It’s MONDAY, and just as certain as death and taxes, Cipher is back with another Digest.

In Todays Digest:

• Last Week in Web3 🚨

• Get Ready for the BTC ETF Adventure! 🇺🇸

• Crypto Market Analysis 📈

• TradFi Market Outlook 🧐

• What to Watch This Weekend 👀👀

🚨Last Week In Crypto 🚨

• SEC says the recent wave of Bitcoin ETF filings are inadequate and lack clarity. (new filings have already been submitted)

• Bitcoin miners send record $128 million in revenue to exchanges.

• FTX “reboot” is on the way as CEO holds talks with interested parties.

• Kraken ordered by US court to disclose user data to IRS for tax compliance.

• Microstrategy has purchased 12,333 more bitcoin for about $347 million

• FTX's current management has recovered $7 billion in liquid assets

• Hong Kong sets up a government task force to advance Web3 development.

• ChatGPT’s OpenAI hit with class-action lawsuit over alleged data theft.

• ECB Conference: President says ECB must stick with high rates, FED Chair Jerome Powell doesn’t rule out “back-to-back” rate hikes, BoJ will not alter its monetary policy.

Get Ready for the Bitcoin ETF Adventure! 🇺🇸

Hold on to your hats, folks, because the Bitcoin ETF train is about to leave the station! The buzz in the financial world is all about when, not if, the SEC will approve a Spot BTC ETF. It's an exciting race among top asset managers, each eager to be the first to offer this thrilling investment opportunity to the masses.

Spot BTC Filings Get a Makeover

The Wall Street Journal recently spilt the beans on the SEC's assessment of the latest Spot BTC filings. It turns out they found them a bit lacking, especially in terms of something called Surveillance-Sharing Agreements (SSAs). But fear not, because the big players wasted no time in sprucing up their filings. Blackrock took swift action and revised their proposal, giving a shout-out to Coinbase as the perfect Spot exchange counterpart.

And guess what?

Other applicants quickly followed suit! We see this as a fantastic development, as the SEC is becoming more open to working with reputable firms from the traditional sector.

Tick-Tock, the Countdown Begins

In the past, ETF filings have often faced extensions, delaying their final decision dates.

But this time, it's different.

The clock has started ticking, my friends, and the first approval deadline is set for August 13th. ARK's 21 Shares ETF is up first in the queue. With all the ETF filings looking pretty similar, it's likely that the SEC will apply the same ruling to each one. Hey, they don't want to show any favouritism now, do they?

Conclusion

The Bitcoin ETF adventure is about to take off, and it's going to be one heck of a ride! The SEC's feedback on the Spot BTC filings is a promising sign, showing their willingness to engage with reputable firms from the traditional sector. So, buckle up and get ready for the thrill of a lifetime as we await the SEC's decision. Will the 21 Shares ETF be the first to pass the finish line? Stay tuned to find out!

Crypto Market Analysis 📊

In just one week, a staggering $125 million was poured into investment products related to digital assets. And that's not all—when combined with the previous week, the total inflow over the past two weeks reaches a whopping $334 million! That's nearly 1% of the total assets under management (AuM). It's clear that investors can't get enough, with BTC stealing the show and attracting a cool $123 million in inflows.

In fact, Bitcoin accounted for a jaw-dropping 98% of all the money flowing into the digital asset sector. Talk about a superstar!

UK Crypto RegulationThe Crown Takes Charge:

Crypto regulation in the UK just hit a major milestone. A bill granting regulatory authorities the power to oversee crypto and stablecoins has received royal assent from none other than King Charles himself!

Long live the king and the new law! (as long as it benefits my wallet)

This royal approval is the final step in making the bill official legislation. The journey began in July 2022, and after intense parliamentary debates and some amendments, the law now gives regulators enhanced authority over the financial system, including digital currencies.

But that's not all—brace yourself—this legislation broadens the scope to regulate all crypto activities and keep an eye on their promotion. It's a game-changer, my friends! And wait, there's more—the regulatory perimeter now extends to include stablecoins under the rules of the payment.

It's time to rein in the Wild West of crypto!

The crypto investment wave is reaching new heights as the money keeps flowing into digital assets at an astonishing rate. With BTC leading the charge, it's clear that investors can't resist the allure of the world's most famous crypto. And in the UK is taking charge by passing a groundbreaking law that empowers regulators to keep a close eye on cryptocurrencies and stablecoins.

The Wild West days of crypto are coming to an end, as regulation steps in to ensure a safer and more reliable financial landscape. So, hold onto your virtual hats, because the crypto revolution is just getting started!

ETH Update 📊

ETH finally broke out of its trading range and reached its highest level since May 6th after briefly trading at $1976. The pair is now trading in a low-volume area which can open the door for sharp moves on the upside towards $2050.

TradFi Update 🧐

The SP500 futures kicked off the week with a relatively boring performance as market participants pivoted their focus to the start of the 2nd half of 2023, following an actually solid first-half performance that marked an impressive rally in Wall Street.

Shares of Tesla surged by 6% in premarket trading, held up by the company's delivery and production figures that destroyed the market consensus.

Equity markets reflected an extraordinary start to 2023.

The Nasdaq capped off its best first half gain since 1983, registering a 31.7% uptick, while the SP500 surged 15.9%, marking its strongest first-half advance since 2019. Conversely, the Dow Jones Industrial Average saw a small increase of 3.8% during the same period.

You should remember that today the market will be shutting early today (1 pm US) and also closed all day tomorrow, as the Americans celebrate the 4th of July.

This will translate into boring markets across the next couple of days, both in crypto and regular markets.

Tweet of the Day🐦

What to Watch This Week!

• OPEC meetings and FOMC Meeting Minutes, on Wednesday.

• US unemployment claims and JOLTS job openings, on Thursday.

• BoE’s Governor Bailey speaks at France’s Economic Meetings, on Friday.

• NFP, on Friday