GSR

Today, we are thrilled to announce the appointment of Rich Rosenblum and Xin Song as Co-CEOs of GSR. This marks a critical next step in GSR’s evolution as we intensify our global client focus. Jakob Palmstierna will be transitioning into the role of President, where he will lead our client franchise, working closely alongside Rich and Xin. We are very excited about this next chapter in GSR’s journey. https://lnkd.in/ei8ySxTf

We are excited to announce the completion of the first options trade on the CoinDesk 20 Index, helping participants gain diversified exposure to #digitalassets while managing risk and transaction costs. "While the #BTC and #ETH options markets are now sufficiently evolved, investors have so far lacked a way to take a view on or hedge risk against the broader crypto market performance," Ruchir Gupta, CFA Gupta, head of options and treasury at GSR, told CoinDesk. "Derivatives on crypto indices like CD20 give investors the opportunity to manage their exposure to the broader market in an efficient format. As a market maker, GSR is pleased to be able to expand its suite of offerings to include options on the CD20 index." Gupta added. Press release: https://lnkd.in/gszPkjyG Reach out to trade OTC with the GSR team. 📩 https://lnkd.in/ePBmrGBF https://lnkd.in/eDnjqr4n

Rich Rosenblum, Co-CEO of GSR, talked to The Block about the broad sell-off in the crypto market following Mt. Gox's moves to pay out its creditors. The amount set to be paid out is “proving to be a burden on Q3. It’s almost as much as will be mined in the first year post-halving,” he said. "Yet once digested, there is still plenty of time to reach new all-time highs before year-end.” https://lnkd.in/e79gfq-B #btc #crypto

“There is no escaping the fundamental laws of supply and demand,” Spencer Hallarn, global head of OTC trading at GSR, told Bloomberg this week. “Between the widely anticipated Bitcoin distributions set to begin from the Mt. Gox bankruptcy estate and the slew of sizeable token unlocks scheduled for the coming weeks and months, the wave of new supply staring the crypto market in the face has served as a substantial weight on prices.” https://lnkd.in/eBttNGrM #crypto #btc

The GSR team is excited to be attending EthCC! If you are going to Brussels, we would love to connect. Senior leadership from GSR will be attending and delighted to chat about liquidity, OTC Trading, investments and market trends! GSR will be hosting multiple events throughout the week, reach out to the team to learn more. #ETHCC

Don't miss Alain Kunz this week at Solana Hacker House in London! Solana Foundation https://lnkd.in/eAtThKjs

Solana has cemented itself as part of crypto’s Big Three. And with the others having or on the cusp of a spot ETF, not only is it likely just a matter of time before Solana gets one too, but also the impact on #SOL just might be the largest yet. In our latest report, we explore the possibility of a #Solana ETF. Read it here: https://lnkd.in/eTv3g6Yn This report was also covered in CoinDesk today: https://lnkd.in/eVBgr3P7 Brian Rudick, Rich Rosenblum

GSR is delighted to be partnering with IVS in Kyoto, Japan, this July! We are looking forward to interacting with the local community, and hosting multiple events across the week. https://lnkd.in/dqbHaD9c #IVSCrypto2024

Don't miss Quynh Ho this week on the panel "Crypto's House of Cards: Differentiating Hype from Substance" at Proof of Talk in Paris. Quynh will be alongside Irene Wu of Bain Capital Crypto, Matt Law of Outlier Ventures, and Etiënne V. of TRGC. More information here: https://lnkd.in/d3mdS4H8 #proofoftalk

Crypto Commentary May 2024 Bitcoin entered May around $60,600 and increased 11% during the month to finish at ~$67,500. Crypto’s apex digital asset traded relatively sideways until it started to climb higher on several mid-month catalysts that included a better-than-feared US CPI, improving inflows into the spot Bitcoin ETFs, and an impressive breadth of 13F spot Bitcoin ETF holders. The real action, however, came on May 20th when reports surfaced that the SEC may approve the spot Ethereum ETFs, with Bitcoin benefitting not only from ETH’s move but also the improving US view towards digital assets. Ethereum materially outperformed Bitcoin, increasing 25% during May after entering the month around $3,000 and finishing at ~$3,750. While Ethereum was impacted by the same macroeconomic variables as Bitcoin, the vast majority of Ethereum’s performance came on May 20th due to the aforementioned movement on the spot ETFs. The remainder of the report examines the changing US stance towards crypto, the recent approval of the spot Ethereum ETF 19b-4 filings, and several notable memecoin storylines. https://lnkd.in/eNhkqECB