| | | Good afternoon. Welp, now that ETF outflows aren’t as bad, bitcoin is booming again. Go figure. | Real quick: your CoinSnacks founders are both in Nashville for the rest of the week. If any of ya’ll are here, hit reply, and let’s grab some drinks. | Today’s Big Stories:
💸 Novogratz boosts bottom line
📉 Ether ETFs
👿 Crypto is evil!! | Today's newsletter is 869 words, a 4-minute good read however long it takes. Honestly these read times are kinda BS, right? |
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Galaxy Digital Swings to Profit in Q4 Earnings |
On Tuesday, Galaxy Digital (GLXY) reported Q4 earnings that showed a massive swing to profitability. The company reported: |
$302 million of Q4 net income (vs. -$94 million in Q3) $296 million in full year net income (vs. -$1.02 billion in full year 2022) |
Our writeup on the company’s performance got a little long, so if you are interested in reading what stood out to us, you can check out our deep dive here. |
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Ethereum ETFs Losing Steam |
Ever since Bitcoin ETFs have been approved, investors have turned their attention to another bullish scenario: the approval of spot Ethereum ETFs. |
But the chances of such approval from SEC happening anytime soon appear to be dwindling. |
What they’re saying: In the latest blow to the Ethereum ETFs, Blackrock’s head of digital assets, Robert Mitchnick, stated that the fund is only seeing “a little bit” of demand for Ethereum from clients, suggesting that the mega fund may not put up big a fight against the SEC on this one. |
By the numbers: |
Bloomberg Intelligence ETF gurus James Seyffart and Eric Balchunas share the same pessimistic sentiment, now giving the chances of approval at only 25%. The two had previously given 35% odds for approval. The Polymarket (prediction market) odds for Ethereum ETF approval has dropped from 45% to 19% this month. |
Catch up: Currently, seven issuers are hoping to launch an Ethereum ETF: BlackRock, Fidelity, Invesco with Galaxy, Grayscale, VanEck, 21Shares with Ark, and Hashdex. The SEC postponed a decision on a spot Ethereum ETF previously, but it will have to make a decision by May 23. |
What’s next? If the ETFs aren’t approved in May, there’s a good chance that issuers could elect to withdraw, only to try again sometime next year. Why? Because, by then, SEC Chair Gary Gensler will be gone and there could be a less anti-crypto administration in charge of things after the election. |
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Crypto’s Broken Moral Compass |
In a recent blog post, long-time anonymous crypto writer Polynya talked about the negative evolution of crypto, expressing concern over the increasing prevalence of scams and harmful communities emerging in the space. In their words, crypto is turning “predatory” and straight-up “evil,” which has led them to give up on writing, blogging, etc. essentially. |
If you have the time, we suggest you give it a read. It’s short. |
Our Take: While it’s easy to criticize the crypto community… the blog post is a stark reminder that you can’t get lost in the sauce. |
We’ve been writing about crypto for nearly six years now. But it didn’t take long to realize that there’s a big difference between “good” crypto… and “bad” crypto. |
To the author’s credit, the bad side crypto has only gotten worse. From the ICO days, to the NFT and yield farming mania, and now, memecoins – crypto’s degen casino is growing and getting more dangerous for investors throughout every iteration. |
So, we write to you today to say this: If you’re at all frustrated by the lack of rationality from the crypto crowd – the scams, memes, gambling, etc. – do what we do: Avoid it. |
As crypto gains popularity and becomes more accessible, what we’re witnessing is not necessarily a crypto problem, but a people problem. |
While it’s easy to point out the obvious flaws in the system, the alternative is arguably much worse. |
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Investing in the next household name |
RYSE has just launched in 100+ Best Buy stores, and you're in luck. You can still invest at only $1.50/share before their name becomes known nationwide. They’ve patented the only mass market shade automation device and their exclusive Best Buy deal resembles that which led to other past billion-dollar buyouts like Ring and Nest. Learn more + earn bonus shares → |
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| "There's one number you should keep on your refrigerator – $34 trillion of debt. In 100 days, it will be $35 trillion and in 200 days it will be $36 trillion. And until the US & other countries get their fiscal house in order... the story for Bitcoin and other digital assets… twitter.com/i/web/status/1… | | | Mar 27, 2024 | | | | | | 5 Likes 1 Retweet 2 Replies |
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Other Content You Might Enjoy |
In Partnership With One Page Crypto |
Crypto exchange KuCoin laundered $9B, 'flouted' anti-money laundering laws: DOJ indictment Crypto game Munchables on Blast (explainer) exploited for $63M Coinbase International sees record daily trading volume in March Coinbase’s Base TVL hits $1 billion — doubling the network’s deposits since the start of March The Internet Computer’s (ICP) demonstration of AI running on blockchain as a smart contract Vitalik Buterin highlights account abstraction in security and convenience, talks metaverse + Why he left Twitter Goldman Sachs digital asset head says crypto rally driven by retail investors Google now shows Ethereum Name Service wallet balances in search results Nilam Resources CEO resigns day after 24,800-bitcoin announcement SEC seeks $1.9B from Ripple |
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About CoinSnacks |
Launched in December 2017, CoinSnacks is home to the longest continuously running crypto newsletter. Each week, we publish our cryptoasset musings to an audience of 35k+ crypto enthusiasts and investors. |
In a space flooded with new projects, research, and narratives, you may feel overwhelmed or confused. CoinSnacks offers a solution by doing the digging for you, so you don't have to spend hundreds of hours sifting through the noise. Learn more here » |
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