⌐◪-◪ → Former Citibank executives are launching a startup called Receipts Depository Corp (RDC) that will offer Bitcoin Depository Receipts (BDRs), which are exempt from registration under the Securities Act of 1933.

These BDRs are reminiscent of paper bank notes used as receipts for gold deposits or other assets and will be offered to institutional investors and cleared through the Depository Trust Company (DTC).

The product lets investors get exposure to Bitcoin without having to deal with the blockchain. It's ultimately an alternative solution to the same problem: how do we provide "regular" investors access to Bitcoin?

This product will be in direct competition with the pending spot Bitcoin ETFs. It will be interesting to see which hits the market first and which investors prefer.

⌐◪-◪ → Despite Matrixport's bearish headline yesterday, it appears that progress is being made on the approval of spot BTC ETFs.

Grayscale's Chief Legal Officer casually mentioned that they are in the process of "completing some paperwork," as news breaks on their Securities Registration Form 8-A.

Meanwhile, the SEC is holding meetings with leading stock exchanges like NYSE, NASDAQ, and CBOE to finalize their comments on the pending spot BTC ETF applications.

Fox News journalist Eleanor Terrett believes that we could see an approval by Friday with trading beginning next week.

⌐◪-◪ → Many wonder why Satoshi vanished without a trace, and this recent ENS pump is a prime example.

Yesterday, Vitalik made a simple post on X, saying that "ENS is super-important," and the token subsequently surged by 55% on the news.

While I'm not here to criticize Vitalik for the post or for not remaining anonymous, I am here to point out the obvious centralization that exists - Vitalik has the power to influence entire markets with mere words.

The surge didn't stop with the ENS token either; apparently, 4-digit ENS domains also increased by 30%.

Never forget, the fate of your bags are in this man’s hands.