Hump day is here!
Grayscale CEO Michael Sonnenshein said it’s good that other asset managers try to get spot Bitcoin exchange-traded funds approved. Meanwhile on the blockchain, staked Ether nears 20% of all ETH, blockchain treasurys surpass DeFi yields, and $103 million is syphoned from cross-chain protocol Multichain.
These are some stories to be aware of today.
Grayscale CEO’s ‘moment of validation’
Grayscale’s Sonnenshein said in a Tuesday interview with CNBC that recent efforts by major asset managers such as BlackRock to get a Bitcoin ETF approved provide “a moment of validation” for the company.
Grayscale has struggled to gain approval for its own Bitcoin ETF, after the US Securities and Exchange Commission rejected it in 2022.
$103 million more leaves Multichain
Cross-chain bridge Multichain saw another $103 million leave the protocol, only days after it was hit by a $125 million exploit.
Blockchain analysts say it may be an inside job, as the hack took place due to the project administrator’s keys being compromised.
Blockchain Treasuries beat DeFi yields
Blockchain-based investment products now account for $614 million in wrapped US Treasury bills, bonds and funds, according to recent data by RWA.xyz.
Tokenised bond derivative yields have outpaced DeFi yields in recent months, particularly following the launch of several blockchain-based Treasury protocols this year.
Singapore fund Temasek ditches crypto
The chief investment officer for Temasek, Singapore’s sovereign wealth fund, said in a Tuesday interview that it will refrain from investing in cryptocurrency-related projects — for now.
Temasek lost $275 million betting on collapsed exchange FTX in 2022.
Staked ETH nears 20%
Nearly 20% of all Ether is now locked in staking contracts on the Ethereum network, though recent regulatory hurdles may contribute to a slowdown in inflows.
Since the US SEC sued exchanges Binance and Coinbase in early June, inflows into ETH staking saw a few negative days before continuing to make all-time highs.
What we’re reading about around the web
Tim Draper still thinks Bitcoin can reach $250K – just 2 years later than he expected — CoinDesk
Coinbase hits highest since August on Bitcoin ETF momentum — Bloomberg
Crypto funding plunge by 75% in first six months of 2023 — DL News
