Intel Report 21/9

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Analyst Note
For the time being, our intelligence will be delivered through a report-based newsletter, combining LLM systems with human analysis to deliver value-packed web3 reports. Free users can enjoy a lite version, while paid subscribers get full access to daily and seasonal reports. Thank you for your support! - Adam, Lead Researcher.

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Summary
GM, Institutional interest continues to grow, as evidenced by Binance reporting a 40% increase in institutional and corporate investment in 2024. Additionally, BlackRock has identified Bitcoin as a potential safe haven asset during times of uncertainty, while the SEC approved options for BlackRock's spot Bitcoin ETF, potentially encouraging greater institutional participation. These developments highlight the increasing mainstream acceptance and maturation of the cryptocurrency market.

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News Headlines
🚀 Blockdaemon mulls 2026 IPO: Report

• Blockdaemon, a Web3 infrastructure provider, is considering an initial public offering (IPO) in 2026.

• The company prefers to list in Hong Kong due to concerns over the US regulatory environment but anticipates improvements in the US climate post-elections.

• Blockdaemon aims to double its workforce in Asia by 2025, emphasizing the region as a growth driver.

🔄 Coinbase's cbBTC surges to third-largest wrapped BTC token in just one week

• Coinbase's cbBTC has quickly become the third-largest wrapped Bitcoin token in circulation, amassing nearly 2,000 tokens within a week of launch.

• cbBTC's supply is primarily based on Ethereum, with 64% utilized on platforms such as Uniswap, while 26% remains within Coinbase itself.

• The increase in cbBTC also benefits Coinbase's fee revenue, which rose 148% year-over-year to $53 million in Q2 2024.

🌐 Tether's transparency and business structure raises $118B FTX-like concerns

• Investor concerns regarding Tether, the issuer of the USDT stablecoin, are escalating due to its lack of third-party audits.

• Tether's influence in the crypto market, where it controls a significant portion of the stablecoin space, has been called into question.

• Key issues include a lack of formal audits of Tether's reserves and limited visibility into its governance structure, which consists of only two board members.

🚀 Bitcoin to hit $200K by end of 2025 regardless of election — bank exec

• Standard Chartered's global head of digital assets research predicts Bitcoin will reach $200,000 by the end of 2025, regardless of the U.S. Presidential election outcome.

• Key factors include the anticipated removal of Staff Accounting Bulletin-121, an increase in inflation, and positive inflows into Bitcoin ETFs.

• The executive estimates that if Trump wins, Bitcoin could reach about $125,000 by the end of 2024.

🔒 BingX confirms 'minor' losses amid panic over hot wallet movements

• BingX, a Singapore-based crypto exchange, has confirmed a hack resulting in minor asset losses, initially estimated at $13.5 million.

• Further analysis suggests the exchange may have lost up to $20 million across various blockchains.

• BingX has temporarily halted withdrawals and initiated an emergency inspection, with the full extent of the financial impact still being calculated.

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Market Metrics

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Fundraising & VC
1. Octra (Pre Seed, $4M) - FHE blockchain network
2. Blend (Seed Undisclosed) - Bitcoin layer 2 lending protocol
3. Chaos Labs (Undisclosed round) - Automated on-chain economic security system