The Block
Quick Take The current market structure shows interesting divergences from previous cycles. The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take Gary Gensler plans to leave on January 20, 2025, according to a statement released by the agency on Thursday. During his time at the SEC, Gensler led efforts to push for central clearing in Treasury markets, implemented changes on executive pay versus performance and forged on with work to shield investors in crypto markets.
SEC “engaging” on Solana ETF applications, sparking optimism for potential approval in 2025.VanEck, 21Shares, and Bitwise lead Solana ETF filings amid pro-crypto White House hopes.SOL token rises 4.6% to $247.91, bolstered by Solana’s strong DeFi ecosystem and demand.
Bitcoin’s 46% surge over the past month, contrasted with gold’s 3% decline, highlights a shifting investor preference toward alternative store-of-value assets, analysts say.Derivatives traders are buying up bitcoin call options ahead of Trump’s inauguration, signaling strong bullish sentiment for the beginning of 2024.
MARA Holdings announced the successful closing of its $1 billion offering of 0% convertible senior notes due 2030.The bitcoin miner plans to allocate around $199 million of the proceeds to repurchase $212 million in principal of its existing convertible notes due 2026. The remaining funds will be used to acquire more bitcoin.
Quick Take The crypto venture capital market hasn’t fully adjusted to post-pandemic downturn realities, said Multicoin Capital Managing Partner Tushar Jain. Overhyped valuations and stalled token prices reflect challenges across the crypto sector. Jain maintains confidence in crypto’s core principles despite the market’s volatility.
Quick Take Popular crypto X figure Ansem says he has learned to be more “discerning” about projects he endorses following criticism of his previous support of failed celebrity memecoins. Although the fervor around memecoins has started to break, Ansem said the sector will be a “continued trend.”
Quick Take An Indiana man pleaded guilty to “cyber intrusion” and stealing cryptocurrency worth over $37 million from nearly 600 victims, according to the U.S. Attorney’s Office. “The stolen cryptocurrency … was then funneled to various locations throughout the world, including multiple mixing services and gambling websites.”
Quick Take A spot XRP ETF has not been approved by the U.S. Securities and Exchange Commission before and if it does, would likely face challenges. Meanwhile, Grayscale has said it has plans to launch an XRP “closed-end” fund for accredited investors.
