Hitting the spot
Europe goes spot Bitcoin
Welcome back. Understanding tokenomics is the bread and butter of crypto investing—without it, finding that next 100x crypto gem comes down to luck (a lot of luck). That’s why we’re putting together an eight-week, cohort-based course during which our team will actively mentor you through the Coinsider Method, built around tokenomics and fundamental analysis. Fill out this short form if you’re interested (no strings attached).
Today: Europe launches a spot Bitcoin ETF, Sei makes high-speed promises, and SHIB performs a rocky debut. Let’s dive in.
Europe’s Spot On
You wouldn’t guess from Bitcoin’s recent price performance, but last week marked a significant milestone for the orange coin—the listing of the first Bitcoin spot exchange-traded fund (ETF) in Europe.
The details: London-based Jacobi Asset Management listed its Jacobi FT Wilshere Bitcoin ETF (ticker BCOIN) on Amsterdam’s Euronext exchange on Tuesday. The ETF’s launch was initially planned for 2022, but it was pushed back in the wake of Terra’s collapse last summer.
This is big. Up until now, all crypto exchange-traded products in Europe have been structured as exchange-traded notes (ETNs) rather than funds. Both ETNs and ETFs track the price of an underlying asset, but…
ETN investors own a debt security instead of the underlying assets.
ETFs allow shareholders to own a portion of the fund’s underlying holdings of a relevant asset (like Bitcoin).
Across the pond: The move means that Europe beat the U.S. to listing a spot Bitcoin ETF…which isn’t hard, considering that the SEC is delaying its decision to approve numerous ETF applications until early 2024.
While Europe’s listing is a significant development, all eyes (and money) continue to be on the U.S. You only have to look at the volume that BCOIN attracted on its first day—a meager $2,000.
P.S. Last week was a big one re: new crypto products.
The SEC is poised to greenlight the first-ever ETH futures ETF, according to Bloomberg. These funds would hold derivatives contracts tied to ETH (rather than ETH itself). BTC futures ETFs have existed since 2021.
Coinbase finally won approval to operate as a Futures Commission Merchant, making it the first crypto-native company allowed to offer crypto futures in the U.S. and allowing the exchange to tap into crypto’s biggest market.
Sei’s Big Debut
The highly anticipated Sei Network launched last Tuesday, sparking a flurry of trading (and controversy) for the project’s newly launched $SEI token. Let’s break down what’s behind the hype.
What is Sei? Sei is an open-source layer 1 (L1) blockchain that raised $120 million for its ecosystem from high-profile crypto VCs.
Sei is application-specific—unlike general-purpose blockchains like Bitcoin or Ethereum, Sei is specialized on the trading of digital assets.
By focusing on speed and low fees, Sei is fine-tuned to make asset trading on gaming, social, and NFT platforms as smooth as possible.
High performance: Sei claims to be the fastest L1 in all of crypto, allegedly 10x speedier than Solana. The project already attracted over 200 dev teams and has more than 7.5 million unique wallets, according to a Sei press release.
First, users were unable to collect their tokens—fueling discontent among early Sei adopters eager to claim their share.
Then, the Sei Foundation opened the airdrop to 1 million more wallets than originally anticipated. This likely triggered a cascade of selloffs as users rushed to cash out their newfound $SEI.
Sponsored by 3Commas
Trades—you gotta keep ‘em automated
3Commas offers automated bots and other cool tools to traders seeking to scale and optimize their strategies for any market condition, capturing opportunities 24/7.
Advanced Trading Tools on 3Commas:
Portfolio Tracking: Monitor and analyze your own portfolios with ease.
Bot Presets: Start bot trading effortlessly using proven, profitable presets.
Demo Account: Test trading strategies risk-free using paper trading accounts.
Smart Trade Terminal: Access enhanced trading tools for optimal performance.
3Commas Trading Bots:
DCA Bot: Ideal for dynamic markets with frequent price fluctuations, allowing customization or use of pre-made bots.
Grid Bot: An excellent tool for creating profit opportunities from “boring” coins that are bouncing between support and resistance with no breakouts.
Discover bot trading by signing up here. Radar readers get 50% off.
SHIB Let the Dogs Out
Last week, Shiba Inu launched Shibarium, its very own layer 2 (L2) blockchain on Ethereum. This comes after months of hype that saw 21 million wallets created during Shibarium’s testnet.
Shibarium focuses on metaverse and gaming applications.
The network also provides a cheap settlement for DeFi applications built atop it.
A rocky start: Things didn’t go as expected. Technical issues (particularly bridge problems) muddied what was supposed to be Shiba Inu’s transition from a memecoin to a serious DeFi project.
Zoom out: Although the faulty launch was met with disappointment from the SHIB community, we’re still keeping tabs. If Shibarium succeeds, Shiba Inu could become a role model for other projects trying to evolve their brands.
In other news:
Binance shut down its crypto payments service, Binance Connect.
OpenSea will stop enforcing creator royalties on secondary NFT sales.
Turns out Former President Trump is a crypto whale.
Trading action for Ordinals (aka Bitcoin NFTs) slowed to a crawl.
Activity on Coinbase’s new Base blockchain is soaring—at the expense of other major Ethereum L2s.
Crypto Job Board
Gains Network is hiring a Senior Smart Contract Engineer to build out its decentralized leveraged trading platform.
Leverage your social media prowess as a Social Media Specialist at Ocean Protocol, a web3 data-sharing initiative.
Crypto PR agency FINPR is looking for a Content Writer to help with brand promotion and awareness growth.
And that’s what you need on your radar today in crypto. Don’t forget to let us know if you’re interested in Coinsider’s tokenomics and fundamental analysis course by filling out this quick form. Catch you back here next Tuesday!