Large Hedge Fund Eyeing the Bitcoin Futures Market
Renaissance Technologies, founded by the legendary Jim Simons, has been eyeing the Bitcoin futures market, according to a regulatory form filed last month.
The fund, which is best known for pioneering quantitative-based investing and was recently in the news for gaining 24% during this tumultuous market, said in a recent filing that its Medallion Funds are now “permitted to enter into Bitcoin futures transactions.”
Speaking of Bitcoin futures, CME has recently seen Bitcoin futures rise 70% as institutions return to the market.
Binance Launching New Ethereum-Compatible Blockchain
Just weeks after acquiring CoinMarketCap, Binance is now launching a new Ethereum Virtual Machine (EVM)-compatible blockchain dubbed Binance Smart Chain (BSC).
This means the exchange is now directly competing with smart-contract protocols (Ethereum, EOS, Tezos, etc.)… and is eyeing to ramp up the rapidly evolving dApp and DeFi sectors.
BSC’s native token will be BNB, allowing holders of the token to participate in staking and earn rewards. Binance further said that the BSC will support all of the existing Ethereum tooling along with faster and cheaper transactions.
Unrelated, but this week the exchange also announced they’ve reached new highs with it’s $52M quarterly burn.
Still too early to call CZ the Jeff Bezos of crypto…?
Grayscale’s Q1 2020 Digital Asset Investment Report
Grayscale, one of the largest crypto asset managers has released their Q1 2020 report in which they stated they raised over $500 million, nearly double their previous high. Here’s everything else you need to know…
88% of inflows this quarter came from institutional investors, the overwhelming majority of which were hedge funds. (good to see that the traditional finance space still sees BTC and ETH as viable investments admist today’s economic chaos )
For the first time, inflows into Grayscale products over a 12-month period crossed the $1 billion threshold ($1.07 billion)
Historically, large investments into Grayscale have preceded market rallies
Grayscale now holds 1.7% of Bitcoin supply
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