Ether ETFs Defy the Odds and Bitcoin's Big Money Frenzy
Notoko's back, fam! This week, I took a little detour from the Internet Computer to explore the wilds of the cryptoverse. Let me tell you, things are heating up! So grab a cup of coffee (or a canister of cycles ) and let's dive into the juiciest news Bytes of the week!
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Previous Issue
Chain Chatter
- Spot-Ether ETFs? Launched in a crypto winter ❄️, price tanked 📉, BUT STILL RAKED IN $2 BILLION?! 🤯 That's some serious HODLer energy 💪. Even with macro headwinds 💨, these ETFs are defying gravity 🚀. Bitcoin ETFs might be the 'tradfi' darling now, but Ether's got its own swagger 😎
- Big money is still pouring into Bitcoin ETFs! 🤑 Hedge funds, pensions, even the State of Wisconsin 🧀 are getting in on the action. 701 new funds jumped on the Bitcoin ETF train this quarter 🚂, despite the price dip. Morgan Stanley advisors can now recommend Bitcoin ETFs to clients - more mainstream adoption is coming! 🚀
- 🍿 It's a showdown! Steve Cohen's Point72 vs. Grizzly Research 🐻 Short-seller drops a report slamming TeraWulf, but Cohen's backing sends the stock soaring 🚀. Who will win this battle?
- Eigen Labs, the "credibly neutral" guys behind EigenLayer, got caught with their hands in the cookie jar 🍪. Turns out, they were collecting millions in airdrops from projects using their tech 🤑. One team even felt pressured to pay up 🤯. Talk about a conflict of interest! 🤨 They've since banned these payouts, but the damage is done. Transparency in crypto? Yeah, right 🙄. More like backroom deals 🤝 and insider trading 🤫.
- Over $1.4 billion in Bitcoin options are set to expire on August 16, 2024. This has created significant selling pressure, pushing Bitcoin’s price down by 5% to $57,500. Additionally, the U.S. government recently transferred nearly $1 billion worth of Bitcoin to Coinbase, causing further market fluctuations.
Crystal Ball Bitcoin Time 😜(Just for fun, not financial advice!)
Notoko's peekin' into the Bitcoin future is like mixin' a secret sauce! 😜 We're throwin' in the 2-year treasury yield (like a Fed whisperer 🤫), spicin' it up with historical Bitcoin prices (like a treasure map 🗺️), and stirrin' in the crypto fear index (like a mood ring for the market 😂).
Now, we're lettin' our fancy AI models (LSTM & GRU) do their magic!
LSTM (Long Short-Term Memory) and GRU (Gated Recurrent Unit) are the cool kids in the neural network world. Think of them as your ultra-smart friends who never forget important stuff. They can look at past BTC price trends, filter out the noise, and focus on the juicy patterns that actually matter. 📊
LSTM's like that one friend who remembers every detail, even from way back when. Perfect for trackin' those long-term trends in Bitcoin's price history! 📈 Meanwhile, GRU's the quick-witted one, always ready to adapt to new info. Ideal for catchin' those sudden market mood swings! 🎢
Why these models? Well, crypto prices are as unpredictable as the weather 🌦️, and LSTM and GRU are like seasoned meteorologists. They’re built to handle the ups and downs, the wild swings, and the “what just happened?!” moments in the market. By keeping track of historical data and making sense of it, they help us make educated guesses about where BTC is headed next. 🚀 So, when it comes to forecasting BTC's future, LSTM and GRU are your go-to AI sidekicks!
What's Brewing in Notoko's Canister this Week ☕
Let's first look at the yen carry trade (We covered that in last week's newsletter), that wild investment strategy that went belly-up a few weeks ago, is trying to make a comeback! 🎢
Yen Carry Trade: The Comeback Kid?
Picture this: Japan's currency has taken a bit of a tumble against the dollar since its epic surge in early August. And what do investors do when they see a weaker yen? You guessed it, they start borrowing it like hotcakes to fund riskier, higher-yielding adventures elsewhere.
It's like those classic arcade games – once the high score is reset, everyone's back in action, trying to beat their best. Hedge funds, corporate clients, and high net-worth individuals are all jumping back into the carry trade game, like kids rushing to the ice cream truck on a hot summer day.
But wait, before you dive headfirst into the carry trade pool, let's not forget the lessons of the recent past. The Bank of Japan, the big boss of interest rates in Japan, holds the key to this party. Will they raise rates again this year? If they don't, the carry trade could become even more tempting, like a giant bowl of candy left unattended.
This week is gonna be a nail-biter! We've got the BOJ Governor Kazuo Ueda and the Fed Chair Jerome Powell both making speeches. Will their words give investors the green light to go all-in on the carry trade? Or will they throw a wet blanket on the party?
The yen might be down, but it's definitely not out. Investors are still a bit wary after its surprise surge earlier this month. The carry trade might be back in vogue, but it's like walking on a tightrope – one wrong move, and it could all come crashing down.
Crypto Craze: Schumer’s Quest for Rules, Innovation, and a Dash of Drama!
Alright, let's dive into some spicy political drama in the United States! 🇺🇸✨ So, picture this: Senate Majority Leader Chuck Schumer takes the stage at the “Crypto4Harris” event, surrounded by digital-asset entrepreneurs and none other than billionaire Mark Cuban. 🤯 Oh yes, the crypto world just got a serious dose of political love!
Schumer’s all like, “We need to keep the U.S. at the top of the innovation game!” 🏆 But hey, it's not just about innovation – Schumer knows we need some guardrails too. 🛡️ He's aiming to push some solid, long-lasting crypto rules through the Senate by the end of 2024. Talk about ambitious! 🤞
Meanwhile, Vice President Kamala Harris is doing some fancy footwork, trying to smooth things over with the crypto crowd after Trump, the self-proclaimed “Bitcoin cheerleader,” pumped them up at a recent conference. 📈 Harris hasn't totally spilled her crypto thoughts yet, but her campaign is looking for a fresh start with the industry. Maybe she’s hoping for that sweet crypto campaign cash flow? 🤑 After all, crypto is BIG on donations for both parties!
Even Michigan Senator Debbie Stabenow jumped in, saying, “We’ve gotta support this innovation while keeping consumers safe!” 💬 Sounds like a tall order, right?
The clock's ticking, and Schumer’s feeling the pressure to get bipartisan support. He’s determined though – because, as he put it, “Crypto is here to stay, no matter what.” 🎯 Get ready for some major crypto rules in 2024!
That's a wrap! See you next week for more byte-sized blockchain fun (and a sprinkle of ICP love).
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