BTC ETFs buy 100k BTC in 7 days, SEC delay spot Ether ETF, Introducing ‘Crypto Mom’

The spot Bitcoin ETFs have bought a 100,000 Bitcoin in just 7even Days 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 if You want to stay ahead of the curve in Crypto please make sure you click that Follow button okay grab yourself a Coffee let's get into [Music] It right here's what's on the docket Today the 9 spot Bitcoin ETFs have Bought 100,000 Bitcoin in the 7 days After the launch the sec's crypto Enforcement actions under Gary Gena have Reached a 10-year High CZ tried to Pledge his entire binance us stake to Leave for the UAE in January the SEC Pushes the decision on Black Rock Spot Ethereum ETF to March and what the SEC Commissioner Hester Pierce had to say About It let's start with something we haven't Dived into properly for nearly a week Which must be a record for the last 2 Months that is how the spot Bitcoin ETFs Are going it's been hard to miss the Grayscale Bitcoin trust's outflows it Has not only dominated the headlines it Has resulted in many observers including JP Morgan's analysts as we discussed Yesterday suggesting the spot Bitcoin

ETF launches have been underwhelming Listen to yesterday's episode to hear Why I and many others think that is Patently incorrect but what about the Other nine ETFs they are referred to as The newborn n by the Bloomberg and twins Eric balanas and James safe farts and we Have some pretty staggering stats about Them now the nine spot Bitcoin ETFs Which obviously exclude grayscale have Bought over 100,000 Bitcoin in just 7 Days that is a truly absurd volume so Let's put this into context Michael Sailor's micro strategy is one of the Organizations with the biggest Holdings Of Bitcoin I've discussed their Purchasing habits several times in Recent months as they were buying Bitcoin on mass and as of the time of Recording this it is believed that micro Strategy holds 89,1 50 Bitcoin so as Helen Parts wrote In the article yesterday the amount of Bitcoin purchased by spot Bitcoin ETFs In only seven trading days accounts for 53% of all Bitcoin amassed by the giant Bitcoin investor micro strategy over the Past 3 years or for a more passionate Take the Bitcoin therapist on X wrote Nine Bitcoin ETFs have amassed over 100,000 Bitcoin in only 7 Days of Trading sailor spent 3 years Accumulating about 190,000 Bitcoin do Not underestimate the of the incumbent

Financial class they want you to part With your Bitcoin we are not redacted Selling so of the nine ETFs the two Leaders are rather predictably Black Rock and Fidelity they have 37,3 4 Bitcoin and 29,200 32 Bitcoin Respectively in third is bitwise with 16,45 and then Arc 21 shares with 10,630 so at the time of recording this The 9 ETFs have acquired just shy of $4.1 billion worth of bitcoin in 7 Days The amount of Bitcoin into the ETFs has Outrun the amount of Bitcoin out despite Grayscale's colossal selloff again at The time of recording this which is Around 7:00 a.m. eastern and I say this Because in 12 hours time I suspect this Will be wildly outdated Grace Gale has Sold 82526 Bitcoin worth around $3 billion It Is believed however that around a third Of this is as a result of the estate of The Belly Up exchange FTX dumping 92 Million of gbtc still let's make sure We're focusing on the right area here And that is how eye-wateringly quickly The big Banks particularly Black Rock And Fidelity are hoovering up Bitcoin And they're not slowing down yet Either Gary gendler has been portrayed As a cartoon villain in crypto for some Time now the chair of the United States Securities and Exchange Commission has Openly opposed digital assets and so

It's no great surprise that the crypto Community doesn't meet him with a sea of Warm GMS every morning however a report Released yesterday from a Litigation Consulting firm suggests that gendler's Opposition of crypto isn't merely talk Turner right wrote a piece about this Yesterday so I'm going to let him Introduce it Cornerstone research Reported that the number of Enforcement Cases by the SEC on crypto firms in 2023 Have been the highest they've been in Roughly 10 years at the commission going Back to 2013 for example when SEC chair Gary Gensler became head of the Commission in 2021 there were roughly 20 Enforcement cases on crypto uh dealing With litigation and administrative Proceedings but that jumps to 30 in 2022 And 46 in 2023 so who knows what we'll See in 20124 with cases with Kraken Binance coinbase and others still Ongoing now I would say that parts of The stats are in line with what you Might expect the number of Cryptocurrencies web 3 projects and Blockchainbased startup back in 2013 Were infinitesimal by comparison to 2023 So it follows that the number of legal Proceedings against crypto companies Would increase accordingly but there are Two points that undermine that getout Firstly the SEC is ramping up and Quickly in the past three years as

Turner wrote yesterday the sec's actions Against crypto organizations under Gary Gendler jumped 50% in 2022 and more than 53% in 2023 that is a spike that could Be said to indicate an ax to grind Secondly and this bothered me back when It occurred in March 2023 is what the Co-founder and CEO of coinbase Brian Armstrong said upon the sec's starting Action against the exchange Armstrong And coinbase's legal team made it clear That they had tried persistently to work With the SEC in fact in a blog post Written at the time by the chief legal Officer for coinbase Paul grul he wrote We met with the SEC more than 30 times Over 9 months additionally as the blog Post unpacks coinbase were asking for Feedback and received none then they Received the lawsuit there are of course Two sides to every story but that Doesn't sound like an organization Seeking progress in a new area what do You make of how Gary Gensler and the SEC Has approached crypto in recent years Are they unfairly portrayed by crypto Folk or is it Justified share your Thoughts with us on @ cointelegraph and Arc bags on X crypto moves so quickly that it feels Like another lifetime that the binance Saga was unfolding you may remember that We discussed where the Chang penzal CZ Would be allowed to return to his home

In the United Arab Emirates prior to Sentencing I suspected at the time that That wouldn't be allowed simply because There is not an extradition agreement Between the United States and the UAE And unfortunately for CZ it wasn't Allowed next month on the 23rd of February CZ will receive his sentence Which could well involve jail time in Fact he has agreed to not appeal any Sentence up to 18 months in prison Though there were rumors around the time Of the initial ruling that prosecutors Might push for an out landish long Sentence and that would start a new Storm around this case anyway yesterday A court filing was unsealed and showed a Letter to judge Richard Jones from cz's Lawyers it was sent on the 22nd of December and it read if necessary to Address any concerns the court might Have about this travel and to ensure That he is able to be with blank and Family during this important period Mr Z Is prepared to provide significant Additional property and Financial Security to assure his timely return Including pledging all of his equity in Binance us which was worth $4.5 billion In the last round of fundraising 2 years Ago firstly blank is a close friend of Cz's whose name was redacted secondly You heard correctly CZ was willing to Put up his entire binance us Equity as

Collateral to return to the UAE Temporarily to visit a person close to Him that is undergoing surgery but again The federal prosecutors did not consent To the Request yesterday one day before the Soft deadline the SEC released a filing To announce that the regulator has Pushed back its decision on black Rock's Proposed spot ether ETF the sec's Assistant secretary Sher Haywood wrote In the filing the commission finds it Appropriate to designate a longer period Within which to take action on the Proposed rule change now this is neither Unexpected nor necessarily a bad sign The SEC can delay the decision several Times across a 240-day period and we Suspected it would happen particularly If the SEC wants to align all Applications and approve them on the Same day as they did with the spot Bitcoin ETFs van e Arc 21 shares Grayscale Invesco Fidelity and of course Black Rock have all applied for a spot Ether exchange traded fund and the final Deadlines for each range between the 23rd of May and the 7th of August Bloomberg's ETF analyst James saart Posted on X spot ethereum ETF delays Will continue to happen sporadically Over the next few months the next date That matters is the the 23rd of May Those following the story closely might

Remember that in an episode a few weeks Back Eric balinas put the chance of a Spot ether ETF approval at 70% by May There is a connected story to this and It's the emergence of a new hero for Crypto in yesterday's episode I Discussed the SEC commissioner Hester Pierce and her scathing review of how The SEC had handled the spot Bitcoin ETF Applications she essentially blamed the SEC themselves for the circus around the Process well Hester Pierce has now found Found herself with a nickname crypto mom And crypt Mom isn't just looking to hide Behind Rose tinted glasses in an Interview with coinage media yesterday Pierce assured listeners that a court Battle won't be necessary to get the Spot ether ETFs over the line she said We shouldn't need a court to tell us That our approach is arbitrary and Capricious in order for us to get it Right so it seems that Hester crypto mom Pierce is our no hero within the SEC but She alone cannot bring about any Guarantees chair Gary gendler as we Discussed earlier is opposed to crypto And not going to want a flood of Crypto-based spot ETFs earlier this Month Gary gensa wrote in a letter that The spot Bitcoin ETF approvals should in No way signal the commission's Willingness to approve listing standards For crypto asset Securities adding that

As I've said in the past and without Prejudging any one crypto asset the vast Majority of crypto assets are investment Contracts and th subject to the federal Securities laws that said and I Mentioned this earlier this week the SEC Would need some strong arguments to Reject the the spot ether ETFs so as not To fall into the same hole that lost Them the grayscale case and I think it's Safe to say we all feel a little bit More comfortable now we know there is a Voice of reason for crypto in the SEC in The form of crypto Mom okay 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 have a great day let's Do this again tomorrow [Music]