November 29, 2023 2:44 PM
-
newsletter@mail.coinbase.com
What’s next for crypto?
The themes market watchers are paying attention to.
The themes market watchers are paying attention to. View in browser 11/29/23 Bitcoin has seen six consecutive weeks of gains, its longest win streak since the end of 2020. [Kanchanara via Unsplash] What’s up? It’s Coinbase Bytes There’s never
November 29, 2023 2:44 PM
-
newsletter@mail.coinbase.com
What’s next for crypto?
The themes market watchers are paying attention to.
The themes market watchers are paying attention to. View in browser 11/29/23 Bitcoin has seen six consecutive weeks of gains, its longest win streak since the end of 2020. [Kanchanara via Unsplash] What’s up? It’s Coinbase Bytes There’s never
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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">The themes market watchers are paying attention to.</span><img src="https://links.coinbase.com/e/eo?_t=3aca56371967418192255878e9689713&_m=c1f66a827c144726b4390dfbd97eee29&_e=uR1RZsllImw_D3jghUed71_oiGddJwslUsY1P6E32OmyM_UEGebkuHNZYv261YrkrMi8BfCl1L0ZBlFBFCaxEDE2xaH2MYiHAQBarV4usnmUpGEw1GzzSMSDjY_f-ZtldZKnIeK02_4GTdtwFZ5gxeslHaU78swbpQkqmNVv-78%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">11/29/23</p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer"><img src="https://images.ctfassets.net/q5ulk4bp65r7/1t8c7QRBW8LWzgxR5iavsC/b1ea59b6de304efd4d534c86d7b92c29/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)">Bitcoin has seen six consecutive weeks of gains, its longest win streak since the end of 2020. [Kanchanara via Unsplash]</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>The next chapter for crypto. </strong>In the wake of Binance’s settlement, here’s what might be on the horizon for the crypto industry.</li><li style="margin:0px; padding:6px 0px"><strong>How Wall Street is boosting BTC. </strong>Institutional investors have led bitcoin gains for six consecutive weeks.</li><li style="margin:0px; padding:6px 0px"><strong>This week in numbers.</strong> Solana’s eye-popping Mad Lads NFT sales, how many South Korean citizens will test the country’s CBDC, and more.</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/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>Bitcoin</strong></p><p style="margin:8px 0px">$37,777.83 </p><p style="margin:0; font-size:12px">-0.13% </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>Ethereum</strong></p><p style="margin:8px 0px">$2,029.34 </p><p style="margin:0; font-size:12px">-2.89% </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">$0.61 </p><p style="margin:0; font-size:12px">-1.14% </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">$58.92 </p><p style="margin:0; font-size:12px">+0.37% </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>Cardano</strong></p><p style="margin:8px 0px">$0.38 </p><p style="margin:0; font-size:12px">-1.28% </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>Dogecoin</strong></p><p style="margin:8px 0px">$0.08 </p><p style="margin:0; font-size:12px">+5.57% </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/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>Bitcoin</strong></p><p style="margin:8px 0px">$37,777.83 </p><p style="margin:0; font-size:12px">-0.13% </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>Ethereum</strong></p><p style="margin:8px 0px">$2,029.34 </p><p style="margin:0; font-size:12px">-2.89% </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">$0.61 </p><p style="margin:0; font-size:12px">-1.14% </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">$58.92 </p><p style="margin:0; font-size:12px">+0.37% </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>Cardano</strong></p><p style="margin:8px 0px">$0.38 </p><p style="margin:0; font-size:12px">-1.28% </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>Dogecoin</strong></p><p style="margin:8px 0px">$0.08 </p><p style="margin:0; font-size:12px">+5.57% </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 Nov 29, 2023 at 09:30 PM 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>MARKET UPDATE </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>After Binance’s settlement, what’s next for crypto? </strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Following the news last week of Binance’s settlement with U.S. authorities, crypto markets responded with far more optimism than one might have suspected. Prices spiked in the days following the announcement — with BTC <a href="#" target="_blank" rel="noopener noreferrer">climbing above $38,000</a> for the first time since 2022. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As Coinbase CEO Brian Armstrong <a href="#" target="_blank" rel="noopener noreferrer">put it in an interview</a> with CNBC on Monday, “The enforcement action against Binance, that’s allowing us to turn the page on that and hopefully close that chapter of crypto’s history.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">So what’s next for crypto as a new chapter opens? Here’s what analysts and market watchers are predicting.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Odds that a spot crypto ETF will gain approval may have improved.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As Armstrong told CNBC, “I think that regulatory clarity is going to help bring in more investment, especially from institutions.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As CoinDesk reports, some <a href="#" target="_blank" rel="noopener noreferrer">industry watchers say</a> that the enforcement action “may have cleared the decks for the U.S. Securities and Exchange Commission (SEC) to finally approve a spot bitcoin ETF … by [easing] the agency's concerns regarding overseas manipulation of bitcoin prices.” (More on the current importance of institutional crypto investment in the second story in today’s newsletter.)</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">For much of this year, the prospect of Wall Street getting into spot BTC exchange-traded funds (ETFs) has been a major catalyst for crypto prices. At least <a href="#" target="_blank" rel="noopener noreferrer">eight spot BTC ETF proposals</a> — which would buy bitcoin and sell shares via conventional brokerages — are currently in front of the SEC.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The need for regulatory clarity is on everyone’s mind. </strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Among the spot crypto ETF applicants are some of the world’s largest financial firms — household names like Fidelity and BlackRock. A Moody’s crypto analyst compared this moment to the transition from the relative wild west of the early internet era to the more clearly regulated current landscape, <a href="#" target="_blank" rel="noopener noreferrer">noting</a> that the Binance settlement “marks the same inflection point that we saw earlier at the intersection of the dot-com and post-dot-com eras.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Coinbase has <a href="#" target="_blank" rel="noopener noreferrer">long argued</a> that a lack of clear regulations in the U.S. has dampened crypto innovation here. Meanwhile, places such as the <a href="#" target="_blank" rel="noopener noreferrer">United Kingdom</a> and <a href="#" target="_blank" rel="noopener noreferrer">Dubai</a> and regions like the <a href="#" target="_blank" rel="noopener noreferrer">European Union</a> have forged ahead with regulatory regimes that offer more guidance to firms and traders. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Emerging crypto trends are picking up steam as major corporations invest.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Crypto analyst Jamie Coutts recently <a href="#" target="_blank" rel="noopener noreferrer">gathered together</a> many of the trends that could power the next wave of crypto adoption. Among them are stories Bytes has covered this year, including:</p><ul style="margin:10px 0px 0px; padding-left:24px; line-height:1.6"><li style="margin:0px; padding:6px 0px"><a href="#" target="_blank" rel="noopener noreferrer">Tokenization of real-world assets</a>.<strong> </strong>According to a Bernstein report, tokenization represents a $5 trillion opportunity in the next five years — in which stocks, real estate, artwork, and more can be represented on a blockchain. <p>Dozens of the world’s largest financial institutions have conducted experiments in tokenization. This week, U.K. regulators <a href="#" target="_blank" rel="noopener noreferrer">began exploring</a> a framework to allow asset managers to use tokenization with common asset classes.</p></li><li style="margin:0px; padding:6px 0px"><a href="#" target="_blank" rel="noopener noreferrer">Top gaming companies incorporating NFTs</a>. On Monday, Final Fantasy publisher Square Enix <a href="#" target="_blank" rel="noopener noreferrer">began to launch</a> “Symbiogenesis” — its first Ethereum-powered game — with an auction of NFT-based characters. <p>Meanwhile, the most anticipated of the new wave of web3 games is probably the first-person shooter “Shrapnel,” which is scheduled for an early preview this year before fully rolling out in 2024. It <a href="#" target="_blank" rel="noopener noreferrer">reportedly</a> looks and plays like a “AAA” game such as Halo — but with an NFT marketplace that allows players to buy, sell, and truly own in-game assets, and a staking system that allows them to “participate in the development and promotion of unique maps.” </p></li></ul><p style="margin:0px; padding:0px"></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">The periodic down cycles known as “crypto winter” are when strong companies innovate and help build the foundation for the next bull run. “Bear markets wash out many of the bad businesses, business practices, inefficiencies and bad actors,” Jeff Embry, managing partner of crypto hedge fund Globe 3 Capital, <a href="#" target="_blank" rel="noopener noreferrer">told Blockworks</a>. “[They're] an important part of clearing the way for the next bull market cycle.”</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 bull 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>WHALE STREET </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>How institutional traders helped BTC rise for six weeks straight </strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">For the first time since the end of 2020, bitcoin saw <a href="#" target="_blank" rel="noopener noreferrer">six consecutive weeks</a> of gains, with prices hovering close to the $38,000 range. That’s a way bigger number than the<a href="#" target="_blank" rel="noopener noreferrer"> 200-week moving average</a> (200WMA) of about $29,000 as of November 23. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">What’s important about that? The 200WMA, which tracks bitcoin’s price over the last 200 weeks, is a key indicator for many investors — especially following a bear market. Historically, BTC bottoms in price <a href="#" target="_blank" rel="noopener noreferrer">near its 200WMA</a>, which it did last fall after the FTX collapse. But once BTC starts settling at levels well above its 200WMA, prices typically continue to rise in the following months. (Remember: Past performance is just one clue among many and is not indicative of future results.) </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Crypto fund inflows just had their biggest week in two years. </strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As anticipation for the approval of the first U.S.-based spot bitcoin ETF ramps up — and with BlackRock and Fidelity planning similar products for ETH — nearly $350 million poured into crypto investment products last week, doubling inflows from the week before, <a href="#" target="_blank" rel="noopener noreferrer">according to CoinShares</a>. In total, crypto investment products now have around $45 billion in assets under management — the highest figure in 18 months.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Notably, the amount of capital flowing into products focused on shorting BTC (or betting that prices will fall) has declined by more than 60% since April, indicating that many traders are betting that prices have more room to grow. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Products focused on ETH, SOL, DOT, and LINK also saw inflows of capital. Less than 10% of the week’s new money came from U.S. traders, potentially a sign that they’re waiting for one of the new crypto ETFs to gain approval. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Investors are betting that the Grayscale Bitcoin Trust will soon become an exchange-traded product. </strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">One of the first firms that could receive approval for a spot BTC ETF is Grayscale, which <a href="#" target="_blank" rel="noopener noreferrer">won a lawsuit</a> against the SEC earlier this year over its denial of the firm’s years-long quest to convert its Grayscale Bitcoin Trust (GBTC) product into a spot BTC exchange-traded product. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">What’s the difference between a trust and an ETF? Instead of buying BTC and selling shares via a conventional brokerage like an ETF would, GBTC <i>tracks</i> the price of BTC — giving investors indirect exposure to bitcoin. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Another key difference: ETFs can issue new shares to keep the share price in balance with the value of the assets held by the ETF. GBTC, on the other hand, fluctuates — trading at a premium to the price of bitcoin during periods of high demand and a discount at periods of lower demand.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">This year, GBTC’s <a href="#" target="_blank" rel="noopener noreferrer">discount has narrowed</a> from as much as 50% to <a href="#" target="_blank" rel="noopener noreferrer">around 8%</a> as $2.5 billion has flowed into the trust — with some <a href="#" target="_blank" rel="noopener noreferrer">analysts predicting</a> that GBTC will become an ETF in the near future, at which point their currently discounted shares would rise to the market value of BTC. </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">Markets are <a href="#" target="_blank" rel="noopener noreferrer">showing many signs</a> that they’re optimistic about prices continuing to go up — including the growing conviction that a spot BTC ETF will gain SEC approval in the near future. (Bloomberg Intelligence <a href="#" target="_blank" rel="noopener noreferrer">predicts it will happen in January</a>.) But that’s not the only major potential bull market spark on the horizon. Many analysts point to spring of 2024’s halving event — in which the amount of new BTC generated by mining is reduced by 50% — as <a href="#" target="_blank" rel="noopener noreferrer">the next big potential boost</a>. </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>NUMBERS TO KNOW </strong></p></td></tr></tbody></table></div><h1><strong>$650 million</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Value of altcoins set to be “<a href="#" target="_blank" rel="noopener noreferrer">unlocked</a>” this week across projects including DYDX, Optimism, SUI, Hedera, 1inch, and Immutable X. Token unlocks are a crypto version of vesting that involve scheduled releases of crypto to early buyers or contributors to a project. Bigger unlocks may temporarily result in supply outstripping demand, driving prices down.</p><h1><strong>$1.39 million</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Dollar value of the Solana-based Mad Lads NFTs that <a href="#" target="_blank" rel="noopener noreferrer">sold on secondary markets </a>in a 24-hour period ending on Tuesday — making the “profile-pic collection” the biggest NFT seller in that period, easily topping Bored Ape Yacht Club's $881,000 in sales. </p><h1><strong>100,000</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Approximate number of South Korean citizens who <a href="#" target="_blank" rel="noopener noreferrer">will participate</a> in a central bank digital currency (CBDC) pilot next year. The pilot aims to test digital fiat money’s ability to streamline government grants programs by lowering transaction fees, preventing fraud, and speeding settlement times. </p><h1><strong>1,277</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><a href="#" target="_blank" rel="noopener noreferrer">Percent increase</a> in transactions logged on Celo, the mobile-first, DeFi-oriented blockchain, between Nov. 22 and Nov. 26. Outside of Celo, which saw an increase from 277,500 transactions to 3.82 million, Avalanche (857%) and Polygon (155%) also saw notable increases in the same span.</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>What is a stablecoin?</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>A horse-themed cryptocurrency </td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>B</strong></td><td style="padding-top:12px">A digital currency that’s pegged to a “stable” reserve asset like the U.S. dollar </td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>C</strong></td><td style="padding-top:12px">A highly volatile cryptocurrency </td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>D</strong></td><td style="padding-top:12px">A cryptocurrency that’s in a good place emotionally </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 stablecoins </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>B</strong></td><td>A digital currency that’s pegged to a “stable” reserve asset like the U.S. dollar </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/CI0/0100018c1d09e521-b1d38299-530c-4379-b5a7-4049d5f78d28-000000/YjabC-FFq0Qz_wXIsHw9y6yxbbFUBnoz2I12_ZaoNf8=329" style="display:none; width:1px; height:1px"> </body></html>
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