Web3🌗Wednesday Trends: MicroStrategy's Bitcoin Haul, Ethereum ETF Delay, BlackRock's Surge, and AI-Generated Fake IDs for Crypto KYC at $15
1. MicroStrategy's massive 190,000 bitcoin holding
2. SEC postpones Invesco and Galaxy Digital's Ethereum ETF
3. BlackRock's Bitcoin ETF gains rank in 2024 inflows
4. AI-generated fake IDs for crypto KYC are available at $15.
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Embark on a journey through the ever-evolving landscape of Web3 with our Web3 Wednesday highlights! We bring you the most recent updates shaping the digital frontier. Join us as we delve into these compelling narratives, providing you with a comprehensive snapshot of the latest developments in the Web3 space. So, buckle up and dive into the future of decentralized technologies!
1. MicroStrategy's massive 190,000 bitcoin holding
MicroStrategy bought 850 bitcoin in January, spending $37.5 million. The company holds 190,000 bitcoins with an average cost of $31,224 per bitcoin, totaling nearly $6 billion. The recent acquisitions contribute to a strategic increase in bitcoin holdings for 13 consecutive quarters. Despite an average cost of $39,411, the company benefited from rising bitcoin prices in Q4. As of Feb. 5, MicroStrategy's bitcoin holdings have a carrying value of $3.6 billion, with a cost basis of $5.8 billion and a market value of $8 billion. The firm plans to continue expanding its bitcoin holdings, emphasizing technology innovation.
Katherine Ross
2. SEC postpones Invesco and Galaxy Digital's Ethereum ETF
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the joint proposal for an Ethereum exchange-traded fund (ETF) by Invesco and Galaxy Digital. Filed in September, the ETF aims to offer investors exposure to Ethereum without direct ownership. With the SEC having approved 10 Bitcoin ETFs in January, analysts predict an Ethereum ETF approval by May. Standard Chartered notes the likelihood of approval, emphasizing the SEC's non-designation of Ethereum as a security. Despite delays in high-profile ETF applications from BlackRock and Fidelity, the crypto industry anticipates expanded access for traditional investors through ETFs.
Mat Di Salvo
3. BlackRock's Bitcoin ETF gains rank in 2024 inflows
BlackRock's iShares Bitcoin Trust (IBIT) is among the top five ETFs of 2024 with $3.2 billion in inflows in just 17 days, ranking alongside giants like iShares and Vanguard. The iShares Core S&P 500 ETF (IVV) leads with $13 billion in inflows, while Vanguard 500 Index Fund ETF (VOO) follows with $11.1 billion. Fidelity's Wise Origin Bitcoin Fund (FBTC) secures the eighth spot with $2.7 billion in inflows. Despite a general slowdown in new spot Bitcoin ETF investments, BlackRock's IBIT and Fidelity's FBTC stand out as the only funds consistently experiencing positive flows since their launch.
Helene Braun
4. AI-generated fake IDs for crypto KYC available at $15.
The emergence of AI-generated fake IDs, available for just $15, poses a significant threat to crypto exchanges. Services like OnlyFake utilize neural networks to create convincing IDs from 26 countries, enabling users to pass KYC checks on platforms like OKX, Kraken, and Coinbase. This presents a serious loophole for scammers and hackers to exploit, potentially enabling fraudulent activities while concealing their true identities. The ease of access to AI deep fake tools raises concerns about the efficacy of identity verification processes, urging exchanges to bolster security measures against evolving threats in the crypto landscape.
Jesse Coghlan
As we conclude this edition of Web3 Wednesday, we've unraveled the threads of innovation and challenges in the digital realm. From the vast Bitcoin holdings of MicroStrategy to the SEC's intricate dance with Ethereum ETFs, and the compelling surge in BlackRock's Bitcoin ETF inflows, we've witnessed the dynamic nature of the crypto landscape. The fascinating emergence of AI-generated fake IDs, priced at $15 for crypto KYC, adds a layer of complexity to this ever-evolving space. Stay tuned for our next exploration into the exciting developments shaping the future of Web3. Until then, keep navigating the digital frontier with curiosity and a spirit of discovery!
