Research Summary
The report covers a range of developments in the cryptocurrency and blockchain sector. Key topics include the approval of Spot BTC ETFs, Grayscale’s filing for a Bitcoin covered call ETF, Circle’s confidential filing for a US IPO, and the launch of various mainnet upgrades and public testnets. The report also highlights trading volumes, trending assets, and changes in total value locked (TVL) across different platforms.
Key Takeaways
Spot BTC ETFs Gain Approval
- Approval of Spot BTC ETFs: The report notes that all Spot BTC ETFs have been approved, with over $4 billion in trading volume so far. The SEC commissioners voted 3-2 in favor of the ETFs, with SEC Chairman Gary Gensler among those in favor.
Grayscale’s Bitcoin Covered Call ETF
- Grayscale’s New Filing: Grayscale has filed for a Bitcoin covered call ETF following the conversion of GBTC. The GBTC discount has dropped to zero following the SEC’s ETF approval.
Circle’s Confidential US IPO Filing
- Circle’s IPO Plans: Circle, the issuers of USDC and EURC, has confidentially filed for a US initial public offering (IPO).
Mainnet Upgrades and Public Testnets
- New Developments: The report mentions several mainnet upgrades and public testnets. Injective Chain has launched a mainnet upgrade called “Volana,” which adds a Real World Asset module. Berachain has launched its public testnet, “Artio.”
Trading Volumes and TVL Changes
- Trading and TVL Data: The report highlights various trading volumes and changes in total value locked (TVL) across different platforms. LDO, MKR, and AAVE dominated onchain volumes this week. Merchant Moe, a DEX on Mantle, saw its TVL grow by 51.61%.
Actionable Insights
- Monitor the Performance of Spot BTC ETFs: With the recent approval of Spot BTC ETFs, it would be beneficial to keep an eye on their performance and trading volumes.
- Track Grayscale’s Bitcoin Covered Call ETF: Given Grayscale’s recent filing for a Bitcoin covered call ETF, tracking its progress could provide insights into the market’s response to such offerings.
- Follow Circle’s IPO Journey: Circle’s confidential filing for a US IPO could have significant implications for the cryptocurrency market. Following its journey could provide valuable insights.
- Stay Updated on Mainnet Upgrades and Public Testnets: The launch of new mainnet upgrades and public testnets could impact the performance of associated cryptocurrencies. Staying updated on these developments could be beneficial.
- Analyze Trading Volumes and TVL Changes: Analyzing trading volumes and changes in TVL across different platforms could provide insights into market trends and the performance of various cryptocurrencies.
