Grayscale

Normally, you see a huge inflow day right after you see a massive green candle on the Bitcoin chart.

What else is curious here? Fidelity's FBTC and Grayscale's GBTC saw outflows.

of 83.6 million and 54.9 million respectively.

So BlackRock did 665 million, but collectively it was only 526.6 million and price didn't budge at all.

However, there's also the part of me that's always looking for like the counter-programming response when you hear somebody start chirping about the dangerous volatility of Bitcoin.

Well, you can point them to this study that Bitcoin is less volatile than a fair number of stocks in the S&P 500.

Okay, so we're seeing investors take a harder look at risk, which leads us to an interesting comparison from Grayscale, which challenges one of the biggest assumptions about Bitcoin.

According to this research from Grayscale, 57% of companies in the S&P 500 are now more volatile than Bitcoin.

And today we are joined by Managing Director and Head of Product Portfolios at Ondo Finance, John Hoffman.

Before Ondo, he ran the ETF business in the Americas at Invesco and led distribution at Grayscale.

John is an expert on all things Wall Street and crypto.

He's going to share a lot of wisdom with us in this episode, and he's going to tell us all what's going on at Ondo.

I've been following Ando for a long time.

John, I thought a great place to start the conversation would be with you just introducing yourself a little bit to the audience and telling us about your story.

As I said, you spent almost 20 years at Invesco in ETFs and you were at Grayscale as well.

And now you have jumped over from TradFi to digital assets.

Um, so we have our C-suite, much of our, um, advisor base is made up from people that came from larger firms that had hobbies in crypto, uh, or they worked on regulated products that have been released in this space up to this point.

So our CIO came from Grayscale.

Grayscale was an earlier adopter.

Um, you know, they have the Grayscale Trusts and the other ETFs that they've launched.

We have others from Franklin Templeton who have leaned in hard with Benji Token and some of the other things that they've done.

Um, some of the advisors have come from, you know, Fidelity and, and other places that, uh, you know, they wanted to offer their clients crypto, and they have the expertise because they've been doing it for, you know, three, five, 10 years themselves, uh, but they weren't allowed to.

And then yeah, pre, pre-ETF.

I mean, we were, I was, I was writing about this stuff when we were, we were just dealing with, uh, these closed-end trust products from the likes of Grayscale and others.

Like, that was my original forte professionally into this space, and go back even further personally, I was paying attention before that.

But, uh, professionally it was those Grayscale trust products trading at massive premiums, massive discounts.

Uh, now things are a lot more simple, uh, elegant, easy to understand, at least for most, I hope

hopeJames, you look back wistfully at those days when you were regulation change.

Like I said, we were never winner take all.

We always said it's gonna be winner take most, which has pretty much happened.

Listen,

listen, listen Listen Listen, listen, listen You say I'm never intentional, yeah I get offended, our systems go, yeah I aim my rockets for a soft launch Public displays of affection Hopin' we get caught a lot Drivin' movies, poppin' fuckin' in the parking lot H09, I like this APM around the blind Great scale, great scale, great area Guys flightin' on the flames of a Sagittarius, I'm brave Drive me crazy, have my baby, not a maybe You're my only sugar lady, the things we say to get laid Bad area, nice girl A nigga like a situation ship But you don't take that shit You ain't no basic bitch I really gotta get my pesos quick A car today on race And a vacation trip Bobby and Whitney Putting your mind in a frenzy Every time we meet Gray scale, gray scale, gray area, gas lighting on the flames of a Sagittarius, I'm brave Drive me crazy, I'm a baby, not a baby, you're my only sugar lady, got things we say to get laid Gray area, gray scale, gray scale Gray area, gray scale, gray scale Oh, oh, oh, oh, oh Now the room is spinning Not like I've been dizzy before Okay, I'll admit it Circles on my thing I could die a meter before I could ever finish Back at the beginning I need help, I'm in it You can't help me win it Not like I've been helpless before Don't you know I'm catered Circles on my thing You could call me pop for every area I'm feeling I guess I'm stuck in Guess I'm stuck in love Only way out is through Guess I'm stuck in love Only way out is through Guess I'm stuck in love Not 180, it's 360 I'm stuck in a circle Not 180, it's 360 I'm stuck in a circle Not 180, it's 360 Guess, guess, guess I'm stuck in love What up?

You're protected You will find your way Promise that But maybe it's not today Say that God ain't listening Think the universe is resisting Can't worry about what you don't know All you're gonna say Don't carry that weight You're hurting cause it's been real hard To meet someone who matches For peace of mind to just let you find But does not mean anything That no one's like me

Stay on the move.

Given that Zcash is a privacy coin, and Washington bureaucrats absolutely despise you having any sort of financial privacy, getting the SEC to actually approve this thing will be a minor miracle.

But with Grayscale and Bitwise also in the mix, the crypto ETF wars are officially raging on.

Over in France, up to 450,000 students are doing what the French do best, rioting over state funding.

They are currently protesting teacher shortages and overcrowded classrooms by trashing 24 schools, injuring 78 staff members and racking up 500 detentions while choking on police tear gas.

That's, that's not the right word.

Uh, Grayscale's trust is really the only product that I see out there on the market for XLM, which is not an ETF, it's a fund.

Um- And, and my thesis is that we're gonna see a rotation of liquidity into certain digital assets that already have the ETF stood up for them.

So they could pump a bunch of money into that Grayscale Trust if they did wanna pump XLM, 'cause they would have to buy more of it.

Um, but I don't know that that's gonna be the case.

I think that the ETF wrappers are gonna be the main way that they rotate liquidity, uh, into these assets because the spot ETFs have to buy them off the open market, whether through OTC desks, dark pools, or on the exchanges.