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ICYMI — the price of BTC hit an all-time high one day after the U.S.’ ETF debut.
BITO’s assets are up to $1.1 billion after the first two trading days, breaking $GLD’s 18-year old record to become the fastest ETF to reach the $1 billion mark. Guess it didn’t need 4 weeks after all. Bitcoin’s latest rally above $66k has lifted the broader crypto market, with ETH reclaiming $4k and several L1 tokens posting double-digit gains. Bitcoin’s on-chain overhead supply is now gone and we are officially in price discovery. The rally also feeds into bullish narratives such as “$100k BTC”, but if we look at the bigger picture, the total crypto market cap denominated in BTC has yet to break out of the 2017 cycle highs. As Bitcoin enters the overbought region, short-term corrections may outweigh the long-term optimism of further upside movements.
The growing world of NFT and DeFi has a gas fee problem; the Polygon network is aiming to solve it. Tapping on Polygon’s speed and efficiency solutions is leading digital asset manager Bitwise, which recently announced the launch of the Bitwise Polygon Fund. The fund aims to offer Ethereum-scaling exposure to its wealthy clients. Bitwise earlier this year also announced several other integrations and launches, including the Bitwise Uniswap Fund and the Bitwise Aave Fund.