Trader Top 9: Battle of the Crypto Dogs


Welcome back to the Trader Top 9! Last week was all about the launch of the first Bitcoin ETF. This week has been all about the rise of SHIB and its battle with DOGE. Which dog will prevail? Let's dive in!

9. Last week saw the launch of a Bitcoin ETF based on CME futures. By Friday, CME had replaced Binance as the world's biggest Bitcoin futures platform.

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8. After ProShares and Valkyrie launched ETFs last week that charge 95bps, VanEck prepares to enter the market with a cheaper ETF at 65bps, though the first mover advantage will be tough to overcome. Could we see a fee war? Meanwhile, Grayscale is optimistic that we could see a spot Bitcoin ETF sooner than many think.

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7. On Monday, we saw news of yet another large institutional player enter the crypto space. This time via a partnership with BlockFi.

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6. Also on Monday, we saw another announced partnership, this one between Mastercard and Bakkt.

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5. A large developing story in recent weeks has been the SEC's eagerness to regulate stablecoins. A report earlier this week appears to confirm the possibility of the SEC taking the reins on stablecoins.

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4. Last month, CFTC Chair Dan Berkovitz announced his departure to join the SEC. Acting Chair, Rostin Behnam, attempts to reassert CFTC oversight of crypto as the SEC takes an increasingly assertive approach.

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3. Bitcoin has been choppy after hitting a new high of nearly $67k last week, then testing the $60k support level yesterday.

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2. Oops

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1. But the big story this week has been the rise of SHIB as it jostles for overall market cap and overall trading volume on Coinbase. Which dog will prevail, Shiba Inu or Dogecoin? One thing's for sure... the memes are pretty fun!

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