The Block
Quick Take The government said it was “not aware of any person who qualifies as a victim” under certain laws except maybe Bitfinex, according to a recent filing. Lichtenstein, Morgan and Bitfinex parent company iFinex have asserted the crypto trading platform is the sole victim, the government said.
Ark Invest bought 12,944 Coinbase shares on Tuesday, worth $2.2 million, for the first time in nearly a month.Ark also sold over $36 million worth of Robinhood stock as the investment firm continued to rebalance its fund weightings.
Quick Take Former Bitcoin Core developer Gregory Maxwell pointed out an overlooked detail in the HBO documentary’s case for naming creator Satoshi Nakamoto as Peter Todd. If filmmaker Cullen Hoback “had actually wanted to find Satoshi, he would have presented his theories to Adam Back and I to see if there wasn’t some trivial flaw in them like this,” Todd said.
U.S. spot bitcoin ETFs reported a total daily outflow of $438 million on Monday.Monday’s net outflow ended a five-day streak of net inflows that brought $3.4 billion into the spot bitcoin ETFs.Meanwhile, bitcoin has retraced some of its gains over the past few days, now trading at around $94,500.
Quick Take The Movement blockchain project has introduced its native MOVE token with a supply of 10 billion tokens. MOVE will initially be launched as an ERC-20 token during a token generation event on Ethereum.
Quick Take QCP Capital analysts caution that the rise in perpetual futures funding rates indicates the cryptocurrency market could be vulnerable to an unexpected downside move. This week’s U.S. CPI and PPI reports could heighten market volatility, but a decline in inflation may result in an uptick in bitcoin’s price, said another analyst.
Quick Take Global asset manager VanEck has launched a ventures unit and hired two former Circle Ventures leaders to head the unit. It is raising $30 million for its first fund, which will invest in startups at the intersection of fintech, crypto and artificial intelligence.
Quick Take Bitwise CIO Matt Hougan said the U.S. election outcome, the economy and no major crypto industry surprises are the three conditions required to see a bitcoin rally above $80,000 in Q4. However, a “full-on melt-up” to $100,000 in just a few months would require a broader crypto rally to juice market sentiment, he said.
Analysts at Bernstein reiterated their prediction that bitcoin could reach $80,000 to $90,000 if Donald Trump wins the presidential election next month amid recent divergence in his Polymarket odds.While the analysts expect bitcoin to do well long term under either outcome, a win for Kamala Harris could see bitcoin test the $40,000 range again, they said.
Quick Take Caroline Ellison, former head of FTX-associated trading firm Alameda Research, has reached an agreement with the FTX bankruptcy estate to hand over the bulk of her remaining assets. A U.S. bankruptcy judge approved FTX’s reorganization plan on Monday.
