidence in the potential of blockchain and cryptocurrency projects. The fundraising initiative reflects Hack VC's commitment to supporting innovative startups and emerging technologies within the crypto ecosystem. With the cryptocurrency market maturing and new use cases emerging, the timing of Hack VC's fundraising effort underscores the ongoing opportunities for investment and growth in the digital asset space. The success of this fundraising round could further solidify Hack VC's position as a leading investor in the crypto sector.

SEC's Decision Delay on Grayscale Ethereum Futures ETF

The U.S. Securities and Exchange Commission (SEC) once again postponed its decision on the approval of the Grayscale Ethereum Futures ETF, prolonging the uncertainty surrounding the launch of the investment product. The delay highlights the regulatory complexities surrounding cryptocurrency-based exchange-traded funds and the SEC's cautious approach to their approval. Investors eagerly awaiting the launch of the ETF may need to exercise patience as regulatory review processes unfold. The decision delay underscores the importance of regulatory clarity and compliance in shaping the future of cryptocurrency investment products.

SIGN UP TO NEXO TO GET $25 IN BITCOIN AND PAY WITH MASTERCARD

Whales' Massive ETH Deposits

Within a span of 24 hours, three giant whales deposited over $100 million worth of Ethereum into centralized exchanges, triggering speculation about potential market movements and investor sentiment. The significant influx of ETH suggests large-scale transactions by institutional players or high-net-worth individuals, which could influence short-term price dynamics. Such whale activity often attracts attention from traders and analysts monitoring market liquidity and investor behavior. The deposits may indicate strategic positioning or portfolio rebalancing strategies by these whales, highlighting the impact of large transactions on cryptocurrency markets.

Cathie Wood's Bold Bitcoin Prediction

Cathie Wood, renowned investor and founder of Ark Invest, makes a bold prediction that Bitcoin's price could skyrocket to $3.8 million, showcasing her bullish outlook on the digital asset. Wood's optimistic forecast is based on her belief in Bitcoin's potential as a hedge against inflation and its ability to disrupt traditional financial systems. While such a prediction may seem ambitious, it underscores the long-term value proposition of Bitcoin and its potential to appreciate significantly over time. Wood's forecast has sparked discussions among investors and analysts, highlighting the diverse range of price projections for Bitcoin within the investment community.

SIGN UP TO BYBIT & CLAIM YOUR $20 REWARD

 SEC's Increased Focus on Crypto Enforcement

The U.S. Securities and Exchange Commission (SEC) seeks to allocate additional resources for encryption enforcement reviews in its fiscal year 2025 budget, signaling heightened regulatory scrutiny of the cryptocurrency industry. The SEC's move reflects growing concerns over investor protection, market integrity, and compliance within the crypto space. Increased enforcement efforts could lead to stricter regulations and enforcement actions against entities violating securities laws or engaging in fraudulent activities. The SEC's budget proposal underscores the agency's commitment to regulating cryptocurrencies effectively and ensuring investor confidence in the market.

JPMorgan Chase's Warning on ETF Flows

JPMorgan Chase cautions against relying solely on ETF flows to gauge the direction of the Bitcoin market and investment sentiment, highlighting the limitations of this approach. The bank argues that ETF flows may not accurately reflect broader market dynamics and investor behavior due to various factors influencing fund inflows and outflows. While ETF flows provide valuable insights into investor sentiment, they should be interpreted alongside other market indicators for a comprehensive understanding of market trends. JPMorgan's warning reminds investors to consider multiple factors when analyzing the cryptocurrency market and making investment decisions.

SIGN UP TO WISE & MAKE BANKING EASY ACROSS BORDERS

FTX's Efforts to Settle Bankruptcy Debts

FTX, a leading cryptocurrency exchange, announces plans to sell a $1 billion stake in Anthropic to pay off bankruptcy debts within weeks, demonstrating its commitment to resolving financial challenges and maintaining operational stability. The move underscores FTX's proactive approach to addressing financial obligations and restoring investor confidence in the wake of bankruptcy proceedings. By offloading its stake in Anthropic, FTX aims to streamline its operations and strengthen its financial position for future growth and expansion. The announcement reflects FTX's determination to overcome financial setbacks and emerge stronger in the competitive crypto exchange landscape.

Other Crypto Reads

Crypto Pragmatist by M6 Labs

Join over 55k+ subscribers who trust us for crypto-native industry insights & research.

Other Good Reads

Big Desk Energy

Startup insights, stories, and vibes sent to your inbox every Tuesday.

Creator Spotlight

Behind-the-scenes stories from across the creator economy.

Follow us on X