Welcome back to the weekly digest. This is a curated look at the stories that shaped the past week, and the trends to keep an eye on next.
The market slept with one eye open this week, with most top coins closing in the red. Sentiment slipped back into fear. After briefly reclaiming $70K last week, Bitcoin [BTC] has pulled back to the $67K level, setting a more bearish tone for the days ahead.
Institutional adoption was the focus this week.
BNP Paribas expanded crypto access for retail clients in France by launching six Bitcoin and Ether-linked ETNs, offering regulated exposure through standard securities accounts. Meanwhile, Morgan Stanley filed for a spot Bitcoin ETF with a 0.14% fee, making it the cheapest proposed product in the U.S. market and potentially causing a fee war among issuers.
On the stablecoin front, Tether’s reportedly brought in KPMG for its first full audit of its financials.
Bittensor [TAO] rose 18% over the past week, pushed by elevated social volume after mentions from NVIDIA’s Jensen Huang and VC Chamath Palihapitiya. The move was further supported by TAO climbing above its 7-day and 30-day moving averages!
On the network side, subnet staking crossed $620 million and active subnets expanded to 128. Adding to the positive sentiment, Grayscale opened its Bittensor Trust (GTAO) for eligible accredited investors through private placement. The token is expected to remain on its upward path.
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