Big Inflows, Small Dip
Crypto markets eased overnight, with BTC dropping below $115k despite another big week of inflows: investment products pulled in $3.75B, the fourth-largest weekly increase on record, pushing AUM to new heights. Still, the majors continue to drift lower since Thursday’s BTC ATH. With yields just a touch lower, and equities flat on the day, it’s probably best to write this small correction off as some profit-taking and healthy consolidation – not a macro-driven selloff. Read more →
Gemini Files For IPO
After submitting a confidential filing in June, Gemini has officially filed for an IPO on the NASDAQ under the symbol GEMI. As of right now, the size of the offering or the expected price range for its shares is unknown, but we expect to see details soon. The company had a loss of $158.5 million last year and already $282.5 million in the first six months of this year. Pretty rough losses for crypto ATHs. Read more →
Fed Ends Crypto Bank Supervision Program
The Fed scrapped its “novel activities” program – ending extra scrutiny of banks’ crypto/fintech deals – and says it’ll fold oversight back into the normal exam process after “strengthening its understanding” of the risks. It follows April’s withdrawal of guidance that discouraged bank participation in crypto and stablecoins. The big picture? Since retaking the White House, the Trump admin has been unwinding what the industry dubbed Operation Choke Point 2.0, while the SEC under Paul Atkins pushes “Project Crypto” to lure firms back to the U.S. Read more →
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