💰 VanEck Launches Staking for Solana ETP in Europe

🌍 VanEck, an asset management company, announced on October 21 the successful implementation of staking for its Solana exchange-traded note (ETN) in the European market. With an asset management scale (AUM) of $73 million, the staking rewards will be automatically integrated into the ETN’s token equity and reflected in its daily terminal value.

🔗 The staking feature operates on Solana’s Delegated-Proof-of-Stake (DPoS) mechanism, where validators secure the network. Rewards will be automatically added to the product’s daily net asset value (NAV), allowing investors to benefit without managing the process themselves. Sigel emphasized that VanEck will oversee the Solana ETP’s staking exposure to ensure daily liquidity.

🔄 Validators will handle transactions and earn rewards based on the Solana (SOL) delegated to them by delegators, who in return receive passive rewards for supporting the network’s security. VanEck’s non-custodial approach ensures that assets remain under the custodian's control with no lending risks involved. Investors do not need to take action; rewards will be automatically accounted for in their ETP coin entitlement.

📈 Importantly, staking rewards will be distributed equally among all investors, regardless of their purchase timing. These rewards are added daily to the product’s NAV, reflecting any gains from staking activities. However, VanEck will deduct a 25% staking fee before distributing rewards, which will be incorporated into VSOL’s end-of-day NAV by 4 p.m. CET. Currently, this staking feature is available only to European users.

🔄 Despite the introduction of the staking process, the ETP remains fully redeemable, allowing investors to buy and sell it daily like any other exchange-traded product.

📊 VanEck’s Solana ETN VSOL, launched in September 2021 and trading on Deutsche Börse, is fully collateralized and securely stored with a regulated crypto custodian. As of October 18, 2024, it had a total AUM of $73.8 million and a share price of €8.229 ($8.93).

🌐 Recognized as a leading digital asset manager globally, VanEck also offers exchange-traded funds (ETFs) linked to Bitcoin and Ethereum in the U.S.. The company is working on launching a similar product for Solana and was the first to submit a Solana ETF application to the SEC. However, the SEC has yet to decide on this application, and experts believe that Solana ETF approval may not happen until there is a change in government.

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⚡️ South Korea Implements Reporting Requirements for International Stablecoin Transactions

🗓 Starting in the second half of 2025, the South Korean government will establish a monitoring system for virtual asset transactions to ensure their integrity. This decision comes in response to a rise in illegal foreign exchange activities involving digital assets, such as corporate tax evasion and money laundering related to drugs and gambling.

📈 Deputy Prime Minister and Finance Minister Choi Sang-mok emphasized the need for mandatory reporting of cross-border stablecoin transactions during a recent G20 Finance Ministers’ Meeting. He acknowledged the regulatory challenges posed by the lack of a comprehensive law on virtual assets, stating,

since a basic law on virtual assets has not yet been established, it is unclear whether stablecoins traded across borders should be viewed as a means of payment or as capital transactions.

🔄 However, Choi also noted the growing number of suspicious cases involving tax evasion and money laundering. He announced plans to amend the Foreign Exchange Transactions Act to create a regulatory framework for these issues. This move is prompted by the strong connection between foreign exchange crimes and cryptocurrencies, as highlighted by reports from the customs agency indicating that 81.3% of foreign exchange crimes in South Korea since 2020 involved virtual assets.

🌍 In 2024, South Korea is positioned as one of the top three destinations for crypto businesses. The requirement for crypto companies to register with the Financial Services Commission (FSC) ensures regulatory oversight. Additionally, the Virtual Asset User Protection Act has led to the closure of several virtual asset exchanges this year, allowing customers to recover $12.8 million in stranded investments.

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💰 FTX and Bybit Settle Legal Dispute for $228 Million

➡️ FTX, currently in bankruptcy proceedings, has reached a $228 million settlement with Bybit and its investment arm, Mirana. This agreement, pending court approval, aims to help FTX recover significant assets for its creditors as it navigates the aftermath of its 2022 collapse.

➡️ The settlement includes the recovery of approximately $175 million in digital assets from Bybit’s platform and around $53 million in BIT tokens from Mirana. A final hearing is scheduled for November 20 to finalize the deal.

⚖️ This resolution ends a legal battle that began in November 2023, when FTX sought to reclaim an initial $1 billion from Bybit and Mirana. The lawsuit alleged that both parties exploited privileged access to withdraw significant assets just before FTX’s collapse, circumventing restrictions that affected other users.

💼 Faced with the prospect of a costly legal fight, FTX’s legal team opted for a settlement to expedite the return of assets to creditors. The lawsuit claimed that Mirana and other entities linked to FTX executives withdrew over $327 million when withdrawals were paused for most users. It was also alleged that Mirana pressured FTX staff to prioritize their withdrawal requests.

📝 In their settlement filing, FTX attorneys acknowledged the strength of their claims but recognized the risks of prolonged litigation.

⚠️ Bitcoin Miners Face Rising Costs and Competition in Q3

📈 The Bitcoin mining industry is currently grappling with a multitude of challenges, including increased production costs, heightened competition, and difficult financial conditions. A recent report by CoinShares highlights the industry's current state and future outlook.

💰 One of the main challenges for miners is the rising cost of production. The average cost to produce one Bitcoin has surged to $49,500, up from $47,200 in the first quarter. When factoring in depreciation and stock-based compensation, the average cost estimate rises to $96,100 per Bitcoin. To mitigate these costs, miners are adopting energy-efficient strategies and utilizing alternative energy sources. However, some miners are struggling to maintain profitability.

📉 Additionally, the aftermath of the FTX collapse and rising interest rates have made it more challenging for miners to secure funding. Many are turning to "alternative funding sources, often through share issuance." However, this can dilute shareholder value. CoinShares analysts noted that

while this serves as a useful funding option for miners, it has been frustrating for investors due to significant shareholder dilution.

🔍 Looking ahead, Butterfill and Shannon predict that Bitcoin's hashrate will reach 765 EH/s by the end of 2024 but could decline until the next halving event in 2028. They stated that

hash prices, a measure of potential miner profitability, have also achieved new lows this year... we expect them to continue to decline but remain range bound between $50–32/PH/day until the next halving event in 2028.

Analysts also anticipate that Bitcoin mining will become increasingly competitive, with miners who have low costs and efficient operations gaining a significant advantage.

🏆 Cormint emerged as the lowest cost producer of Bitcoin at $16,700 per BTC, followed by TeraWulf at $18,700. In contrast, Riot had the highest cost at $65,900 per Bitcoin but earned $13.9 million in power curtailment credits in the second quarter of 2024.

🔄 The CoinShares report also examines how miners are adapting to current challenges. Some miners, like Riot and Bitfarms, are focusing on capital efficiency and diversification by prioritizing efficient growth and acquiring pre-built assets. Others, such as Core Scientific, are exploring artificial intelligence (AI) infrastructure to stabilize revenues.

📊 The analysts concluded that the future of Bitcoin mining hinges on effective cost management and capital allocation. Miners with robust strategies will be better positioned to navigate the increasing difficulty of mining and market volatility.

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📈 Stablecoin Market Sees Modest Growth in October

📊 The stablecoin economy has reached a value of $172.892 billion, with October contributing an additional $555 million. The market experienced a slight increase of 0.32% from the previous month. Leading this growth is tether (USDT), which now holds a market cap of $120.522 billion—representing 69.71% of the total stablecoin sector. October also saw a 0.7% rise in USDT’s supply. In contrast, usd coin (USDC) fell by 1.9% to a market cap of $34.629 billion.

📉 DAI faced a 2.9% decline in October, bringing its market cap down to $4.887 billion. This drop was influenced by Sky’s USDS, which increased to $1.082 billion. It's important to note that DAI tokens can be exchanged for USDS on a one-to-one basis. Ethena’s USDE saw an 8.7% increase last month, reaching a market value of approximately $2.755 billion. Meanwhile, FDUSD decreased by 10.78% to settle at $2.156 billion.

🔄 The shifts in market caps have positioned USDS as the sixth-largest U.S. dollar-pegged coin with a market cap of $1.082 billion. Stablecoins continue to play a significant role in trading activities, accounting for $30.068 billion of the $70.116 billion in crypto trades over the past 24 hours. This means that approximately 42.88% of all trades are conducted using stablecoins.

📈 Despite fluctuations in individual token supplies, the stablecoin sector shows steady growth and sustained interest in fiat-pegged assets within the crypto space. Representing nearly half of all crypto trading volume, stablecoins have established their importance in the ecosystem by providing stability. The varying market caps of tokens like USDT, USDC, DAI, FDUSD, and the newly introduced USDS illustrate the diverse factors influencing this evolving market.

📉 Significant Outflows in Bitcoin and Ethereum ETFs

💰 On Monday, spot bitcoin exchange-traded funds (ETFs) experienced major outflows, with investors withdrawing a total of $541.07 million. Fidelity’s FBTC was hit the hardest, suffering $169.6 million in withdrawals. Ark Invest and 21shares saw $138.26 million exit, while Grayscale’s Bitcoin Mini Trust faced a dip of $89.49 million. Other notable outflows included Bitwise’s BITB with $79.84 million, Grayscale’s GBTC dropping by $63.66 million, and Franklin Templeton’s EZBC losing $17.62 million. Vaneck’s HODL and Valkyrie’s BRRR also reported outflows of $15.28 million and $5.74 million respectively. Blackrock’s IBIT fund was an exception, attracting $38.42 million in inflows.

📉 Ethereum funds also faced losses, with a total of $63.22 million exiting. Grayscale’s Ethereum Mini Trust led the decline with $31.94 million withdrawn, followed closely by Fidelity’s FETH which shed about $31.5 million. Grayscale’s ETHE saw a divestment of approximately $10.8 million. However, Blackrock’s ETHA fund managed to attract $11.01 million in inflows.

📊 Despite the outflows, the total cumulative net inflows for bitcoin ETFs stood at $23.61 billion as of November 5. Monday’s trading volume for spot bitcoin ETFs was $2.22 billion, while ethereum funds saw $149.11 million in trades. As of Tuesday, the twelve bitcoin funds held $67.44 billion in bitcoin, representing 5.06% of the cryptocurrency’s total market cap, and the nine ethereum funds held $6.63 billion, making up 2.27% of ethereum’s market cap.

🔄 Potential SEC Leadership Change: Implications for Cryptocurrency Regulation

🔍 Speculation is mounting regarding a potential shift in leadership at the U.S. Securities and Exchange Commission (SEC) following the upcoming presidential election. President-elect Donald Trump has indicated his intention to remove SEC Chair Gary Gensler on his first day in office. This move has sparked renewed interest within the cryptocurrency sector, particularly due to Gensler's controversial "regulation-by-enforcement" approach to digital asset regulation.

🤔 Many in the cryptocurrency industry view a change in SEC leadership as an opportunity to move towards a more supportive regulatory framework for crypto. Commissioner Hester Peirce, known for her criticism of Gensler’s enforcement-driven strategy, is seen by many as a favorable candidate. Peirce has long advocated for regulatory clarity over punitive measures and has received support from industry leaders like Coinbase CEO Brian Armstrong. Armstrong expressed his support on social media, stating,

She would be the best choice. Smart, fair, professional. Can work with both sides.

🚫 However, Peirce, often referred to as “Crypto Mom” for her dissenting opinions on SEC actions against crypto firms, is unlikely to pursue the chair role and plans to leave when her term ends in June 2025. While she may reconsider if asked by the president, she currently prefers to take on roles outside of government.

🔄 Instead, Commissioner Mark Uyeda is viewed as a potential successor if Trump moves forward with replacing Gensler. Peirce is respected in the crypto community for her emphasis on transparent, innovation-friendly regulation. This is evident in her Token Safe Harbor Proposal, which calls for clear guidance and a grace period for blockchain projects to decentralize before facing full compliance.

🚀 Bernstein Analysts Predict Crypto Bull Market Driven by Trump's Pro-Bitcoin Policies

📈 Leading research firm Bernstein, under the guidance of analyst Gautam Chhugani, has issued a bold call for cryptocurrency investments following Donald Trump’s election victory. In a recent note, Chhugani urged clients to

buy everything you can

as he anticipates a bull market fueled by Trump’s pro-crypto stance.

💡 Chhugani pointed out that Trump’s campaign promises, which include establishing a national bitcoin reserve and reversing the Biden administration’s anti-crypto policies, indicate a potential shift in U.S. regulatory approach that could benefit the cryptocurrency market. He remarked,

The direction of travel toward bitcoin becoming a treasury asset... appears evident to us.

🔄 He encouraged investors who have been cautious due to regulatory uncertainties to reassess their strategies. Chhugani advised them to

invert your mental model

in light of the expected favorable conditions for crypto investments.

📊 Bernstein identified several key investment avenues for gaining exposure to the cryptocurrency sector, including spot bitcoin and ethereum exchange-traded funds (ETFs), crypto mining companies, and firms like Microstrategy, which recently acquired 27,200 BTC for $2.03 billion, bringing its total holdings to 279,420 BTC. Chhugani expressed confidence in bitcoin’s long-term prospects, stating,

We remain confident in our $200,000 bitcoin price target by 2025 end

📈 With bitcoin already up over 100% year-to-date and significant ETF inflows driving demand, Bernstein sees an unprecedented bull market approaching and strongly encourages investors to seize this opportunity.

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➡️ Bitcoin Nears Recent ATH as Altcoins Lag Behind

📉 As of 3:40 p.m. EDT on Friday, bitcoin (BTC) is priced at $91,046, reflecting a 2.4% decrease from its all-time high (ATH). The total value of the crypto economy stands at $2.96 trillion, following a slight dip. Ethereum (ETH), the second-largest cryptocurrency, is valued at $3,058 per coin, sitting 37.5% below its ATH of $4,878.

🔝 Among the top ten cryptocurrencies, bitcoin, binance coin (BNB), solana (SOL), and tron (TRX) are the closest to their all-time highs. Bitcoin’s peak was reached two days ago, while BNB’s was five months ago, SOL’s was three years ago, and TRX’s was seven years ago.

📈 Solana (SOL) is priced at $213 and needs to climb just 18.1% to reach its peak of $259 from November 6, 2021. Binance coin (BNB) trades at $615, 14.4% below its ATH of $717. On the meme coin front, dogecoin (DOGE) requires a 49.7% increase to reclaim its high of $0.731 from May 8, 2021. XRP is trading at $0.894 and needs a 73.6% boost to revisit its ATH of $3.40 from January 7, 2018.

📊 Cardano (ADA) has seen a nearly 20% increase from yesterday, now priced at $0.675, but it faces a steep climb of 78.2% to return to its ATH of $3.09. Tron (TRX) is currently at $0.188 and needs an 18.8% increase to hit its previous high of $0.231. Shiba inu (SHIB) trades at $0.00002432, which is 71.8% below its ATH of $0.00008616.

▶️ Lastly, toncoin (TON), the tenth-largest crypto excluding stablecoins, is priced at $5.37 and has a 35.2% gap to close before reaching its ATH of $8.25 recorded on June 15, 2024. The varying trajectories of these top cryptocurrencies at year’s end highlight the market’s mix of promising recoveries and ongoing struggles.

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🚨 Milei's Call for Crypto Independence: A Dilemma for Adoption

🌍 In the latest edition of Latam Insights Encore, we delve into the significant economic and cryptocurrency news from Latin America, focusing on Argentine President Javier Milei's recent remarks about the separation of crypto from state control.

🗣 President Milei expressed his concerns about the increasing involvement of states in the cryptocurrency space. At a Meta event in Buenos Aires, he emphasized that cryptocurrencies are empowering tools that enable citizens to challenge currency monopolies. He warned against allowing governments to take control of cryptocurrencies, stating,

Don’t let the states take over and carry out cryptocurrencies. Do not allow the state to put its hand in there, because – from there – they will turn us into slaves.

🔍 While many interpret Milei's comments as a critique of central bank digital currencies (CBDCs), they also highlight a broader issue: the growing trend of state adoption of cryptocurrencies. As major nations begin to accumulate significant amounts of bitcoin and other digital assets, they are likely to seek greater control over their operations and transactions.

⚖️ This raises a critical question about the future of bitcoin—a system designed to separate money from state influence. Could it end up being dominated by governments as they vie for supremacy in a potential Cold War-style conflict over this digital asset? Despite the decentralized nature of the bitcoin network, a substantial portion is still controlled by regulated companies, and its developers are also vulnerable to external pressures.

🚨 A government takeover of bitcoin might benefit those who view it as a store of value, but it would compromise its original purpose of providing financial freedom for those who see it as a medium of exchange.

🌍 El Salvador's Bitcoin Strategy: Debt for Digital Currency

💰 The recent surge in bitcoin prices due to geopolitical tensions is leading nations to consider including BTC in their reserves. El Salvador, already active in bitcoin purchases, is contemplating issuing debt to finance larger acquisitions.

Should El Salvador — once they sign the Bitcoin Bank already passed by Congress — issue a similar security to buy more bitcoin collateralized by the country’s $600M stack of BTC?

asked Max Keiser, President Nayib Bukele's personal cryptocurrency advisor. Over 80% of respondents in an informal survey supported this idea.

📊 Currently, El Salvador holds 5,940 BTC and President Bukele has committed to purchasing 1 BTC daily until it becomes unaffordable with fiat money. If the country adopts a strategy similar to Microstrategy's, it would be the first nation to do so, despite the associated risks.

⚠️ However, El Salvador's track record with bitcoin-related policies is mixed. The government has yet to issue “volcano bonds” announced in 2021 to fund the construction of Bitcoin City, a bitcoin-centric metropolis that remains unbuilt. These bonds aimed to raise $1 billion but have faced multiple delays due to unfavorable conditions.

📉 Additionally, the country's history with digital debt offerings is not promising. A previous attempt to raise funds for a Hilton hotel at El Salvador International Airport fell short, failing to meet the $500,000 deadline.

🔍 As El Salvador considers its next steps in the evolving landscape of cryptocurrency, the potential for innovative financing strategies like debt issuance for bitcoin purchases will be closely watched by the global community.