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📌 One of the Largest Trades in History, XRP Update, and eToro going Public?

January 6, 2020 | Issue #150

 MUST READS 

Holiday Catch-Up


Since our last issue on Dec. 23, Bitcoin has gained a staggering ~58%... turned 12 years old... and is now among the top 10 most valuable global assets. As expected, a few more institutional investors also joined the party (see below).

Happy 2021 – we're off to a hot start! And to all of our new readers, welcome aboard.
 

One River Makes One of the Largest Cryptocurrency Trades in History


Speculation had been building the past few weeks over growing institutional activity at Coinbase. Observers had noted that large amounts of BTC were being withdrawn from the exchange, suggesting a large institution was the culprit.

Now we know exactly who, what, and how it all happened. In a news release, Coinbase announced that One River Asset Management has made "one of the largest ever cryptocurrency investments." We don't currently know the exact amount, but it's safe to say it's a lot.

You can read One River's "Case for Digital Assets" here.
 

SkyBridge Launches Bitcoin Fund


Skybridge Capital, the hedge-fund investing firm headed by Anthony Scaramucci, confirmed its launch of a new Bitcoin fund Monday (available for accredited investors only) and said its exposure to Bitcoin has already reached $310 million.

Scaramucci is the latest notable financier to place a huge bet on BTC, following in the footsteps of Paul Tudor Jones.

See the investor deck here.
 

Three Arrows Reports More than $1.2 Billion Position in Grayscale's GBTC


Singapore investment firm, Three Arrows Capital, has disclosed a more than $1 billion position in Grayscale's Bitcoin Trust (GBTC). According to SEC filings, the firm's position represents $1.24 billion (36,969 bitcoin), or 6.1% of GBTC's holdings.
 

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 DEEP DIVE 

Strike Global Launches


Fresh off the heels of helping the first NFL player get paid in Bitcoin, Jack Mallers strikes again. This time, by officially launching Strike Global to facilitate cross-border payments and pure market disruption.

Cross border payments are one of humanity’s most ancient and outdated technologies, with execution times ranging from 3–14 days and fees reaching upwards of 25%. In the thousands of years humans have exchanged value across borders, not a lot has changed, that is until now.
 

Crypto’s Biggest Storylines Going Into 2021


The end of 2020 saw crypto climb to new highs. In this issue of State of the Network, CoinMetrics looks ahead to 2021 and previews some of crypto’s biggest storylines going into the new year.
 

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One company has formed the world’s first Crypto Investor Network research service.

If you want to learn more about what they're calling the "bitcoin awakening," as well as the four altcoins that they think are screaming buys right now – click here now.
 

 REGULATORY FRONT 

Banking Green Light


In an interesting turn of events, the US Treasury has issued a letter that allows banks to run crypto nodes and transact on public blockchains. This means banks can use public blockchains to validate, store, record, and settle payment transactions as long as they're compliant with existing laws. (Maybe Hal Finney’s vision of a Bitcoin Bank is actually coming to fruition)

Moreover, banks are empowered to utilize existing stablecoins for fiat conversion or even issue their own stablecoins.

The news quickly shot prices higher. Ethereum (ETH) rose by nearly 12% after the news, thanks in part to the sheer volume of stablecoins using the network.
 

🇺🇦 Ukraine is Officially Building a Central Bank Digital Currency


Ukraine’s Ministry of Digital Transformation has announced that they will work with the Stellar (XLM) Development Foundation (SDF) to build a “virtual assets ecosystem”.

The SDF has its own blockchain network which will be used to help support Ukraine’s new virtual ecosystem, as well as its future digital currency.

Notably, the non-profit was founded by one of Ripple’s founders, Jed McCaleb, and was also awarded a contract by a German bank to issue their own euro stablecoin.
 

 TWEET OF THE WEEK 

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