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PLUS: XRP ETF?
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What we’ve cooked up for you today…
🏦 SEC won’t let it go
🤔 Sideways Uptober?
📉 Rough patch
💰 And more…
MARKET WATCH ⚖️
Prices as at 3:40am ET
Only the top 20 coins measured by market cap feature in this section
SEC WON’T LET IT GO 🏦
BREAKING: SEC appeals Ripple case ruling, citing conflict with Supreme Court precedent
The SEC just won’t let the XRP case go…
They’ve now filed an appeal to the Ripple Labs (XRP) lawsuit, seeking to overturn an earlier ruling from Judge Analisa Torres.
Judge Torres ruled that XRP was not a security and that secondary sales of XRP did not constitute securities sales.
However, Judge Torres explained that early sales of XRP to institutional investors did constitute securities sales.
As a result, Ripple was ordered to pay $125 million in civil penalties and that was presumably the end of the lawsuit… (The SEC was seeking $2 billion in fines)
But no…
The SEC didn’t agree with the decision:
“We believe that the district court decision in the Ripple matter conflicts with decades of Supreme Court precedent and securities laws and look forward to making our case to the Second Circuit.”
Ripple CEO Brad Garlinghouse posted the following statement to X:
“Somehow, they still haven't gotten the message: they lost on everything that matters. Ripple, the crypto industry, and the rule of law have already prevailed. While we'll fight in court for as long as we need, let's be clear: XRP’s status as a non-security is the law of the land today - and that does not change even in the face of this misguided - and infuriating - appeal.”
And asked whether he was surprised by the SEC’s decision, Brad had this to say:
As it stands, the SEC hasn’t explicitly stated what issues they plan to appeal yet.
But the consensus is they’ll lose this appeal…
In other SEC related news, Chief enforcement officer Gubir Grewal has stepped down.
And we hear you, you’re probably wondering who is this guy?
Well, Grewal has consistently been criticised for his approach to the crypto industry.
During his tenure, Grewal brought forward more than 100 enforcement actions specifically against crypto firms, including:
Coinbase
Kraken
Ripple Labs
Binance
The list goes on…
Will Gary be out next?
We can only hope so.
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SIDEWAYS ‘UPTOBER’? 🤔
Cancel the celebrations. 🎉 🚫
Instead of ‘Uptober’ we are going to get a sideways October. 😔
That’s the latest prediction out from Willy Woo.
Willy Woo is an O.G on-chain Bitcoin analyst.
In his latest update, he broke down why higher Bitcoin prices may be further away than we expect:
Historically, Bitcoin crushes in October.
It has an average return of +23%, which if we saw, would put Bitcoin above all-time highs:
However, Willy doesn’t believe we’ll see it:
“I don’t think we get Uptober, sideways Oct, and Nov-Dec for laser eye parties.”
Only time will tell if Willy is correct.
One thing that lends itself to his prediction is the uncertainty surrounding the U.S election.
Markets hate uncertainty.
That won’t be resolved until November 5th, and according to PolyMarket, it’s still very much a coin flip:
Regardless of whatever happens in the medium term, one thing is undeniable:
“Long term is bullish.”
ROUGH PATCH 📉
The last two days haven’t been great for the Bitcoin ETFs…
(Likely as a result of the middle east conflict which we discussed yesterday)
Tuesday saw the Bitcoin ETFs 8-day inflow streak come to an end, with outflows of $242 million.
The outflows continued on Wednesday with $52.9 million leaving the funds.
Oddly enough, BlackRock even recorded an outflow of $13.7 million yesterday.
And yesterday, Fidelity was the only fund to record an inflow, with $21.1 million.
BITB also recorded $0 in flows
Whereas Ethereum actually had a decent day…
Yesterday, the Ethereum ETFs saw net inflows of $19.8 million.
But unfortunately it wasn’t enough to counteract Monday and Tuesday’s combined outflows of $49.4 million.
Here’s the breakdown:
BlackRock ETHA: $18.0 million 🥇
Franklin Templeton EZET: $1.8 million 🥈
And in other ETF news, Bitwise has just filed for an XRP ETF!
The submission of an S-1 filing is the first step of the process.
But, it doesn’t really mean anything until the 19b-4 filing is submitted.
This 19-b4 starts the clock on the SEC’s decision to approve or deny the filing.
So… It could be awhile before we actually see an XRP ETF go live.
And…
As we discussed at the start of this newsletter, the SEC just filed an appeal against the XRP lawsuit.
Which, you’d imagine doesn’t bode well for the approval of this ETF.
CRACKING CRYPTO 🥜
Tron’s $566 million Q3 revenue surpasses Bitcoin, Ethereum and Solana. Tron blockhain's Q3 revenue outpaces Ethereum, Solana, and Bitcoin with $566 million surge.
BTC whales not in sufficient profit to dump on market. CryptoQuant founder Ki Young Ju explains why Bitcoin whales are unlikely to offload their holdings onto the market in the near future.
Bitcoin Regains $61K in Worst Start to Most Bullish Month as Israel-Iran Tensions Rage On. Global equities and risk assets such as bitcoin took a hit Tuesday as Iran launched missiles on key Israeli locations, with the latter threatening retaliation in the coming days.
Federal court clears Kalshi to list election betting contracts, denies CFTC's motion. A federal appeals court ruled that predictions markets Kalshi can go ahead and list contracts to allow election betting.
WHAT WE’RE READING 📚
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Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
What is considered the first altcoin? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) Namecoin 🥳
The first altcoin was Namecoin, which is based on Bitcoin's code and was released in April 2011.
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