RT Bitcoin Amsterdam (@BitcoinConfEUR)🇱🇺 BREAKING: LUXEMBOURG MINISTER OF FINANCE GILLES ROTH TO SPEAK AT BITCOIN AMSTERDAMUnder his leadership, Luxembourg became the first Eurozone nation to invest its sovereign wealth in #Bitcoin ETFs, a historic milestone for Europe 🚀 https://t.co/mauO5BAOkR ...

Investors piled back into Bitcoin ETFs and their Ethereum counterparts Tuesday, reversing days of outflows, although the inflows failed to give the two largest cryptocurrencies by market value a long-lasting bump. https://t.co/CBCYMNo1Mh ...

The Morning Minute (10.21)Powered by @yeet⏰Top News:-Crypto majors are red overnight; BTC -2% at $108,500-Coinbase buys Cobie’s Echo for $375M + Up Only NFT for $25M-Coinbase urges US Treasury Dept to update its AML rules for new age-Prediction markets combine for $2B+ in weekly volume, new record-SLERF team processes 35,000 SOL in refunds🌎 Macro Crypto and Memes-Crypto majors are red overnight after a green Monday; BTC -2% at $108,500, ETH -3% at $3,880, BNB -3% at $1,075, SOL -3% at $185-MYX (+12%), ZEC ( ...

Market Trends & Drivers - The rise of Digital Asset Treasuries (DATs) is driven by MicroStrategy's success in outperforming the S&P 500 through Bitcoin investments and low-cost debt arbitrage [2] - Favorable political and legislative changes, including a new US administration and supportive legislation, have enabled institutional entry into the crypto space [3] - Institutional demand for Bitcoin, including ETFs and treasury companies, is about 500% of the daily mined supply, supporting Bitcoin's price [6] Risks & Concerns - The incremental value of new treasury companies is questionable, leading to compression in Market Value of Net Asset Value (MNAV) [6][7] - As MNAV falls below one, treasury companies may resort to debt to generate yield, increasing leverage and risk [15] - Approximately 25-26% of treasury companies have MNAV less than one, and debt ratios are starting to rise, indicating potential risks [18] Digital Asset Treasuries Analysis - The primary selling point of DATs is the potential for leveraged Bitcoin yield, but its long-term sustainability is questioned [9][10] - The increasing number of treasury companies is causing saturation, similar to the investment trusts of the 1920s [11] - Current debt-to-leverage ratios are relatively low at 25-30%, but should be monitored for potential increases [13] Investment Outlook - Digital Asset Treasuries are beneficial for Bitcoin's price and institutional attention in the short term (3-6 months) [17] - The industry advises monitoring key metrics like buy/sell ratios, MNAV, and debt ratios of treasury companies [18]

Core Insights - BlackRock's iShares Bitcoin ETP (IB1T) launched on the London Stock Exchange, providing UK retail investors regulated exposure to Bitcoin without direct ownership [1][3] - The Financial Conduct Authority's (FCA) recent policy change lifted a multi-year ban on crypto-based exchange-traded products, reopening the UK retail crypto investment market [3][4] - The launch of IB1T is seen as a significant step for the UK to re-establish itself as a hub for regulated crypto finance, following a global surge in institutional adoption of ETFs [4][5] Trading Activity - In its first hour of trading, over 1,000 shares of the physically backed product, custodied by Coinbase, were traded, indicating cautious interest among UK investors [2] - Although early trading volume is modest compared to U.S. figures, analysts view the launch as symbolically important for the UK crypto market [4] Market Context - The launch aligns with a broader global strategy by BlackRock to expand its digital asset offerings, following the success of its U.S.-listed iShares Bitcoin Trust (IBIT), which holds $85.5 billion in net assets [6][7] - The IB1T product is part of a growing trend of global spot Bitcoin ETF inflows, which have surged since the approval of U.S. spot Bitcoin ETFs earlier this year [2][5] Strategic Implications - The debut of IB1T signals a warming attitude towards digital assets in the UK, bridging traditional finance with emerging investment demands [5] - BlackRock, managing over $13 trillion in assets, has seen strong momentum in crypto markets, surpassing $245 million in annual fees from its digital asset products [7]

Market Trends & Cryptocurrency Performance - Bitcoin traded under $17,000, Ether fell below $3,800, and XRP dropped 25% [2] - Bitcoin was down 85% over the past seven days, marking its worst week since February 28th when it fell more than 11% [3] - Ether was lower by more than 5% over the past seven days [3] - XRP was down 14% over the past seven days [3] Digital Asset Treasuries (DATs) & Market Saturation - Institutional supply has increased from 4% or 5% two years ago to 12% of total Bitcoin supply [11] - Institutional demand for Bitcoin, including Bitcoin ETFs and treasury companies, is about 500% of the daily mined supply [11] - Approximately 25% to 26% of treasury companies have MNAV (Market Net Asset Value) less than one, trending upwards [24] Company Specific News & Analysis - Core Scientific and Coreweave were both down more than 5% [4] - Core Scientific's biggest shareholder, To seize Capital, reportedly opposes the acquisition deal [4] - Digital asset treasuries hold about 12% of Bitcoin supply [11] - Debt to leverage ratios are at a healthy 25% to 30% [19]

Bitcoin ETFs - Bitcoin ETFs experienced a net outflow of 4,998 BTC, equivalent to $526.81 million [1] - ARK21Shares saw outflows of 2,544 BTC, valued at $268.14 million, holding a total of 42,474 BTC, worth $4.48 billion [1] Ethereum ETFs - Ethereum ETFs recorded a net inflow of 4,202 ETH, amounting to $15.81 million [1] - BlackRock experienced inflows of 12,098 ETH, valued at $45.51 million, holding a total of 4,052,934 ETH, worth $15.25 billion [1]

Market Trends & Crypto Performance - Crypto majors experienced declines following Trump's trade war confirmation; Bitcoin decreased by 1% to $111,100, Ethereum decreased by 1% to $4,040, BNB decreased by 1% to $1,170, and SOL decreased by 4% to $195 [1] - Gold increased by 1% to $4,260 [1] - Memecoin leaders mostly declined; DOGE decreased by 2%, Shiba decreased by 2%, PEPE decreased by 4%, PENGU decreased by 4%, BONK decreased by 4%, TRUMP decreased by 3%, SPX decreased by 5%, and FARTCOIN decreased by 4% [3] Regulatory & Institutional Developments - Erebor Bank, backed by Palmer Luckey and Peter Thiel, secured a conditional federal bank charter, aiming to operate as a stablecoin-era crypto bank under the GENIUS framework [1] - Sony Bank applied for a national trust charter to issue USD stablecoins and offer custody services [1] - Kraken acquired Small Exchange for $100 million, gaining a license to offer derivatives trading in the US [1] - The UK moved to repay Chinese victims of a $7 billion Bitcoin fraud [1] Token & Protocol Updates - Launchcoin decreased by 23% to $78 million after Pasternak announced plans to increase the token supply by 33% to 133 billion and a flywheel to buy BELIEVE [3] - MegaETH opened registration for a public ICO, open for 12 days [3] - Jupiter announced changes for its JUP token including scaling down the DAO, dropping unstaking window from 30 days to 7 and voting to burn current JUP buyback [3] - Tether's USDT0 and XAUT0 launched on Solana, powered by LayerZero [3] NFT Market - OpenSea announced that its Wave 1 is locked and Treasure Chests claimable by Oct 17 with $122 million in prizes; Wave 2 runs Oct 15 - Nov 15 with $1 million in tokens added to prize pool [3] - Plush Pepe 7 sold for 25,000 TON ($55,250) on Portals marketplace in Telegram [3] Corporate Treasury & ETF Flows - Bitcoin ETFs experienced $1041 million in net outflows on Wednesday; Ethereum ETFs saw $1696 million in net inflow [1]

Bitcoin ETFs see $104 million in outflows as Ethereum funds add $170 million https://t.co/QdfeP1wwzA ...

RT Bitcoin Magazine (@BitcoinMagazine)JUST IN: 🇺🇸 Cathie Wood’s Ark Invest filed for 4 more #Bitcoin ETFs.Wall Street is embracing Bitcoin 🚀 https://t.co/h3XQhAdPSC ...