Mysterious spot Bitcoin ETF volume spike, Ethereum hits 22-month highs, Circle leaves Tron

Yesterday the trading volume of several Spot Bitcoin ETFs jumped over 1,000% and nobody really knows Why 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 just like to be in the No on all things crypto make sure you Hit that follow button okay grab Yourself a coffee and let's get into It there were some big St that emerged Yesterday so here is what we're going to Cover in today's episode firstly we look At why the trading volume of Van X spot Bitcoin ETF jumped 1, 1400% Senator Elizabeth Warren's crypto Challenger has been unveiled ethereum Hit a 22mon high and circle has ceased Support for usdc on the Tron Network the Bitcoin update we're going To start with is yet another little Mystery and yet another good one and it Pertains to the spot Bitcoin ETFs Yesterday seemingly out of nowhere van X Spot Bitcoin ETF with the ticker hodle Had a trading volume increase of 1, 1400% over the day before so I first saw This from one half of the Bloomberg and ETF Twins and an a-lister to anyone Interested in spot Bitcoin ETFs Eric Balcon ass he wrote on X hodle is going Wild today with $258 million in volume

Already a 14x jump over its daily Average and it's not one big investor Which would make Mak sense but rather 32,000 individual trades which is 60 Times its average not sure how to Explain maybe it was added to a platform Over the weekend the investigation then Began into why this was happening my Initial reaction was that one of the Independent broker dealers such as LPL Financial had finished their due Diligence and approved to spot Bitcoin ETFs to their nearly 19,000 independent Financial advisors that oversee around $1.4 trillion this is perhaps what Balcon meant by platform I'm not sure Some 5 hours after balon's initial post On X he followed up with still haven't Figured out what happened adding that no One knows given how sudden and explosive The increase in number of Trades was 500 Trades Friday 50,000 trades today I'm Wondering if some Reddit or Tik Tok Influencer type recommended them to Their followers feels retail armish There hasn't really been anything that Van e have done that could have prompted This either a few days ago they did file With the SEC to drop their spot Bitcoin F's fees from 0.25% to 0.2% but that's Certainly not the cause but you see the Mystery doubles down the trading volumes On wisdom tre's Bitcoin fund wbtc also Jumped

1,200% from its average volume to 154 Million yesterday I need to quote balcon Ass again this is his podcast now more Interestingness BTC W also popping off $154 million in trades which is 12 xit Average and 25 xits asset sets via 23,000 individual trades for context it Saw a mere 221 trades on Friday at the Same time ibit volume is elevated but Not crazy like this WTF ETF Unsolved Mysteries will continue after a word From our sponsors probably didn't need To read that last bit look I wish I Could give you an answer to this mystery To end the segment but I can't then Again who doesn't love a cliffhanger I Will let you know when smarter people Than I have figured this one out and if You're one of those people and find the Source let me know on RK bags on X I might not be a Trader and I'll never Give out Financial advice but I did say I wouldn't bet against ethereum hitting $3,000 someday soon given its momentum And it seems that that day is on us Almost immediately yesterday ethereum Reached that Milestone of $3,000 the First time since April 2022 and honestly It was quite the burst up to $3,000 too As it was hovering around $2,900 just below the day before this is Of course for the approval of the spot Ether ETFs as well as the implementation Of the ethereum Improvement proposal

4844 that we discussed yesterday that is Said to make the layer 2s 10 times Cheaper proposal 4844 will come in with The highly anticipated Denon upgrade Alongside other eips now it is likely That the spot ether ETF applications Have assisted in this mini ball run for Ethereum as people price in the approval So it's worth looking at that a bit Closer poly Market currently has the Odds of approval at 45% by the 31st of May though some guy at Bloomberg who I Never mention has put the odds of 70% of Being approved in May interestingly the Wealth management firm Bernstein Suggests that the spot ether ETF might Be the last cryptocurrency to secure an ETF so this has been something we've Discussed before as the SEC has this Issue of the spot Bitcoin ETFs setting a Precedent that they don't want rejecting Other spot crypto ETFs could lead to Another Court case like the one with Grayscale which they definitely do not Want that said they have to draw the Line somewhere right we can't have spot ETFs for every token two leading Analysts at Bernstein reportedly wrote In a note earlier this week ethereum With its staking yield Dynamics Environmentally friendly design and Institutional utility to build new Financial markets it's well positioned For mainstream institutional adoption

Whatever happens next this was a great Indicator for ethereum as yesterday was The first time in 22 months that it has Hit $3,000 and 22 months ago it was in Freeall at 7:00 a.m. eastern the markets Are down a little bit and ethereum has Fallen back down to $2,900 but Bitcoin is also down an Identical 2.49% so I wouldn't read too much into It in yesterday's episode I discussed The topic of Senator Elizabeth Warren And the rallying of her donors as she Prepares for a challenger who was called A republican crypto Enthusiast the Boston Globe reported that this person Was the lawyer and a big name in the Crypto space John E Deon well later in The day after days of radio silence Deon Emerged I'll pass over to Turner right Who covered this so John Deon who is a Lawyer who has previously represented Xrp holders in the United States Securities and Exchange commissions case Against Ripple Labs announced on February 20th that he is officially Running for the US senate seat currently Held by Senator Elizabeth Warren and It's unclear is whether Deon will be a Longshot candidate as Elizabeth Warren Has held the seat since 2013 and has Raised roughly $6 million as part of her Campaign in the last two years but uh in Recent interviews and reportedly Warren

Has been using uh the threat of an Opposition to raise additional funds and Has expressed concern about crypto money Going into funding Deton so we will see About that I think this is going to be a Really interesting story as John eon is About as crypto-friendly as we've seen However Senator Elizabeth Warren has Spent 11 years in that seat so she's Going to be difficult to Dethrone now this is not a story I had Expected Circle effective immediately Will cease minting usdc stable coins on The Tron Network Circle took to X Yesterday to announce that it is Discontinuing support for their usdc Token on the Tron blockchain and will Gradually phase it out Circle says that The decision aligns with efforts to Ensure enure that usdc remains trusted Transparent and safe the issuer implored Retail users and non- circle customers To move their Tron based usdc to an Exchange so that it can be transferred To a different network one that Circle Still supports and that Circle mint Business customers have until February 2025 to transfer their tokens to other Chains right so the burning question why Circle does not expressly say why but There's this undertone that suggests Tron is I don't know desirable Circle Uses words like Risk and trust and Transparency and safe it just feels

Compliance related which is sort of Backed up Circle said that it Continually assesses the suitability of All blockchains as part of its risk Management process adding that the Decision was the result of an Enterprise-wide approach that involved The business organization compliance and Other functions across our company now Jesse cockland wrote this piece Yesterday and I think he may have Narrowed down the issue in January Circle file to go public in the US it is A monster in the stable coin world with A market cap of just shy of $28 billion Second only to the Undisputed Champion Tether which has a market cap Approaching hundred billion according to Coin gecko data so why would going Public be an issue well last year the SEC sued the Tron foundation and Justin Sun tron's founder alleging that they Offered unregistered Securities and Conducted manipulative trading which Sun Denies this relates to Circle more Directly when in November 2023 Circle Rejected the claims that it provides Services to Justin sun which they argued They haven't done since February 2023 The group campaign for accountability Also said that Tron has been named in Multiple international law enforcement Actions involving billions of dollars in Transactions by alleged organized crime

Groups and sanctioned entities so it Doesn't seem unlikely that Circle Wanting to go public has turned the Relationship between the stable coin Issuer and Tron and Justin Sun into Something of a roadblock this is purely Speculation of course and although it Hasn't been established that there's any Fire at all around Tron Circle clearly Doesn't want the smoke now the reason Why this is surprising to me harks back To a few episodes one on the 8th of February where I discussed the findings Of coin Telegraph research and how it Showed that Tron is leading stable coin Payments after overtaking BNB chain in 2021 in Q4 of 2023 transactions on Tron Amounted to $1.2 trillion Then you may also remember that on the 13th of February I discussed Argentina And their crypto caves where stable Coins are the primary way citizens are Fighting against the crippling inflation In the country according to GMO escad Crypto Market strategic alliances Manager Tron is the network of choice Albeit mainly with usdt rather than usdc As fewer conversions are involved so Although it's too early to tell the real Impact of this decision it's not great News for Tron and it could potentially Affect millions of People I just keep piling on the Mysteries this week but that is it for

Today so consider yourself informed Thank you for listening to the ryen 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 [Music] Tomorrow [Music]


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