The Return of the Bull Market and All Time Highs
White Star Capital Digital Asset Fund - newsletter #163
The Return of the Bull Market and All Time Highs
White Star Capital Digital Asset Fund - newsletter #163
In a moment which officially marks the latest crypto bull run, Bitcoin, the world’s largest cryptocurrency by value, hit a new all-time high at $73,835.57 on March 14th. And it’s not just Bitcoin in a rally- other popular crypto tokens such as BNB (13.8%), Solana (9.6%), Dogecoin (7%), Avalanche (4.1%), Polygon (3.6%), and Shiba Inu (1.3%) surged. Combined, this drove the global cryptocurrency market cap to around $2.75 trillion.
Whilst alt-coins have benefited, Bitcoin remains the dominant driver of the rally as it more directly benefits from the current market catalysts. First and foremost, the new spot bitcoin exchange-traded funds (ETFs) have facilitated greater investor access to the digital asset, thereby increasing acceptance of Bitcoin as an institutional-grade asset class. The ETFs, which offer direct exposure to Bitcoin, have attracted nearly $8bn from investors in two months, showing widespread demand. This integration of Bitcoin into traditional financial systems as a milestone, demonstrating its maturation and acceptance.
The second key driver of Bitcoin’s rally is excitement around the upcoming Bitcoin ‘halving’, a scheduled event in Bitcoin’s code that reduces the daily production of new coins, marking a further tightening of supply. This halving occurs every 210,000 blocks, meaning approximately every four years, and has historically led to significant price appreciation for Bitcoin in previous cycles. With that on the horizon, the bull market might be here to stay.
🔦 White Star & Portfolio Spotlight
Ether.Fi, Liquid Restaking Protocol, to Release ETHFI Token on Binance Launchpool Next Week
Launchpool is a Binance platform that allows users to stake existing crypto assets to earn new tokens when they become available. It is a way for users to participate in the early stages of a new project and earn rewards.
Dfns’ blog is live!
Read their first post, about Why Dfns.
ALEX has surpassed 50k wallets on ALEX
The Nakamoto release is due to occur in a month and ALEX heads into it with great momentum.
Ether.Fi partner with Bitget Wallet
[TEXT]Users can now seamlessly access ether.fi through the Bitget Wallet.
🏦 Enterprises & Institutions
London Stock Exchange to accept physically-backed crypto ETN proposals
The FCA said Monday it would not object to such products being offered to professional investors.
Another BlackRock mutual fund can now allocate to bitcoin ETFs
Two of the asset management giant’s mutual funds have historically gotten exposure to bitcoin via futures contracts.
Deutsche Börse exchange debuts crypto platform for institutions
German exchange giant Deutsche Börse intros digital asset trading, settlement and custody services amid crypto.
Wells Fargo, Merrill to offer bitcoin ETFs to wealth management clients
Clear investor demand for BTC funds has convinced some firms to make them available to clients, Edelman Financial Engines founder says.
Coinbase announces offering of $1B in convertible notes
The stock jumped 18% in the past week after bitcoin notched new all-time highs and US bitcoin ETFs continued to beat records.
Grayscale to launch a new, smaller fund under ticker BTC
According to a filing Tuesday, GBTC will seed BTC.
⚖️ Government & Regulation
US Treasury once again proposes new crypto tax rules to “modernize” code
Treasury on Monday released its 2025 revenue proposals, known as the “Greenbook,” detailing many of the same plans it unveiled last year.
Wyoming passes law to give DAOs a nonprofit legal framework
Starting this summer, Wyoming will have a new legal framework for DAOs that want to become nonprofits.
EU publishes draft rules for stablecoin issuer complaint procedures
The EU has published draft rules for stablecoin issuers under the bloc’s MiCA regulatory framework.
OKX gets in-principle license approval in Singapore
OKX said Singapore is a “priority market” as it continues to expand globally.
Thailand allows asset firms to access spot bitcoin ETFs for professional investors: report
Thailand’s Securities and Exchange Commission has permitted firms to launch funds for investing in U.S. spot bitcoin ETFs.
London Stock Exchange to start accepting bitcoin, ether ETN applications in Q2
Such crypto ETNs would allow investors to trade securities that track crypto assets on the exchange.
💰 Funding & Exits
Eclipse secures $50M ahead of mainnet launch
The Series A round was co-led by Placeholder and Hack VC.
Elixir nears unicorn status following $8 million Series B funding round co-led by Mysten Labs and Maelstrom
The funding brings Elixir’s valuation to $800 million ahead of its August mainnet launch.
NFT lending protocol NFTfi raises $6 million in series A1 funding
The latest funding round was led by Placeholder VC.
Optimism Foundation to sell $89 million worth of OP tokens in private sale to unknown buyer
The tokens will be subject to a lockup period of two years.
ClearToken Raises $10M From Institutional Investors Including Nomura’s Laser Digital
The crypto clearing house plans to start preliminary settlement services in the U.K. this year, subject to regulatory approval.
Elixir secures $8 million in Series B funding
The round, co-led by Mysten Labs and Maelstrom, raised $8 million with contributions from entities including Manifold, Arthur Hayes, Amber Group, GSR, Flowdesk, among others.
Silicon Valley’s AI Web3 startup Bluwhale from Standford, Berkeley and TikTok alums raises $7M funding
Silicon Valley-headquartered Bluwhale, an AI Web3 startup follows a new approach, which gives control and money to wallet holders.
Ethereum Mech Shooter 'MetalCore' Plans Open Beta, Token Launch in May
With $5 million in newly-raised funds, Studio369 shares plans to open up MetalCore on Immutable zkEVM and drop a token.
New Modular Blockchain Blackwing Raises $4.5 Million to Build Liquidation-Free Trading
Pioneering the frontiers of modular chain infrastructure, Blackwing is built on the foundation provided by Initia, enabling seamless trading across any modular app chain while upholding the principles of decentralization.
🚀 Project Launches & Updates
Swell launches its own layer-2 for restaking with Polygon CDK
rswETH, Swell’s liquid restaked token, will be the gas token used on this new rollup.
The biggest Ethereum upgrade ever goes live
The Dencun hard fork hits Ethereum mainnet, the most significant upgrade since the Merge.
Nirvana Cloud debuts as blockchain-optimized alternative to AWS and Google Cloud
The startup’s cloud service uses hardware optimized for blockchains.
🔥 Other Bits We're Excited About
Bitcoin ETF assets more than halfway to surpassing gold funds
The 10 spot bitcoin ETFs have roughly the same amount of assets as the first physically backed gold ETF by State Street Global Advisors.
Pantera Capital wants to buy up SOL from the FTX estate
Pantera Capital is reportedly interested in buying up to $250 million worth of SOL.