Jan 29, 2024

Billion Dollar Crypto Boat ⛵️🪨⛓️


Billion Dollar Crypto Boat ⛵️🪨⛓️ Valko

Top News

  • ⛵️ OpenSea CEO says they are ‘open-minded’ towards acquisitions

  • 🪨 BlackRock’s Bitcoin ETF is the first to pass $2B AUM

  • ⛓️ Manta overtakes Base as second largest L2

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Specs’ Insights

OpenSea chief says NFT platform is ‘open-minded’ towards acquisitions — including its own

OpenSea CEO Devin Finzer says the NFT platform is open to deals.

⌐◪-◪ → Last week, OpenSea’s CEO and co-founder, Devin Finzer, told DL News that they were open to being acquired.

Specifically, he said “The honest answer is that we take a pretty open-minded approach…We think that if the right partnership comes along, then that’s something we should certainly consider.”

For context: At their peak, OpenSea accounted for 90% of NFT trading volumes, but their volumes have since plunged 96% — and Blur has taken the lead with 5x OpenSea’s volume.

After his interview, Devin posted on X to clarify that OpenSea is “open” but “not actively looking” for an acquisition.

Of course, crypto-twitter-degens are already making acquisition offers, promising the public an OpenSea token within 30 days. I love this space haha.

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BlackRock’s Bitcoin ETF First to Reach $2B in AUM

The fund now holds nearly 50,000 bitcoin after adding almost another 4,300 tokens on Thursday.

⌐◪-◪ → BlackRock is winning the ETF race, becoming the first ETF to cross $2B (52,000 BTC) in assets under management.

Now all I can think about is how hard FOMO is going to set in when Bitcoin crosses $50k and the veblen good effect hits in full force thanks to ETFs legitimizing Bitcoin and making it accessible to anyone with a brokerage account.

For context: The top 10 largest ETFs range from $104B to $485B, so while Bitcoin ETFs might be the second largest commodity ETFs, they still have a long way to go before breaking into the top 10.

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Manta co-founder on why Manta Pacific became the third-largest Layer 2 network by TVL

Manta Pacific rose to the third-largest Layer 2 network in just five months for two core reasons, according to co-founder Kenny Li.

⌐◪-◪ → Manta is one of the fastest-growing L2s in recent months and just became the 2nd largest L2 after passing Coinbase’s Base network.

This is pretty impressive given the network launched just 5 months ago. One of the co-founders, Kenny Li, cites two reasons for Manta’s success:

New Paradigm Campaign: An upgrade that allowed yield-bearing assets in the Layer 2 network, increasing user interest and investment.Token Launch Impact: The launch of their native token significantly increased liquidity and volume on their chain, propelling them into the top three Layer 2 networks.

While the landscape is constantly evolving, these insights are probably still relevant to anybody launching a new network. There will be more and more L2 competition in the coming months, like Orbiter Finance.

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Everything Else

⛓️ Crypto & DeFi

  • BTC whales increased holdings by $3B this year

  • UNIBOT holders to receive 80% of Solana-based UNISOL supply

  • OKX-backed L2 bridge Orbiter Finance announces L2 network

  • SUI enters the top 10 chains by TVL

  • Amazon to create feature film over $4B BTC heist ‘Razzlekhan’

  • Ava Labs outlines Vyrx scaling solution for Avalance

  • Eric Wall makes 10 bold crypto predictions

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

  • CTFC Chair worried that BTC ETFs create federal regulatory risks

  • 18 senators are pro-crypto says Coinbase’s Stand with Crypto group

🌎 Rest of the World

🖼️ NFTs & Metaverse

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