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Crypto analysts insist that Tether is financially stronger than ever, highly profitable, and operating with a fractional-reserve model.
Hyperliquid continues to impress traders with its ability to process more than $330 billion in monthly volume with a tight development team.
Qiao Wang of Alliance DAO doubts the long-term value of L1 tokens, citing lack of a strong moat. He views L1 tokens as “low-quality bets” but doesn’t believe they are bad investments overall. Wang suggests the app layer offers more secure investment opportunities with stronger value capture.
Quick Take European asset manager CoinShares has pulled SEC registration filings for its planned XRP, Solana (with staking), and Litecoin ETFs. The asset manager will also wind down its leveraged bitcoin futures ETF. The withdrawal comes as the firm prepares for a US public listing via a $1.2 billion SPAC merger with Vine Hill Capital. CEO Jean-Marie Mognetti cited the dominance of traditional finance giants in the US crypto ETF market in a statement explaining the shift in strategy.
Ethereum’s price closed November down 21%, but derivatives market positioning and renewed whale demand hint at a positive start to December.
Quick Take This is an excerpt from the 40th edition of The Funding sent to our subscribers on Nov. 30. The Funding is a fortnightly newsletter written by Yogita Khatri, The Block’s longest-serving editorial member. To subscribe to the free newsletter, click here.
Quick Take An attacker has apparently attacked Yearn’s yETH, an index token consisting of several popular liquid staking tokens, profiting millions of dollars. About $3 million worth of ETH was sent through mixing service Tornado Cash as a result of the attack, blockchain data show. The attacker was seemingly able to mint infinite yETH through an exploit. This is a developing story.
