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The first bitcoin futures exchange-traded fund (ETF), the ProShares Bitcoin Strategy Fund, has seen its assets under management swell to $570 million on its first day of trading. The fund had $20 million of seed capital at the start of the day.

Grayscale Investments and the New York Stock Exchange have filed to convert the world’s largest bitcoin fund by assets under management into an ETF -just as the first bitcoin futures ETF is launched.

Facebook’s cryptocurrency wallet Novi has launched in select markets in partnership with Coinbase. Five U.S. Senators have called for the immediate closure of the wallet in a letter sent to Facebook CEO Mark Zuckerberg.

This week we are going to examine the launch of one of the most widely anticipated NFT projects of the year - Mekaverse - brought to you in partnership with NFT data and discovery platform Masterpiece.

Sponsored: DJ Esports is a leading esports betting and crypto analysis platform. The platform supports all major e-sports games, including League of Legends, Dota 2, CS:GO, NBA 2K, and many others, and has over 3,000 active Discord members in their community.

Top stories in the Crypto Roundup today:

  • ProShares Bitcoin Futures ETF Reaches $570 Million in Assets in First Trading Day
  • Grayscale Files to Convert Bitcoin Fund Into an ETF
  • U.S. Senators Pressure Facebook to Drop Novi Wallet Pilot
  • NFT Spotlight: MekaVerse’s 8,888 Generative Mekas
  • Sponsored: DJ Esports - Where Esports Meets the Blockchain

 
24 hours chart of the price of BTC
 

ProShares Bitcoin Futures ETF Reaches $570 Million in Assets in First Trading Day

 

The first bitcoin futures exchange-traded fund (ETF), the ProShares Bitcoin Strategy Fund, has seen its assets under management swell to $570 million on its first day of trading. The fund had $20 million of seed capital at the start of the day.

The ETF, trading under the ticker BITO, also saw about $1 billion of trading volume on its first day, making it the second-most heavily traded new ETF on record. Eric Balchunas, a senior ETF analyst for Bloomberg, noted BITO is already in the top 30% of ETFs by assets.

The fund’s price rose to $41.94 at the close of the stock market trading, rising 4.9% from the initial $40 net asset value. Estimates from Dave Nadig, chief investment officer and director of research at ETF Trends, suggests that the ETF’s trading volume came from retail investors as there were few large “block” trades of the size institutional investors deal in.

ProShares Bitcoin ETF was approved for listing as a result of inaction by the U.S. Securities and Exchange Commission (SEC), which has a 75-day period to provide comments on a fund’s proposal. Funds are allowed to start trading if the SEC allows the deadline to pass.

 
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Grayscale Files to Convert Bitcoin Fund Into an ETF

 

Grayscale Investments and the New York Stock Exchange have filed to convert the world’s largest bitcoin fund by assets under management into an ETF, appealing just as the first bitcoin futures ETF is launched.

The application to turn the $40 billion Grayscale Bitcoin Trust into an ETF starts a window for the SEC to reject or delay the conversion of the fund. Michael Sonneshein, Grayscale’s CEO, has said the firm is “100% committed” to turning GBTC into an ETF as soon as regulators allow.

The firm hired a global ETF head in August to bolster its efforts, and believes the approval of a bitcoin futures ETF means a spot-based ETF is likely going to be approved with time. GBTC being converted to an ETF would solve a problem for the fund: trading below its net asset value.

The product has often traded below the value of its underlying BTC holdings. Trading as an ETF would allow specialized traders, known as authorized participants, to create and redeem their ETF shares to keep its price in line with net asset value. This system does not exist for trusts.

 
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U.S. Senators Pressure Facebook to Drop Novi Wallet Pilot

 

Facebook’s cryptocurrency wallet Novi has launched in select markets in partnership with Coinbase. Five U.S. Senators have called for the immediate closure of the wallet in a letter sent to Facebook CEO Mark Zuckerberg.

The letter reads:

“Given the scope of the scandals surrounding your company, we write to voice our strongest opposition to Facebook’s revived effort to launch a cryptocurrency and digital wallet, now branded 'Diem' and 'Novi,' respectively.”

Formerly known as Libra, Diem is Facebook’s stablecoin project, which was the subject of heavy scrutiny after it was announced. Novi is its digital currency wallet, which launched a pilot in the U.S. and Guatemala.

The senators stated Facebook has repeatedly made business decisions “ that have harmed its users and the broader society,” and that it “cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient.”

 
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NFT Spotlight: MekaVerse’s 8,888 Generative Mekas

 

MekaVerse is a collection of 8,888 generative Mekas with hundreds of traits inspired by the Japan Mecha universes. The collection quickly amassed over 200,000 Twitter and Discord followers, making it one of the most competitive NFT launches of the year.

The MekaVerse collection sold out via a raffle system at a mint price of 0.2 ETH per Meka. Following this, the secondary market was launched - which saw a staggering 38,000 ETH traded in just under two weeks ($146,224,155) and the floor jump to 6 - 8ETH.

The highest sale to date was for Meka #8597, which is a ‘legendary’ 1 of 1 Meka. It sold for 125 ETH, or a little over $437,000, on October 13th - a profit of 124.8 ETH in less than two weeks for the holder. This NFT is ranked 7th in terms of rarity out of the wider 8,888 collection. You can find a full list of all Meka traits and their corresponding floor prices here.

Despite the ‘fair launch’ raffle process, many people in the NFT community feel that the drop was heavily botted, with some users managing to acquire a large amount of Mekas. The largest holder currently owns 59 Mekas valued at more than 100 ETH.

 
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DJ Esports - Where Esports Meets the Blockchain

DJ Esports is a leading esports betting and crypto analysis platform. The platform supports all major e-sports games, including League of Legends, Dota 2, CS:GO, NBA 2K, and many others, and has over 3,000 active Discord members in their community. 

The DJ Esports website is much more than a betting platform, offering constant industry news, crypto analytics and insights, as well as up-to-date odds, generated through one of the most robust AI-driven analytics matrices on the market. The DJ Esports odd matrix is a product of comprehensive data, collected over the last ten years - a revolutionary tool for any esports fan. 

The data analytics matrices allow accurate and timely updated odds on over 30,000 betting options available on the site. Their state of the art AI is constantly learning, providing excellent data background for the most-streamed games, as well as the best streamers for a particular game. 

A distinctive feature of DJ Esports is the DeFi staking platform, in which the company invested 10 million USDT, turning the platform into one of the best rate providers. Custom wallets where users' funds are stored make the process quick and convenient. The program enrollment is automatic, while user verification is nearly instant. 

While games are fun, betting on the outcome of a given game, especially online, is always a hassle for users due to security concerns. That’s why DJ Esports has chosen blockchain technology as a primary tool for security enhancement, along with cutting-edge tools for ensuring user data and funds are stored securely.

First and foremost, the custom wallet code is publicly auditable, which gives users the ability to enter a secure and transparent platform, where every action can be traced. The wallet operates with some of the leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Litecoin (LTC), and many more, enabling users to be flexible about their holdings and join esports betting right away, using their favorite crypto.

By including AI and blockchain technologies, DJ Esports aims to be the go-to place for betting. Since the odds are backed by AI, the access to cryptos makes the whole process fast, easy, transparent, and secure, giving users more options to start exploring the world of esports. 

 
Learn more here
 

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