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look it's me I am very optimistic about the long-term profitability of Bitcoin Bitcoin price continues to consolidate near all-time highs I was going to say I was surprised how much it went up there has been almost an exodus of 10 billion Bitcoins leaving cryptocurrency exchanges in 2024 so we have never seen these levels of Bitcoin balances across all exchanges since April of 2018 we are now creating a market that has more liquidity and transparency and I'm pleasantly surprised you never would have predicted before we announced it that we would see this type of retail you thought you would do good but not that good an important milestone for Bitcoin ETFs insert a like subscribe to the channel the new Bitcoin ETFs purchased more than 500,000 bitcoins worth $35 billion in just 54 trading days or less than 3 months yes well ibid is your stock ETF it is about to break out of grayscale as the sale of grayscale gbtc is shrinking he was definitely in the business a lot longer since you look at the earnings on January 11th when it happened for the first time yes have you ever seen so many inflows so quickly and once again we are seeing the lowest balance on trade since April of of 2018 the trend shows no signs of slowing as glass node shows that on March 26th March 7th alone withdrawals totaled more than 22,000 Bitcoin the third largest daily count of 2024 and black rock I bet is the fastest growing ETF in the history of ETFs nothing has gained assets as fast as IB in the history of ETFs so ethereum is next with an ETF with will ethereum be next the ethereum spot ETF is it will be the Catalyst for a huge alternate season the sec's deadline to rule on the Black Rock ethereum ETF is in August although the next date to watch for Vanek ethereum ETF and Arc ethereum ETF is May and if you think Black Rock won't be able to make an ETF on ethereum I don't think you understand how this world works we will see that it is being registered okay so let's not talk about your product let's talk about ether there is a lot of noise from the SEC about them declaring ether a security which would take it out of the Bitcoin as a commodity category how does this translate into an ETF I don't think that look I can't really talk about it but I don't think that that designation is going to be that deterrent oh really so even if it's a stock you can start an ETF but an ETF HF I think so yeah it's absurd actually SEC commissioner Hester Pierce told us in January that whether ethereum is considered a security should have no influence or impact on ETF approval well once again I think it's important to remember that you don't even have to ask yourself whether the underlying is a security or not that's actually not the issue in these Bitcoin exchanges or these more General endorsements of exchang traded products you can have a lot of things underlying an exchang traded product and breaking news bitwise requests ethereum spot ETF amid uncertainty over SEC approval and the interesting thing is that they supported it with strong correlation data fantastic work by bitwise here showing an extraordinarily close correlation between spot eth and Futures using SEC methodology this makes it difficult to imagine the SEC prevailing in court if it denies a correlation-based spot eth ETF so bitwise is showing the SEC that the same analysis you use to approve a Bitcoin ETF your same reasoning applies to eth it's a precedent but I think that in your opinion the reasoning used and the logic used in Bitcoin exchange traded product approvals will be a precedent for when people come in as some already have and ask for other types of similar product approvals for other businesses now let's talk about altcoin news both with SPF who will officially go to prison for 25 years New York District Judge Lewis Kaplan sentenced the disgraced FTX executive to 25 years in prison out of a maximum of years for the massive fraud and conspiracy that led to ftxs collapse this is good for the future of cryptocurrencies in the United States and the reasoning by which the judge sentenced him to 25 judge Kaplan said that SPF had perjured he himself went to the stand and argued that it is not a trivial risk that he will commit other crimes in the future he added that in his 30 years as a judge he has never seen a performance like this one from Sam bankman fried in October which included dodging some questions while on the witness stand during the trial bankman fried took the stand again today issuing a Meandering statement of apology saying he had made bad decisions that haunt him every day he claimed responsibility for the incident and said he was sorry that customers were deprived of their cryptocurrency earnings bankman fried's lawyers were seeking a sentence of 5 to six years to two years citing medical conditions including autism and the fact that there would be zero harm to clients from the bankruptcy process however FTX CEO John Ray told the judge last week that creditors would never be fully recovered and called the property a metaphorical dumpster fire citation prosecutors were seeking 40 to 50 years in prison saying the recommended sentence was appropriate given the extraordinary scale of the spf's crimes today judge Kaplan rejected in its entirety bitman fried's argument that there was no loss in FTX calling it misleading logically flawed and speculative so it wasn't 5 to 6 or even 100 to zero sure the statutory guidelines said 100 10 years but every lawyer I talked to someone who said it's really just some kind of mechanical calculator based on the size of the crimes which in this case amounted to more than $550 million 25 years has always been a little longer I think a realistic goal based simply on the idea that it is long enough to dissuade someone like SPF from doing anything like what they were accused and convicted of but at the same time it's not that long since he's been serving a life sentence for what is a white collar crime so he will have to serve about 85% of it so he will spend more than 20 years in prison looking at alt coins in grayscale there is an ongoing request to convert their salana trust fund into salana spot ETFs this is a new SEC filing so obviously grayscale's CEO would like all of his products to become ETFs interestingly these are the two he said by name and if you are interested in making money thank you for joining us on this journey through the world of cryptocurrencies if you found this overview useful be sure to leave a like And subscribe to our channel so you don't miss any of the latest news and updates from the world of cryptocurrencies continue to explore learn and invest wisely see you next time
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