By Editor Khan | Edited by Jon Matthews, Clive Russell
Key Points
Bitcoin dominance has started falling!
Bitcoin dominance is beginning to retreat after an extended period of relative strength—a historically significant signal that capital could be rotating into altcoins. This dynamic often marks the early stages of a broader altseason, where liquidity flows out of Bitcoin and into the more volatile, higher-beta segments of the crypto market. These include Ethereum (ETH), Layer 2 ecosystems, DeFi protocols, and select altcoin narratives that tend to outperform during periods of risk-on sentiment.
As Bitcoin enters a phase of consolidation—trading within a defined range rather than making decisive directional moves—market participants often look to other opportunities for yield and momentum. The result is a gradual trickle of liquidity into ETH and beyond. This transition is rarely sudden; it typically unfolds through a series of confirming signals.
Big move for altcoin ETFs
The SEC’s listing standards could potentially open the way for a wave of spot-based altcoin ETFs that have been waiting for regulators’ nod to enter the market.
“This is the crypto ETP framework we’ve been waiting for,” James Seyffart, ETF research analyst at Bloomberg Intelligence, said in an X post. “Get ready for a wave of spot crypto ETP launches in coming weeks and months.”
Echoing this sentiment, Kristin Smith, the President of Solana Policy Institute, said, “We are incredibly encouraged by tonight’s news: the SEC continues to promote the rule of law by setting clear rules of the road for US businesses and to take positive steps to allow American investors to safely access digital assets.”
“These new generic listing standards are a net-positive for U.S. investors, markets, and digital asset innovation. Excited for the next wave of crypto adoption!,” she added.
UPDATE (Sept. 8, 12:05 UTC): Corrects 270 days to 240 days and clarifies the process of approval.
Michigan’s Stalled Bitcoin Reserve Bill Advances After 7 Months
The bill proposes allowing the state treasury to invest up to 10% of its reserves in bitcoin and potentially other cryptocurrencies. The move opens the way for exchanges to list spot digital asset-backed funds without the case-by-case approval of the regulator.
By Krisztian Sandor | Edited by Aoyon Ashraf
Kwon had been able to dodge authorities from South Korea, Singapore, Dubai, Interpol and several national forces from the Balcan territories. The fate of the Terraform Labs co-founder is to remain this Christmas in a cell in Montenegro, waiting for his possible extradition to the United States or South Korea; both outcomes seem dim for the Korean.
Cobie’s private encrypted tweet: the power of Crypto Twitter
Cobie is a prominent pseudonymous figure on Crypto Twitter. His podcast, UpOnly, has provided many epic moments in crypto, such as when entrepreneur Martin Shkreli told Kwon in a livestream that “jail is not that bad.”
Cobie connects with the sentiment of the crypto community; therefore, his tweets are heavily analyzed and influential.
On one occasion, more than $50 million was lost in liquidation as Binance’s BNB $988.30 and Bitcoin BTC $116,172. prices plunged momentarily. A media storm ensued after Cobie tweeted a hash prediction.
A hash prediction is a message encrypted by the SHA256 hash. The encryption should output an illegible string. Hashes are one-way functions that can be created but not reversed (without brute forcing). Therefore, this tool is perfect for proving a prediction made to the public without revealing the message. When the moment comes, the owner can decrypt it to show it to the public.
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Read More: SEC’s Pause of Grayscale Fund Is Likely Temporary
SEC Streamlines Crypto-Backed Investment Product Rules; Approves Major Altcoin ETF
United States Securities and Exchange Commission Chair Gary Gensler kicked off 2023 by suing crypto exchange Kraken in an attempt to put some pressure on the crypto industry.
The SEC charged Kraken with failing to register their crypto asset staking-as-a-service program. Kraken agreed to pay a $30 million fine and remove its staking services from the U.S. market.
Gensler provided a video explanation worthy of being a crypto meme. As if speaking to a five-year-old, he clarified he was talking about “S-T-A-K-E, not S-T-E-A-K.”
The relevance of this case was that it went beyond simply Kraken and its products, as it sparked doubt among crypto users and companies surrounding the legality of staking in the United States.
While uncertainty and negative sentiment abounded amid the news, the SEC still hadn’t published clear guidelines for this kind of product for crypto-related services.
By the end of the year, the SEC upped the ante by alleging that Kraken operated as an unregistered exchange and adding that it mixed customer assets with its own. Kraken co-founder Jesse Powell expressed his disbelief, calling the SEC “masochists” who seemed not to be content with the prior $30 million fine. The lawsuit is ongoing, though there are signs of a possible SEC defeat.
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