Bitcoin ETF a ‘bloodbath’ for exchanges, and a $1.5M memecoin gamble

The approval of the spot Bitcoin ETF Applications should be a positive for Crypto but one analyst warns it could be A bloodbath for crypto Exchanges good morning you're listening To the ryzen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier a Lot of people are misunderstanding Stories in crypto at the moment and if You want to make sure you're not one of Them click that follow button right grab Yourself a coffee and let's get into it Okay we're covering a lot of major Stories here today so here's a quick Rundown will the spot Bitcoin ETFs cause A blood Barth for exchanges improbable Sells its gaming Venture and is bullish For the metaverse in 2024 Black Rock and Arc make crucial revisions to their ETF Applications a Trader makes a fortune With a huge gamble on a meme coin and a US court approves a settlement of $2.7 Billion from binance to the Cftc spot Bitcoin ETFs have been every Other conversation in crypto for months Now and for good reason it will be one Of the most significant moments in Crypto's history should they be approved As it stands 13 applicants are awaiting Approval by the SEC and they are Expected to be approved or denied at the Same time which is believed to be in

January Bloomberg's ETF analysts put the Likelihood of approval at 90% And The Crypto Community is poised with eager Eyes many prominent faces and firms in The space believe that spot Bitcoin ETFs Will drive bitcoin's price up upward With $100,000 the expected figure from Blockstream CEO Adam back and a far more Outlandish prediction of $1 million in The days to weeks following approval According to janon 3 CEO Samson Mo given These sort of predictions you could be Fed into thinking that the ETFs will be Nothing but net positives for the space But ETF store president Nate gachi warns That there may be some ill effects Gratti said on X it's going to be a Bloodbath for crypto exchanges okay but Why would that be the case well the Bloomberg ETF analyst Eric balanas Highlighted that the spot Bitcoin ETF Will cost 0.01% to trade which is the average fee For ETF trading and as Helen Parts wrote In this article in contrast trading Costs on exchanges like coinbase reach 0.6% depending on the cryptocurrency Transaction size and trading pairs so The Gap is not insignificant 0.6 to 0.01% is a serious drop in fees this is To say crypto exchanges have been sort Of cashing in on transaction fees and Were able to get away with it but Perhaps that's about to change Helen

Said historically coinbase has earned Most of its revenue from transaction Fees in 2022 coinbase made $2.4 billion In transaction fees from institutional And Retail investors which accounted for 77% of its total net revenue of 3.1 Billion so look this could be a real Positive for retail investors in crypto As we see the exchanges use more Favorable fees to combat losing users to ETFs but one concern this raises for me Is whether it will destabilize the Businesses behind the exchanges they Already have a pretty high mortality Rate and this could see them losing Billions in transaction Fees right it's time to pop to my Wheelhouse there is a little known race Going on behind a term that some believe To have been retired the metaverse I Said on stage in 2021 we just don't know What the metaverse is yet and that Hasn't changed this is a rather large Sticking point with so many trying to Build it but we have a vague notion of What it could be the problem is and this Is the aformentioned race we don't Exactly have the technology to do what We think we want the metaverse to be There are lots of barriers but one of The primary areas of contention is one That all major games suffer with scaling That is how do you get a huge number of Concurrent players in the same digital

Space without it being unusably slow or Worse improbable has been one of the Companies at the Forefront of this Problem and they caught some headlines Back in 2022 for creating a test that Allowed thousands of concurrent players In the same Digital World well one of Improbable key Ventures was concerned With improving the multiplayer Experience and it was called the Multiplayer group according to an Announcement yesterday this venture has Been sold for the princely sum of 97.1 Million the multiplayer group has worked With the likes of Activision Blizzard Bethesda and epic games among other Titans of the industry Herman nula Co-founder and CEO of improbable has Suggested that this move is part of the Company's Venture strategy for 2024 and This is where we come back to web 3 Improbable is predicting a strong year For gaming of metaverse projects in 2024 As well as things like virtual events This year improbable partnered with Major League Baseball to create a Virtual baseball stadium for fans to Watch their games in digitally narula Said the metaverse is poised for growth In 2024 fueled by the convergence of Gaming VR and XR and web 3 Technologies If a ball run is to happen next year as Many are predicting there will likely be Multiple strands to it a rising lifts or

Ships but some ships will be objectively Higher than most of the other ones and One of these I suspect will be gaming And metaverse projects so keep an eye Out for this sort of news or rather keep An ear out because I'll do the eyes part For You okay the second spot Bitcoin ETF Claxon is about to sound as we have Another update Black Rock Arc and Wisdom Tree have updated their S1 forms with The SEC to make a change that appears Necessary to get the applications Approved in January this is one of those Stories that when I say the syis out Loud it will sound both dreadfully dull And completely unimportant now I will do That but then I'll explain what it means And why it's actually both interesting If you like this kind of thing and You're listening so you do and important You may remember from the episode on the 13th of December that black rock wanted To implement an in-kind Redemption model For the ETF and this is related it seems The SEC will only accept a cash creation And cash Redemption model and so Black Rock and others have had to amend their S1 forms to reflect that black rock now States these transactions will take Place in exchange for cash right but What does that mean and why is it Important you will only be able to buy And sell shares in the spot Bitcoin ETFs

Using cash not other assets like crypto The main reason for this is well Summarized by the investor and Consultant Vance Harwood who said it Will make it clear where the ETF gets Its underlying Bitcoin from the ETF will Buy them presumably from reputable Exchanges whereas if you allowed in coin Transfers you wouldn't be able to know Where the Bitcoin transferred came from I mean it's not hard to see why the SEC Might be wary of anyone being able to Dump their Bitcoin into an ETF pole with All the hacks mixes and washing that has Happened in the space in recent Years okay let's step away from the Heavy stuff for a minute and look at a Fascinating and wild story involving one Of the Main Stays of crypto folklore Massive gambles there is currently a Salana memec coin frenzy as Ezra regera Puts it I would prefer to call them Something coins but I try to keep this Podcast clean one such token yet another Dog themed offering called Dog whiff hat Or whiff has seen some explosive growth And it paid off for one Trader who Gambled wait for it $226,000 on it although you certainly Couldn't explain this to anyone outside Of crypto or many inside of it this Trader bought 19.86% million in profit the $2 $26,000 Investment grew to 1.69 million from the

13th to the 18th of December this Parabolic Spike isn't alone even in dog Themed salana based meme coins what a Ridiculous sentence that is as we saw Bon price shoot up 370% in 30 days up to The 11th of December it's a strange time To be alive imagine building Generational wealth this way and trying To explain it to your family I can Scarcely explain Ethereum okay the final story is when You're going to around but a lot of People are getting it wrong the headline Is eye-catching but it's confusing let Me tell you it initially confused so Many of us that a team effort was needed To get everything straight and thanks to Gareth jenkinson for holding my hand While I wrestled with it the headline is That a US court has approved a Settlement of $2.7 billion from binance To the cftc and $150 million from CZ I Like many immediately barked saw a $7 Billion settlement no so the US District Courts for the northern district of Illinois has approved that 2.7 billion Of the $4.3 billion settlement should be Paid to the commodity Futures Trading Commission the cftc the statement by the Cftc said the court finded ziao and Binance violated the commodity exchange Act CA and cftc regulations imposes $150 Million civil monetary penalty Personally against Z and requires

Binance to disgorge $1.35 billion of Ill-gotten transaction fees and pay a 1.3 $35 billion penalty to the cftc so Hopefully that clears up some of the Confusion around this many people Thought this settlement was in addition To the $4.3 billion settlement with Multiple US government agencies it isn't It is not a new fine but rather a Portion of the $4.3 billion that is now Going to the cftc or on $150 million From CZ wow that was a heavy episode but that Is it for today consider yourself Informed thank you for listening to the Ryzen crypto podcast by coin Telegraph If you're enjoying these daily updates Please make sure you let us know by Following subscribing or leaving a Review I've seen that several of you Have left five star reviews on Spotify And apple podcast and I can't tell you How much we appreciate that we're Growing steadily but if you think There's anybody that would benefit from This podcast please make sure you share It with them have a great day let's do This again [Music] Tomorrow [Music]