Dispatch #197: The Strength in BTC x ETH Unity

Jun 21•4 min read

In this patch of your weekly Dispatch:

  • A World-First in Crypto 🥇

  • A Big Bitcoin Miner ⛏️ 
  • A Most Valuable Company 🏛️

The Big Idea

The Top Dog Crypto ETF

There is no polite way to present over $400M in liquidations, yet this is what the world’s top duo of digital assets pulled off. Mid-week, Bitcoin fell to a month-low above $64,000, while Ether failed to gain on the back of some good news for the community (you’ll see more below). Media reports over 172,000 traders were affected by the choppy price action and it appears that a Nexo-style HODL-while-you-spend strategy could’ve produced better results. It probably depends on your Nexo Card spending habits though. 

But back to the big picture and the Big Idea. There could be a dose of frustration in the crypto space after Bitcoin stalled its attempt at a new all-time high. Some say it’s all too similar to previous early post-halving price dynamics. Ether on the other hand awaits its spot ETF debut in the USA to reach higher ground around $4,000. What could catalyze the two assets to elevate the entire space further? 👇We’ve got a world-first candidate! 

  • Nasdaq disclosed a listing application for an innovative spot ETF that includes both Bitcoin and Ether. The proposed Nasdaq Crypto Index US ETF aims to offer investors combined exposure to these leading cryptocurrencies, marking a significant milestone in the ETF market. 

  • Detailed through a Form 19b-4 filing on June 18, the application outlines a market-weighted strategy without specifying exact holdings. Bloomberg's ETF analyst James Seyffart commented on the filing, highlighting its strategic relevance amid recent developments in the crypto ETF sector.

For now, Dispatch editors are closely monitoring any developments on this running story – we aren’t even going to speculate on the matter. To us, it’s inspiring that traditional finance exchanges embrace the idea of the world’s premier digital assets united, in arguably, the most exciting crypto trading product.

The Latest In…

Digital Monetary Photosynthesis a.k.a Bitcoin Mining

Need more inspiration? What about this – Deutsche Telekom, Europe's largest telecom provider, will soon start mining Bitcoin. Dirk Röder of T-Systems MMS, a Deutsche Telekom subsidiary, announced this at the BTC Prague conference, revealing the company's plans to engage in “digital monetary photosynthesis.”

Already running Bitcoin and Bitcoin Lightning nodes since 2023, Deutsche Telekom's crypto ventures also include partnerships with Ethereum and Polygon, involving node operations and investments.

The Latest In…

The First Signs of a Solana ETF?

Big news for Solana enthusiasts! Investment firm 3iQ has applied to launch the first Solana exchange-traded product (ETP) in Canada. The proposed Solana Fund will let Canadian investors gain exposure to SOL without needing hot wallets or other blockchain tech.

Set to trade on the Toronto Stock Exchange under the ticker QSOL, this fund aims to make investing in Solana more accessible. Greg Benhaim, 3iQ’s executive vice president of product and head of trading, emphasized their commitment to providing top-notch, regulated investment options for both individual and institutional investors. Could this go on to become a Big Idea?

The Latest In…

AI Tokens to Thank Nvidia

AI-related cryptocurrency tokens have seen significant gains following Nvidia's rise to become the world's most valuable company. Fetch.ai (FET) led the surge with a 30% increase, while Bittensor (TAO) rose by over 19%, Render (RNDR) jumped by over 13%, and NEAR Protocol (NEAR) and Internet Computer (ICP) saw gains under 10%.

Edward Wilson from Nansen.ai noted that Nvidia's record share price of over $136 has spurred interest in AI tokens, which have outperformed other cryptocurrencies over the past year.

The Week’s Most Interesting Data Story

The Complexities in Bitcoin Markets

Bitcoin has denied us an all-time high, in spite of such anticipation. So this week we’re looking deep in trading charts. Recent slight fluctuations in Bitcoin's derivatives market reveal a complex sentiment. Despite a price drop mid-week, the predominance of call options and increased options open interest suggested a balanced outlook mid-week.

Hot Topics

What the Community is Discussing:

About those whales…

We may be closer than we thought.

A much-needed win at that!

What to Watch for Next Week:

  • Days to spot ETH ETF trading?

  • Global economic recovery?

  • Bitcoin’s price action continued

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