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Bitcoin ETFs Amass Over 100k BTC

BlackRock’s spot bitcoin ETF (IBIT) leads with 40,213 in holdings. Plus the top news, stats, fundraises, and reports from this week.

Author

Ryan Allis
January 24, 2024

Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We review the top news, stats, and reports in the digital asset ecosystem for our 230k weekly subscribers. This week, ETFs amass over 100k BTC, SEC explains how their Twitter hack happened, Alameda Research drops their lawsuit against Grayscale, the Electric Capital 2024 Developer Report (lots of alpha in there!) and new venture rounds for 0xRootLabs ($10M) and WOO X ($9M). 

The countdown to one of the key historical catalysts for the start of each four-year bull market cycle

Price performance since we began writing Coinstack in January 2021

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Coinstack Partners helps crypto/web3 companies raise funding from crypto venture capital firms and family offices for Series Seed/A/B/C rounds of $1M to $50M. The firm has relationships and access to all of the top 300 crypto venture capital firms across North America, Asia, and Europe. To discuss venture capital fundraising services for your company, please review our deck and schedule a free consultation.

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

🗞️ Crypto News Recap: The Top 5 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week… 

  1. 💸 Nine new spot bitcoin ETFs amass over 100,000 BTC in seven days of trading: These ETFs are BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC), and WisdomTree (BTCW). BlackRock’s spot bitcoin ETF (IBIT) leads with 40,213 in holdings, according to data from K33 Research. Fidelity’s FBTC spot bitcoin ETF has the second-highest bitcoin under management among the new funds at 34,152 BTC.

  1. 👨‍💻SEC says multi-factor authentication had been turned off in run-up to false X post about bitcoin ETF approval: The Securities and Exchange Commission said Monday that multi-factor authentication on its X account had been disabled in the run-up to a false post earlier this month before spot bitcoin ETFs had been formally approved.  

  1. ⚖️ Alameda Research voluntarily drops lawsuit filed against Grayscale Investments: The firm had been seeking injunctive relief to "allow redemptions and reduce fees in Grayscale trusts" and unlock $9 billion or more in value for shareholders. John J. Ray lll, CEO of FTX, previously said the goal was to unlock value being "suppressed by Grayscale's self-dealing and improper regulation ban."

  1. 🚀 MetaMask introduces Ethereum validator staking feature, powered by Consensys: MetaMask, the popular crypto wallet application, has partnered with Consensys Staking to run Ethereum validator nodes on behalf of users willing to stake at least 32 eth, a current value of about $80,000.

  1. ⚖️ Terraform Labs, the company behind the LUNA and TerraUSD (UST) cryptocurrencies, has filed for voluntary Chapter 11 bankruptcy in Delaware.: GameStop has announced the closure of its NFT marketplace. In a statement posted to the site, the company cites "the continuing regulatory uncertainty of the crypto space" as the reason behind the closure. The marketplace officially launched on Halloween of 2022, focusing on gaming assets in partnership with ImmutableX, an Ethereum layer 2 blockchain. 

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💬 Tweet of the Week

Source: @n4motto

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. RWAs have experienced a 20x increase in TVL over the last 18 months making it DeFi's fastest-growing sector

Source: @blockworksDAS

2. Open interest on Ethereum futures has now reached $7.94B, its highest level since October 2022 ($8.03B) and gradually has been climbing the past 5 months (up 64% since August).

Source: @DavidShuttleworth

3. Messari’s Q4 state of smart contract platforms report looks at 10 top networks across 13 metrics. Solana led QoQ growth in 6 of the metrics.

Source: @ph0rt0n

4. Ethereum hit $10 billion in revenue faster than any other major software company besides Google

Source: @dunleavy89

5. Compound III grows to over $1.75B in total assets and $500M in borrows across all markets, surpassing Compound V2

Source: @KaronPangestu

6. Top Moving Coins From the Top 100

📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

We fingerprinted 485 million code commits across 818k open-source repositories to create this year's Developer Report

Why measure developers: Developers are a leading indicator of value creation.

Developers build apps that deliver value to users. Killer apps attract customers. New customers bring more developers.

Because crypto is significantly open source, we have an unprecedented ability to measure this developer-value creation flywheel in an emerging industry.

Executive Summary

  1. While developers overall are down 24%, the most valuable segment of developers (2+ year tenure who contribute the most code) continues to steadily grow.

    1. While developers overall are down 24%, the most valuable segment of developers (2+ year tenure who contribute the most code) continues to steadily grow.

    2. Developers who have been in crypto for 2+ years are at an all-time high after growing at 52% annualized for the past 5 years.

    3. Developers who have been in crypto for more than 1 year grew 16% YoY and are 63% of all monthly active developers.

    4. In contrast, Newcomers who have been in crypto for less than 12 months dropped -52% YoY.

    5. Overall developer number losses can be attributed to a record number of new developers who joined in 2022 and churned.

  2. Crypto is now clearly Multi-chain.

    1. 30% of developers support more than one chain, up 10x from 3% in 2015.

    2. Developers who support 3+ chains grew to 17% of all developers in 2023, an all-time high.

    3. Growth in developers is not correlated across projects. Some projects gained developers while others lost them. Developers are voting with their feet on which projects they believe provide real utility.

  3. Crypto is global. The US continues to lose developer share.

    1. 72% of developers are outside of North America.

    2. The US has lost -14% developer share since 2018 and is now only 26% of crypto developers.

    3. South Asia, Latin America, Eastern Europe, Western Africa, and Southern Europe collectively grew developer share by +20% since 2018.

Tracking the Crypto Developer Community is an Open-Source Effort

Finding, tracking, and mapping these crypto repositories is a community effort. Thank you to the 500+ contributors who added repositories to the Crypto Ecosystems Github since 2019. If you are working in open-source crypto, please help the community by adding your repo to the mapping.

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

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📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela. 

Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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