📈 Why Bitcoin Is Outpacing Ether

In today’s edition: 📊 BTC at 18-month high, 📉 FTX wallet unstakes SOL, 🚀 BTC funds' massive gain, and more!

December 05, 2023

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What’s Poppin’?

by Brandy Betz and Samyuktha Sriram

BTC crossed $42,000 for the first time since April 2022 amid rising market optimism that a spot bitcoin ETF would receive approval.

On-chain data shows that a wallet address linked to FTX has been unstaking millions of dollars-worth of SOL and transferring it to crypto exchange Coinbase.

Bitcoin led the inflows into digital asset investment products last week, followed by Ethereum and blockchain equities.

Solana’s native token SOL has been one of the best-performing cryptos of the year, up more than 500% so far, but you wouldn’t have guessed that would be the case given how closely tied the blockchain was to FTX, which held huge amounts of SOL and was a big supporter of the platform. The blockchain also experienced numerous outages in 2022. But Anatoly Yakovenko, Solana’s co-founder, says the discipline imposed by FTX’s collapse, as well as improvements to the technology, have made Solana stronger.

On this episode of Unchained, Yakovenko talks about the impact of FTX’s collapse, his early impressions of Sam Bankman-Fried, the SEC’s designation of SOL as a security, how entrepreneurs are leaving the U.S. because of the regulatory risk, SOL’s share of the stablecoin market, and why he thinks it’s inevitable that finance will eventually run on something like Solana.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Daily Bits…✍️✍️✍️

  • 🏦 BlackRock and Bitwise updated their filings for spot bitcoin ETFs with the SEC, signaling ongoing discussions and efforts towards regulatory approval.

  • 🌐 The DeFi market rebounded to $50 billion, fueled by growth in Solana-based protocols and over $700 million deposits in layer-2 platform Blast.

  • 🔄 An early Ether investor moved nearly $90 million in ETH to Kraken, potentially indicating plans to sell for stablecoins or other tokens.

  • 💵 BlackRock received $100K seed funding for its proposed spot Bitcoin ETF.

  • 🔒 Thirdweb's security vulnerability in its open-source library affects multiple NFT collections, with OpenSea and Coinbase NFT responding to mitigate risks.

  • 💰 El Salvador's bitcoin investment turned profitable, with President Nayib Bukele declaring a $3.6 million gain amid the latest crypto rally.

Today in Crypto Adoption...

  • 🔑 Singapore's DigiFT won regulatory approvals from MAS, setting a precedent for digital asset exchanges with market-making mechanisms.

  • 🔗 Societe Generale issued €10 million in tokenized green bonds on Ethereum, purchased by AXA and Generali, highlighting the finance sector's interest in asset tokenization.

The $$$ Corner…

  • 🛡️ QANPlatform, a quantum-resistant layer-1 blockchain, secured a $15 million investment from Qatar's MBK ahead of its testnet launch.

What Do You Meme?

Recommended Reads

📈 Your Market Update 📉

  • BTC is up .3%, trading at $41,708

  • ETH is down 1%, trading at $2,204

  • BTC dominance: 50.8%

  • Crypto market cap: $1.61T

*All data as of today, 06:30 am ET

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