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U.S. State Pension Buys Bitcoin & Solana vs Ethereum Debate Heats Up
Manage episode 419414231 series 2981868
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Join Matt and Nick as they break down the latest market uptick; the state of Wisconsin’s investing in Bitcoin ETFs; the U.S. Senate voting to override an anti-crypto rule; Solana vs Ethereum; altcoin updates; and more.
Key Takeaways
- Cryptocurrencies traded higher following the latest U.S. CPI data coming in line with expectations.
- The U.S. Senate approved a rule change that would make it easier for banks to offer crypto-custody services. However, President Joe Biden said he would not be signing off on this.
- Nearly 1,000 entities reported owning spot Bitcoin ETFs as of the end of March. Worth noting, however, the vast majority of these are likely not holding for investment purposes.
- The State of Wisconsin Investment Board (SWIB) was one that reported owning roughly $160M worth of these ETFs for investment purposes. This is very bullish and may prompt other state pensions to follow Wisconsin’s lead.
- Solana overtook Ethereum mainnet in terms of daily economic value (i.e. transaction fees plus MEV) for the first time. Yet another sign that Solana should not be overlooked.
- The SEC must approve or deny two spot Ethereum applications by the end of this week. A denial is widely anticipated. If this happens, the SEC’s rationale will be a must-follow, as will any public statements from the relevant applicants (i.e. VanEck, Ark Invest and 21Shares).
- Among the altcoin updates covered: news regarding zkSync and Blast’s airdrops; and Syntetix’s sUSD losing its peg.
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