Intel Report 22/9

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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.

Also, congrats L. Norris for the F1 win 🏁. Bullish.

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Summary
GM, Standard Chartered's global head of digital assets research predicts Bitcoin could reach $200,000 by the end of 2025, citing factors such as regulatory changes and ETF inflows. Meanwhile, Coinbase announced plans to launch its wrapped Bitcoin asset (cbBTC) on the Solana network, further expanding cross-chain capabilities. These developments, along with Bitcoin's strong performance over the past year, highlight the growing institutional interest and integration of cryptocurrencies into traditional financial systems.

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News Headlines

📊 Bitcoin Outperformed Nearly Every Asset Class in Past Year: VanEck

• According to VanEck, Bitcoin has outperformed nearly all asset classes over the past year, with spot BTC prices increasing by approximately 124% since September 2023.

• Bitcoin's market capitalization stands at around $1.25 trillion, representing 56% of the total cryptocurrency market, an increase of 15% from the previous year.

🔄 Solana Firedancer Client Now Live on Testnet

• Solana's Firedancer client, developed by Jump Trading, is now live on the testnet, enhancing decentralization and potentially improving performance.

• Firedancer is anticipated to significantly outperform the current Agave client, with developers targeting up to 1 million transactions per second in testing, compared to Agave's 3,000 TPS.

💼 TrueX Launches Non-Custodial, Stablecoin-Native Exchange

• TrueX, a new non-custodial and stablecoin-native crypto exchange, has emerged to address security concerns in the post-FTX era.

• The exchange separates trading from custody and integrates stablecoins for settlements, using Paxos as its custodial partner to enhance trust and security.

🏦 Wells Fargo Invests in Bitcoin-Related ETFs

• Wells Fargo has reported investments in Bitcoin-related ETFs, including holdings in the Grayscale Bitcoin Trust (GBTC) and the ProShares Bitcoin Strategy ETF (BITO), totaling $143,111.

• This move signals the bank's growing interest in the cryptocurrency market and raises questions about potential future offerings for its wealth management clients.

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Market Metrics

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Fundraising & VC
1. Aptos (Strategic Undisclosed) - L1 blockchain network
2. BlackFrog (Accelerator, $50K) - RWA platform for critical commodities.