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4 analysts on crypto's next market moves
What JPMorgan, Bloomberg, and more are saying about the crypto rally.
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4 analysts on crypto's next market moves
What JPMorgan, Bloomberg, and more are saying about the crypto rally.
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</style></head><body style="margin:0; padding:0; background-color:#FFFFFF; font-family:Helvetica Neue,Helvetica,Arial,sans-serif; font-size:16px; color:#0A0B0D"><span style="color:transparent; visibility:hidden; display:none; opacity:0; height:0; width:0; font-size:0">What JPMorgan, Bloomberg, and more are saying about the crypto rally.</span><img src="https://links.coinbase.com/e/eo?_t=3aca56371967418192255878e9689713&_m=30d30735d1c9401aac33a4545d44c5f6&_e=R2AmnveTzWgFSeC4G1jlgY0-jkbU0K0tPjVsPGeBnBz3zrQLedstjESPGuojwaUCEdwyag24jp0aZTzzPLexS5Lfc_vBi3DjZlH3y8br-16viVzx9WLshwvyb_uW01yzjDB2QwMm35ya-8CvZeKuivIILPNMPUvJbFatG1PFDH0%3D" width="1" height="1" style="border:0; width:1px; height:1px; border-width:0px!important; display:none!important; line-height:0!important"><div id="root" style="min-width:320px; background-color:#FFFFFF; width:100%"><div class="block-grid" style="min-width:320px; max-width:570px; word-break:break-word; margin:0px auto"><div style="padding:0px 10px 10px"><div style="text-align:right; margin-bottom:24px"><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(91,97,110); text-decoration:none; line-height:1.5; font-size:12px">View in browser</a></div><div style="margin-bottom:20px"><table style="width:100%"><tbody><tr><td style="text-align:left; vertical-align:middle"><a href="#" title="Coinbase Bytes" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/cbytes-4x.png" height="36" style="display:block; height:36px"></a></td><td style="text-align:right"><p style="font-size:20px; color:rgb(10,11,1); margin:10px 0px 0px">XX/XX/XX</p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer"><img src="https://images.ctfassets.net/q5ulk4bp65r7/7dwjPseQInGd5DHeQSvUie/f9f9f855640c7d03657e09845a318b36/image1.jpg" width="100%" style="display:block; width:100%"></a><p style="margin:16px 0px 0px; line-height:1.5; word-break:break-word; font-size:12px; color:rgb(91,97,110)">More than $1 billion has poured into crypto investment products this year, and professional market watchers are predicting what might happen next. [Jakie Niam via Getty Images]</p><p style="margin:48px 0px 16px; font-size:32px; line-height:1.26; word-break:break-word"><strong>What’s up? It’s Coinbase Bytes </strong></p><p style="margin:0px; line-height:1.6; word-break:break-word">There’s never a dull moment on the blockchain. Here’s what you need to know this week:</p><ul style="margin:10px 0px; padding-left:24px; line-height:1.6"><li style="margin:0px; padding:6px 0px"><strong>Wall Street doubled down on ETH and BTC. </strong>BlackRock’s new bid for an ether fund sent the cryptocurrency over the $2K mark for the first time since July.</li><li style="margin:0px; padding:6px 0px"><strong>Four major analysts predict what’s next for crypto markets. </strong>What JPMorgan, Bloomberg, Morgan Stanley, and Bernstein are saying.</li><li style="margin:0px; padding:6px 0px"><strong>This week in numbers. </strong>The six-figure sum an NFT pet rock sold for, MicroStrategy’s unrealized BTC profits, and more stats to know.</li></ul><p style="margin:0px; padding:0px"></p><div class="desktop_hide" style="display:none; max-height:0; overflow:hidden"><table style="width:100%; table-layout:fixed; margin:0"><tbody><tr><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Bitcoin</strong></p><p style="margin:8px 0px">$XX,XXX.XX </p><p style="margin:0; font-size:12px">+5.37% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Ethereum</strong></p><p style="margin:8px 0px">$X,XXX.XX </p><p style="margin:0; font-size:12px">+7.97% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>XRP</strong></p><p style="margin:8px 0px">$X.XX </p><p style="margin:0; font-size:12px">-7.05% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Solana</strong></p><p style="margin:8px 0px">$XX.XX </p><p style="margin:0; font-size:12px">+54.08% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Cardano</strong></p><p style="margin:8px 0px">$X.XX </p><p style="margin:0; font-size:12px">+5.13% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Dogecoin</strong></p><p style="margin:8px 0px">$X.XX </p><p style="margin:0; font-size:12px">-0.03% </p></div></td></tr></tbody></table></a></td></tr></tbody></table></div><div class="mobile_hide"><table style="width:100%; table-layout:fixed; margin:0"><tbody><tr><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Bitcoin</strong></p><p style="margin:8px 0px">$XX,XXX.XX </p><p style="margin:0; font-size:12px">+5.37% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Ethereum</strong></p><p style="margin:8px 0px">$X,XXX.XX </p><p style="margin:0; font-size:12px">+7.97% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>XRP</strong></p><p style="margin:8px 0px">$X.XX </p><p style="margin:0; font-size:12px">-7.05% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Solana</strong></p><p style="margin:8px 0px">$XX.XX </p><p style="margin:0; font-size:12px">+54.08% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Cardano</strong></p><p style="margin:8px 0px">$X.XX </p><p style="margin:0; font-size:12px">+5.13% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/down-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Dogecoin</strong></p><p style="margin:8px 0px">$X.XX </p><p style="margin:0; font-size:12px">-0.03% </p></div></td></tr></tbody></table></a></td></tr></tbody></table></div><p style="margin:20px 0px 0px; line-height:1.5; word-break:break-word; color:rgb(91,97,110); font-size:12px">Price changes are for the past week, ending on XXXX XX, XXXX at XX:XX XX UTC</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>See the latest prices</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>INSTO KARMA </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>Wall Street doubles down on crypto as markets bounce back</strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">After ticking upwards for months, crypto markets shifted into a higher gear in the last few weeks. The total crypto market cap has risen more than 30% in the past month to $X.X trillion, <a href="#" target="_blank" rel="noopener noreferrer">inflation has continued to cool</a>, and investor <a href="#" target="_blank" rel="noopener noreferrer">sentiment</a> has become more positive by the week.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">And with encouraging signs that crypto winter may be thawing out (<a href="#" target="_blank" rel="noopener noreferrer">DeFi</a> is surging! Disney is <a href="#" target="_blank" rel="noopener noreferrer">getting into Star Wars NFTs</a>!), institutional investors on Wall Street and beyond are taking on an increasingly important role in the expansion and adoption of crypto.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Here’s what you need to know. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>BlackRock followed its spot BTC ETF application by filing for an ETH fund. </strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">After the world’s largest asset manager (which is awaiting SEC approval for a spot BTC ETF) <a href="#" target="_blank" rel="noopener noreferrer">filed to register a new entity called the iShare Ethereum Trust</a> last Thursday, ETH spiked more than 10% — bringing the token above $2,000 for the first time since July. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The trust filing is seen as the <a href="#" target="_blank" rel="noopener noreferrer">first step</a> toward a formal application for a spot ETH ETF, which would buy ether and sell shares via conventional brokerages. (If BlackRock does formally apply for the ETF, it could still be months before the SEC addresses the application.) </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>A slate of new BTC and ETH futures products are launching in the U.S. </strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The crypto arm of the Chicago Board Options Exchange (CBOE), said it will officially list margin BTC and ETH products on Jan. 11, <a href="#" target="_blank" rel="noopener noreferrer">making it the first regulated</a> U.S. exchange and clearinghouse to enable both spot and leveraged derivatives trading on a single platform. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Margin products allow investors to invest using borrowed capital and take positions that exceed their collateral. Futures are bundles of contracts to buy an asset at a future date for a specific price. (<a href="#" target="_blank" rel="noopener noreferrer">Learn more about crypto futures</a>.)</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Meanwhile, <a href="#" target="_blank" rel="noopener noreferrer">five new funds</a> that will invest in BTC and ETH futures are launching from Ark Invest and 21Shares next week. While the first BTC futures ETF had a <a href="#" target="_blank" rel="noopener noreferrer">blockbuster debut</a> during the last bull cycle, the reception to recently launched ETH futures funds has been <a href="#" target="_blank" rel="noopener noreferrer">muted</a>.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The bottom line… </strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Crypto investment product inflows, which are seen <a href="#" target="_blank" rel="noopener noreferrer">as a proxy</a> for institutional interest in the industry, have reached $X.XX billion so far this year — with a <a href="#" target="_blank" rel="noopener noreferrer">99%</a> increase in assets under management since the start of the year. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Asset managers put nearly $300 million into such products last week alone. In one telling statistic, products that speculate on bitcoin’s price going <i>lower</i> saw $X million of outflows last week, an indicator that investors are bullish about BTC’s future. </p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:60%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Learn about bull and bear markets</strong></a></div><a href="#" target="_blank" rel="noopener noreferrer"><div class="desktop_hide" style="display:none; max-height:0px; overflow:hidden"><img src="https://images.ctfassets.net/q5ulk4bp65r7/11ethN8SqaxfTpSQp5dFNK/2a692d99adc4eceabaa8a5da01590f6e/650x488px_mobile__1_.png" width="100%" style="display:block; width:100%; margin:64px 0px"></div><div class="mobile_hide"><img src="https://images.ctfassets.net/q5ulk4bp65r7/2EIy1P2xeUhtobZGk8Vi8V/f8427ab27cd5eb64dfcd50efe733d669/1060x408px_desktop__1_.png" width="100%" style="display:block; width:100%; margin:64px 0px"></div></a><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>SOUND BYTES </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>Where 4 key analysts think crypto markets are headed </strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">With optimism around spot BTC ETF approval growing by the week, ETH getting a boost from some ETF hype of its own, and crypto markets from DeFi to <a href="#" target="_blank" rel="noopener noreferrer">NFTs</a> heating up, what’s likely to happen next? This week, we’ve rounded up takes from four major analysts to see what professional market watchers are predicting. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Bloomberg Intelligence: 90% chance of near-term spot BTC ETF approval. </strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Bloomberg Intelligence analysts <a href="#" target="_blank" rel="noopener noreferrer">suggested</a> that Wall Street’s many spot BTC ETF applications could begin getting greenlit by the SEC as early as this week, during an approval window that’s open until Nov. 17. “Even if approvals don't arrive this month,” they added, “we still believe there's a 90% chance of approval by Jan. 10.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Bernstein: BTC could climb as high as $150,000 by 2025.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Bernstein analysts <a href="#" target="_blank" rel="noopener noreferrer">predict</a> that new flows of institutional capital enabled by the proposed spot ETFs will combine with BTC’s forthcoming halving <a href="#" target="_blank" rel="noopener noreferrer">to trigger the next bull cycle</a>: “We believe early flows could be slower and the build up could be more gradual, and post-halving is when ETF flows momentum could build, leading to a cycle peak in 2025 and not 2024.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The <a href="#" target="_blank" rel="noopener noreferrer">halving</a> is a mechanism built into BTC’s code intended to make it a rare, inflation-resistant asset. About every four years — or more exactly, after every 210,000 blocks — the amount of new bitcoin generated is reduced by half until all 21 million bitcoins have been mined sometime around 2140. <a href="#" target="_blank" rel="noopener noreferrer">Read last week’s Bytes to learn more</a>.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Morgan Stanley: “Crypto winter may be in the past.”</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“Historically, most of bitcoin’s gains come directly after a ‘halving’ event that occurs every four years,” <a href="#" target="_blank" rel="noopener noreferrer">noted a recent post</a> on the Morgan Stanley Wealth Management website. “Based on current data, signs indicate that crypto winter may be in the past and that crypto spring is likely on the horizon.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>JPMorgan: “Crypto rally looks overdone.”</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Unlike their colleagues at other firms, the authors of a new JPMorgan report <a href="#" target="_blank" rel="noopener noreferrer">are skeptical</a> about spot ETFs driving a major net increase in crypto investment. "[I]nstead of fresh capital entering the crypto industry to be invested in the newly-approved ETFs,” JPMorgan’s report said, “we see as a more likely scenario existing capital shifting from existing bitcoin products such as the Grayscale bitcoin trust, bitcoin futures ETFs, and publicly listed bitcoin mining companies, into the newly-approved spot bitcoin ETFs.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The bottom line…</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Despite the occasional skeptic, a broad consensus has emerged around the potential impact of spot ETF approvals. As Coinbase Institutional’s research team put it in their latest <a href="#" target="_blank" rel="noopener noreferrer">Monthly Outlook report</a>, spot crypto ETFs could “open up a massive opportunity for the wealth management community, which handles over a third of all wealth in the U.S.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">How big of an opportunity? “In the long run, spot ETFs could add billions of dollars to the total crypto market cap, although we believe this will take time.” </p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Read Coinbase’s full report</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div style="margin-bottom:16px"><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>NUMBERS TO KNOW </strong></p></td></tr></tbody></table></div><p style="margin:16px 0px 0px; font-size:32px"><strong>$X.X billion</strong></p><p style="margin:4px 0px 0px; line-height:1.6; word-break:break-word">Dollar value, as of Friday, of MicroStrategy’s <a href="#" target="_blank" rel="noopener noreferrer">unrealized gains</a> on the 158,000 BTC it holds. The software intelligence firm — founded by <a href="#" target="_blank" rel="noopener noreferrer">major BTC booster Michael Saylor</a> — is by far the largest corporate holder of bitcoin.</p><p style="margin:16px 0px 0px; font-size:32px"><strong>$XXX,XXX</strong></p><p style="margin:4px 0px 0px; line-height:1.6; word-break:break-word">Price that an <a href="#" target="_blank" rel="noopener noreferrer">NFT pet rock</a> sold for on Friday, as major NFT collectibles have spiked in recent weeks. Per the EtherRock <a href="#" target="_blank" rel="noopener noreferrer">website</a>, the NFTs (which became <a href="#" target="_blank" rel="noopener noreferrer">massively popular</a> during the 2021 boom) “serve NO PURPOSE beyond being able to be bought and sold, and giving you a strong sense of pride in being an owner.”</p><p style="margin:16px 0px 0px; font-size:32px"><strong>120,000</strong></p><p style="margin:4px 0px 0px; line-height:1.6; word-break:break-word">Number of comments the IRS received in response to a <a href="#" target="_blank" rel="noopener noreferrer">widely</a> <a href="#" target="_blank" rel="noopener noreferrer">criticized</a> new digital-assets tax proposal, which Coinbase’s VP of Tax Lawrence Zlatkin <a href="#" target="_blank" rel="noopener noreferrer">described</a> as an “unduly burdensome set of new reporting requirements.” Per CoinDesk, after Monday’s public hearing and comment deadline, the IRS will have to comb through a “mountain” of messages.</p><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>TOKEN TRIVIA </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>When is the next Bitcoin “halving” expected?</strong></p></div><div style="margin-top:16px"><table style="line-height:1.6; word-break:break-word"><tbody><tr><td style="padding-right:12px"><strong>A</strong></td><td>December 2023</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>B</strong></td><td style="padding-top:12px">January 2024</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>C</strong></td><td style="padding-top:12px">April 2024</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>D</strong></td><td style="padding-top:12px">June 2024</td></tr></tbody></table></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Find the answer at the end of the email.</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Learn about halvings</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>NOW TRADING ON COINBASE </strong></p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>TIA</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://dynamic-assets.coinbase.com/93f5c37c0950575eeaea5adf840629c3eb17b426f170f86f9bbafe025d504fda1f491ff3b839f85461b6f9f14a0a5eeb7f63df5ecd6eb412f0f839a0bae80137/asset_icons/647c4333b5f51fdab5b8769cb6f2d2a554612b94bf1d18c5d7834ee644580f73.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">Celestia is a modular data availability network built with the Cosmos SDK. </p></a><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><p style="margin:0px; line-height:1.6; word-break:break-word"><strong>Trivia answer</strong></p><table style="margin:12px 0px 0px; line-height:1.6; word-break:break-word"><tbody><tr><td style="padding-right:12px"><strong>C</strong></td><td>April 2024</td></tr></tbody></table><table style="margin:48px 0px 0px"><tbody><tr><td style="text-align:left"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Rebrand%20Assets/coinbase_footer_wordmark.png" alt="Coinbase" height="26" style="display:block; height:26px; margin-bottom:24px"></td></tr><tr><td><a href="#" title="coinbase ios app" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_apple.png" alt="Download on iOS App store" height="46" style="display:block; height:46px; margin-right:8px"></a></td><td><a href="#" title="coinbase android app" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_google.png" alt="Download on Google Play" height="46" style="display:block; height:46px"></a></td></tr></tbody></table><div style="margin-top:24px"><p style="font-size:12px; line-height:1.8; word-break:break-word; color:rgb(91,97,110)">Disclaimer: This material is the property of Coinbase, Inc., its parent and affiliates ("Coinbase"). The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Coinbase or its employees and summarizes information and articles with respect to cryptocurrencies or related topics that the author believes may be of interest. This material is for informational purposes only, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations or (iii) an official statement of Coinbase. No representation or warranty is made, expressed or implied, with respect to the accuracy or completeness of the information or to the future performance of any digital asset, financial instrument or other market or economic measure. The information is believed to be current as of the date indicated on the materials. Recipients should consult their advisors before making any investment decision. Coinbase may have financial interests in, or relationships with, some of the entities and/or publications discussed or otherwise referenced in the materials. Certain links that may be provided in the materials are provided for convenience and do not imply Coinbase's endorsement, or approval of any third-party websites or their content. <br><br>© Coinbase 2023 | Coinbase Inc. <br>248 3rd St #434 <br>Oakland | CA 94607 | US <br><a href="#">www.coinbase.com</a> <br><a href="#">Get in touch</a> <br><br><br><a href="#" style="text-decoration:none">Unsubscribe</a> from future editions of Coinbase Bytes.</p></div></div></div></div><img alt="" src="http://comm.coinbase.com/CI0/0100018bd4e81091-6f292aa2-c51c-4486-be31-c8016c6ca277-000000/bNLcThfMI1IQ6z2FInGaxPdFlS2i5lTBQL2nZxPda8o=327" style="display:none; width:1px; height:1px"> </body></html>
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