Issue #49

Larry Fink calls BTC an “international asset”, crypto investment products receive $125m of inflows, ATO adds guidance on applying GST to crypto & more...

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.21T, down (3.2%) from last week.

Below is the weekly performance of the top crypto and NFT assets. 

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News Headline Highlights

 Crypto Asset Project Updates

  • Ethereum community members proposed a new standard, ERC (Ethereum Request for Comments) 7265, to help prevent the impacts of DeFi hacks.  The standard allows protocols “to create a circuit breaker protecting their protocol, with highly customised rate limit parameters per asset”, said Meir Bank of Fluid Protocol.
  • Circle, the company behind the second largest blockchain stablecoin (USDC), is considering issuing a stablecoin in Japan, co-founder and CEO Jeremy Allaire said. This comes after Japan legislation governing stablecoins took effect on June 1.
  • Multichain's Fantom bridge was seemingly exploited for nearly $130m. This amounts to nearly the entirety of the project's wBTC, USDC, and USDT. Since, Circle has frozen ~$60m of USDC and Tether has frozen $2.5m of USDT tied to a likely exploit.

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Metric of the Week

The share of bitcoin (BTC) held by US entities has increased following the BlackRock ETF filing. This reverses a 1 year trend of declines in US entity holdings.

Since mid-2022 non-US exchanges (primarily Asia based exchanges) have increased their share of bitcoin holdings. However, since the BlackRock ETF, there has been a notable increase in demand from US entity customers to access BTC as evidenced below.    

Source: Glassnode

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