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BlockFi to Start Processing Crypto Distributions via Coinbase This Month
BlockFi has confirmed it will begin initial crypto distributions via Coinbase in July, with distributions processed in batches over the coming months. Eligible clients will be notified via email, but non-U.S. clients are excluded due to regulatory requirements. The Plan Administrator is working with BlockFi International's Joint Liquidators to comply with Bermuda regulations for non-U.S. clients. BlockFi and Coinbase have agreed to a one-year distribution window, and BlockFi will use Coinbase for future distributions, including recoveries from the FTX and Alameda Research estates. BlockFi paused customer withdrawals in November 2022 and filed for Chapter 11 bankruptcy protection, with a repayment plan for its 10,000 creditors approved in September 2023.
BlackRock Sets 0.25% Fee as Firms Prepare to Launch Spot Ethereum ETFs
BlackRock set a 0.25% fee for its spot Ethereum product, with potential fee waivers reducing it to 0.12% for the first year or the first $2.5 billion in assets. Other firms like 21Shares, Bitwise, and Fidelity announced similar fees with initial waivers. Grayscale's fee is higher at 2.5%. Spot Ethereum ETFs are expected to begin trading on July 23. The SEC recently approved crucial forms for these ETFs, excluding staking. Industry experts anticipate staking could be reconsidered in the future.
TradFi Giant State Street Mulls Launching Stablecoin and Tokenized Deposits
State Street, a major Boston-based asset management and banking firm, is exploring the creation of stablecoins and tokenized deposits to facilitate blockchain-based settlements. The bank is also considering joining digital-cash consortiums and evaluating settlement options via Fnality International, a fintech firm it has invested in. This move comes as State Street strengthens its digital asset presence, including a recent partnership with crypto investment firm Galaxy to develop crypto trading products and plans to offer crypto custody services. Traditional finance firms are increasingly tokenizing financial assets for operational benefits such as increased efficiency and lower costs. Other notable efforts in this space include BlackRock's tokenized money market fund on Ethereum and JPMorgan's private blockchain Onyx with its JPM Coin.
Trading Desk Insights
Bitcoin retraced from the $66,000 mark, just shy of our $67,000 resistance level. This pullback is accompanied by a decline in open interest and trading volume, indicating the previous rally's momentum is waning. The pause in Wednesday's rally coincided with a significant sell-off in the equity markets, notably with the Nasdaq dropping 2.7%. Should this market correction continue, it may hinder the crypto rally further. A close below the 50-day moving average around $64,000 could signal a further decline towards $62,000.
In other news, creditors of the now-defunct crypto exchange Mt. Gox have reported numerous failed login attempts as the platform begins to repay them.
Billionaire Mark Cuban notes that venture capitalists and prominent tech figures are supporting Donald Trump's presidential bid, primarily driven by cryptocurrency interests. He remarks, "You couldn't have a better setup for a Bitcoin price surge."
On the US Bitcoin ETF front, the market showed restraint with net inflows totaling $53.3 million yesterday. Blackrock led with inflows of $110.4 million, offsetting Grayscale’s outflows of $53.9 million.
Regarding the presidential election, President Joe Biden's chances of withdrawing from the race hit 68%, nearing an all-time high of 70%, after he announced a Covid diagnosis, according to bets on the crypto-based prediction market platform Polymarket.
The Nasdaq rebounded on Thursday, recovering from its worst session since 2022. Optimism in the broader market grew with the increasing likelihood of a rate cut in September, benefiting small-cap and cyclical stocks, which are expected to gain from lower borrowing costs.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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