🔄 Three Bidders Vie to Restart FTX

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James Seyffart, market analyst at Bloomberg Intelligence, and Matt Hougan, chief investment officer at Bitwise Asset Management, feel quite certain a spot Bitcoin ETF will launch in the next few months. 

First, the SEC decided not to appeal a court’s rejection of Grayscale’s application to convert its Bitcoin trust to a spot ETF. Second, there’s been a change in the way the SEC has been treating the many other spot Bitcoin ETF applications—requesting miniscule tweaks in disclosure language. And even though other legal hiccups are occurring—the NY Attorney General’s lawsuit against Grayscale parent company, DCG, the SEC’s potentially renewed vigor in the Ripple case, and Cointelegraph’s incorrect tweet about a bitcoin ETF—the SEC needs a PR win right now. According to them, this means good things not just for spot Bitcoin ETFs but also, shortly thereafter, Ethereum ETFs. 

📚 The Cryptopians - Out in Paperback! 

Find out the inside story of the rise of Ethereum in Laura’s book, “The Cryptopians.”

What’s Poppin’?

by Sam Sriram, Brandy Betz, and Juan Aranovich

FTX Negotiates With Three Bidders for Exchange Restart: Report

The bankrupt crypto exchange is reportedly considering proposals from three different entities to restart trading.

BlockFi Opens Wallet Withdrawals After Emerging From Bankruptcy

The bankrupt crypto lender asked BlockFi Wallet users to submit a withdrawal request from its website to begin claiming their funds.

dYdX Becomes Open Source as It Transitions to Cosmos-Based Blockchain

The decentralized exchange dYdX open-sources its v4 upgrade code, marking its transition from Ethereum to a Cosmos-based blockchain, a move that has sparked debate in the crypto community.

Crypto Asset Manager Grayscale to Offer 5 New Crypto Sector Indexes

In partnership with FTSE Russell, the indexes will offer exposure to more than 150 protocols.

North America Leads Global Crypto Transactions at $1.2T, but Stablecoin Share Dips Amid U.S. Regulatory Uncertainty: Chainalysis

According to a new report by the blockchain data firm, U.S. institutional investors dominated on-chain transactions in the one-year period despite regulatory pressure.

Daily Bits…✍️✍️✍️

• 🏛️ BlackRock settled with SEC for $2.5 million over misleading investment descriptions, unrelated to its pending Bitcoin ETF application.

• 🗳️ Rep. Tom Emmer, a crypto advocate, withdrew his nomination for Speaker of the House after facing opposition from Donald Trump and key Republicans.

• 👥 Paradigm cofounder Fred Ehrsam is stepping down as managing partner.

• ⚖️ DCG, in its Q3 shareholder letter, claimed it was caught off guard by the NYAG's lawsuit and denied any wrongdoing.

• 📜 Coinbase filed a response to the SEC, arguing that the agency is overstepping its regulatory boundaries by redefining what constitutes an investment contract.

• 🛡️ Maestro Telegram bot suffered a security breach due to a contract vulnerability, leading to the theft of over 280 ETH, valued at around $500,000.

• 📊 Ark Invest continues to sell shares of Coinbase and Grayscale Bitcoin Trust, amounting to approximately $3.6 million.

What Do You Meme?

Recommended Reads

1. WIRED: They Cracked the Code to a Locked USB Drive Worth $235 Million in Bitcoin. Then It Got Weird

2. Unchained: What Is the Fear and Greed Index & Why Is It Important?

📈 Your Market Update 📉

• BTC is down .7%, trading at $34,256

• ETH is down 2.4%, trading at $1,785

• BTC dominance: 51.41%

• Crypto market cap: $1.3T

*All data as of today, 7:10 am ET

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