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Quick Take Kalshi has recently received cease and desist notices from gaming regulators in Nevada and New Jersey that seek to stop the prediction marketplace from offering contracts related to sports events and argue only state-licensed organizations can offer sports gambling. Kalshi sued the agencies in response, arguing that as a CFTC-regulated exchange, it is exclusively regulated by the federal government, and the Commodity Exchange Act preempts state law.
Web3 still hasn’t gone mainstream — but Ice Open Network is making decentralized tech feel as simple and seamless as Web2.
Quick Take Daily exchange volumes have dropped from a $126 billion post-election peak to $35 billion, returning to pre-election levels amid market uncertainty. The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take The FTX estate is set to begin repaying its creditor claims over $50,000 in value on May 30. Creditor repayments could take time given a large volume of likely fraudulent claims, one of FTX’s bankruptcy attorneys said, according to a Bloomberg report. The cryptocurrency claims are valued as of the bankruptcy petition date, November 11, 2022; the price of BTC is currently 5x higher than that value.
- 07:59Matrixport: Bitcoin ETF and Futures Funds Return, Long-Term Holding Demand ReboundsMatrixport released a chart today indicating that since March 19, Bitcoin ETF funds have been consistently flowing out, along with a synchronous decline in futures market open interest. From January to April, the cumulative net outflow of ETFs reached nearly $5 billion.However, we recently observed a large-scale inflow of approximately $3 billion, and open interest in futures has also increased. Interestingly, funding rates remain relatively low.This indicates that the current new inflows primarily stem from genuine long-term holding demand, as opposed to the ETF purchases driven by arbitrage funds at the beginning of the year, signaling a more positive overall bullish sentiment.
- 07:59BlackRock Executive: Bitcoin ETF Holders Shifting from Retail to Institutional ClientsRobert Mitchnick, Head of Digital Assets at BlackRock, stated at the Token2049 event in Dubai that Bitcoin ETF funds are seeing large inflows, and the investor base is shifting from retail to institutional clients. Mitchnick pointed out that initially, ETFs were primarily held by retail clients, including high net worth individuals with holdings exceeding $100 million. However, each quarter sees a gradual decrease in the retail client proportion, while the proportion of institutional and wealth management clients is steadily rising. Regarding altcoin ETFs, he mentioned that market interest is still mainly focused on Bitcoin, as its attributes as a portfolio hedging tool differ from other cryptocurrencies.
- 07:58Pencil Finance announces $10 million in student loan funding, supported by Animoca Brands and Open CampusAccording to official sources, Pencil Finance, a student lending RWA protocol on EDU Chain co-incubated by Animoca Brands and HackQuest, has announced that Open Campus and Animoca Brands have deployed $10 million in liquidity as loan collateral to facilitate DeFi student lending on the Pencil Finance platform.Pencil Finance is a decentralized lending protocol aimed at bringing student loan funding on-chain, thereby revolutionizing the way student debt is repaid. It connects global investors with trusted student loan originators through tokenized loan portfolios.