Alpaca Finance Institutional Newsletter #95
Highlights
- Mt. Gox Moves $2 Billion in Bitcoin Amid Ongoing Payouts
- Trump Raises $25 Million in Crypto, Pledges to Support Bitcoin if Elected
- Morgan Stanley to Offer Bitcoin ETFs to Select Clients Starting August 7
Defunct crypto exchange Mt. Gox has moved over $2 billion worth of bitcoin to a new address, transferring 33,105 BTC ($2.19 billion) on Tuesday, as reported by Arkham Intelligence. This comes as part of its $9 billion repayment plan, with recent transfers to exchanges like Bitbank, Kraken, Bitstamp, and SBI VC Trade. Mt. Gox has already distributed assets to over 17,000 creditors, with further repayments in bitcoin and bitcoin cash made on July 5, 16, and 24. Despite these movements, the exchange’s associated wallets still hold approximately $5.29 billion in bitcoin. While some sell-side pressure from recipients is expected, Glassnode reports that many creditors are long-term holders, which may reduce immediate market impact. Established in 2010, Mt. Gox was once the largest bitcoin exchange until a 2014 security breach led to the loss of 850,000 BTC.
Former U.S. President and presidential candidate Donald Trump announced during his keynote speech at the Bitcoin Conference in Nashville, Tennessee, that his campaign has raised $25 million from the crypto industry and bitcoin investors since May 21. Trump, who is the first major party nominee to accept crypto donations, promised to support the sector if elected, including replacing SEC Chair Gary Gensler with a crypto-friendly appointee. The fundraising event, attended by significant industry leaders and bitcoin whales, marked Trump’s second-highest fundraiser across his presidential campaigns. His promises include stopping anti-crypto initiatives led by critics like U.S. Senator Elizabeth Warren, who has called for stricter crypto regulations due to national security concerns. Trump’s commitments have resonated with the crypto community, influencing the political landscape ahead of the 2024 election.
Morgan Stanley has announced that starting August 7, its 15,000 financial advisors will be able to offer shares of two bitcoin exchange-traded funds (ETFs) to eligible clients, marking a first among major Wall Street banks. The ETFs included are BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund. This move comes in response to client demand and the evolving digital asset marketplace. However, only clients with a net worth of at least $1.5 million and a high risk tolerance will qualify for these speculative investments, which are limited to taxable brokerage accounts. This development signifies mainstream finance’s increasing acceptance of bitcoin, despite previous resistance and market volatility.
News
Mt. Gox moves over $2 billion worth of Bitcoin to fresh address: Arkham data
Trump Has Raised $25M From Crypto Industry and Bitcoin Whales
Morgan Stanley tells wealth advisors they can pitch bitcoin ETFs in a first for a big bank
Montenegro to Extradite Do Kwon to South Korea, Rejecting U.S. Request
Products
Grayscale Bitcoin Mini Trust begins trading on Wednesday morning following SEC approval
Solana’s DEX ecosystem may be outpacing Ethereum’s in terms of trading activity
Tron surpasses Ethereum: $1.42M revenue in 24 hours
Ethena Labs’ USDe launches as margin collateral on Bybit with 20% APR
Regulation
SEC likely still believes SOL is a security, say crypto execs
SEC Intends to Amend Complaint in Binance Case
South Korean crypto exchanges face unexpected supervisory fees
HashKey’s over-the-counter trading unit awarded Singapore’s payment license
Funding
Crypto Lending Firm Morpho Bags $50M in Funding Round Led by Ribbit Capital
Crypto startups to see $12 billion of venture capital funding in 2024
Crypto VC Paradigm Invests in MetaDAO as Prediction Markets Boom
Bitcoin Layer-2s Attract VC Funding Amid Rising Interest
