OMG NEWS OF THE DAY
Genesis Secures $1.6B GBTC Sale Approval
A U.S. bankruptcy judge has greenlit Genesis, a troubled crypto trading desk, to sell $1.6 billion worth of Grayscale Bitcoin Trust (GBTC) shares. Despite objections from Digital Currency Group (DCG), Genesis is set to liquidate shares in GBTC, along with holdings in Grayscale Ethereum Trust (ETHE) and Grayscale Ethereum Classic Trust (ETCG). The decision marks a significant step in Genesis’ restructuring efforts, aimed at repaying creditors and navigating its bankruptcy proceedings.
Rising Institutional Interest in Bitcoin ETFs, VanEck Reports
Institutional interest in Bitcoin continues to surge, with major financial institutions, including banks and brokerages, showing a growing appetite for Bitcoin ETFs. VanEck’s Head of Digital Assets Research, Mathew Sigel, notes a rapid acceleration in demand, signaling a potential shift in Wall Street’s stance towards cryptocurrencies. The successful launch of Bitcoin spot ETFs has garnered massive trading volumes, attracting billions in assets under management. Despite fierce competition among ETF issuers, the overall sentiment remains optimistic, with institutions poised to embrace Bitcoin as a legitimate asset class.
ETF issuers are unlikely to shut down an ETF whose price has doubled. So we have to wait and see if custody and other costs decline before thinking of another price cut.
Mathew Sigel
OpenAI’s Sora Impresses Despite Limitations
OpenAI’s groundbreaking text-to-video model, Sora, has captivated social media users with its astonishing realism. Launched with much fanfare, Sora promises to generate detailed videos from simple text prompts, showcasing a leap forward in AI-driven content creation.
However, the model is not without its limitations, as OpenAI acknowledges areas for improvement, particularly in simulating complex scenes accurately. Despite these challenges, Sora’s debut has sparked widespread excitement, with users on various platforms praising its capabilities and potential applications in creative fields.
TWEETS OF THE DAY
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