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Brazil Congress Introduces Bill To Create Strategic Bitcoin Reserve

Member of Brazil’s Congress introduces a bill to create a Strategic Bitcoin Reserve, continuing the trend of nation-states adopting BTC. Plus the top crypto news and funding rounds of the week.

Author

Ryan Allis
November 27, 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. This week, Brazil contemplated a strategic Bitcoin reserve, Solana’s monthly DEX volume surpassed $100B, US spot bitcoin ETFs top $30B and big new venture rounds for World Liberty Financial ($30M) and KGeN ($10M).

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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. ⚖️ Brazil’s Congress Introduces Bill To Create Strategic Bitcoin Reserve: Member of Brazil’s Chamber of Deputies Eros Biondini has introduced a bill to create a Strategic Bitcoin Reserve. As highlighted in the bill, Bidoni proposes that the country allocate up to 5% of international reserves to buy Bitcoin and diversify its national assets. This captures a growing trend among nation-states to invest in the first truly global reserve currency, that isn’t based

  1. 🚀 Solana’s monthly DEX volume surpasses $100 billion for the first time: According to DefiLlama data, the network had a total of $109.8 billion in DEX trade volume so far in November. This is nearly double Ethereum mainnet's monthly DEX volume of $55 billion and represents a significant increase of over 100% compared to October's trading volume of $52.5 billion.

  1. 🚀 US spot bitcoin ETFs top $30 billion in cumulative inflows as BTC nears $100,000: The bitcoin ETFs have seen elevated amounts of trade volume and net inflows amid bullish market sentiment following the re-election of former president Donald Trump. The funds saw their total net asset value surpass the $100 billion milestone on Wednesday.

  1. ⚖️ Ethereum Touches $3,500, Reaching Four-Month High: The price of Ethereum (ETH) hit $3,500 Monday morning, the highest the cryptocurrency has seen for four months since surpassing $3,500 on July 21.

  1. 🤝 Trump Crypto Project Gets $30 Million Investment From Sun: The founder of the Tron blockchain, Justin Sun, has become the largest investor in Donald Trump’s crypto project, World Liberty Financial, after buying $30 million worth of its tokens.

💬 Tweet of the Week

Source: @RyanSAdams

📊 Key Stats of the Week

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

1. No one generated more fees this past week than Solana and Jito other than Tether. Over the past 7 days, Solana experienced historic levels of demand, handling over 54M daily transactions and $7.1B in daily DEX volume. During this time, the network earned $72M in fees. Jito was a huge benefactor of this activity and was able to generate more than $74.6M in fees.

To put this into perspective, total weekly fees on Solana never surpassed $26M prior to November, and only reached $20M three times in the history of the network.

Source: @DavidShuttleworth

2. DEX activity on Solana has been an incredible driver for network fees, and if we map this to SOL price we get a pretty interesting picture, especially over the last month.

Since November 1st, daily DEX trading volume grew by 164%. During this time, daily fees on the network grew by 204%, while the price of the underlying SOL increased by 53%. As trading volume declined by 25% over the weekend, network fees have declined by 44%, while SOL is down 10%.

Source: @DavidShuttleworth

3. We head into the week coming off the largest volume of institutional inflows into digital assets ever, as more than $3.13B poured into the space. To no surprise, BTC led the way and accounted for a record-setting $3B of these inflows. Overall this pushes total inflows to $15B since the Fed cut rates in mid-September and $7.7B since election day earlier in the month.

Source: @DavidShuttleworth

4. Convex Finance's veCRV Market Share Moves Past 45%

Source: @OurNetwork

5. Implied APY has Fallen to 12% from the 36% Reached Earlier in 2024

Source: @OurNetwork

📝 Highlights from the Top Crypto Reports

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

About the Author: 1995 Digital Asset Research, serves actionable insights, market research, and Web 3 Tech Tutorials for informed investing. This is an excerpt from the full article, which you can find here.

Introduction

Today, I feel the need to remind people of how the cycle actually works. The amount of people asking me about "whats going on with eth?" today alone is ridiculous. We published this report not even a month ago and nothing has changed. We were one of, if not the only, cycle analysts that repeatedly told you that the BTC cycle was right on track from a time perspective regardless of how high price went early on. Many people cannot say that. Most people were calling for a left or right or north or south translated cycle whatever you want to call it. Today, I am telling you that ETH will stage a rally the likes of which it has never seen starting in December. 16k ETH? 20k? This time is not different. - Digital Asset Research.

Today we do a quick dive into the current state of Ethereum (ETH) amidst the bull run, explaining why ETH has been undervalued despite being structurally sound. We also explore Bitcoin dominance, the altcoin cycle, and historical trends, pointing to a probable start for ETH’s next big rally.

We show key technical indicators signaling ETH’s potential for a major upward move, with similar previous setups resulting in a 170% markup in price.

This could bring ETH close to $6,000 sometime around January. With Ethereum sentiment at an extreme negative it still maintains key support levels, and remains a strong signal for the upcoming alt season.

Finally, one last chart I should have put in the video for your consideration. From a time range perspective, 26 weeks top to bottom on both time frames. History rhymes.

🎧 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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