With dozens of deals reported in recent weeks, NYDIG has good reason to join the dots on behalf of its burgeoning client base. Lest an increasingly blasé industry breezes past the inflection point, the Stone Ridge subsidiary noted that—judging from growth in its own business— for the first time, U.S. customers may soon have broad Bitcoin access through existing bank accounts.
JPMorgan gets company on the road
JPMorgan’s Bitcoin journey remains among the most intriguing. Having dropped hints since March on possible avenues its crypto offer might take, it has yet to clarify. Still, JPM’s thinking aloud has this week prompted Citigroup to air its own perspective. Its approach will be slower than GS’s, Morgan Stanley’s and certainly BNY Mellon, which announced the launch of a Multi-Asset Digital Platform in February.
The year belongs to ETH
Amid a string of Bitcoin breakthroughs, ironically, the last few months belong to Ether in price performance and volume terms. CryptoCompare’s monthly Exchange Review pointed to a 300% increase in CME ETH volumes in April vs. CME BTC’s 10.3% drop. Elsewhere, Chainalysis’s chief economist noted in this week’s (subscription only) Market Intel report that one ETH was worth more than 0.05 of a Bitcoin for the first time since April 2018.
The Returns: CME CF Ether-Dollar Reference Rate
ETH’s BTC outperformance in the year to May 8th, 2021 is remarkable given the slow 2020 start. As late as September 7, ETHUSD_RR was a mere $336.74, up 58.82%. Truly exponential growth began late in October. From $389.40 on November 1st, the rate broke $1,000 by January 4th, doing 3.5x more by Friday.
Benchmark integrity defined in 4 minutes, 35 seconds
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