Liz Coyne

Arbitrage Opportunities in Digital Assets: Flow Traders’ Edd Carlton

Casey Wagner

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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This has been a busy week at the SEC. 



The headline news from the commission, if you will, was Chair Gary Gensler’s <a href="https://www.sec.gov/newsroom/press-releases/2024-182">departure announcement</a>. He said yesterday he would be resigning, effective 12 pm ET on Jan. 20, 2025 — the exact time President-elect Donald Trump is scheduled to be inaugurated. We’re not surprised, but we got a chuckle out of him unprecedentedly naming the exact time he would leave the post.&nbsp;



And then today, fellow Democrat Commissioner <a href="https://www.sec.gov/newsroom/speeches-statements/gensler-statement-lizarraga-departure-112224?utm_medium=email&amp;utm_source=govdelivery">Jaime Lizárraga</a> announced he would also depart early on Inauguration Day, saying he wants to spend more time with his family as his wife battles breast cancer. We wish her and the Lizárraga family all the best.



On the legal front, one federal judge this week came to the same decision in two separate cases. Judge Reed O’Connor of the Northern District of Texas found the SEC had overstepped its authority and must vacate the Dealer Rule, adopted in February by a 3-2 commissioner vote. Republican Commissioners Hester Peirce and Mark Uyeda dissented against the Dealer Rule.&nbsp;



The rulings were seen as a win for both the hedge fund and crypto industries, protecting companies and managers in both groups from what has been described as “severe and adverse” changes in policy. Under the rule, certain hedge funds and crypto traders and validators would have been considered “dealers,” a classification both groups found <a href="https://blockworks.co/news/sec-expands-dealer-rule-crypto-firms">prohibitively strict</a>.&nbsp;



It looks like changes at the agency are coming even before Trump moves back to Washington.&nbsp;



We <a href="https://blockworks.co/news/donald-trump-cabinet-selection">wrote earlier</a> in the week about how there was a chance the commissioner voting breakdown would remain the same even after Trump takes office. With two spots now up for grabs, we know this won’t be the case.&nbsp;



No more than three commissioners can be from the same party, and with Gensler out we can all but guarantee a Republican will be in as the next chair. That means Lizárraga’s vacant spot will go to a Democrat or Independent. Typically in this case, the Democrats would submit names for Trump to consider. But we know the Trump Administration often veers from the conventional.&nbsp;&nbsp;



I’m still skeptical, though, that we will see any pending litigation dismissed. Even if the SEC now swings Republican (and potentially more pro-crypto), its staff would have to ask the commissioners to dismiss a lawsuit. These are staffers that have worked on these cases, in many instances, from the beginning.&nbsp;



As we enter this new era of the SEC, it’s important to remember that Gensler’s predecessor — Chair Jay Clayton, a Trump nominee — was the one who brought the <a href="https://blockworks.co/news/ripple-fined-civil-penalty-sec-lawsuit">Ripple case</a> over XRP’s <a href="https://blockworks.co/news/forward-guidance-newsletter-sec-ripple-inflation">security status</a> in 2020. He also brought an additional 79 crypto-related enforcement actions during his tenure, plus a separate action against Trump ally Elon Musk. Clayton is now headed to lead prosecution at the Southern District of New York, if Trump has his way. 



Despite Clayton’s track record, he’s largely praised by the industry as being <a href="https://blockworks.co/news/bitcoin-etf-approval-inevitable-jay-clayton">pro-crypto</a>. We know Trump wasn’t always a fan of the industry, so maybe he’s not the only one who can have a change of heart.



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Changes at the SEC start well ahead of Inauguration Day

Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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Bitcoin hit about $99,500 overnight before dipping below $97,300 a few hours later. The asset’s price was right around $99,350 at 2 pm ET.



On <a href="https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold">the cusp</a> of $100,000, what will happen after BTC hits that level? Or if it doesn’t break through that in the short term?



As you know by now, nobody knows for sure. But I caught up <a href="https://blockworks.co/news/21shares-us-crypto-etf-adoption-outlook">(again)</a> with Federico Brokate, head of 21Shares’ US business. He also helped BlackRock launch the iShares Bitcoin Trust (<a href="https://blockworks.co/news/blackrock-bitcoin-etf-1b-inflows">IBIT</a>) in January while he led iShares’ business strategy in the Americas.&nbsp;



The main takeaways? Well for one, the six-figure mark represents “a psychological barrier for markets” and a price target investors have been eyeing since the last crypto bull run, Brokate explained.&nbsp;&nbsp;



He noted, too, that BTC’s price last week quickly rose another 3-5% after hitting the $90,000 mark with enough volume — a scenario that could happen again <a href="https://blockworks.co/news/bitcoin-could-hit-100k-within-weeks">at $100,000</a>.



“If the barrier isn’t decisively broken by Thanksgiving, we could expect to see prices come down 15-20% — a correction that would test the $80,000 support level and wash out leveraged and low-conviction players,” Brokate told me.&nbsp;



Reaching the six-figure level would mean “greater short-term volatility as orders are filled, options liquidate and liquidity providers fulfill ETF block order requests,” he said, adding: “It wouldn’t be surprising to see some drawdown in the coming months.”



Outside of BTC, Brokate noted that altcoin markets <a href="https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60">often surge</a> after bitcoin establishes a price plateau. This comes as investors tend to rotate to what are viewed as “higher-risk, higher-reward opportunities.” Perhaps that happens in late Q1, or Q2, the 21Shares executive posed.&nbsp;



While solana (SOL) just reached a <a href="https://blockworks.co/news/solana-sets-all-time-high-of-263">new price peak</a> at roughly $263, ether (ETH) remains about 32% off its November 2021 high. XRP was up about 65% from a week ago, as of 2 pm ET Friday.



Finally, Thanksgiving might mean more than turkey and football this year. After all, Brokate reminded, holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity.



Brokate recalled that in 2017, BTC hovered in the $6,000-to-$9,000 range before surging to about $16,000 after Thanksgiving.



He added: “We may see a similar move this year.”&nbsp;



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As BTC nears $100K, keep an eye on Thanksgiving

Donovan Choy

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research">subscribe</a>.



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As SOL <a href="https://blockworks.co/news/solana-sets-all-time-high-of-263">reached</a> new all-time highs yesterday, Crypto Twitter’s search for the “next Solana” is on.



There is no shortage of <a href="https://x.com/chainyoda/status/1849835317022327039">mega fast alt-L1s</a> to pick from, but in the spotlight are two contenders: MoveVM-based chains Sui and Aptos. Both chains were born in the previous crypto cycle, and built by teams with backgrounds in Facebook, which developed the Move programming language as part of its <a href="https://blockworks.co/news/facebook-led-crypto-project-diem-to-be-sold-off-for-200m-report">Libra</a> (later renamed Diem) project.



In terms of price action, SUI has outperformed APT by a large margin on a YTD basis after overtaking Aptos in market cap in mid-September.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcjcTtlwYopTYE2yOIskjzWcqBxEx7D7aBC_Cjmo7doI9Mx2sGFD_tmiAX-9CXtrLg8F-nrgo3qB8gu7C0WH7B0kXRSina0C8LbETBYgqgpCbzhDchR_OEmm95Xj0vEt9oFpjg56g?key=iZHG-iO_AQDsFz_3x3YWxSrN" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://coinmarketcap.com/currencies/sui/">CoinMarketCap</a></figcaption></figure>



Despite <a href="https://x.com/SuiNetwork/status/1859705664362381559">suffering</a> a brief two-hour outage yesterday, SUI’s price has bounced back above its pre-outage price levels, ironically reinforcing the mimetic perception of Sui as the next Solana due to the latter’s <a href="https://blockworks.co/news/solana-downtime-post-mortem">history of outages</a>.



In terms of TVL, Sui and Aptos are running fairly neck to neck (see below chart), no doubt thanks to ongoing <a href="https://blockworks-research.beehiiv.com/p/saving-self-custody">liquidity incentive</a> campaigns. As far as active dapps on the L1s, both are also fairly even — Sui has 44, Aptos has 49 — based on <a href="https://defillama.com/chains">DefiLlama</a>’s numbers.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXenOdwIIajIY7bxP-U5Oe2jAvhqq6dNLszfvbjNUIgadp9x6CHSxu_2dlV0pPzSZioxukKuownLe4b7GM8KFobhzgyum61mUZJs0MPFxad7uSP4nGil8eEYhtqVT0wwk7-XlMkGMQ?key=iZHG-iO_AQDsFz_3x3YWxSrN" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://app.artemisanalytics.com/chains?selectedChains=aptos%2Csui">Artemis</a></figcaption></figure>



Zooming into onchain activity, Sui’s DEX trading volumes saw a 3x jump since September, overtaking Aptos by a long shot in the last month.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdqJQVqlSwzCgw26lUiBjulWHrTAzbtTU9Z3rZiWH4xCH65HHT4yRZPpL9tycA9teh8gpP8gt96fPn2FehQUim60H6vtfR9vF9CTmEAv912j6yo2Vw1y7hRS3uT4KuthdzDufkxeQ?key=iZHG-iO_AQDsFz_3x3YWxSrN" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://app.artemisanalytics.com/chains?selectedChains=aptos%2Csui">Artemis</a></figcaption></figure>



In terms of fees, Sui is also far outpacing Aptos, with $1.1 million generated in October alone, vs. $196k for Aptos.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfLuhT9H7k7HvC4fz6DK0LnfWjbr5DtUcpH3n9xaFYNu1GZavbAqJaor7tQb4RpP_7nFu5dDHCWY3B-VMaC7C4v5zkDdBuFBuW9Ln0QeMHw2My3F3UwOf1ccJM4jRrpstaRZ2J_qA?key=iZHG-iO_AQDsFz_3x3YWxSrN" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://app.artemisanalytics.com/chains?selectedChains=aptos%2Csui">Artemis</a></figcaption></figure>



In the TradFi arena, both chains are pursuing real-world assets. Ondo has deployed its USDY tokenized Treausurys product on both chains, with about $8.3 million on Sui and <a href="https://app.rwa.xyz/networks/aptos">$15.7 million</a> on Aptos.&nbsp;



Aptos also announced last week BlackRock’s <a href="https://aptosfoundation.org/currents/blackrock-buidl-fund-live-on-aptos">deployment</a> of its tokenized RWA BUIDL fund, while Sui <a href="https://blog.sui.io/franklin-templeton-digital-assets-strategic-partnership/">announced</a> today a partnership with the digital assets arm of Franklin Templeton to support ecosystem growth.



Finally, both Sui and Aptos are attempting their own hardware plays. Sui is leaning hard into the gaming sector with its handheld console <a href="https://blockworks.co/news/sui-playtron-handheld-web3-gaming-device">SuiPlay0x1</a>, and earlier this month struck up a partnership with the global esports team <a href="https://blog.sui.io/team-liquid-myblue-blue-fan-platform/">Team Liquid</a>, while Aptos has taken the route of a <a href="https://aptosfoundation.org/currents/aptos-foundation-partners-with-jambo-to-empower-emerging-markets-through-web3">budget-priced JamboPhone smartphone</a>.



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Sui, Aptos vie for ‘next Solana’ status

David Canellis

Crypto has all sorts of stories we hope are really true.



For one, bitcoin’s rising price is dictated by the world recognizing its raw disruptive power.&nbsp;



No way that it’s a simple reflection of the <a href="https://www.lynalden.com/bitcoin-a-global-liquidity-barometer/">global liquidity cycle</a>. Nor does it serve as a basic multiplier on the <a href="https://www.bloomberg.com/news/articles/2024-05-17/bitcoin-s-correlation-with-tech-stocks-jumps-to-highest-level-since-august">performance of megacap tech stocks</a> in the Nasdaq 100. Correlation be damned. Coincidence at best.



Here’s another: The price of bitcoin goes up when Binance co-founder Changpeng Zhao tweets “gm.”



It’s something I <a href="https://blockworks.co/news/cz-tweets-gm-bitcoin-goes-up">covered a while back</a>. But that was before Zhao finished up his <a href="https://blockworks.co/news/changpeng-zhao-binance-next-steps">four-month prison stint</a> in September, which included a stay in a Long Beach halfway house.



Zhao has since shared gms on X three times, and each one has preceded bitcoin pumping shortly after.



All in all, bitcoin has rallied 82% since Zhao first tweeted following his release two months ago — from about $54,600 to as much as $99,456 this morning.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1600" height="1148" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-24.png" alt="" class="wp-image-94713" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-24.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-24.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-24.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-24.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-24.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-24.png?w=358 358w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-24.png?w=364 364w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-24.png?w=305 305w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-24.png?w=80 80w" sizes="(max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Here’s (almost) every “gm” tweet from CZ mapped to the price of bitcoin</figcaption></figure>



Zhao has now tweeted “gm” on 11 different occasions across his full Twitter history, starting in March 2022.



On all but two, the price of bitcoin has gone up in a significant way within days, retained that value and then some. That’s an 80% success rate.



In fact, anyone who’d bought $1,000 worth of bitcoin alongside Zhao’s gms would’ve accumulated 0.317 BTC for $11,000.&nbsp;



They’d now be able to cash out almost $31,480, which is a profit of 186%.



Of course, correlation is not causation, and loads of stuff correlates with the price of bitcoin in any case.



Here’s a similar, but opposite, story from a few years back: the S&amp;P 500 <a href="https://thenextweb.com/news/the-stock-market-crashes-every-time-lil-yachty-releases-music-a-theory">crashes every time rapper Lil Yachty releases music</a>.



Still, for the superstitious, Zhao’s gms can’t hurt.&nbsp;



It’s now been two weeks since his last. Sounds overdue.



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Bitcoin goes up when CZ tweets ‘gm’: A theory

Jack Kubinec

The crypto-focused asset manager Bitwise took an initial step toward launching a SOL ETF yesterday when it registered a statutory trust in Delaware. Bitwise becomes the fourth firm to show interest in a spot SOL ETF following earlier filings from <a href="https://blockworks.co/news/lightspeed-newsletter-spot-solana-etf-filing">VanEck</a>, <a href="https://blockworks.co/podcast/lightspeed/f1b64556-a070-11ef-be46-37ac229013df">21Shares</a> and <a href="https://blockworks.co/news/canary-capital-sol-etf-filing">Canary Capital</a>.



I spoke with Bitwise CEO Hunter Horsley, who cast Solana as one of this crypto market cycle’s breakout successes that he thinks clients will want to access. The firm also recently <a href="https://blockworks.co/news/bitwise-files-for-spot-xrp-etf">filed for an XRP ETF</a>.



Bitwise’s filing is the latest indication that despite Solana’s lack of a regulated futures market in the US — long thought to be a requirement for spot crypto ETFs — a potentially more crypto-friendly Trump administration could get SOL ETFs across the finish line.&nbsp;&nbsp;



The move comes as a FOX Business correspondent <a href="https://x.com/EleanorTerrett/status/1859611713579999366">reported</a> on social media that the SEC is more actively engaging with spot SOL ETF applicants. This is an about face from August, when The Block <a href="https://www.theblock.co/post/312031/the-sec-rejected-cboes-19b-4-filings-for-solana-etfs-source">reported</a> that the SEC rejected 19b-4 filings from the Cboe exchange, a key component in bringing about an agency decision.



The obvious difference between now and then is the regulatory outlook, with SEC chair and crypto industry bogeyman Gary Gensler <a href="https://blockworks.co/news/gary-gensler-resigning">announcing his resignation</a> from the agency. Horsley said the US presidential election was “absolutely relevant” in Bitwise’s decision to file for a SOL ETF, and now feels like a “constructive time” to engage with regulators after mulling over an application for around a year.&nbsp;



Like competitors VanEck and 21Shares, Bitwise currently offers a Solana exchange-traded product in Europe — a product it gained access to by way of <a href="https://blockworks.co/news/bitwise-europe-acquisition-crypto-etps">acquiring London-based ETC Group</a> in August. The Solana ETP currently has $27 million in assets under management (AUM), which is dwarfed by some competitors — 21Shares’ Solana ETP holds nearly $1.4 billion, for instance.



With a potential spot ETF, Bitwise and its competitors will seek to let US investors get exposure to SOL’s price action in a regulated wrapper.&nbsp;



SOL has the chance to become the third crypto to get a US-traded ETF. The first, bitcoin, <a href="https://blockworks.co/news/day-1-bitcoin-etf-trading-volume">saw impressive inflows</a> after launching while the second, ether, was much <a href="https://blockworks.co/news/on-the-margin-newsletter-ether-etf-data-takeaways">less in-demand</a>. I asked Horsley if the uninspiring ether flows spelled trouble for SOL ETFs. He responded that ether ETFs faced an uphill battle since they launched over the summer (when asset managers are likely vacationing in the south of France), ether hasn’t had great price action this market cycle, and two crypto ETFs were a lot for slow-moving capital markets to absorb in a short time.&nbsp;



Horsley was effusive in talking about Solana overall, calling SOL “an incredible emerging asset and story.” Later on, the Bitwise boss said many bitcoin ETF buyers may be looking for the “next big thing” in crypto.



“For a lot of investors, the answer to that is Solana,” Horsley said.



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Bitwise CEO: Solana an ‘incredible emerging asset and story’

SOL reached a new all-time high of $263 more than three years after it last peaked, according to data from CoinGecko.



Solana’s native token price fell dramatically amid the FTX exchange’s unwinding, briefly trading in the single digits in late 2022. SOL then endured a sluggish 2023, as the SEC made the argument that SOL was a security, creating regulatory fears around the asset. But after a year of explosive growth, a resurgent Solana has climbed all the way back to become one of only a few major cryptoassets to set a price record this market cycle.



Two years ago today, SOL was changing hands for a little under $12. The asset has appreciated by more than 2,000% since then.&nbsp;



In recent weeks, user demand to include transactions in Solana blocks has skyrocketed amid explosive growth in the memecoin trading sector. Solana memecoins attached to AI agent projects began the uptick, and Donald Trump’s presidential election victory turbocharged it.&nbsp;



Moonpay, a popular fiat to crypto on-ramp, said it saw an all-time record for Solana transactions on the platform Tuesday.



Solana’s “real economic value” metric — which largely comprises extra money traders will pay to get transactions processed faster —&nbsp;totaled a record of over $100 million-worth last week, as measured by Blockworks Research.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1644" height="759" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=1024&amp;h=1024" alt="" class="wp-image-94704" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=1644 1644w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/2024-11-22-Solana-REV.jpg?w=80 80w" sizes="(max-width: 1644px) 100vw, 1644px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/sol">Blockworks Research</a></figcaption></figure>



So-called REV can be thought of as a proxy for Solana blockspace demand, and the metric was under $10 million weekly just two months ago.



Based on the past few days, Solana’s REV could approach $200 million this week.



Further fueling the recent rise was <a href="https://lightspeed-4bed7b.beehiiv.com/p/bitwise-ceo-on-sol-etfs">speculation on Thursday</a> that the chances of a SOL ETF being approved by the SEC under a Trump administration are higher than previously thought.



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Solana sets all-time high of $263

Marathon Digital clearly plans to keep up its BTC buys amid a rally that has sent the asset’s price to new highs. And they’re not alone.&nbsp;



The bitcoin miner revealed Thursday that it completed its offering of 0.00% convertible senior notes (due 2030). Net proceeds from the sale amounted to roughly $980 million — a majority of which will be used to buy more bitcoin and for “general corporate purposes.”



Marathon held 27,562 BTC on its balance sheet, as of Oct. 31. That represents roughly 8% of the 331,200 BTC held by MicroStrategy, the largest publicly traded holder of bitcoin.



MicroStrategy founder Michael Saylor alluded to Marathon’s CEO during a Tuesday X space when asked whether there’s an amount of BTC MicroStrategy could buy that would be detrimental to the bitcoin network.&nbsp;



“As much as I would like to buy all the bitcoin, I don’t think Fred Thiel’s going to let me buy all the bitcoin,” Saylor said.&nbsp;



He added: “And if <a href="https://blockworks.co/newsletter/daily/issue/post_a86f70e8-2026-4c78-821e-c99cc7fd3a4b">Cynthia Lummis’ bill</a> gets taken by the Senate and House — and signed in the White House — then the US government’s going to be bidding against me.”&nbsp;



More companies have started to <a href="https://blockworks.co/news/company-treasuries-btc-reserve-asset">name BTC as a reserve asset</a>. Singapore-based Genius Group said Thursday morning it added another $4 million of bitcoin to its treasury and is targeting a reserve holding at least $120 million worth of BTC.&nbsp;



Tech giant <a href="https://blockworks.co/news/microsoft-bitcoin-balance-sheet">Microsoft has a proposal in front of them</a> to consider diversifying its balance sheet with bitcoin. Saylor said the “activist” behind it invited him to give a three-minute presentation to the board next month; the MicroStrategy executive accepted.



“It’s tricky to actually find a board that gets aligned with the management team and moves forward, and that’s why you haven’t seen as many companies act as aggressively as they could,” he said on the X space.



But, Saylor noted he expects that to change in 2025: “I think this will be an exponential process that’s going to pick up speed here.”



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Marathon, others set to keep up BTC buying momentum

Felix Jauvin

This week I had the pleasure of <a href="https://youtu.be/xIDxaBWc1yg?si=qhZcKnwEZQ5ovERK">interviewing</a> Jeff Park, head of alpha strategies at Bitwise Asset Management, to unpack the BTC ETF options launch this week. 



Here are the main takeaways from our interview that I learned:



Volatility Smile



Typically with risk assets, puts demand a higher premium than calls. This is because most people use options to hedge their longs, creating skewed demand for puts over calls. This typically creates a half smile in the volatility structure as seen below:



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1600" height="1178" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png" alt="" class="wp-image-94694" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=349 349w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=354 354w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=297 297w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=80 80w" sizes="(max-width: 1600px) 100vw, 1600px" /></figure>



Something very unique about crypto, however, is that it has a persistent smile to its volatility surface — where calls are equally as juiced as puts, creating a “smile” in the volatility surface:



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1600" height="1143" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png" alt="" class="wp-image-94693" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=360 360w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=365 365w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=307 307w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=80 80w" sizes="(max-width: 1600px) 100vw, 1600px" /></figure>



Often this smile only occurs in commodity assets during supply shocks, where demand outpaces available supply and prices surge. However, since supply can then increase to a new equilibrium with demand, the price will then revert and the volatility smile ends. What is unique about Bitcoin, however, is due to the difficulty adjustment that makes that supply adjustment like you see in traditional commodities impossible, the smile remains persistent and permanent. This is extremely unique.



Call Heavy Flow



The vast majority of the options activity has been in out-of-the-money calls. As we can see in the chart below from Bloomberg Intelligence’s Eric Balchunas, most of the activity has been in either marginally OTM calls or as far out as the strikes are currently available:



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="688" height="443" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png" alt="" class="wp-image-94691" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png?w=688 688w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png?w=399 399w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png?w=405 405w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png?w=340 340w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png?w=80 80w" sizes="(max-width: 688px) 100vw, 688px" /></figure>



Further, we can see that 82% of the first day options volume on IBIT was from calls:



<img loading="lazy" decoding="async" width="614" height="488" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdH69nHYU1n0RKrFKb6JY0Iq7UiNef-GIlMTRyRN3IUuecL-zvMaW3vo-8irTvoj8idtE9CmW3STHYbjO1tjgf1phb2KA8ZVst3uDbtV-31ASldGGamDKLwrlLPsWkvU3RaADX1?key=iZHQcOMPqedKWSuXvRcFOprO">



Deribit vs TradFi options



One interesting takeaway I learned from Jeff is that Deribit, a crypto options exchange that is open 24/7, should have BTC options that are priced differently from the ETF options. The key reason for this is that because of theta, otherwise known as the time to expiry. Since Deribit options are constantly live for trading, the theta — and therefore the volatility — should sit at a premium to the ETF options, which only trade during standard market hours.&nbsp;



Most on IBIT



Finally, despite yesterday being the launch day for all the other ETF’s options, we’ve seen the vast majority of the notional exposure reside within BlackRock’s iShares Bitcoin Trust (IBIT):



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1538" height="785" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png" alt="" class="wp-image-94692" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=1538 1538w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=80 80w" sizes="(max-width: 1538px) 100vw, 1538px" /></figure>



This makes for much wider spreads on the other ETFs given there’s much less liquidity available.&nbsp;



Overall, the market structure has changed significantly this week with <a href="https://blockworks.co/news/bitcoin-etf-options-trading-begins">the launch of ETF options</a>. Whereas traditionally short-term market structure was largely a function of perpetual futures, options flow dynamics will increasingly play a larger role in the price action.



For a deeper dive into other implications of this major market regime change, check out my <a href="https://youtu.be/xIDxaBWc1yg?si=qhZcKnwEZQ5ovERK">interview with Jeff Park</a>.



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Major takeaways from this week’s BTC ETF options launch

In the past year, crypto has seen wallet launches from centralized exchanges including <a href="https://blog.kraken.com/product/introducing-kraken-wallet">Kraken</a>, <a href="https://www.coinbase.com/en-sg/blog/a-new-era-in-crypto-wallets-smart-wallet-is-here">Coinbase</a> and <a href="https://www.globenewswire.com/news-release/2024/11/19/2983291/0/en/Bitget-Wallet-Lite-Hits-8-Million-Users-in-Two-Weeks-Now-the-Largest-Telegram-Wallet.html">Bitget</a>, NFT marketplaces like <a href="https://x.com/MagicEden/status/1752013914588553396">Magic Eden</a>, TradFi firms <a href="https://x.com/Chiliz/status/1829301695010017533">Naver</a> and <a href="https://www.businesswire.com/news/home/20241120161980/en/Leading-Bitcoin-ATM-Provider-CoinFlip-Launches-Wallet-App-in-Australia-and-New-Zealand-to-Enhance-User-Experience">CoinFlip</a>, and of course DeFi protocols such as Osmosis’ <a href="https://x.com/Polaris_App/status/1837456889107697890">Polaris Wallet</a>, <a href="https://blockworks.co/news/uniswap-launches-android-wallet">Uniswap</a>, and Aave which <a href="https://family.co/blog/launch">announced</a> its own Family wallet at Devcon last week.



All these are in addition to the hundreds of already-existing wallets that work perfectly fine. This begs the question: Why do crypto users need more wallets?



But that’s the wrong question. The right question is, why does every company want their own wallet? It turns out that owning the end-user via a crypto wallet is quite a prosperous business.



Wallets are typically the first front-end touchpoint for crypto newbies wanting to buy their first crypto tokens. This puts wallet providers in a uniquely close position to the end-user, in turn granting them the bargaining power to command a take-rate.



This take-rate is primarily exercised through in-wallet swaps on “fee-insensitive” users (i.e. normies). MetaMask for instance, makes about a weekly average of <a href="https://dune.com/queries/2171630/3557217">$1.5 million</a> on wallet swaps.



Wallet providers also enjoy privileged oversight over transaction order-flow, a fancy way of saying that wallet providers know the trades that thousands of users are making. That knowledge is highly valuable because wallet companies are potentially selling that order-flow to professional block builders who extract MEV.



The latter is, of course, somewhat dubious. It’s possible that <a href="https://x.com/fleupold_/status/1787561752957235427">wallets like MetaMask already do so</a>, and we know for a fact that Telegram trading bots (with integrated wallets) like <a href="https://x.com/sui414/status/1820679513652814271">Banana Gun</a> are doing so and divvying up MEV profits with block builders.



Wallets are also becoming increasingly the preferred interface for onchain activity. There is some data to show that DEX front-ends are increasingly relegated to the back-end as wallets, solver models (CowSwap, 1inch Fusion) and DeFi aggregators take over.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1600" height="652" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-18.png" alt="" class="wp-image-94683" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-18.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-18.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-18.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-18.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-18.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-18.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-18.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-18.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-18.png?w=80 80w" sizes="(max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://members.delphidigital.io/reports/the-fat-wallet-thesis#payment-for-order-flow-pfof-c3c6">Delphi Digital</a></figcaption></figure>



This thesis is more popularly known as the “Fat Wallet” thesis, yet another one of the crypto industry’s tendencies to predict trends in one grand proclamation. The thesis is not new — it first <a href="https://x.com/JasonYanowitz/status/1617270978555387908">emerged</a> in early 2023, but is now seeing some attention again thanks to a well-articulated update from <a href="https://x.com/robbiepetersen_/status/1851652862855528682">Robbie Petersen</a>.



Builders and investors banking on the Fat Wallet thesis also believe that there will be potentially valuable ways for wallets to monetize their users down the line.&nbsp;



As wallets increasingly move away from a utilitarian barebones “send and receive crypto” design toward feature-rich hubs that are plastered with trending onchain dapps, mints and messaging capabilities, it may not be surprising to see something like a 30% Big Tech tax on this distribution.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="928" height="815" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-19.png" alt="" class="wp-image-94684" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-19.png?w=928 928w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-19.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-19.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-19.png?w=293 293w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-19.png?w=297 297w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-19.png?w=249 249w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-19.png?w=80 80w" sizes="(max-width: 928px) 100vw, 928px" /><figcaption class="wp-element-caption">An example of old vs new wallet user interfaces</figcaption></figure>



Wallets also have strong natural synergies for B2B integrations with crypto payments services. We’ve seen this lately with wallets like <a href="https://blockworks.co/newsletter/research/issue/post_b0c30ca1-5cc3-4dcb-96e8-da398515c905">Zeal</a> or <a href="https://x.com/fusewallet">Fuse</a> which let you spend your DeFi yield or idle stablecoin holdings via Visa integration.



The Fat Wallet thesis may very well amount to just another failed investment theory, but it does provide a convincing rationale for why the industry is seeing a new wallet launch every other week.



With hundreds of competitors looking to grab the new wave of users that onboard every bull market cycle, wallets are competing in myriad ways.



Coinbase Wallet is turning to the tried and true strategy of market incentives, <a href="https://x.com/CoinbaseWallet/status/1859286084535906744">announcing</a> today a 4.7% APY on USDC holdings.



Magic Eden has promised claimable <a href="https://blockworks.co/news/magic-eden-confirms-token-expansion-beyond-nfts">airdrops</a> for its native ME token — but only if you’re using Magic Eden’s very own wallet.



Everyone wants to be the first wallet to bind the user. It’s a tough business. The good news is that free market competition is the most effective check on economic concentration, and consumers can rest easy that no one wallet will probably ever dominate the market.



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The battle for wallet supremacy is underway

Gary Gensler, who has led the Securities and Exchange Commission for the past three and a half years, announced Thursday that he would resign on Jan. 20, 2025.&nbsp;



“The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike,” Gensler said in a <a href="https://www.sec.gov/newsroom/press-releases/2024-182?utm_medium=email&amp;utm_source=govdelivery">statement</a>. “The staff comprises true public servants.”&nbsp;



Gensler was appointed to lead the securities regulator in 2021. His term was set to expire in June 2026.&nbsp;



The announcement follows President-elect Donald Trump’s campaign <a href="https://blockworks.co/news/donald-trump-speaks-bitcoin-2024">promise</a> to “fire Gary Gensler on day one” of his second term, an action experts agree falls in a gray area of the law.&nbsp;



Gensler’s decision is in line with previous SEC chairs. Former Chair Mary Jo White, who served in the Obama administration, announced her resignation on Nov. 14, 2016. Jay Clayton, White’s successor, did the same after Trump lost his re-election bid in 2020.&nbsp;



Gensler’s tenure was marked by a significant increase in cryptocurrency-related enforcement actions. Under his leadership, the Commission initiated more than 90 cases between 2021 and 2023, most of which dealt with alleged unregistered securities offerings.&nbsp;



“Everything we’ve done is focused on ensuring compliance with our laws. What we’ve found since the 1930s is that compliance matters,” Gensler said of his crypto track record during an <a href="https://www.sec.gov/newsroom/speeches-statements/gensler-remarks-pli-s-56th-annual-institute-securities-regulation-111424">appearance</a> in New York earlier this month. “It protects investors. It builds trust in our capital markets. It helps issuers tap into our markets.”&nbsp;



The SEC’s ongoing cases against crypto exchanges Coinbase and Binance are likely to continue under the next chair, although agency staff could request commissioners vote to seek dismissal. Any motion to dismiss would have to be approved by the court. 



Speculation about Trump’s pick to lead the SEC began well before Gensler’s announcement Thursday. Sources close to the matter told Blockworks that Commissioner Mark Uyeda is likely to be appointed acting chair following Trump’s inauguration.



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Gary Gensler announces departure from SEC, effective Jan. 20

Katherine Ross

We’ve asked ourselves one question over and over again: Wen altcoin szn?



To be fair, David’s done a <a href="https://blockworks.co/news/waiting-for-altcoin-season">very good job</a> of setting up what it would take to see the next altcoin season take off. But to get some clarity on how bullish folks should be, I turned to HashKey Capital’s Jupiter Zheng. 



Zheng and David see eye-to-eye when it comes to when we could see the next altcoin season, with HashKey putting together a report on why the team is so bullish on altcoins right now.&nbsp;



Part of it is the potential for bitcoin’s dominance to peak, which — if you’re a regular Empire reader — you know is one of the necessary ingredients for altcoins to take off.&nbsp;



Once we get that bitcoin dominance over 60% or even 65%, that’s when Zheng expects a “massive altcoin season” to begin. BTC <a href="https://www.tradingview.com/symbols/BTC.D/">dominance</a> is currently sitting at 61.64%.



Zheng highlighted three success areas he’s watching: Ethereum, Solana and certain tokens in DeFi, such as UNI and SKY (formerly MKR).&nbsp;



Let’s start with Ethereum, especially because it feels like more and more people are dropping off the bull train right now.&nbsp;



There are three factors bringing down Ethereum, HashKey argued: Increased competition (duh), value diversion and lower transaction fees.&nbsp;



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1488" height="716" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png" alt="" class="wp-image-94673" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=1488 1488w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-17.png?w=80 80w" sizes="(max-width: 1488px) 100vw, 1488px" /><figcaption class="wp-element-caption">A look at past altcoin seasons courtesy of HashKey</figcaption></figure>



“Currently, the Ethereum community is developing metrics to measure ‘Ethereum alignment,’ and it is anticipated that best practices will emerge from these efforts, further consolidating Ethereum’s ecosystem and ensuring long-term success,” the report stated.



As for Solana, it’s a “major fundamental play,” unlike Ethereum’s role as the “distressed play.”



“Solana has been achieving a lot of things this year, and — compared to Ethereum — Solana is a little bit centralized, but it&#8217;s very efficient. So, Solana is strong in its operational capabilities. Ethereum is more focused on the tech …&nbsp; technical layers and decentralized layers and security layers, but Solana is more focused on how to deliver mass adoption,” Zheng explained to me.



And to add to that, Zheng believes it’ll be the next coin to be selected for an ETF following the ETH and BTC funds.



To round it out, “many DeFi projects from the last cycle have gradually become foundational infrastructure and have crossed cycles, forming a ‘must-have’ landscape,” HashKey wrote.&nbsp;



But it’s not all bulls and daydreams, there are a few things that Zheng’s not feeling so optimistic about.&nbsp;



Layer-2s for example. There can only be so many that investors can focus on. And, even beyond that, only the “top 5 or top 10 will be valuable,” he explained.&nbsp;



To solve this, he has a suggestion: “If we try to select the best layer-2s from the 100 [on offer], It&#8217;s quite hard, so maybe just pick the top ones, just like we picked the Magnificent Seven from the US stock market.”



Who wants to pick the name?



Updated Nov. 22, 2024 at 11:45 am ET: Replaced mentions of Hashkey with Hashkey Capital.



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Expect a ‘massive altcoin season’ once bitcoin dominance hits 65%

“What makes you different from the other AIs,” I asked, unsure of how best to make small talk with an AI agent memecoin I’d clicked on at random.



“Lightspeed, my gassy friend, it&#8217;s not what makes me different, but what I let rip that sets me apart,” the chat bot wrote back. I scrolled to the AI agent’s description and realized this one was meant to be a flatulent Roman emperor.&nbsp;



I asked so-called Gluteus Maximus what it thought of Solana, and I think its answer was fitting for crypto’s AI agent craze at large, at least in its current form.



“[N]ot impressed, it&#8217;s like a fart in the wind &#8211; loud, but soon forgotten,” the agent said.



While exploring the various AI and memecoin projects that have sprung up over the past month, I found that many — though not all — took technologies or ideas that are already widespread and tried attaching a token element. This might be good news for memecoin buyers’ wallets in the short term, but it seems clear that the best ideas to come from AI agents and crypto will need a little more time in the oven.



In my experience, most buzzy AI-crypto projects involve the creation of a chat bot and an associated memecoin with the thought that more attention-grabbing AI bots can garner more investment. Some of these AI bots are programmed not to talk about money, but some are more than happy to offer investment advice. One memecoin-themed bot told me to buy VGX, the native token of Voyager, the long-bankrupt crypto exchange.



“$ZEREBRO good investment, trust,” a different AI agent with over $320 million in market capitalization and the same edgy existential vibes as its predecessor truth_terminal said in a public Telegram chat. (Zerebro also released an AI-created melodic rap album which, despite not being new tech, is actually kind of good?)



The more projects you try out, the more crypto’s AI agent mania feels contrived—like mad libs for tech buzzwords with way-too-high market caps. I discovered a Warpcast <a href="https://www.clanker.world/clanker/0x0fD7a301B51d0A83FCAf6718628174D527B373b6">thread</a> where one AI instructed another AI to make a memecoin themed around how great AI is, and the whole thing has drawn over $19 million in market capitalization. Then there’s Virtuals Protocol, which ripped off the pump.fun feed and filled it with AI agents (granted, it is sort of fun to be able to chat with memecoins while you weigh whether or not to buy them).



In any event, if AI agents in crypto are going to generate more interesting use cases, it will probably happen further down the road. One project I’ll be watching is ai16z, which plans to have an AI version of a16z’s Marc Andreessen (and other AI “partners”) autonomously invest in memecoins based on advice from a DAO.



But memecoins don’t necessarily breed long-term thinking, and it might be difficult to convince investors to be patient: ai16z has already faced <a href="https://www.coindesk.com/markets/2024/11/19/dueling-eliza-ai-tokens-boom-and-zoom-in-frenzied-trading/">backlash</a> after a bungled AI agent token rollout ended in wild price swings.



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Crypto AI agents are mostly old tech in new packaging

Only one milestone left before bitcoin officially enters price discovery mode: gold.



No question that bitcoin is at an all-time high for US dollars. BTC hit $98,000 earlier this morning, awarding it a market cap close to $1.94 trillion (fully-diluted: $2.06 trillion).



Bitcoin’s price has also formally broken 2021 records against all three major US benchmark stock indexes: the Dow Jones, S&amp;P 500 and Nasdaq 100.



Gold, though, had outperformed bitcoin following crypto’s peak in November 2021 — until this past week. As of this morning, bitcoin was up 55% since then compared to gold’s 46%.



Bitcoin still needs to catch up to gold, which converts to lag between BTC’s gold all-time high, as well as its US dollar and stock market ratios.



On Thursday morning, the bitcoin-to-gold ratio was just under 36.83. When BTC set its November 2021 high, it was as much as 37.05, a tiny difference of less than half a percent.



If gold is steady today, a single move to $98,500 would do it from here, and even less if gold slips slightly. (Current bitcoin price: $97,845.)



At that point, there’s probably some other annoying technicality to pin on bitcoin. Perhaps it’s still below its all-time high against gold after adjusting for inflation, for instance. But whatever.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1549" height="982" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png" alt="" class="wp-image-94661" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=1549 1549w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=405 405w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=412 412w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=345 345w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-16.png?w=80 80w" sizes="(max-width: 1549px) 100vw, 1549px" /></figure>



In any case, we’re all totally locked into the bitcoin price chart for the foreseeable future, including, probably, the Feds.



The US government crypto stash — seized in a variety of criminal cases — has now ballooned to almost $21 billion, over 98% of it bitcoin. The rest is mostly made up of ETH, BNB, TRX and stablecoins.&nbsp;



That’s up from just under $10 billion at the start of the year, per <a href="https://intel.arkm.com/dashboards/view?dashboardID=47d779bb-3c6f-4dd3-8f8e-1f6602e2f631">Arkham Intelligence</a> data. Although it’s difficult to find the exact value of the crypto kept by the US government, as agencies regularly move it between unmarked wallets.



We can however zoom in on the 3,999 BTC <a href="https://blockworks.co/news/us-german-governments-selling-bitcoin">sold by the Feds</a> in June and July. Valued at the times of transfer to Coinbase Prime, those coins were worth on average $61,300 and likely generated more than $245 million for government coffers.



If sold today, they would’ve netted closer to $392 million, leaving $147 million on the table.



The German state of Saxony has it much worse. It altogether <a href="https://blockworks.co/news/germany-bitcoin-stash-exchange-transfers">dumped almost 50,000 BTC</a> on a string of exchanges around the same time as the US, raking in the euro equivalent of $2.78 billion.



Had Saxony held, it would’ve had almost $4.9 billion — converting to over $2.1 billion in lost potential revenue. That’s equal to 1.7% of Saxony’s total GDP in 2018.



All told, identified government treasuries are worth a combined $28.5 billion, belonging to the US, UK, Bhutan and El Salvador.&nbsp;



And with bitcoin properly in price discovery mode, now comes the true test of strength for their hands.



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Bitcoin is inches away from cracking all-time high against gold

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It’s a high-stakes day for tech stocks as the grand finale to earnings season looms: Nvidia’s third quarter report, set to drop today after the bell.&nbsp;



As the world’s largest public company by market cap, Nvidia has been the <a href="https://blockworks.co/news/on-the-margin-newsletter-nvda-market-breadth">definitive winner</a> of the AI boom. Shares are up almost 200% year to date and 1,000% since September 2022.&nbsp;



Analysts are expecting big things from Nvidia tonight. Wall Street has consistently upped its predictions for the report, increasing earnings per share estimates to $2.84 (from $2.81 in September). Earnings per share from the second quarter came in at $2.70, a 148% increase year over year.&nbsp;



Revenue estimates for the third quarter come in at $33 billion, which would be an 83% increase from the prior year. Second quarter <a href="https://blockworks.co/news/nvidia-earnings-and-the-baked-in-premium">earnings</a> showed revenue was $30 billion.&nbsp;



Investors are going to be looking for signs that Nvidia’s Blackwell GPU, a high-performance chip expected to drive the next AI wave, is in high demand and functioning well. Tonight’s call comes as reports of Blackwell GPUs overheating continue to swirl. Nvidia has invested more than $2 billion in developing Blackwell, so shareholders (and the broader market) are going to want to see signs that these issues are being worked out.&nbsp;



Check back tomorrow for a full recap of Nvidia’s Q3 earnings and what will no doubt be some interesting market moves to follow.



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Nvidia heads into earnings as its star chip continues to glitch 

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It’s been two weeks since the US presidential election outcome that sent BTC to new highs and spurred some of the latest bullish happenings.



Let’s review what’s occurred in crypto land since Donald Trump’s political victory.



Starting with the crypto price rally, BTC rose 8.8% on Election Day (<a href="https://blockworks.co/news/btc-election-day-boost">Nov. 5</a>), Coinglass <a href="https://www.coinglass.com/today">data</a> shows. There were modest gains the next few days before BTC saw notable daily price increases of 4.8% and 10.2% on Nov. 9 and Nov. 10, respectively. Then a 4.2% rise on Nov. 14.



By Bitfinex analysts’ count, BTC rose roughly 40% (from the pre-election selloff point of about $66,880 to a then-peak $93,300) — marking the largest nine-day <a href="https://blockworks.co/news/btc-surge-above-86k-analysis">price increase</a> for BTC since January 2021.&nbsp;&nbsp;



Bitcoin surged to a new high over $94,900 early Wednesday. It was hovering around $93,800 at 2 pm ET — up 1.5% from 24 hours prior.&nbsp;



Outside of price, everyone was reminded of some of Trump’s crypto-related <a href="https://blockworks.co/news/revisiting-trumps-crypto-promises-after-his-election-win">pledges</a>. Given the Republicans’ majority in the House and Senate too, hope around the US creating a <a href="https://blockworks.co/newsletter/daily/issue/post_a86f70e8-2026-4c78-821e-c99cc7fd3a4b">strategic bitcoin reserve</a> (via a <a href="https://blockworks.co/news/senator-lummis-bitcoin-reserve-bill-crypto-policy">bill proposed</a> by Sen. Cynthia Lummis) is aplenty.&nbsp;&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE 🇺🇸 🇺🇸 🇺🇸&mdash; Senator Cynthia Lummis (@SenLummis) <a href="https://twitter.com/SenLummis/status/1854208373740458432?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In an X space yesterday, Lummis said she hopes “we can tee this up for adoption in 2025.” She noted that after Trump is sworn in, the US could get a headstart by converting gold certificates to bitcoin (even before the bill’s potential passage).



“The advantage of having legislation is it sets up the functional basis for the government holding bitcoin in a variety of locations, and then helping states hold their bitcoin as well,” she said.&nbsp;



On the latter point, a notable post-election crypto headline was <a href="https://www.foxbusiness.com/money/pennsylvania-house-introduces-bill-implement-strategic-bitcoin-reserve">Pennsylvania lawmakers </a>introducing a bill that would allow the state’s treasury to keep BTC on its balance sheet.



Then there are the companies following MicroStrategy’s lead in buying bitcoin <a href="https://blockworks.co/news/company-treasuries-btc-reserve-asset">for their treasuries</a> (or planning to). MicroStrategy founder Michael Saylor said on the same X space with Lummis that if the US creates a strategic bitcoin reserve, others will “stampede to keep up” — namely the EU, Asia and Brazil.



“This is all about laying in place a power infrastructure to build the 21st century economy that’s so incredibly compelling that it attracts the capital from the rest of the world into the United States and into US values and US politics,” Saylor added.



As for US spot bitcoin ETF demand during the trading days after the election (from Nov. 6 to Nov. 19), those products have seen net <a href="https://farside.co.uk/btc/">inflows</a> of about $5 billion.



Bitwise CIO Matt Hougan <a href="https://blockworks.co/news/matt-hougan-crypto-reputational-risk">told me</a> the election outcome “removes the last vestige of reputational risk from crypto” — noting he expects institutional ownership to follow “an exponential curve from Q1 onwards.”&nbsp;



And Jersey City’s mayor and business administrator <a href="https://blockworks.co/news/jersey-city-pension-funds-btc-exposure">told me last week</a> the city’s pension fund was just about ready to allocate to bitcoin ETFs — undeterred even given the latest price increase.&nbsp;



Ether products saw an uptick in demand as well, reeling in $796 million in the six trading days after the election. Despite <a href="https://farside.co.uk/eth/">net outflows</a> over the past four trading days, the category’s flows <a href="https://x.com/JSeyff/status/1858568816865014242">remain slightly positive</a> since those launched in July.&nbsp;



Positive sentiment around the space has shown up in more ways than buying-fueled price increases and fund flows.



Robinhood appeared to ride the wave of regulatory optimism by adding solana, cardano, XRP and pepe <a href="https://blockworks.co/news/hood-cashes-in-on-crypto-rally">to its platform</a>. ETF issuers are also perhaps betting on a <a href="https://blockworks.co/news/crypto-etfs-filings-to-test-sec">more lenient SEC</a>, with Bitwise, for example, proposing after the election to convert its crypto index fund into an ETF.&nbsp;



A more recent amended ETF <a href="https://www.sec.gov/Archives/edgar/data/1976672/000168035924000410/gsbtcncvrclsetf485apos112024.htm">filing</a> for a Grayscale Bitcoin Covered Call ETF came as options on the US spot bitcoin ETFs got the <a href="https://blockworks.co/news/bitcoin-etf-options-trading-begins">final regulatory OK</a>.&nbsp;&nbsp;&nbsp;



What am I forgetting?



Well, Trump’s <a href="https://blockworks.co/news/trump-nominates-commerce-dept-leader">nomination</a> of Cantor Fitzgerald CEO Howard Lutnick to lead the Department of Commerce sets the stage for another <a href="https://blockworks.co/news/on-the-margin-newsletter-tradfi-btc-transacting">crypto-friendly person</a> in a powerful position (if confirmed).&nbsp;



And then there’s the <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-11-18-2024/card/exclusive-trump-to-meet-privately-with-coinbase-ceo-brian-armstrong-DDkgF0xW1BW242rVeuqx">conversation</a> between Trump and Coinbase CEO Brian Armstrong — reportedly in part about personnel appointments.



The biggest thing to watch for now? Blockchain Association CEO Kristin Smith has a thought on that:&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">The next SEC chair is the most critical position for crypto <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realdonaldtrump</a> will appoint. The chair must be a known quantity committed to undoing the damage of the last 4 years, have expertise on crypto–and share Trump’s vision of making the US the crypto capital of the world.&mdash; Kristin Smith (@KMSmithDC) <a href="https://twitter.com/KMSmithDC/status/1858933820457631930?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Industry watchers have labeled SEC Commissioner <a href="https://fortune.com/crypto/2024/11/19/mark-uyeda-securities-exchange-commission-trump-gary-gensler-transition/">Mark Uyeda</a> and former Coinbase chief legal officer <a href="https://cryptoslate.com/krakens-founder-jesse-powell-backs-brian-brooks-for-sec-chair/">Brian Brooks</a> as potential candidates to replace Gary Gensler as SEC chair, but we don’t yet know Trump’s thoughts on the matter.



So we’ve been busy writing. And it doesn’t appear there will be a shortage of things to report on going forward. Galaxy CEO Mike Novogratz’s <a href="https://blockworks.co/news/mike-novogratz-on-trump-presidency">prediction</a> was perhaps an understatement.



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What the US election outcome spurred in crypto land  

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Running an Ethereum L2 was historically very expensive. L2s had to pay millions in data availability costs to the L1.



All that changed with the <a href="https://blockworks.co/news/ethereum-dencun-upgrade-mainnet">Dencun hardfork</a> (EIP-4844) in March 2024. It introduced an expansion of blockspace called “blobs” for L2s to post batched data extremely cheaply to the L1. Blob space sits in a separate fee market from the L1. It’s about an order of a magnitude cheaper than L1 blockspace, making it a critical aspect of Ethereum’s <a href="https://blockworks.co/news/devcon-panelists-talk-fragmentation">rollup-centric</a> roadmap.



To illustrate that point, Base paid $9.34 million in expenses for Q1 2024, which saw a sharp drop to $699k in Q2 2024 and $42k in Q3 2024, based on <a href="https://tokenterminal.com/explorer/financial-statements/base">TokenTerminal</a> data.



The bad news (or good?) is that blobspace is getting somewhat pricey again as onchain activity picks up in the bull market.



Blobs today are limited to six per mainnet block. When blob usage hits a target limit of 50%, or three, a base fee is introduced to regulate demand usage by hundreds of L2s. When usage hits four blobs, base fees are further increased by up to 12.5% for the next block.



That is exactly what is starting to take place over the past several weeks (see chart below).



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf9vvpx_wQ5S6nFIpTs9c8a2B2O4oJNfGFRrSzCBBfzANUpKlb-GmDJeFjOY_fRqeVQDJEFczgryZAZlgYw_QLT72DyrtGsOpFtXjhK7Xvj5lYiUDK5TEXlbm9Rdj71sXwJKFR7KA?key=q09Uf3Dp2Kx_a_xE7tOXk70k" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://dune.com/hildobby/blobs">Dune</a></figcaption></figure>



In short, blobs aren&#8217;t free anymore and L2s need to start paying “rent.” Based on <a href="https://ultrasound.money/">ultrasound.money</a>, blob fee burn is coming up to about <a href="https://ultrasound.money/">212 ETH</a> in the last 30 days, and has generated substantial blob fees to Ethereum mainnet.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeZcrKoAuAbdD6XRrkebT7g2zGhhLufUouEF6If4iHNnqLCZIP7Rw-bFwZaMyxq3Ryk6Torfv1BuJ-WUPM-ClcFyfU_ucgjM6GLwYBcMhAVLAPKugUR3vK8Z-8Q_o5qtyEoH_SYIg?key=q09Uf3Dp2Kx_a_xE7tOXk70k" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/eth?dashboard=ethereum-blobs">Blockworks Research</a></figcaption></figure>



So blobs are generally great. L2s are cheaper to operate, and that’s nice for L2 users.



But people (read: ETH holders) aren’t happy because it looks like L2s are getting away with paying barely any expenses to the L1, which thereby accrues less value to ETH the asset.



This complaint centers around pessimism that blob usage will be high enough to return value to the L1 for two key reasons:



<ol class="wp-block-list">
<li>L2s are fundamentally a business. They will opt for a cheaper data availability provider like Celestia or EigenDA, or worse still, a centralized data availability committee (DAC) with weaker security properties.</li>



<li>L2s will simply delay posting data back to the L1 when blob markets get expensive, as we have seen <a href="https://x.com/0xBreadguy/status/1823463041155129594">Scroll and Taiko</a> do in the past.</li>
</ol>



In a debate around blobs at <a href="https://youtu.be/JMZcRMy-Oow?t=19530">Devcon</a>, Ethereum researcher Ansgar Dietrichs acknowledged the misaligned incentives of L2s but counter-argued that Ethereum’s DA would matter more in the long term with more L2 networks coalescing around it as trust bottlenecks emerge around bridging.



There was also the “blobs is a loss leader” argument by Blueyard’s <a href="https://x.com/timjrobinson/status/1851222337787740425">Tim Robinson</a>. He notes that while blobs do not generate much revenue at present, they would do so very quickly due to the economics of blob design, and pay massive dividends for Ethereum in the future. According to Robinson’s blob simulator, a hypothetical Ethereum L1 processing 10,000 TPS with a 16 MB blob size (blob sizes are 125 KB today) would burn 6.5% of ETH a year.&nbsp;



This potential value accrual for ETH is why blobs would be fundamentally good for Ethereum in the long run. Throttling blob limits or raising blob fees to extract more value from L2s in the short run would basically be a bad “rent-seeking” idea.



And Ethereum researchers are putting their money where their mouth is. In an Ethereum Research post published two days ago, Toni Wahrstätter <a href="https://x.com/nero_eth/status/1858460235377336773">called for</a> either a conservative increase to 4/6 blobs or a higher 6/9 blob count.



In ACDE #197, Vitalik also <a href="https://youtu.be/Sq0ooAOaLpE">proposed</a> a 33% increment of blob space in the next Pectra <a href="https://blockworks.co/news/testing-bottleneck-next-ethereum-upgrade">hard fork</a>, which he cautioned was essential. Otherwise, users would leave to other chains.



In sum, the complex debate around blobs boils down to the question of whether Ethereum wants to prioritize the average L2 user and its “Ethereum-aligned” L2 ecosystems, or prioritize value accrual to ETH the asset.



Ethereum researchers believe that prioritizing the latter may cause an exodus of users and developers to cheaper chains, and are doubling down accordingly on scaling blob space for the long term. However, that damages the perception of ETH as an economic asset, which in turn angers ETH token holders in the short run.



It’s a tricky situation for Ethereum either way, one which requires the mammoth task of crystal-balling into the future and accounting for a myriad of “what-ifs.” Time will tell which path is correct.



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The blobs conundrum: Ethereum’s balancing act

Join global sovereigns, endowments, pensions, foundations, and family offices as they explore this new asset class.


Allocators

Meet with VCs, hedge funds, private equity, global investment firms, and the likes as they build crypto strategies across their portfolios.


Asset Managers

Engage with banks, brokerages, credit unions, payment processors, fintechs, and insurance providers as they develop internal digital asset strategies.


Financial Institutions

Experience

Who you can expect to meet at DAS

Stats from our previous Digital Asset Summits

By The Numbers

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Speakers

Mohamed A. El-Erian is the President of Queens’ College, the University of Cambridge. Since 2014, he has served as Chief Economic Advisor at Allianz, the corporate parent of PIMCO where he formerly served as chief executive and co-chief investment officer. He is Chair of Gramercy Fund Management, a columnist for Bloomberg View, and a contributing editor at the&nbsp;Financial Times, He serves on two corporate boards and several advisory committees and non-profit boards.



Dr. El-Erian first joined PIMCO in 1999 and was a senior member of PIMCO’s portfolio management and investment strategy group. He rejoined the company at the end of 2007 after serving for two years as president and CEO of Harvard Management Company, the entity that manages Harvard’s endowment and related accounts. Before coming to PIMCO, Dr. El-Erian was a managing director at Solomon Smith Barney/Citigroup in London and before that, he spent 15 years at the International Monetary Fund in Washington, D.C. where he served as Deputy Director before moving to the private sector.



Dr. El-Erian served as Chair of President Obama’s Global Development Council from December 2012 to January 2017. He has published widely on international economic and finance topics. His 2008 book,&nbsp;When Markets Collide, was a&nbsp;New York Times&nbsp;and&nbsp;Wall Street Journal&nbsp;bestseller, won the&nbsp;Financial Times/Goldman Sachs Business Book of the Year, was named a book of the year by&nbsp;The Economist,&nbsp;and one of the best business books of all time by the&nbsp;Independent&nbsp;(UK). He was named to Foreign Policy’s list of “Top 100 Global Thinkers” for four years in a row. Since 2014, he has been serving on the jury for the&nbsp;Financial Times/McKenzie Book of the Year award. His latest book, published in January 2016,&nbsp;The Only Game in Town: Central Banks, Instability and Avoiding the Next Collapse, is a New York Times bestseller.



Dr. El-Erian has served on several boards and committees, including the U.S. Treasury Borrowing Advisory Committee, the International Center for Research on Women, the Peterson Institute for International Economics, the Carnegie Endowment for International Peace, the IMF’s Committee of Eminent Persons and the New York Fed’ Investor Advisory Committee on Financial Markets. He is currently a board member of Barclays, Under Armour, the NBER (Executive Committee), Berggruen Institute (Executive Committee), and several educational institutions. In 2018, he was just appointed to the IMF’s External Advisory Group on Surveillance and MIT’s Visiting Committee for the Department of Economics. He is a member of the Council on Foreign Relations, the Investcorp external committee and government advisory committees. Since 2007, he has been chair of Microsoft’s Investment Advisory Board and co-chairs the Capital Campaign for the University of Cambridge and its Colleges..



Recognized for his philanthropic contributions, particularly in the areas of education and health, Dr. El-Erian has received several awards, including lifetime achievement from the 57357 Hospital for Children/Egyptian Cancer Network where he is the Honorary Chair. Other recognition’s include the ABNA, Arab Banker of the Year, ACCESS Arab-American of the Year Award, Africa Investor’s Capital Markets Personality of the Year, Fixed Income Analysts Society’s Hall of Fame, Foreign Policy’s “Top 100 Global Thinkers” (4 years in a row), Investment News’ “Icon and Innovator,” Linked-In top 3 “voices” among its “influencers” (2016 and 2017), Louise Bloin Foundation Creative Leadership Award, Middle East Institute’s Visionary Award, Orange County Business Journal’s most influential personalities (multiple times), Ukleja Center’s Nell and John Wooden Ethics in Leadership award, and Worth magazine’s “100 Most Powerful People in Finance” (multiple years).



Dr. El-Erian holds a master’s degree and doctorate in economics from Oxford University and received his undergraduate degree from Cambridge University.

Mohamed El-Erian

Michael Novogratz is the Founder and CEO of Galaxy Digital. He was formerly a Partner and President of Fortress Investment Group LLC. Prior to Fortress, Mr. Novogratz spent 11 years at Goldman Sachs, where he was elected Partner in 1998. Mr. Novogratz served on the New York Federal Reserve’s Investment Advisory Committee on Financial Markets from 2012 – 2015. Mr. Novogratz serves as the Chairman of The Bail Project and has made criminal justice reform a focus of his family’s foundation. He also sits on the Board of Overseers at NYU Langone Medical Center and is a board member of Princeton Varsity Club and Jazz Foundation of America. Mr. Novogratz received an AB in Economics from Princeton University and served as a helicopter pilot in the US Army.

Mike Novogratz

Anatoly Yakovenko is the co-founder of Solana and CEO of Solana Labs. He has almost two decades of experience building high-performance operating systems, including leading OS development at Qualcomm and holding engineering roles at Dropbox and Mesosphere. Yakovenko has a Bachelor of Science in Computer Science from the University of Illinois Urbana-Champaign.

Anatoly Yakovenko

Caitlin Long

Dan Tapiero is a renowned macro-focused investor with over 25 years of investing and entrepreneurial experience. He is the Founder, CEO and CIO of 1Roundtable Partners (1RT) and 10T Holdings (10T), which collectively manage over $1.4 billion of investments in 24 active companies across the Digital Asset Ecosystem (DAE). 1RT is a growth equity fund focused on mid-to-late stage companies in the DAE. Dan serves on several boards including Ledger, LEDN, Futureverse, and Quicknode. Before founding 1RT and 10T, Dan was Managing Partner of DTAP Capital Advisors, a global macro investment fund that he founded in 2003. He is Co-Founder of Gold Bullion International (GBI), a physical precious metals platform for the wealth management industry. GBI expanded into the cryptocurrency business through its integration with Uphold (fka Bitreserve) in 2014. Prior to GBI, he was formerly Co-Founder of the Agricultural Company of America (AGCoA), one of the largest farmland REITs in the U.S. at the time of its sale to the Canadian Pension Plan Investment Board (CPPIB) in 2013. Previously, from 1992-2012, Dan was a macro-focused portfolio manager and analyst at Duquesne Capital Management, SAC Capital Advisors, Tiger Management and Steinhardt Management Co. Dan graduated Phi Beta Kappa from Brown University, where he earned his B.A.'90 and M.A.'91 in European History. Dan has been on the Board of Trustees of the Lawrenceville School for the past 15 years and currently leads the Investment Committee for its endowment.

Dan Tapiero

Kristin is the CEO of the Blockchain Association, the Washington, D.C.-based trade association representing more than 100 of the industry’s leading companies. She also serves as a board member of the Filecoin Foundation for the Decentralized Web. Kristin serves as a liaison between policymakers and the cryptocurrency industry to assist in the creation of legislation and regulation that promotes the growth of the cryptocurrency ecosystem in the U.S. She is also a leading, public voice advocating for the cryptocurrency and blockchain industry through top-tier media interviews, op-eds and letters to the editor, and global speaking engagements. Kristin is a renowned voice for the industry, having been featured on Fortune’s 2020 40 under 40 list, CoinDesk’s 2021 50 people who defined the year in crypto, and CoinTelegraph’s 2022 top 100 Influencers in Crypto and Blockchain. Prior to leading the Blockchain Association, Kristin helped blockchain and technology companies achieve their public policy objectives in Washington. She served as a Senate and congressional aide on Capitol Hill for nearly ten years, much of which was spent focusing on technology policy.

Kristin Smith

Wiley Nickel is the U.S. Representative of the 13th District of North Carolina, a 50/50 toss-up district in Raleigh and surrounding metro area. Wiley serves on the Financial Services Committee and the Digital Assets Subcommittee, and has been a champion for expanding the group of pro-crypto Democrats. He led the way to secure support from 71 House Democrats on FIT21 and was the Democratic lead on the Congressional Review Act to overturn SAB121. Prior to being elected to Congress, Wiley served as a North Carolina State Senator, attorney, and worked for two White House administrations.

Wiley Nickel

Amy is the head of emerging markets equity, a member of the Morgan Stanley Investment Management Operating Committee, the Morgan Stanley Investment Management Equity Technology Council, the Morgan Stanley Innovation Council and the Morgan Stanley Arts and Culture Committee. She manages digital asset initiatives at MSIM and has held roles in equity and FX trading, portfolio management support, product development and strategy.



Prior to joining Morgan Stanley in 2001, Amy managed business development at Arc Worldwide. She has over 25 years of financial services experience.

Amy Oldenburg

Pascal Gauthier is the Chairman &amp; CEO of Ledger, a tech company that specializes in developing secure consumer devices for storing and managing cryptocurrencies and NFTs.



He began his career at Kelkoo, later acquired by Yahoo, and was COO at Criteo, where he played a key role in the company's pivot to advertising and global expansion. Pascal Gauthier also worked as a Venture Partner at Mosaic Ventures, a London-based VC firm, and is non-executive chairman of Kaiko, a leading digital data analytics provider.&nbsp;



Since he became Chairman &amp; CEO of Ledger in 2019, Pascal Gauthier has expanded the company's product line with Ledger Live, an intuitive digital asset management app, and a next-generation consumer device, Ledger Stax. He is committed to driving ownership and security in the cryptocurrency industry.

Pascal Gauthier

Mike Cagney is a co-Founder and the Chief Executive Officer of Figure, a leader in applying blockchain technology to markets such as lending, payments and exchanges. Mike is also the Co-Founder of the Provenance Blockchain, a public, open source blockchain built for financial services. Previously, Mike was CEO, Chairman and Co-Founder of SoFi, a leading marketplace lender providing student loan refinancing, mortgages and personal loans, as well as a range of banking and wealth management services. He also was Co-Founder and managing member of Cabezon Investment Group, a global macro hedge fund, in addition to serving as a Non-Executive Chairman of ReFlow Services, a tax and liquidity solution for mutual funds. Prior to Cabezon and ReFlow, Mike served as Founder and CEO of Finaplex, a leader in wealth management software that was sold to Broadridge (NYSE: BR). Prior to Finaplex, Mike was Senior Vice President and Head Trader for the proprietary trading and financial products group at Wells Fargo Bank. Mike holds an M.S. management degree from the Stanford Graduate School of Business, where he was a Sloan Fellow. He also holds a M.S. in Applied Economics and a B.A. in Economics from UC Santa Cruz.

Mike Cagney

Ray co-founded L1D and currently acts as the CEO/CIO. Ray has an investment background in venture, hedge funds and interest rate trading. Ray holds a BEng from UCL and an MSc in Finance from Imperial College. He previously acted as the CIO of Bellegarde Capital AG an independent investment group with activities focused in fintech, blockchain and other alternative investments. Also previously at Swiss Capital (StepStone Group) responsible for the firm’s macro outlook, macro hedge funds and event driven coverage. From 2005 to 2011 Ray was part of Harcourt Investment Consulting AG, a USD 6 bn fund of hedge funds firm in Zurich, and responsible for USD 2 bn of investments (rates, macro and distressed). He started his career at Bloomberg LP in London and subsequently left the firm to trade interest rates for a London based proprietary group.



Ray holds a BEng from University College London (UCL) and an MSc in Finance from Imperial College.

Ray Hindi

Sandy Kaul is senior vice president, Franklin Templeton, providing advisory consulting for the firm and thought leadership as part of the Franklin Templeton Institute. She delivers actionable intelligence and insights on the future of the investment and wealth management industry for the firm and its clients. Ms. Kaul has cultivated deeply informed insights and has an extensive background in driving market leading research, thought leadership and predictive models centered on the evolution of the investment and wealth management industry. She identifies and champions opportunities to address industry advancements and drive transformation, with a focus on innovative distribution trends and digital disruption. She delivers strategic insights to inform the firm's decision-making on partnerships and investments, including within Franklin Templeton's growing digital asset business. Ms. Kaul has over 25 years of well-rounded industry experience and is a frequent speaker at industry events and a widely published author. She combines her unique blend of sell-side, buy-side and consulting insights to drive her research and thought leadership around what constitutes best practices and where innovation is occurring. Ms. Kaul joined Franklin Templeton in 2022 from Citi, where she served as Managing Director and Global Head of Business Advisory Services, and launched and built out the Citi's Business Advisory Services practice, a market leading provider of industry thought leadership spanning Citi's Markets and Global Wealth organizations. Ms. Kaul rejoined Citi in 2009, after originally starting her career there in 1985 as a Futures Research Analyst covering the soft commodities markets with Citi's predecessor firm, Shearson Lehman Brothers. She joined Commodities Corporation/Goldman Sachs Asset Management in 1995 as a Commodity Trading Advisor (CTA) and Portfolio Manager. After managing money for nearly six years, Ms. Kaul shifted her attention to consulting where she led the strategy practice within the Financial Services division of the renowned dot.com firm, Scient, and then went on to become a Partner at the capital markets niche management consulting firm m.a.partners/Detica. Ms. Kaul holds a bachelor's degree in history and political science from Colgate University.

Sandy Kaul

ERIC BALCHUNAS is Senior ETF Analyst at Bloomberg Intelligence, where he leads the ETF and fund research and contributes to Bloomberg Opinion. He is a frequent speaker at industry events and conferences, as well as the co-creator of the Bloomberg podcast Trillions and Bloomberg TV’s ETF IQ. Eric is author of The Bogle Effect (2022) and The Institutional ETF Toolbox (2016). Eric holds a bachelor's degree in Journalism and Environmental Economics from Rutgers University.

Eric Balchunas

Kyle Samani is a Co-Founder and Managing Partner at Multicoin Capital, a thesis-driven cryptofund that invests in tokens and companies reshaping entire sectors of the global economy. Prior to Multicoin Capital, he co-founded Pristine (Upskill, 2017), an enterprise software company that enables deskless workers with solutions for smart glasses. Based in Austin, Texas, Samani is widely recognized as a thought leader on blockchain and cryptoeconomics. He holds degrees in Finance and Management from NYU Stern and has been programming since he was 10 years old. Follow him on Twitter @KyleSamani.

Kyle Samani

Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio. Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman in 2001. Earlier, he worked in Private Wealth Management at Goldman Sachs &amp; Co. In 2022, Scaramucci was ranked #47 in Cointelegraph’s Top 100 Influencers in Crypto and Blockchain. In 2016, he was ranked #85 in Worth Magazine’s Power 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst &amp; Young’s New York Financial Services “Entrepreneur of the Year” Award. Anthony is a member of the Council on Foreign Relations (CFR) and a board member of the Federal Enforcement Homeland Security Foundation. He is the author of five books. Scaramucci served on President Donald J. Trump’s 16-person Presidential Transition Team Executive Committee, and in 2017 briefly served as Chief Strategy Officer of the Export-Import (EXIM) Bank and White House Communications Director. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Anthony Scaramucci

David Mercer is the Chief Executive Officer of LMAX Group, a global, high-growth financial technology company based in London. A former City banking executive and currency specialist, he joined LMAX Group in 2011 and after a successful management buyout, rapidly built LMAX Group into the leading operator of institutional FX and cryptocurrency exchanges with offices in 11 countries and global client base. An outspoken industry commentator, David is a long term champion of the UK’s fintech sector and passionate about supporting entrepreneurship in the UK.

David Mercer

Colleen Sullivan is Co-Head of Ventures at Brevan Howard Digital. Prior to joining Brevan Howard Digital, Colleen co-founded and served as CEO of CMT Digital, where she was also a partner with the broader CMT Group and commenced activities in the crypto industry in 2013. Prior to starting CMT Digital, Colleen co-founded Sullivan Wolf Kailus, a boutique law firm that specializes in hedge fund, private equity, venture capital, digital assets, and other alternative investment products. Colleen also previously practiced law in the Investment Funds and Derivatives group at Sidley Austin LLP and, at age 25, co-founded a company called iOptions Group LLC, which developed hedging and monetization strategies for holders of employee stock options. Ms. Sullivan currently serves on the Advisory Board of the Chamber of Digital Commerce.

Colleen Sullivan

Gautam Sharma is CEO &amp; CIO of BH Digital, Brevan Howard’s crypto asset management division. Gautam previously led principal investments at Brevan, including overseeing Alan Howard’s family office strategic businesses in crypto &amp; fintech. Prior to this, Gautam spent over 4 years at Steadview Capital, a tech-focused growth stage fund, and 5 years at McKinsey &amp; Co., focused on fintech &amp; digital banking transformations.

Gautam Sharma

Steven Goldfeder, CEO of Offchain Labs, is a key blockchain innovator who developed Arbitrum—the largest and most advanced Ethereum tech stack—authored "Bitcoin and Cryptocurrency Technologies," and pioneered multi-party computation, shaping the future of blockchain interaction for consumers and institutions alike.

Steven Goldfeder

Joe McCann is the Founder, CEO, and CIO of <a href="http://asymmetric.financial">Asymmetric</a>, a contemporary digital assets investment firm. Asymmetric is backed by Marc Andreessen, Chris Dixon, and Circle Inc., as well as the founders of Solana, Multicoin, CoinFund, and many other reputable investors and entrepreneurs. In April 2024, Preqin named Asymmetric’s Liquid Alpha Fund the #1 hedge fund by net performance out of tens of thousands of hedge funds across all asset classes globally.&nbsp;



With over 24 years of experience working on Wall Street to Silicon Valley and with skills ranging from systematic and quantitative trading to fundraising and running a venture-backed, open-source enterprise software company, McCann's perspective on technology and finance is rather unique. McCann is a frequent speaker on the global conference circuit, actively promoting emerging technologies and relevant business use cases to bring pragmatism to futurism.&nbsp;&nbsp;



Most recently, McCann was a Senior Director at Microsoft in the Cloud and AI organization, focusing on incubations, M&amp;A, and startups. McCann also ran Quantitative and Systematic Trading for Cryptocurrencies at Passport Capital, a San Francisco-based hedge fund.&nbsp; Before that, McCann was the Founder and CEO of NodeSource, The Node.js Company, the most popular and widely adopted open source project of the last decade.&nbsp;&nbsp; McCann is also an advisor to a handful of companies like <a href="https://dharma.io/">Dharma</a> (a decentralized finance app on Ethereum, acquired by <a href="http://opensea.com">OpenSea</a>), <a href="https://voltage.cloud/">Voltage</a> (Bitcoin lightning nodes-as-a-service), and <a href="http://zebec.io">Zebec</a> (a money-streaming protocol on Solana) and is frequently mentioned in publications ranging from <a href="https://techcrunch.com/2015/04/18/the-unbundling-of-everything/">TechCrunch</a> to <a href="https://www.forbes.com/sites/forbestechcouncil/2017/09/22/the-meteoric-rise-of-open-source-and-why-investors-should-care/#3fbdc35d5484">Forbes</a> and the <a href="https://www.wsj.com/articles/tech-firms-grapple-with-how-to-make-open-source-pay-1457031731">Wall Street Journal</a>.

Joe McCann

Min Teo is the Co-Founder and Managing Partner at Ethereal Ventures, a leading crypto venture firm founded by Min and Joseph Lubin. Ethereal has 40+ portfolio companies globally, including Aleo, EigenLayer, Aztec Protocol, and SpruceID. Prior to Ethereal, Min led venture investments at ConsenSys, previously built a fintech company in the UK and started her career in private equity.

Min Teo

Eric Peters is the Founder, CEO, and CIO of One River Asset Management and its subsidiary, One River Digital Asset Management. One River is an innovative investment manager dedicated to delivering high-conviction discretionary and quantitative strategies that help its clients build superior portfolios. One River sees the world in a period of major economic and political transition, with the investment landscape shifting in ways that will make the coming ten years look profoundly different from the past decade. Its strategies are built to profit from this dynamic environment while providing strong diversification benefits to traditional investment portfolios. Prior to founding One River in 2013, Eric served as Chairman of Grant Capital Partners, a $1.25 billion discretionary global macro hedge fund. In that role, Eric focused on thematic investment opportunities and was responsible for all non-investment activities including the direct oversight of the Chief Risk Officer. Over the course of his career, Eric has held various positions that include portfolio manager for Peloton Partners, proprietary trader for both Lehman Brothers and Credit Suisse, and Founder and Chief Executive Officer of a TH Lee Putnam funded technology firm. Eric travels extensively, exchanging ideas, debating policy, and identifying investment opportunities with many of the world’s top investment managers, economists, strategists, political consultants, academics, scientists, and business leaders. The content of those discussions often finds its way into his weekly investment letter - Weekend Notes - which is read by investment professionals who directly deploy over $1trln in alternative assets.

Eric Peters

Sadie Raney&nbsp;is the Chief Executive Officer and is a co-founder of the firm. She oversees the entire operation from front office to back.



Sadie has extensive experience in finance and technology. She previously served as Controller for Blue Box, a cloud computing startup, and led the finance and administration team through the acquisition and integration by IBM.



Sadie holds an MBA from the Foster School of Business at the University of Washington and attended the IE Business School in Madrid for an International MBA exchange during her MBA. She is a mentor for the Barcelona Technology Transfer Group at IESE and is a member of the Female Founders Alliance. Sadie holds a bachelor’s degree from Pepperdine University.

Sadie Raney

William joined Marshall Wace in May 2022 to oversee Fintech and Digital Assets investments for MW Digital Finance Fund.



Prior to joining Marshall Wace, William worked at Candy Capital, a family office where he was responsible for various investments across the technology sector. Prior to Candy Capital, William worked for HSBC and Greyspark Partners, were he was heading Fintech Investment Advisory. William is also an active seed investor across digital assets and fintech.

William Benattar

Matt Hougan is one of the world’s leading experts on crypto, ETFs, and financial technology. He is Chief Investment Officer for Bitwise Asset Management, a pioneer in cryptoasset index funds with more than $1.2 billion in assets under management. He was previously CEO of ETF.com, where he helped build the world’s first ETF data and analytics system, the leading ETF media site, and the world’s largest ETF conference, Inside ETFs. Hougan is co-author of both “A Comprehensive Guide to Exchange-Traded Funds” and “Cryptoassets: The Guide to Bitcoin, Blockchain and Cryptocurrencies for Professional Investors” from the CFA Institute’s Research Foundation. He is a crypto columnist for Forbes, and a three-time member of the Barron’s ETF Roundtable.

Matt Hougan

Jonah Van Bourg is a professional crude oil and cryptocurrency trader with 18 years of experience managing trading teams and running risk in volatile markets. Most recently, he was Global Head of Crypto and Precious Metals Trading at DRW. Prior to this, Jonah was a partner and oil derivatives trader at Vitol. In his early career, he ran the global oil derivatives desk at Goldman Sachs. Jonah graduated with a BA in Economics and Statistics from Columbia University.

Jonah Van Bourg

MacKenzie&nbsp;Sigalos is an award-winning journalist who is a cross-platform contributor to CNBC, NBC, and MSNBC, where her reporting is featured on digital, broadcast and streaming networks, as well as CNBC’s social platforms. Her international and domestic field reporting has included coverage in Africa, Asia-Pacific, Europe and multiple cities across the U.S.&nbsp;MacKenzie&nbsp;is also a founding co-host and contributor on Crypto World.



Previously,&nbsp;MacKenzie&nbsp;spent five years at CNN in New York and Hong Kong, where she had varied beats, writing and producing for a range of TV business and news programs, including Fareed Zakaria’s weekly foreign affairs program and Anderson Cooper’s daily news hour.

MacKenzie Sigalos

Avi Felman is a Principal and Head of Digital Assets Trading at&nbsp;GoldenTree&nbsp;Asset Management. Mr. Felman is also a General Partner of&nbsp;GoldenChain, a wholly owned subsidiary of&nbsp;GoldenTree&nbsp;that manages the Firm’s funds focused on digital assets. Mr. Felman is one of the longest tenured traders in digital assets and has held several prominent positions, including most recently as Co-Portfolio Manager and Head of Trading for&nbsp;BlockTower&nbsp;Capital where he grew the flagship fund portfolio from $40mm at time of joining to over $800mm. Previously, Mr. Felman was Lead Trader at Wave Financial where he co- led the development of the first SEC-regulated Bitcoin fund and he also was responsible for the derivatives strategy and trading execution. Prior to joining Wave Financial, Mr. Felman founded Ledger Capital, a firm focused on cryptocurrency trading and investments. Mr. Felman received a B.S. in Chemical Engineering&nbsp;from&nbsp;Washington University.

Avi Felman

Ben Forman is the Founder and Managing Partner of ParaFi.



Ben founded ParaFi in 2018 as one of the earliest investment firms focused on the blockchain and digital asset ecosystem. Prior to founding ParaFi, Ben spent the first 10 years of his career in institutional investing roles at leading asset managers including KKR and TPG. While at KKR, Ben served as a Director in the credit business, investing across a wide array of industry sectors and parts of the capital structure, including distressed special situations, private credit, and opportunistic and liquid credit. Ben also led KKR's blockchain research as part of the firm's Innovation and Disruption Council beginning in 2016.



Prior to KKR, Ben served as a Vice President with TPG’s former credit business, Sixth Street Partners. As one of the first investment professionals to join the platform, Ben helped scale its private credit vehicle, TPG Specialty Lending, which went public in 2014. Earlier in his career, Ben was a member of the private equity team at Littlejohn &amp; Company and investment banking team at Rothschild &amp; Co.



Ben has a passion for capital markets, behavioral economics and game theory, all of which drew him to the blockchain space. He grew up playing chess competitively and continues to play actively to this day (peak ELO 1871). He graduated with a B.A. in Philosophy, Politics and Economics, magna cum laude, from the University of Pennsylvania.&nbsp;

Ben Forman

Kevin Yedid-Botton is a Partner of ParaFi, leading the firm’s quantitative strategies and technology development.



Kevin’s career is rooted in technology and financial markets. Prior to joining ParaFi in 2019, he was a Managing Director at Reality Shares, an ETF asset management firm, responsible for quantitative strategies and strategic initiatives. Kevin previously served as a portfolio manager for a family office, investing tactically behind technology opportunities across private and public markets. Previously, Kevin was also the CEO and CTO of Tenzar Technologies, a high-performance computing company.



Kevin holds a B.S. in Applied Physics from Emory University, with a concentration in computational physics, quantitative finance, and machine learning.

Kevin Yedid-Botton

Vance Spencer is the co-founder of<a href="https://framework.ventures/" target="_blank" rel="noreferrer noopener"> Framework Ventures,</a> one of the largest VC firms in the blockchain industry. Under the leadership of Vance and his co-founder Michael, Framework was arguably the first VC firm to <a href="https://decrypt.co/16943/why-framework-ventures-is-going-all-in-on-defi" target="_blank" rel="noreferrer noopener">“go all in”</a> on the emerging Decentralized Finance (“DeFi”) ecosystem, notching up major early investments in several multi-billion dollar apps and networks like Chainlink, Aave, Synthetix, The Graph, and more. Over the last year, the firm has raised $400M for its third fund, and has also expanded into additional maturing verticals like web3 gaming, real world assets, and social crypto. Before Framework, Vance and his co-founder Michael launched and sold Hashletes, a digital collectible startup with official licensing from the NFL. Prior to entering the crypto space, Vance worked at Netflix in Los Angeles and Tokyo, where he was part of the team responsible for the relaunch of the Japan business, eventually joining the team leading corporate development for most of northern Asia.

Vance Spencer

Robert&nbsp;Leshner&nbsp;is the CEO and Co-founder of Superstate, an asset management firm modernizing investing through tokenized financial products. Prior to founding Superstate,&nbsp;Leshner&nbsp;co-founded Compound Labs in 2017, which developed one of the first DeFi applications.&nbsp;Robert is a venture investor at Robot Ventures and co-hosts&nbsp;The Chopping Block,&nbsp;a crypto-native podcast. He is directly responsible for designing smart contracts such as Governor Bravo and the ERC-7246 token standard, Encumber.&nbsp;



 He has a degree in economics from the University of Pennsylvania and is a Chartered Financial Analyst. Additionally,&nbsp;Robert is the former chair of the San Francisco Revenue Bond Oversight Committee and a CFA charter holder.

Robert Leshner

Brian Quintenz is the Head of Policy for a16z crypto, where he helps to translate between the crypto and policy communities.



Brian has long stood out as an innovative thinker in crypto and DeFi and was one of the earliest leaders in Washington to recognize the value of crypto. Brian initially joined a16z crypto as a senior advisor. In December 2022, he moved to the full-time role leading its policy team.



Prior to joining a16z, he was nominated by both Presidents Obama and Trump to serve as commissioner of the Commodity Futures Trading Commission (CFTC) and, in August 2017, was unanimously confirmed by the U.S. Senate. He also led the agency’s Technology Advisory Committee, which hosted the most comprehensive set of public crypto-related policy discussions and briefings of any federal financial regulator. During his service, the CFTC oversaw the listing of the first U.S. regulated Bitcoin and Ether futures contracts on derivatives exchanges, and the rapid expansion of DeFi. All the while, he was a champion for tailored, risk-calibrated regulation.



Prior to his appointment to the CFTC, Brian was the Founder and Managing Principal of Saeculum Capital Management, LLC where he developed and implemented Saeculum’s long term, momentum-based investment process for both traditional discretionary accounts as well as a managed-futures, commodity pool hedge fund.



Brian began his career on Capitol Hill, where he worked for 6.5 years and served as senior policy aid to a Member of Congress. He received his B.S. from Duke University and M.B.A. from Georgetown University.

Brian Quintenz

Leah Wald is currently the President and Chief Executive Officer of Sol Strategies, a publicly traded holding company committed to the continued development of the Solana blockchain and ecosystem through its private equity and financial markets activities. She is a seasoned entrepreneur specializing in alternative asset management with deep expertise in disruptive technologies. As the Co-Founder and former CEO of Valkyrie Investments, she led the firm in becoming a leading player in the digital asset sector, launching innovative investment vehicles including Bitcoin ETFs and amassing over $1.3B AUM. Valkyrie Funds LLC, the investment advisory business of Valkyrie Investments Inc., was acquired by CoinShares (Nasdaq Stockholm: CS; USOTCQX: CNSRF).

Leah Wald

Joseph is the CIO at Monetary Macro, principal of FedGuy.com, author of the bestselling book "Central Banking 101," and previously a senior trader on the Federal Reserve’s Open Markets Desk. Joseph writes widely on the mechanics of the financial system and his work has been featured in Barrons, Bloomberg, Financial Times and many other media outlets. Earlier in his career, Joseph was a credit analyst and in another life he practiced law. He holds a B.A. in Economics from Northwestern University, a J.D. from Columbia Law School, and an MSc. in Financial Economics from Oxford University.

Joseph Wang

Austin Campbell

Rich Widmann is the Global Head of Strategy for Web3 at Google Cloud and a founding member of Google’s Web3 business. Since the launch of Google Cloud’s Web3 efforts, the team has launched a robust suite of developer products and tools leveraged by Web3 developers across a number of the largest protocols in the ecosystem. In addition, Rich has led several Alphabet-wide initiatives aimed at broadening Google’s exposure to Web3, including efforts which enabled Google to custody cryptocurrency.&nbsp; More recently, he led the effort to execute the first-ever stablecoin payment for services at Google.



Prior to Google, Rich was a litigator and member of the firm’s regulatory and white-collar investigations team, where he helped investigate and recover millions of dollars stolen in connection with the FIFA World Cup bribery schemes. Rich’s experience in handling federal regulatory investigations led him to the world of cryptocurrency, where he began representing founders in the Ethereum ecosystem in high-stakes regulatory engagements and litigation.



Rich has held director-level roles at two regulated institutions, including a cryptocurrency custodian and a nationally chartered bank. Rich is an adjunct professor at Northwestern Pritzker University School of Law where he teaches a JD/MBA course on cryptocurrency technology and regulations.&nbsp;



&nbsp;Richard holds a Juris Doctorate from Northwestern University School of Law, a Master's from the University of Pennsylvania, and a bachelor’s degree in History from the College of New Jersey. Before he practiced law, he was a middle school English teacher in Philadelphia with Teach for America.

Rich Widmann

Founder &amp; CEO of dYdX. Previously software engineer at Coinbase, Uber. Princeton CS ’15

Antonio Juliano

Carlos Domingo is co-founder and CEO of Securitize. Carlos has 25+ years of experience in innovation and digital transformation, including having also founded SPiCE VC, the first truly liquid, inclusive and transparent tokenized VC on the blockchain. Previously, Carlos was CEO of Research &amp; Development for Telefonica (one of the largest telecom companies in the world), as well as CEO of New Business and Innovation for Telefonica Digital. Carlos holds a PhD in computer science, speaks English, Spanish and Japanese, and is based in Miami.

Carlos Domingo

Chris Perkins serves as Managing Partner and President of CoinFund, driving day-to-day excellence and enterprise-scale by bridging the gap between cryptocurrency-native investing and traditional ﬁnance. He also advocates for the interests of the crypto ecosystem through his appointment to the CFTC’s Global Markets Advisory Committee and its&nbsp; Digital Asset Markets Subcommittee. He has also testified before Congress on crypto market structure design.



Chris is the co-inventor of the Composite Ether Staking Rate (CESR), which is the first interest rate benchmark of its kind in the crypto industry.



Prior to joining CoinFund, Chris served as Global Co-Head of Futures, Clearing and Foreign Exchange Prime Brokerage (FXPB) businesses at Citi. In this capacity, he was responsible for delivering leading listed derivative electronic and voice execution, comprehensive central clearing and #1 ranked OTC Clearing and FXPB services to top institutional clients.



Prior to joining Citi in 2008, Chris served as the U.S. Head of Derivatives Intermediation at Lehman Brothers.&nbsp; An Iraq war veteran, Chris served in the U.S. Marine Corps for nine years, achieving the rank of Captain. Chris is the co-founder of Veterans in Digital Assets (VIDA) and Veterans on Wall Street (VOWS) (<a href="http://www.veteransonwallstreet.com/" target="_blank" rel="noreferrer noopener">www.veteransonwallstreet.com</a>),&nbsp; two international initiatives focused on veterans’ employment and empowerment. He has a Bachelor of Science degree from the U.S. Naval Academy, with distinction, and a Master of Arts degree in National Security Studies from Georgetown University.&nbsp; He is a member of the Economic Club of New York.

Chris Perkins

Sid Powell is the CEO &amp; Co-Founder of Maple Finance and with his Co-Founder Joe Flanagan founded Maple in 2019. Sid comes from a background in debt capital markets and institutional banking. During his career in traditional finance, he participated in $3BN+ of corporate bond issuance,and served as Treasurer for a commercial lending company in Australia. Maple has originated more than $5b in institutional lending since inception and currently holds over $550m in assets on the platform. We aim to be the global leader in tokenized private credit and first choice for institutional borrowers.

Sid Powell

Jim Bianco is President and Index Manager at Bianco Research Advisors. He is also the President of Bianco Research LLC. Since 1990, Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades long reputation for objective, incisive commentary that challenges consensus thinking.



 Jim appears regularly on CNBC, Bloomberg, and Fox Business, and is often featured in the Wall Street Journal, Bloomberg News, Grants Interest Rate Observer, and MarketWatch. Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).

Jim Bianco

Santiago Roel Santos (CryptoPunk #9159) is an investor focusing at the intersection of DeFi and the Web3 metaverse (NFTs/gaming). Most recently was a Partner at ParaFi Capital, one of the largest crypto funds specializing in DeFi. Prior to that, he was at Sageview Capital investing in Internet and software and, before that, at JP Morgan investment banking. Santiago began investing in crypto in 2012.

Santiago Roel Santos

Marco is the Chief Legal Officer at Kraken Digital Asset Exchange. Marco is a recognized authority in the law and policy of blockchain technologies. Prior to his move to Kraken, Marco was the Chief Legal Officer of Blockchain.com, as well as a Partner at both Cooley LLP and Pillsbury Winthrop, where he counseled banks, broker-dealers, exchanges, digital wallets, payment providers and other companies making new and exciting uses of distributed ledger technology. Marco counseled his clients primarily on the money transmission and securities laws, including anti-money laundering regulations. Marco is an author of the SAFT Project Whitepaper, a self-regulatory effort to curb Initial Coin Offerings. He is an advisor to the International Monetary Fund, the Blockchain Ambassador to the State of Delaware and was the Chairman of the Regulatory Affairs Committee of the Bitcoin Foundation.

Marco Santori

Sébastien Derivaux is a chef and co-founder of <a href="https://www.steakhouse.financial/" target="_blank" rel="noreferrer noopener">Steakhouse Financial</a>, a boutique consulting business that helps DeFi protocols thrive. Sébastien focuses on Real-World Assets (RWA), having begun leading the RWA efforts at MakerDAO in 2020, and Asset-Liability Management. He holds a PhD in Data Science from Strasbourg University. Read more of his thoughts on the <a href="https://cryptobanking.network/" target="_blank" rel="noreferrer noopener">Crypto Banking Network</a>.

Sébastien Derivaux

James Seyffart is a research analyst within Bloomberg Intelligence (Bloomberg's Research Department), focusing on the broader asset management industry with specialized expertise in the coverage of Funds like ETFs, Mutual Funds and Hedge Funds. He also aids colleagues in digital asset research and their overlap with traditional financial markets. This overlap gives him particular expertise in the area digital asset funds. Professionally, he's been covering Crypto and particularly attempts to launch digital assets ETFs since at least 2017.



James is a Chartered Financial Analyst (CFA®), a Chartered Alternative Investment Analyst (CAIA®) and a member of their New York societies/chapters. He has a B.S. in Finance and Accounting from The College Of New Jersey (TCNJ)

James Seyffart

Michael Anderson is the co-founder of<a href="https://framework.ventures/" target="_blank" rel="noreferrer noopener"> Framework Ventures,</a> one of the largest VC firms in the blockchain industry. Under the leadership of Michael and his co-founder Vance, Framework was arguably the first VC firm to <a href="https://decrypt.co/16943/why-framework-ventures-is-going-all-in-on-defi" target="_blank" rel="noreferrer noopener">“go all in”</a> on the emerging Decentralized Finance (“DeFi”) ecosystem, notching up major early investments in several multi-billion dollar apps and networks like Chainlink, Aave, Synthetix, The Graph, and more. Over the last year, the firm has raised $400M for its third fund, and has also expanded into additional maturing verticals like web3 gaming, real world assets, and social crypto. Before Framework, Michael and his co-founder Vance launched and sold Hashletes, a digital collectible startup with official licensing from the NFL. Before entering the crypto space, Michael served as a product manager at both Snapchat and Dropbox, where he helped build out their monetization platforms.

Michael Anderson

Lekker Capital is a global macro hedge fund with a particular focus on the emerging digital asset industry. Prior to founding Lekker, Quinn served as the Head of Capital Markets for two institutional lending businesses in the digital asset ecosystem, most recently at Maple Finance. Quinn spent five years in fixed income and capital markets at Guggenheim Partners in New York before his full-time foray into crypto.

Quinn Thompson

Matt Homer is the General Partner of The Department of XYZ. He also serves as a board member at Gemini Trust Company and Standard Custody &amp; Trust. Prior to launching The Department of XYZ, Matt led blockchain investments at Nyca Partners.



A two-time former regulator, Matt most notably served as the primary regulator for many leading digital asset firms in the United States. As&nbsp; Executive Deputy Superintendent at the New York State Department of Financial Services, he oversaw the licensing and supervision of digital asset firms and was responsible for the Department’s broader innovation agenda as well.



Matt previously worked for Plaid, one of the world’s most successful fintech unicorns, and started his career as a strategy consultant at Deloitte. He has also held roles at at the FDIC and US Agency for International Development and has advised institutions such as the UN Capital Development Fund, the World Bank, and the Cambridge Center for Alternative Finance. Matt holds a masters from the Harvard Kennedy School.

Matt Homer

Alex Thorn is a Managing Director and Head of Firmwide Research at Galaxy Digital. At Galaxy, Alex leads a team of researchers dedicated to understanding and unpacking developments in the cryptocurrency ecosystem, producing insights for internal and external audiences. Prior to joining Galaxy Digital, Alex spent 12 years at Fidelity Investments, mostly recently co-managing Avon Ventures, the early-stage crypto venture fund affiliated with FMR LLC, the parent company of Fidelity Investments. Before that, Alex was Director of Blockchain Research at Fidelity Center for Applied Technology where he directed technology experimentation and published research on the cryptocurrency and blockchain ecosystem, and held several roles in Legal and Compliance functions before that. Alex has a B.A. in Political Science from Vanderbilt University.

Alex Thorn

James is Global Head of Business Development at WebN Group, the Alan Howard backed incubator for Fintech &amp; Web3 innovation. Prior to WebN, James worked at Brevan Howard, in Alan Howard’s Family Office, focusing on Principal Investing across Crypto, Web3, Fintech &amp; Frontier Technologies.



Having been heavily involved in Web3 &amp; Digital Assets Markets for 7 years, James started his career with ~15 years of investment banking experience across multi-asset trading, derivative, sales and structuring across a number of top tier banks. James’s deep understanding of digital asset markets and his extensive derivative, treasury and trading experiences have been central to various digital venture builds, developing innovative solutions and bootstrapping technological expansion across both traditional finance players and digital natives.



James is a qualified Chartered Financial Analyst® and holds a Masters in Finance &amp; Honours Degree in Economics from Durham University. Previously, James has published quant, financial and regulatory papers across traditional and digital markets, most recently for the Digital Economic Initiative.

James Newman

Ian De Bode

Join 100s of your colleagues from the world of institutional finance.

Blockworks has partnered with a nearby hotel to offer our attendees preferred pricing on a limited number of rooms.

Blockworks has partnered with a nearby hotel to offer attendees preferred pricing on a limited number of rooms

Hyatt Place New York City / Times Square

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Hear from the world's most sophisticated investors about how liquidity, interest rates and economic drivers are shaping their digital asset portofolios. 

Macro Case for Digital Assets

Institutional investment will continue to drive this crypto cycle. At DAS you'll hear from investors on strategy, portfolio allocation, and more.

ETFs & Institutional Investment

Hear allocator's perspectives from the top funds in the world on how they are navigating the expanding public & private digital asset markets. 

Allocator's Perspective

This year's programming will explore the evolution of global standards and regulatory frameworks that policy makers are crafting for the maturing digital asset ecosystem. 

US & Global Digital Asset Policy

The largest financial institutions like Blackrock & JPMorgan are moving onchain to settle treasuries, collateral, and other securities. At DAS, these partnerships and innovations will be at the forefront of conversations. 

Tokenization & Real World Assets

DAS will delve into the evolving landscape of stablecoins and digital asset payments. Consumers and institutions alike will gain from their insight into these payments innovations. 