💸 State of Wisconsin Buys Nearly $100M Worth of BlackRock Spot Bitcoin ETF

💵The U.S. state of Wisconsin has purchased nearly $100 million worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT) in Q1 2024, acquiring 94,562 shares.

🌐 This makes Wisconsin the first state to publicly disclose buying shares of a spot BTC ETF. The state’s investment board also purchased around $64 million of Grayscale’s Bitcoin Trust (GBTC). The significant investments from the $156-billion fund are seen as an encouraging sign of institutional adoption.

ℹ️ As deadlines for disclosing Q1 holdings approach, more large funds’ crypto exposure may be revealed.

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📉 Bitcoin Fee Crash Could Lead to Faster Miner Selling, Analysts Say

🔽 Bitcoin’s average transaction fees have plummeted from their post-halving spike driven by activity on the Runes protocol.

🔴 Analysts warn this fee crash, coupled with a stalled BTC price rally, could squeeze miners’ revenues and lead to increased selling pressure as they look to cover operational costs.

ℹ️ The halving reduced block rewards, making fees and price appreciation crucial for miner profitability.

⚠️ Some predict miners may need to liquidate around $5 billion in BTC holdings in the coming months if prices don’t recover. Options strategies like bear call spreads are being considered to navigate potential miner-driven BTC drawdowns.

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❓ What Is Device Fingerprinting?

In this edition of #Basics, we'll cover the one and only rival of all the drophunters and anonymous crypto users.

🔖 Device fingerprinting identifies individual devices or users through data collection, even when IP addresses are hidden or browsers change. It combines device information like operating system, browser, plugins, timezone, and settings into a unique identifier.

🖥 Passive fingerprinting gathers data sent by the device, while active methods use scripts to probe for more details like screen resolution and fonts.

🔗 Advertisers use fingerprinting to track consumer behavior across browsers. Banks deploy it to detect fraud from previously flagged devices. Websites prevent duplicate accounts and search engines identify suspicious activity. This type of usage is very popular with crypto projects that are about to release an airdrop.

💬 While helpful for security, fingerprinting raises privacy concerns by creating persistent identifiers, sometimes undetectably.

ℹ️ By enabling rich device tracking—yet infringing on user privacy—device fingerprinting represents a delicate balance that the technology industry continues to navigate. Disclosure and consent remain critical for its acceptable use.

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💸 Bitcoin Traders Expect Prices to Hit $74K Highs As Selling Pressure Eases

📈 Bitcoin traders expect prices could hit $74,000 highs in the coming weeks, fueled by softer U.S. inflation data and growing institutional demand for riskier assets like Bitcoin ETFs.

🔴 Major funds like Millennium and Schonfeld have invested, signaling rising interest. Meanwhile, on-chain data suggests easing selling pressure from short-term holders. QCP Capital has seen buyers targeting $100,000–$120,000 call options for December 2024 amid the bullish momentum.

ℹ️ The previous $74,000 record from March is now back in traders’ sights as market catalysts align.

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💸 Ether Could Surprise to the Upside in the Coming Months, Coinbase Says

🔗 Coinbase says Ether (ETH) could surprise to the upside in the coming months, citing lack of major supply overhangs like token unlocks or miner selling pressure.

🕯 The exchange believes ETH is unlikely to be displaced as the center of decentralized finance due to widespread Ethereum Virtual Machine and layer-2 adoption. Additionally, Coinbase thinks the market may be underestimating the potential approval timing and odds of a U.S. spot Ether ETF, leaving room for upside surprises.

📈 Overall, the exchange remains bullish on Ether’s fundamentals and technological innovations within its ecosystem.

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💸 Bitcoin Whales Almost Disappear From Network: Here’s Why

💸 Data from Santiment shows Bitcoin whale activity has dropped to 2024 lows, with 15,907 wallets holding 100+ BTC currently totaling 11.79 million BTC.

🕯 While reduced whale trading could mean less volatility. The lack of demand from these large holders raises concerns about potential selling pressure if Bitcoin remains rangebound.

Conversely, the inactivity may signal whales are content holding long-term, reflecting bullish sentiment.

⌛️ Though concerning, the implications depend on whales’ motivations—either presaging sell-offs or consolidation before the next move higher. Market dynamics remain nuanced.

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👨‍💻Why Public WiFi Is Insecure

👮‍♀️ In today’s edition of #ScamDecoded we’ll cover one of the most underestimated dangers. For example, it may hit you while simply scrolling through your crypto assets in the nearest coffeshop.

🔴 Public WiFi hotspots present significant security risks. You may ask why. Well, all the dangers lie in the so-called “Man-in-the-Middle” (MitM) attacks.

🖥 In a MitM attack, a hacker intercepts communication between a user and a website, redirecting the user to a fraudulent site to steal login credentials and other sensitive data. Common MitM techniques include WiFi eavesdropping, packet sniffing, cookie theft, and session hijacking.

ℹ️ While convenient, free public WiFi lacks robust security protections, exposing users to these insidious attacks that compromise privacy and enable identity theft.

⚠️ Using a VPN and avoiding activities requiring personal information are key precautions against the ever-present threat of MitM attacks.

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🌐 Analyzing the US Government’s Bitcoin Holdings: What You Need to Know

🛡 The U.S. government holds over 1% of the BTC supply, worth $13.16 billion, acquired through enforcement actions against illegal activities like the Silk Road darknet market and Bitfinex hack.

📈 Its substantial holdings, tripled since 2021, could significantly impact market dynamics depending on if and how this Bitcoin is liquidated or auctioned off. While providing legitimacy for institutional investors, the concentration challenges Bitcoin’s decentralization narrative.

ℹ️ Analysts warn the government’s ability to influence prices through its sizable stake poses risks to market perception. Monitoring these holdings is crucial for anticipating potential shifts.

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🚀 What Are Web3 Wallets?

❗️ Web3 wallets are essential gateways for navigating decentralized finance, enabling users to securely manage cryptocurrencies and NFTs and interact with blockchain networks and DApps.

👕 They provide autonomy through noncustodial control of private keys, while custodial options offer third-party management convenience. Smart contract wallets introduce programmable functionalities and heightened security.

✔️ Key features include multi-asset/chain support, DeFi interoperability, peer-to-peer transactions, robust security via encryption, and user pseudonymity.

📌 Popular examples are MetaMask, Binance Web3 Wallet, and Trust Wallet.

💻 As vital access points to the Web3 ecosystem, these wallets empower individuals in the shift toward decentralized digital ownership and financial services.

#Basics

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💸 Legendary Trader Peter Brandt Reveals What’s Behind the ‘Bitcoin Is Dead’ Claim of Peter Schiff

📣 Peter Brandt responded to Peter Schiff’s recent claim that “Bitcoin is dead,” suggesting Schiff exaggerates to attract attention despite understanding crypto’s value.

💬 Schiff had dismissed Bitcoin’s 9.3% weekly rise, arguing silver’s 21% gain since April proved superior returns. Brandt accused Schiff of promoting his long-standing silver preferences over providing honest Bitcoin analysis. Schiff doubled down, warning of high risks in the “imaginary” Bitcoin versus traditional assets.

ℹ️ Overall, this public disagreement highlights ongoing debate around cryptocurrency’s future trajectory versus conventional investments.

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📈 Tether Seeks to Boost Peer-to-Peer Payments on Telegram by Expanding Dollar, Gold Stablecoins to The Open Network (TON)

🌐 Tether aims to boost peer-to-peer payments on Telegram via TON by expanding its dollar-backed USDT and gold-backed XAUT stablecoins. With $10 million in USDT already authorized on TON, Tether targets Telegram’s 900 million user base for “borderless” value transfer.

The move capitalizes on TON's rapid ecosystem growth aided by user onboarding incentives, with monthly active addresses surpassing 1.7 million.

ℹ️ Facilitating seamless stablecoin usage aligns with Tether’s mission of open financial infrastructure across blockchains. Ramp Network will enable fiat on-ramps for USDT on TON to streamline adoption.

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💸 Research Firm Favors Bitcoin ‘Covered Strangle’ Strategy to Enhance Portfolio Yield by 17%

🔗 Research firm 10x Research recommends Bitcoin holders employ a “covered strangle” options strategy to enhance portfolio yields by an additional 17%.

🕯 This involves holding Bitcoin in the spot market while simultaneously selling out-of-the-money (OTM) call options at higher strike prices and OTM put options at lower strikes, collecting premiums from both positions.

Specifically, 10x suggests selling December 2024 $100,000 calls and $50,000 puts against a spot Bitcoin holding, providing potential 11% and 6% option premiums, respectively.

🔴 The strategy suits a moderately bullish outlook with expectations of low volatility over the duration. However, it does increase risk exposure below the put strike.

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🌐 Ether Surges 17%; Polymarket Approval Chances Rocket As ETF Makes Regulatory Progress

📈 Ether’s price surged 17% to over $3,600 as SEC requested exchanges to update filings for Ether ETFs, suggesting potential progress toward approval.

🔗 However, approval is not guaranteed. The CoinDesk 20 index, which tracks major cryptocurrencies, rose nearly 8% amid this regulatory development. Traders on Polymarket now estimate a 55% chance of an Ether ETF being approved by May 31, up from 10% previously.

🔴 While promising, the SEC could still reject the ETF registration, delaying its launch.

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✔️ Binance Labs Backs Aevo, Boosting Altcoin’s Price

💡 Binance Labs announced an investment in Aevo, a high-performance layer-2 blockchain built on OP Stack. Aevo is a decentralized derivatives platform focusing on options and perpetual contracts.

⚡️ The investment news caused Aevo’s token price to rise. Binance Labs highlighted Aevo’s impressive metrics, including over $80 billion in derivatives volume and $30 million in fees generated so far this year, with around 50,000 monthly active users.

🚀 Aevo plans to launch new products like vault strategies, yield offerings, and token staking as part of its roadmap after receiving Binance’s backing.

💫 The investment from Binance Labs signals confidence in Aevo’s layer-2 innovations for decentralized derivatives trading.

Disclaimer: This content should not be considered investment advice.

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🔵 SEC’s Gensler Says House Bill Would ‘Undermine’ Regulator’s Crypto, Capital Markets Oversight

❗️ SEC Chair Gary Gensler criticized the proposed Financial Innovation and Technology for the 21st Century Act (FIT21) bill hours before a planned House vote.

⚡️ Gensler stated that FIT21 would "undermine decades of precedent” and “create new regulatory gaps” in the SEC’s oversight of investment contracts and capital markets. He argued the bill ignores established legal tests like the Howey test for determining investment contracts.

➡️ A key part of FIT21 would categorize many crypto assets as “digital commodities” under the CFTC’s jurisdiction, rather than securities under the SEC’s purview. Gensler warned this could remove important investor protections.

➡️ He also raised concerns about provisions allowing crypto firms to self-certify as issuing digital commodities, with the SEC having just 60 days to assess if the certification is valid—a challenging timeline, given the number of cryptocurrencies.

While expressing reservations, Gensler acknowledged the need for appropriate crypto regulation balanced with protecting investors and markets.

💫 However, he signaled the SEC may view FIT21 as undermining its regulatory authority. The House plans to vote on FIT21 Wednesday, though its prospects in the Senate remain unclear this year.

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💸 BlackRock’s Spot Bitcoin ETF Records Biggest Inflows Since April As BTC Hovers at $70K

📈 Spot Bitcoin ETFs in the U.S. witnessed a significant influx of investor capital as the cryptocurrency surpassed the $70,000 level for the first time in a month. BlackRock’s IBIT product recorded inflows of over $290 million on Tuesday, its highest single-day inflow since April. Overall, U.S. Bitcoin ETFs absorbed nearly $300 million in net inflows on the same day.

💸 The renewed interest in BTC ETFs coincides with growing optimism around a potential approval of an Ether spot ETF and positive cryptocurrency sentiment stemming from Donald Trump’s presidential campaign. Grayscale’s GBTC also extended a five-day streak of inflows after experiencing outflows earlier in the year.

🌐 While a few ETFs like Bitwise’s BITB and VanEck’s HODL saw modest outflows, the overall trend suggests increasing mainstream demand for exposure to BTC through regulated investment vehicles as the cryptocurrency market regains momentum.

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💸 Bitcoin Drops Below $68K; Ether Slumps in Sudden Crypto Sell-Off As ETH ETF Decision Looms

🕯 Cryptocurrency prices experienced a broad sell-off on Thursday as traders awaited the U.S. regulator’s decision on spot ETH ETFs. Bitcoin dropped below $68,000, down almost 3% over 24 hours, after trading near $70,000 earlier in the day.

📉 Ether, which had surged to over $3,900 earlier, slipped back under $3,700 though still in positive territory for the past day. Major altcoins like Dogecoin (DOGE), Avalanche (AVAX), Shiba Inu (SHIB), and Chainlink (LINK) plunged over 4% within an hour.

The crypto sell-off coincided with a report showing a red-hot U.S. economy, which boosted the U.S. dollar and dampened expectations of interest rate cuts, potentially accelerating the risk asset decline.

ℹ️ Some analysts speculated that a large $27-million Ether sell order from trading firm Symbolic Capital Partner may have triggered the downward move. As the market awaits the SEC’s ruling on spot Ether ETF applications, traders appear cautious, contributing to the volatile price swings across major cryptocurrencies.

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💸 Is Ether a Security or Commodity? Why Does It Matter, and Will an ETF Change This?

💬 The looming question of whether Ether (ETH) should be classified as a commodity or security carries major implications for its regulation and market prospects. Designating it as a commodity under CFTC oversight could reduce uncertainty deterring institutional investors and enable new regulated investment vehicles like ETFs. This could boost liquidity and broader adoption.

🌐 The potential approval of an Ether ETF could bolster its commodity status by demonstrating regulatory compliance and viability as a mature asset class, following the Bitcoin ETF precedent.

ℹ️ Clear commodity classification could foster innovation by providing regulatory clarity, while still ensuring investor protections. However, an official SEC commodity designation may ultimately be needed despite an ETF approval’s influential impact.

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💸 Ether ETFs Clear Major Hurdle, Though SEC Hasn’t Given Them the Green Light for Trading Yet

✉️ The SEC’s approval of the key 19b-4 filings marks a significant step toward launching spot Ether ETFs in the U.S. despite final clearance still pending.

📊 This reversal comes after the regulator seemed reluctant to engage with issuers on Ether ETFs. While not guaranteeing approval, it signals willingness to allow the funds. However, additional S-1 filings from issuers like BlackRock and Grayscale must still get approved, potentially taking weeks or months based on precedent.

💎 The development revives optimism around providing regulated Ether exposure through ETFs after prospects looked bleak just days ago.

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