A top executive of a crypto asset management firm says the financial struggles experienced by most Americans are driving them to seek greater risks in altcoins for a chance to see gains. Ikigai CIO Travis Kling says on the social media platform X that he sees a “palpable component of financial nihilism” in American society. […]
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A top executive of a crypto asset management firm says that the company has sold its multi-million dollar claim in FTX’s bankruptcy. In a lengthy thread, Ikigai Asset Management chief investment officer Travis Kling tells his 98,100 followers on the social media platform X that the firm sold its $65 million claim in FTX’s bankruptcy […]
The post Crypto Asset Management Firm Sells $65,000,000 Claim in FTX Bankruptcy, According to CIO appeared first on The Daily Hodl.
One crypto executive predicted five months ago that spot Bitcoin ETFs would only be approved after Binance lost ground on its market dominance.
Binance’s $4.3 billion settlement with the United States was the final hurdle before the country’s securities regulator approves spot Bitcoin exchange-traded funds (ETFs), many industry watchers claim.
The settlement involved Binance agreeing to Justice Department and Treasury compliance monitors for up to five years, allowing the agencies sweeping powers to keep the exchange in line with Anti-Money Laundering and sanctions rules, among other things.
The Securities and Exchange Commission has cited market manipulation when denying spot Bitcoin ETFs and Binance’s market dominance had to take a hit before BlackRock’s spot BTC ETF application would be approved, according to a June X (Twitter) post by Travis Kling, chief investment officer at Ikigai Asset Management.
“There is no chance, and I mean zero, that this ETF is approved with Binance in its current position of market dominance,” Kling wrote. “If this ETF is approved, Binance is either gone entirely or their role in price discovery is massively diminished.”
Ok here we go. https://t.co/fJ7c3MpaTy
— Travis Kling (@Travis_Kling) November 21, 2023
Kling’s prediction sparked others to consider how closely BlackRock works with the U.S. government to obtain a favorable position in the spot Bitcoin ETF market. YouTuber “Colin Talks Crypto” said it was suspect that Binance's settlement happened "right before a Bitcoin ETF comes out."
“Is it a way for BlackRock to acquire a massive amounts [sic] of BTC for cheap?” he asked. “Is it a way to remove competition from U.S. markets right before the ETFs go live?”
Does it seem fishy to anyone else that #Binance is being found guilty of money laundering right before a #Bitcoin #ETF comes out?
— Colin Talks Crypto (@ColinTCrypto) November 21, 2023
Is there any connection?
For example:
• Is it a way for BlackRock to acquire a massive amounts of BTC for cheap/free?
• Is it a way to remove…
Others noted that BlackRock and its rival Vanguard together own 11.5% of Binance’s top competitor Coinbase and speculated the action against Binance may have been planned.
BlackRock met with the SEC on Nov. 20 and presented how it could use an in-kind or in-cash redemption model for its spot BTC ETF, the iShares Bitcoin Trust.
Binance/DOJ settlement and SEC Spot #Bitcoin ETF approvals are mutuals.
— Andrew (@AP_Abacus) November 20, 2023
Grayscale also met with the securities regulator on the same day, discussing its bid to list a spot Bitcoin ETF. Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise also await the SEC’s approval of their spot Bitcoin funds.
Related: Binance CEO CZ’s downfall is ‘the end of an era’ — Charles Hoskinson
Mike Novogratz, CEO of digital asset investment firm Galaxy Digital said the Binance settlement is “super bullish” for the cryptocurrency industry.
Not everyone sees the point in guessing if the Binance news will lead to spot BTC ETF approvals.
In a note to Cointelegraph, Piper Alderman partner Michael Bacina suggested it is best to let the speculation run its course.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
The crypto hedge fund Ikigai says most of its assets are stuck on the collapsed FTX digital asset exchange. Ikigai founder and Chief Investment Officer Travis Kling tells his 89,900 Twitter followers that they attempted to withdraw investor funds from the platform but failed in retrieving them in their entirety. “Unfortunately, I have some pretty […]
The post Crypto Hedge Fund Ikigai Caught in FTX Collapse, Large Majority of Firm’s Total Assets Stuck on Exchange: Founder appeared first on The Daily Hodl.
After Kevin Zhou, the co-founder of the hedge fund Galois Capital, revealed half of the firm’s assets were held on FTX, another crypto asset management firm called Ikigai detailed that “a large majority of the hedge fund’s total assets” were stored on FTX. Ikigai chief investment officer, Travis Kling, told the public on Twitter and […]
The chief investment officer of Ikigai Asset Management is highlighting one key event that’s necessary to potentially spark a rally in cryptocurrencies. In an interview with the Bankless podcast, Ikigai co-founder Travis Kling says that beyond the US Federal Reserve’s policies which risk sending the economy into recession, it’s the ongoing conflict between Russia and […]
The post Macro U-Turn To Make Ethereum ‘Run Tremendously Hard,’ Says Crypto Hedge Fund CEO appeared first on The Daily Hodl.
At the end of the trading day on Monday, Wall Street was roiled once again as major stocks plunged during the day’s trading sessions. Most news outlets indicate the Russia-Ukraine war is causing the bleak outlook and reports show strained financial conditions worldwide are currently the tightest since 2020. Meanwhile, bond markets during Monday’s trading […]
While inflation has kicked up in the U.S., following the massive stimulus issued by the Federal Reserve, investor and financial writer Lyn Alden Schwartzer published a report that shows “U.S. households now have record high exposure to stocks.” The news comes at a time when many analysts and economists believe equities markets are in a […]