Bitcoin ETF race has a new player, Binance ends support for BUSD, and more: Hodler’s Digest: Nov. 26 – Dec. 2

Published

1 year ago

December 3, 2023

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Bitcoin ETF race gets 13th entrant, BlackRock revises ETF model

Asset manager Pando Asset has become an unexpected late entrant into the spot Bitcoin ETF race in the United States. On Nov. 29, Pando submitted a Form S-1 — used to register securities with the agency — to the U.S. Securities and Exchange Commission for the Pando Asset Spot Bitcoin Trust. Like other ETF bids, the trust aims to track Bitcoin’s price with the custody arm of the crypto exchange Coinbase to hold Bitcoin on behalf of the trust. Pando is the 13th applicant for an approved spot Bitcoin ETF in the U.S. and joins the race with a dozen others, including BlackRock, ARK Invest and Grayscale.

Binance will end support for BUSD stablecoin in December

Crypto exchange Binance is winding down the services for its native stablecoin, Binance USD (BUSD). According to an announcement, the exchange will cease support for all BUSD products following Paxos halting the minting of new coins. Binance said users should withdraw or convert their existing BUSD into other assets before Dec. 15, prior to it beginning the process of disabling withdrawals for BUSD on Dec. 31. At that point, existing balances will automatically be converted into First Digital USD for certain users.

CME Bitcoin futures show investors betting on $40K BTC price

The demand of institutional investors for Bitcoin (BTC) became evident on Nov. 10 as the Chicago Mercantile Exchange (CME) Bitcoin futures flipped Binance’s BTC futures markets in terms of size. According to BTC derivatives metrics, those investors are showing strong confidence in Bitcoin’s potential to break above the $40,000 mark in the short term. CME’s current Bitcoin futures open interest stands at $4.35 billion, the highest since November 2021, when Bitcoin hit its all-time high of $69,000 — a clear indication of heightened interest. The impressive 125% surge in CME’s BTC futures open interest from $1.93 billion in mid-October is undoubtedly tied to the anticipation of the approval of a spot Bitcoin exchange-traded fund.

ChatGPT’s first year marked by existential fear, lawsuits and boardroom drama

With ChatGPT, OpenAI has developed the most popular artificial intelligence tool in the world. It was launched a year ago, on Nov. 30, 2022, and catapulted to 100 million monthly users within its first three months. In just 12 months, ChatGPT’s existence has contributed to narratives surrounding the extinction of humankind, accusations that OpenAI built it by allegedly committing mass-scale copyright infringement, and a tumultuous CEO firing and rehiring that pundits are still trying to understand.

FTX and Alameda Research cash out $10.8M to Binance, Coinbase, Wintermut

Wallets linked to defunct crypto trading firms FTX and Alameda Research moved $10.8 million to accounts in Binance, Coinbase and Wintermute using eight cryptocurrencies. Blockchain analysis firm Spot On Chain spotted the movement, estimating that the defunct entities have transferred $551 million since Oct. 24 using 59 different cryptocurrency tokens. The funds’ movement dates back to March, when FTX and Alameda began the process of recovering assets for investors.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $38,673, Ether (ETH) at $2,084 and XRP at $0.61. The total market cap is at $1.45 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are TerraClassicUSD (USTC) at 294.40%, Terra Classic (LUNC) at 85.78% and IOTA (IOTA) at 31.53%.

The top three altcoin losers of the week are Blur (BLUR) at 21.87%, dYdX (ethDYDX) at 13.90% and Gas (GAS) at 10.06%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“I think [Binance’s settlement with the SEC is] a net positive for their company. I think it’s a net positive for our industry.”

Mike Novogratz, CEO of Galaxy Digital

“Obviously, the treatment of CZ and Binance is absurd and only highlights the arbitrary nature of punishment at the hands of the state.”

Arthur Hayes, entrepreneur and former CEO of BitMEX

“Let us not forget that ‘innovation versus regulation’ is a false dichotomy that has for years been peddled by tech companies to evade meaningful accountability and binding regulation.”

Agnes Callamard, secretary-general of Amnesty International

“AI is […] a new type of mind that is rapidly gaining in intelligence, and it stands a serious chance of overtaking humans’ mental faculties and becoming the new apex species on the planet.”

Vitalik Buterin, co-founder of Ethereum

“Don’t be a loser. Get out of FAKE money system. Get into gold, silver, Bitcoin now…. Before it’s too late.”

Robert Kiyosaki, author and entrepreneur

“[Blast] crossed lines in both messaging and execution.”

Dan Robinson, head of research at Paradigm

Prediction of the week

Bitcoin ETF will drive 165% BTC price gain in 2024 — Standard Chartered

Bitcoin is in line to trade at six figures by the end of 2024, the latest forecast from Standard Chartered concludes. Thanks to the United States potentially approving Bitcoin spot price ETFs, BTC/USD has the ability to almost treble from its current $37,700 over the coming 12 months.

“We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs,” Geoff Kendrick, Standard Chartered’s head of EM FX research, west and crypto research wrote. “This suggests a risk that the USD 100,000 level could be reached before end-2024.”

The figure continues the consumer banking giant’s already optimistic vision of how Bitcoin will grow in the coming years. In July, research eyed the declining availability of the BTC supply as a reason to believe that much higher prices were in store.

FUD of the Week

Crypto thieves steal $363M in Nov, the most ‘damaging’ month this year

The cryptocurrency industry has now seen its most “damaging” month for crypto thievery, scams and exploits in 2023, with crypto criminals walking away with $363 million in November, according to blockchain security firm CertiK. Around $316.4 million came from exploits alone, flash loans inflicted $45.5 million in damage, and $1.1 million was lost to various exit scams.

Bankless controversy forces founders to burn tokens and separate from DAO

Amid the ongoing controversy around cryptocurrency media firm Bankless and the associated decentralized autonomous organization, BanklessDAO, the founders of Bankless have suggested separating the brand from the DAO. Bankless co-founders David Hoffman and Ryan Sean Adams plan to submit a governance proposal to BanklessDAO to separate the two entities. Hoffman and Adams’ decision to separate Bankless from BanklessDAO came in response to community criticism of BanklessDAO’s application for a grant from Arbitrum.

KyberSwap hacker demands complete control over Kyber company

The hacker behind the $46-million KyberSwap exploit has finally released their conditions for the return of the stolen funds, which include “complete executive control” over the Kyber Network company. On Nov. 30, the KyberSwap hacker sent an on-chain message addressing all relevant and interested parties. The hacker laid out demands, including control over the company, temporary full authority and ownership of its governance mechanism, the KyberDAO, all documents related to the company, and all of the Kyber Network company’s assets.

Top Magazine Pieces of the Week

Outrage that ChatGPT won’t say slurs, Q* ‘breaks encryption’, 99% fake web: AI Eye

A blizzard of AI bullsh*t is taking over the web from the torrent of human outrage that currently lives there.

Real AI use cases in crypto, No. 3: Smart contract audits & cybersecurity

Experts believe AI will become an invaluable tool for smart contract auditing and cybersecurity — but it’s not there yet.

Pudgy Penguins CEO says praise he gets ‘is actually pretty sad’: NFT Creator

“You can’t really be an angry, miserable person and then go click buy on a Pudgy Penguin.”

Ana Paula Pereira

Politics

‘Shy’ Reform voters in Labour areas led to Farage’s party winning by-election, Harriet Harman says

Published

10 hours ago

May 3, 2025

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'Shy' Reform voters in Labour areas led to Farage's party winning by-election, Harriet Harman says

“Shy” Reform voters in Labour areas led to Nigel Farage’s party winning the Runcorn by-election by just six votes, Labour peer Harriet Harman said.

The Runcorn and Helsby seat, created in 2024, went to Reform UK’s Sarah Pochin who defeated Labour candidate Karen Shore by six votes.

Reform overturned a 34.8% majority gained by former Labour MP Mike Amesbury last year before he stood down earlier this year after he punched a constituent on a night out.

It is the closest by-election result since records began in 1945.

Labour peer and former minister Baroness Harman told Beth Rigby on the Electoral Dysfunction podcast: “If we’d have known it was so close, I, myself, would have gone on extra time there and got those six votes.

“So, there’s a real level of frustration and I’m sure there’ll be a post-mortem, but I think there’s a lot of talk about shy Reform voters in Labour areas.”

In the local elections, running at the same time, the Conservatives lost control of all 18 councils it was contesting, with Reform taking eight of those.

The party also won two of the six mayoral contests – Reform’s first two mayors.

Baroness Harman said Labour now has “got to get on with delivering on the health service” and pointed out the minimum wage increase and breakfast clubs are only just being rolled out.

But she said the government also needs “more of a story” instead of just telling people to “bear with us” while it fixes what the Conservatives did.

“It seems to be that Farage has got no delivery, as yet, and all the story, whereas the government is really getting on with delivery, but it hasn’t got a big enough story about what that fits,” she said.

She added that “Blue Labour” MPs – a socially Conservative wing of the Labour Party – “will be emboldened to press for further action” on issues like immigration, which they want to see a tougher stance on.

“There’s been grumbling about the big salience of the concerns of the winter fuel payment, but I don’t see there being any change on that,” she said.

Baroness Harman said she does not think the by-election and local election results were “utterly predictable” and will not lead to any splits or instability within the party.

Politics

Tory leader apologises to councillors as Reform makes big gains in local elections

Published

10 hours ago

May 3, 2025

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Tory leader apologises to councillors as Reform makes big gains in local elections

Kemi Badenoch has apologised to Tory councillors who lost their seats after Reform made massive gains at the Conservatives’ expense in Thursday’s local elections.

The Conservative leader said she knew it was “disappointing” and that she was “sincerely sorry”, but added: “We are going to win those seats back – that is my job now.”

The Tories lost overall control of all 18 councils they had been in charge of that were up for election. There were 23 councils in the race in total.

Politics latest: Sky News analysis shows Reform surge in estimated national vote

A particularly bad loss was Buckinghamshire, which has been under Tory control since 1973 when local government was reorganised. The Conservatives lost overall control by just one seat after losing 29 seats.

Reform, which has never run in local elections before, gained eight councils from the Tories, one that had no overall control previously and one from Labour – the only Labour council up for grabs in this election.

The Lib Dems won Shropshire from the Tories, as well as Cambridgeshire and Oxfordshire – both of which had no overall control before.

The Conservatives had one win, with Paul Bristow being voted in as Cambridgeshire and Peterborough mayor, previously held by Labour.

Reform’s first major win of the election was the Runcorn and Helsby by-election where Labour lost to Reform by six votes. It was triggered by ex-Labour MP Mike Amesbury resigning after his conviction for punching a constituent.

Sir Keir Starmer said he “gets” why his party suffered defeat there and the results show “we must deliver that change ever more quickly, we must go even further”.

Addressing the Conservatives’ abysmal results, Ms Badenoch said: “Other parties may be winning now, but we are going to show that we can deliver and that we are on course and recovering.

“But they [the public] are still not yet ready to trust us,” she added.

“We have a big job to do to rebuild trust with the public.

“That’s the job that the Conservative Party has given me, and I’m going to make sure that we get ourselves back to the place where we are seen as being a credible alternative to Labour.”

Ms Badenoch said Labour’s election results showed Sir Keir Starmer “is on course to be a one-term prime minister”.

However, when asked if she would still be leader at the next general election, Ms Badenoch dodged the question and said: “I’m not playing all these questions that the media loves to ask about my future.

“This is not about me.”

She insisted she was the right person to lead the Conservatives, as she was chosen by the party’s members.

“I told them it wouldn’t be easy, I told them it would require a renewal and rebuilding of our party,” she said.

“That doesn’t happen in six months. I’m trying to do something that no one has ever done before, which is take their party from such a historic defeat back into government in one term.”

Politics

Can Nigel Farage and Reform prove themselves?

Published

12 hours ago

May 3, 2025

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Can Nigel Farage and Reform prove themselves?

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Beth Rigby, Harriet Harman and Ruth Davidson assemble for an elections debrief.

Beth’s been following a very happy Nigel Farage after Reform gained an MP in Runcorn, took the Greater Lincolnshire mayoralty and seized control of several councils.

But, how does the party promising change in its very name prove itself with greater power and responsibility?

They also discuss how Sir Keir Starmer reacts to Labour’s losses (Harriet says he needs to deliver on what he’s promised).

And what Kemi Badenoch has to do after a terrible set of results for the Conservatives (Ruth reckons it’ll be worse for the 2026 set of elections).

Come and join us live on Tuesday 20 May at Cadogan Hall in London, tickets available now: https://www.aegpresents.co.uk/event/electoral-dysfunction-live/

Remember you can also watch us on YouTube!