Anthony B. on LinkedIn: Dubai 2024 | Real-World Asset Summit (2024)

Exciting to see this launch by Obligate issuing more tokenized debt onchain for Mikro Kapital, again out of Swiss/Luxembourg region where they have clear DLT laws. Clear laws allow tokenization to live and breathe freely. For qualified investors only. Behind the major headlines, we continue to see emergent behavior and onchain market structure form around tokenized products. There are many green shoots globally around treasuries, credit and lending onchain, powered by Base and other networks. This is software for primary market activity, and it's changing the way markets flow. The old way was mostly B2B.... Crypto is inherently global and open source, so market participants show up in all jurisdictions, and what's emerging is something that looks more like a B2C model. We expect to continue seeing a democratization of the issuance process from new entrants and are excited that they are building on Base.

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Excited to announce Coinbase was selected as a key infrastructure provider for the BlackRock tokenized money fund, now live on #Ethereum mainnet, offered by Securitize. This is a pivotal turning point for #tokenization and shows the robust platform at Coinbase to continue its mission of being a bridge to Web3 and bringing users onchain.While this isn't the first money fund onchain, we expect this launch to rapidly speed up the pace of tokenization demand as it clearly moves the benchmark for asset management further into public network territory. There is a race happening for Asset Managers to redefine their enterprise onchain, and on public networks, unlocking massive potential for new products, capital raising, and fees. Ultimately, we're going to see incredible new distribution avenues open and novel products created onchain. We're reshaping capital markets in real time. Join us.

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Crypto hedge funds are slowly making their way into institutional hedge fund allocations. Just like the discussion of $btc in a traditional 60/40 portfolio adds to higher risk adjusted returns, so too can a crypto hedge fund to a hedge fund book. “Crypto strategies, usually seen as a leveraged Nasdaq position, delivered strangely uncorrelated returns. Perhaps driven by the ETF launches that created their dynamic in terms of flow-driven price increases. This is not the norm that we have seen before. We have seen the beta of Crypto to Equities go from around 2.0 to essentially uncorrelated.”The key differentiator here is manager selection, given significant dispersion in manager performance.

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Ethereum continues to scale throughput and cost reductions. We are now entering a period where transactions on L2 chains like Base are well below 1 penny. This is a big deal. For the decentralized engineering ecosystem this was a huge technical lift, executed seamlessly. For the users, this is like Tesla upgrading all its cars to have ludicrous speed, natively through its operating system. We all benefit from lower cost, more throughput, and global access. This is the promise of open decentralized blockchains.

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🆕 Bitcoin Halvings – Supply, Demand and Statistics (Monthly Outlook)The fourth Bitcoin Halving is now a little over a month away. As with all prior halvings, it will reduce bitcoin issuance rewards for miners by half – this time from 6.25 BTC to 3.125 BTC per block. There's a lot of debate as to whether the halving actually moves the price or not.**We believe that bitcoin’s market dynamics have fundamentally changed with the advent of US spot BTC ETFs. As a result, bitcoin’s response to the upcoming halving may not necessarily mirror its performance in prior cycles:▶ETFs now represent around $4-5B in average daily BTC spot volumes (or 15-20% of the total across centralized exchanges globally), making liquidity sufficiently large for institutions to trade in this space.▶US spot bitcoin ETFs have attracted $9.6B of net inflows in their first two months with total assets under management amounting to $55B.▶If we look at all spot bitcoin ETFs globally (not just US funds), these regulated investment vehicles currently hold around 1.1M bitcoin or 5.8% of total circulating supply.Meanwhile, restrictions in new bitcoin supply are just one factor to consider, albeit an important one:▶Bitcoin available to trade has been in decline (from 5.3M BTC to 4.6M BTC) since early 2020, a major shift from previous cycles.▶But recent data suggests that there has been a substantive 1.3M increase in active BTC (that has moved within the past 3 months) since early 4Q23, compared to only ~150k new BTC mined during that time.▶Miners selling reserves for liquidity is only one part of that story (in fact, the net balance in miner wallets has only decreased by 20,471 BTC between October 1, 2023 and March 11, 2024).That means the lion’s share of newly active BTC supply is coming from elsewhere. Still, Glassnode data indicates that exchanges’ bitcoin balances have dropped this year by a net 80k BTC, even as the bitcoin transfer volumes into exchanges have doubled.In our view, the market is better positioned than in the past to absorb upcoming sources of supply, but we think it’s still prudent not to oversimplify the complex interplay between these market dynamics. That said, we believe the current price move is only the beginning of a longer bull run and that it will take further price appreciation in order to drive supply vs demand dynamics into balance.See full report:https://lnkd.in/dhqVY_zG

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