Hello Snapshotters,
After a period of post-Bitcoin halving volatility, the crypto market recovered this week. First, ETH hit a new record of 24-hour market cap gains, sending Ethereum-based meme coins — including PEPE and LADYS — on a rally. In parallel, spot Bitcoin ETFs went on a 9-day streak of net inflows. Then on Thursday, the news the space was waiting for came out: The U.S. SEC approved spot Ether ETFs.
In addition, more than 600 companies have disclosed their Bitcoin holdings publicly for the first time.
Read on for the details.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
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News Snaps
🎉 Ether ETFs Approved
The U.S. Securities and Exchange Commission (SEC) approved spot Ether ETFs in the U.S. on May 23, 2024. Proposals from Nasdaq, NYSE, and CBOE exchanges are included in the approval.
🏦 Companies Disclose BTC Holdings
Last week, over 600 professional firms disclosed billions of holdings in U.S. spot Bitcoin ETFs, based on the firms’ 13F filings with the SEC in Q1 2024. Among them, the largest investor was Millennium Management, which holds a total of $1.9 billion. Other firms include Morgan Stanley, JPMorgan, Wells Fargo, and UBS.
💰 First U.S. State to Disclose Bitcoin Holdings
The State of Wisconsin Investment Board disclosed that it holds a total of $163 million worth of Bitcoin in BlackRock’s IBIT and Grayscale’s GBTC, making Wisconsin the first U.S. state to disclose Bitcoin holdings.
🐸 ETH-Based Meme Coins Rally
As the U.S. government pondered and then approved spot Ether ETFs this week, meme coins in the Ethereum ecosystem rallied, including PEPE and LADYS.
📈 Spot Bitcoin ETFs on Hot Streak
Spot Bitcoin ETFs in the U.S. registered nine straight days of net inflows this week as the potential approval of spot Ether ETFs has injected renewed hype into the crypto market.
What’s Ahead
New Crypto Bill
Oklahoma passed a new crypto bill last week to protect state residents’ rights to self-custody digital assets. Residents can also mine crypto at home or industrially. The bill will come into effect on November 1, 2024.
Number of the Week
Chart of the Week
U.S. spot Bitcoin ETFs had the strongest net inflow in eight weeks, totalling $948 million last week. Grayscale’s Bitcoin Trust ETF (GBTC) saw a weekly net inflow of $12 million last week, the first week of net inflow since the ETF launched in January 2024.
Research & Insights
Monthly Feature Article | New Development of Bitcoin L2s
In this report, we explore key developments in the Bitcoin Layer-2 space, particularly looking into sidechains, rollups, and data availability (DA) layer solutions.
The full report is available to our Private members.
Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Program, or collecting a Loaded Lions NFT.
Crypto Trivia
What does BRC-20 stand for?
A) Bitcoin Request for Comment
B) Bitcoin Request for Coin
C) Blockchain Redundancy Control
Find the correct answer at the end of this newsletter.
NFT Spotlight
Don’t miss out on Art de Finance’s latest NFT drop — ‘APN: The Second Mythology Mystery Pack’ — dropping on May 27!
This second sale is divided into three classes in the form of gods of the Olympus: Zeus (Jupiter), Poseidon (Neptunus), and Hermes (Mercurius). There are 25 spots reserved for Zeus, ruler of Olympus; 75 spots for Poseidon, cruiser of the wide ocean of art; and 400 spots for Hermes, provider of brilliant inspiration to each enjoyer of art.
This drop also features the $ADF token, 🪂 airdrops, and merchandise created in collaboration with Art de Finance’s partner artists (for Zeus and Poseidon NFT holders).
Which god of Olympus are you vibing with? It’s a Web3 digital renaissance!
Product Picks
Crypto Earn Rates have increased for FTM and AVAX
Users can now earn up to 3.0%* p.a. for Fantom (FTM) and up to 8.5%* p.a. for Avalanche (AVAX) in the Crypto.com App, with an additional 2% p.a. for Private users. For more details, visit the FAQ here. *Availability and rates vary by jurisdiction.
The Loaded Lions: Mane City Spring Skirmish Blitz Is Here!
Mane City Season 2 has gone live, and we’re pleased to see users enjoying the new Abilities and Factions system. Now is your chance to put your skills to the test with the Spring Skirmish Blitz, where you can stand to win from a starting prize pool of $44,000 CRO and NFTs! Start playing now to prepare for the blitz!
Crypto.com App New Token Listings
zkRace (ZERC)
zkRace (formerly DeRace) is a top Web3 horse racing game leveraging a Validium-based ZK rollup infrastructure for GameFi. ZERC, zkRace’s utility token, serves as the primary currency for in-game transactions.
Crypto Level Up
What Is Offline Staking and How Does It Work?
Offline staking allows you to earn staking rewards while keeping your cryptocurrency in cold storage. No hot wallets needed.
Understanding Offline Staking
When you participate in offline staking, you’re delegating your staking responsibilities to a third-party network validator or staking pool. During this time, there’s no need to withdraw your assets from cold storage.
How Do I Participate in Offline Staking?
Select a blockchain that supports this, such as Cosmos or Polkadot. You’ll also need a hardware wallet in which to securely store your cryptocurrency. From there, simply select a reputable network validator and follow your wallet’s instructions to stake your assets.
Check out the full offline staking guide.
CryptoIRL
Every once in a while, the Lion likes to take a dip in the cool splendor of a stream. Here the Crypto.com Frosted Rose Gold Visa Card chills with @Csilla_cro.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Security Tips
Your Guide to Reentrancy Attacks
Smart contracts have weak points, which bad actors can exploit. Reentrancy attacks take advantage of a period where a smart contract calls another contract externally before finalizing its own changes.
How Does a Reentrancy Attack Work?
A smart contract’s functions are carried out in a sequence. Attackers exploit this to form a loop at any step in the process and execute the function they want (e.g., asset withdrawal) repeatedly.
How Can I Prevent a Reentrancy Attack?
Ensure that you’re using a code library with a proven security track record. Also, implement your own checks to further confirm the code is secure. Lastly, stay vigilant, as blockchain technology is still developing at a rapid pace.
Crypto Trivia Answer
A) Bitcoin Request for Comment
BRC-20 is a Bitcoin token standard similar to the ERC-20 standard on Ethereum.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
