Grayscale expands ETF business, putting forward 3 new crypto funds

Daily Market Wrap

• Crypto market cap: USD 1.15T,? up 0.19%
• BTC price stands at? USD 27,738.73, up 0.08%
• ETH price stands at? USD 1,852.67, up 0.01%
• Top gainer: Bitcoin SV(BSV), up 40.98%
• Top loser: WOO Network(WOO), down 6.90%

News of the Day

Grayscale expands ETF business, puts forward 3 new crypto funds

Why it matters:

• Grayscale's proposal includes three new funds: the Grayscale Bitcoin ETF, the Grayscale Ethereum ETF, and the Grayscale Digital Large Cap Fund. The Bitcoin ETF and Ethereum ETF would track the performance of Bitcoin and Ethereum, respectively, while the Digital Large Cap Fund would track a basket of large-cap cryptocurrencies.
• The move by Grayscale comes after the U.S. Securities and Exchange Commission (SEC) approved the first Bitcoin ETFs in 2022, signaling a shift in the regulatory landscape for cryptocurrencies. Grayscale has been a pioneer in the crypto ETF space, launching the first Bitcoin investment trust in 2013.
• The proposed funds are subject to regulatory approval, and there is no guarantee that they will be approved. However, if approved, they could provide investors with a new avenue to gain exposure to the crypto market through traditional investment vehicles.

Crypto Daily Spotlight

Ordinals inscriptions approach 4.8M, nearly doubling in just over a week

Brief introduction: Ordinals is a platform that specializes in the creation and sale of non-fungible tokens (NFTs). The company's unique approach involves inscribing a combination of letters and numbers onto the blockchain to create unique, one-of-a-kind digital assets.

Why it matters:

• The platform's NFT sales have reached 4.8 million, which is almost double the number reported just over a week ago. The report indicates that this surge in sales is due to a recent collaboration with a popular digital art marketplace, SuperRare.
• Ordinals' unique approach to NFTs, which involves inscribing numbers and letters onto the blockchain, has been well-received by collectors and investors in the digital art world. Furthermore, the report highlights that Ordinals' approach provides an additional layer of authenticity and security to NFT transactions.
• The growing trend of NFTs in the art world and their potential to transform the way artists sell and monetize their work. The author notes that the recent surge in NFT sales by Ordinals is a positive sign for the future of this industry.

Daily Sector Tracker

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