MARKETS DAILY: Crypto Update |Bitcoin ETFs Trade $111 Billion and Assessing the Launch Timeline for Ethereum ETF

04/03/24 • 14 min

The latest price moves and insights with Helene Braun and Matt Hougan, Chief Investment Officer at Bitwise.

To get the show every day, follow the podcast here.

On "Markets Daily," CIO of Bitwise, Matt Hougan, joins Markets Daily with insights on the recent trends in crypto assets, focusing on Bitcoin and Ether, and how ETFs have influenced their trading volumes. It credits the success of Bitcoin ETFs to making Bitcoin more accessible to a broader investor base. Hougan also explores Bitcoin's volatility and its potential to reach new highs, while addressing the outflows from Grayscale's GBTC and the chance for reduced fees. Additionally, the impact of Fed Chair Jerome Powell's upcoming speech is considered less significant than the effects of ETF inflows and the Bitcoin halving event on Bitcoin's price.

Takeaways |

Bitcoin ETFs have contributed to increased trading volumes and accessibility of Bitcoin to a wider range of investors.
Bitcoin's volatility is seen as part of a fixed channel, and the expectation is that it will surpass its previous all-time high.
Outflows from Grayscale's GBTC are attributed to the availability of lower-cost products and the need for investors to do due diligence.
The introduction of an Ethereum ETF may be more beneficial after the market has had time to digest Bitcoin ETFs.
The flows into ETFs and the Bitcoin halving are expected to have a greater impact on Bitcoin's price than the actions of the Fed.

LINKS |

CoinDesk 20

Bitcoin Back Down to $66K as Rising Treasury Yields Catch Investor Interest

Consensus 2024 is where experts convene to discuss ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry’s most sought-after speakers, unparalleled networking opportunities and unforgettable experiences. Take 15% off registration with the code MD15.

Register now at consensus.coindesk.com.

This episode was hosted by Helene Braun. “Markets Daily” is produced and edited by senior producer Michele Musso, and executive producer Jared Schwartz alongside Senior Booker, Melissa Montañez—all original music by Doc Blust and Colin Mealey.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The latest price moves and insights with Helene Braun and Matt Hougan, Chief Investment Officer at Bitwise.

To get the show every day, follow the podcast here.

Takeaways |

Bitcoin ETFs have contributed to increased trading volumes and accessibility of Bitcoin to a wider range of investors.
Bitcoin's volatility is seen as part of a fixed channel, and the expectation is that it will surpass its previous all-time high.
Outflows from Grayscale's GBTC are attributed to the availability of lower-cost products and the need for investors to do due diligence.
The introduction of an Ethereum ETF may be more beneficial after the market has had time to digest Bitcoin ETFs.
The flows into ETFs and the Bitcoin halving are expected to have a greater impact on Bitcoin's price than the actions of the Fed.

LINKS |

CoinDesk 20

Bitcoin Back Down to $66K as Rising Treasury Yields Catch Investor Interest

Register now at consensus.coindesk.com.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Previous Episode

UNCHAINED: The Real Reason Why the SEC Might Be Going After Ethereum

Why might the SEC investigate the Ethereum Foundation, even though the agency has previously affirmed that ETH is a commodity?

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

On March 20, Fortune reported that the SEC was investigating the Ethereum Foundation and was looking for legal ways to label ETH as a security.

Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications.

The guests speculate about the hidden motivations behind the SEC's investigation and discuss the likelihood of the approval of spot Ether ETFs. They also discuss the recent ruling in the SEC vs Coinbase case, where the judge dismissed claims that Coinbase's wallet was acting as an unregistered brokerage, but allowed the rest of the suit to proceed.

Lastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ETHer is a security and what they are looking out for in the next couple of weeks and months.

Show highlights:

Whether the investigation into the Ethereum Foundation is confirmed and why the SEC would do this
Why Sam Enzer believes that the SEC would be "utterly wrong and ridiculous" in alleging ETH is a security
Whether the number of people working on Ethereum could make the argument that it is decentralized
How would the SEC justify that ETH is a security and whether the Foundation is running Ethereum’s managerial efforts
Whether the SEC is looking for evidence to deny spot ether ETFs
Why SEC chair Gary Gensler has changed his mind on many of his previous stances regarding crypto assets and whether he's acting in good faith
The ongoing battle between the SEC and the CFTC and the need for Congress to regulate the industry
What the possible outcome of this investigation could be, and whether we'll have a court case soon
What the impact would be if ETH were classified a security
Whether Prometheum could launch its platform offering custody of ETH as a security before an SEC designation
Why Sam believes that the spot ETH ETFs will be denied on May 23rd
How the SEC has already made up its mind even before gathering the facts, according to Sam
Whether the recent judgment on Coinbase's case affects the potential case against the EF
Whether Ethereum transactions are security transactions, and the difference between primary and secondary sales
What to expect in terms of regulation and enforcement actions in the short term, given the number of cases at the moment

Thank you to our sponsors! Polkadot

Guests:

Sam Enzer, Partner at Cahill Gordon & Reindel

Previous appearances on Unchained:

How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence

Next Episode

MONEY REIMAGINED: Navigating Crypto Culture Clash | Strategies for Inclusivity and Positive Online Communities

Blending tech, culture, and crypto to address online inequities, empowered by blockchain's transformative potential.

This episode is sponsored by Consensus 2024

Now Available for pre-order |

Michael Casey’s New Book with Frank H. McCourt, their forthcoming book: Our Biggest Fight: Reclaiming Liberty, Humanity, and Dignity in the Digital Age

In this week's installment of "Money Reimagined," hosts Michael Casey and Sheila Warren discuss the intersection of technology, culture, and crypto. They explore the increasing toxicity in certain corners of the crypto community and the need to create a more equitable and inclusive culture. They also touch on moderation challenges and the incentives that drive behavior on social media platforms. Their conversation highlights the importance of building better communities and rethinking the structures and incentives that shape online interactions.

Takeaways |

The crypto community needs to address the increasing toxicity in certain corners and strive for a more inclusive and equitable culture.
The challenges of moderation on social media platforms highlight the need to rethink the structures and incentives that shape online behavior.
Building better communities and promoting positive norms and behaviors is crucial for creating a healthier digital environment.
The intersection of technology, culture, and crypto presents opportunities to address inequities and distortions on the internet. The online economy incentivizes extreme behavior and polarizing discussions, driven by the pursuit of attention and financial gain.
Crypto culture emerged in the social media era and is influenced by algorithmic systems that prioritize engagement over thoughtful discourse.
Blockchain technology has the potential to empower hyperlocal communities and enable meaningful change at a local level.
The erosion of local media has contributed to the rise of toxic behavior in online communities.
Policy-making should consider the nuances of different communities and focus on addressing local issues that directly impact people's lives.

Links |

Crypto Council for Innovation

CoinDesk.com

Consensus is where experts convene to talk about the ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry’s most sought-after speakers, unparalleled networking opportunities and unforgettable experiences. Take 15% off registration with the code MRP15.

Register now at consensus.coindesk.com

Money Reimagined has been produced and edited by senior producer Michele Musso and our executive producer is Jared Schwartz. Our theme song is “The News Tonight ” by Shimmer.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.