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Weekly Market Update

031524

Federal Reserve Cuts Rates, but Bitcoin Pulls Back Below $100K After Powell's Comments on BTC Reserve

The season of giving is almost upon us. To celebrate, Gemini now allows users in the United States to give bitcoin to friends and family with the platform’s Gemini Gifting feature, [joining those with Gemini accounts in Singapore.](https://www.gemini.com/blog/gift-bitcoin-this-lunar-new-year-with-geminis-gifting-crypto-feature)

With Gemini Gifting, sending crypto is simple: 

- Choose the amount of bitcoin you want to gift from your Gemini account
- Enter the recipient’s name and email, alongside an optional gift message
- The recipient will receive an email notifying them of the gift and redemption instructions

If the recipient has yet to open a Gemini account, the email will walk them through how to sign up, and your gift will be held safely until an account is open. If users opt out, the crypto you sent will be returned to your wallet. 

[Send crypto or sign up to do it today!](https://exchange.gemini.com/giftingcrypto/send)

Onward and Upward! 
Team Gemini

Gemini Gifting is Now Available for US Customers

Bitcoin Breaks $100K Again, Amazon Eyes Crypto Reserve, and Ripple Receives Approval for Stablecoin 

Bitcoin Pushes Past $100K, Ripple Surpasses Tether by Market Cap, and Trump Names Pro-Crypto SEC Chair

MicroStrategy Continues Buying Spree, Cantor Fitzgerald Eyes $2B Bitcoin Lending Program, and BTC Price Hits $100K Wall  

Gemini is thrilled to announce the addition of Pyth Network (PYTH) and Floki (FLOKI) to the platform. 

PYTH and FLOKI are now available to deposit, withdraw, and trade on Gemini’s mobile app and website.

[Learn more about all the tokens we support here](https://www.gemini.com/prices). 

### What is Pyth Network?

The Pyth Network is an oracle service providing real-time, high-fidelity market data to digital asset markets and other markets, and can be used for smart contracts across multiple blockchains. It aggregates data from more than 90 first-party publishers, including major market participants and market makers, and can connect for use in DeFi applications. Its data covers a wide range of assets including cryptocurrencies, equities, and commodities.

### What is FLOKI?

Floki is a community-driven token inspired by Elon Musk’s Shiba Inu, Floki. Launched as a memecoin by fans of the Shiba Inu (SHIB) community, Floki quickly gained popularity for its strong community spirit and creative vision.

Onward and Upward! 
Team Gemini

*FLOKI is a community-driven memecoin on the Ethereum ecosystem. As a meme token, its value may be derived only from continued market demand and trading activity, which may result in the potential for permanent and total loss of value if demand or trading ceases. The token may also be subject to extreme price volatility, in particular if large, concentrated holdings of FLOKI are liquidated in a short period of time. By trading FLOKI, you acknowledge that you have read this disclosure and understand the risks associated with trading FLOKI.

PYTH and FLOKI Are Now Available on Gemini

Bitcoin Hits All-Time High After BTC ETF Options Debut, Memecoins Make Moves, and MicroStrategy Continues To Surge

Gemini is thrilled to announce the addition of BOOK OF MEME (BOME), Goatcoin (GOAT), Peanut the Squirrel (PNUT), and cat in a dogs world (MEW) to the platform.

Each memecoin is now available to deposit, withdraw, and trade on Gemini’s mobile app and website in the US, UK, EU, and SG. Perps trading will be available for each soon in certain jurisdictions outside of the US.

[Learn more about all the tokens we support here](https://www.gemini.com/prices). 

__About Book Of Meme:__ BOME is a memecoin on the Solana network created by Darkfarms, the popular digital artist responsible for the Pepe memes. Launched in March 2024, the token has quickly surged in popularity while it sought to become a digital storage space for memecoins. It is closely associated with the Bored Ape Yacht Club. 

__About Goatseus Maximus:__ GOAT is a recently launched memecoin endorsed by an AI-powered bot known as Truth Terminal. It is not to be confused with Goatcoin, which serves as the governance token of Gotcha, a decentralized NFT trading platform. 

__About Peanut the Squirrel:__ PNUT is a memecoin on Solana created to honor a viral squirrel controversially euthanized by New York state authorities. The PNUT token has subsequently surged in value, gaining in popularity following a tweet from X owner Elon Musk. 

__About cat in a dog’s world (MEW):__ Mew is a memecoin on the Solana network that was created to challenge the recent proliferation of dog-themed tokens. The memecoin has earned notoriety for its unique structure to maintain price stability–90% of tokens were contributed to the liquidity pool, with liquidity pool tokens being subsequently burnt.

Onward and Upward! 
Team Gemini

*These tokens have no defined utility; their value may be derived only from the continued willingness of market participants to demand and trade the token, which may result in the potential for permanent and total loss of value should participants choose to no longer demand or trade. The tokens may also be subject to extreme price volatility, in particular if large, concentrated holdings are liquidated in a short period of time. By trading, you acknowledge that you have read this risk disclosure and understand the risks associated with trading.

You Can Now Trade BOME, GOAT, PNUT, and MEW on Gemini

The Moo Deng memecoin is now available to buy, sell, and store on Gemini in the US, UK, and Singapore.

[Learn more about all the tokens we support here](https://www.gemini.com/prices). 

## What is Moo Deng?

Moo Deng (MOODENG) is a Solana-based token launched in October 2024.

Moo Deng is an adorable baby pygmy hippopotamus living in Khao Kheow Open Zoo in Si Racha, Chonburi, Thailand. She was born in September and quickly became an internet sensation for her feisty and playful spirit and has been engaging audiences around the world ever since. 

Moo Deng was launched on the Solana ecosystem, which offers fast transaction speeds and low fees, making it an attractive option for investors and traders interested in memecoins.

Gemini’s decision to support the custody and listing of Moo Deng is in line with the company’s plan to provide safe storage of bitcoin and other virtual currencies. Retail traders will benefit from having access to more regulated options to safely store and trade Moo Deng.

Onward and Upward! 
Team Gemini

*Moo Deng is a new meme token. It has no defined utility; its value may be derived only from the continued willingness of market participants to demand and trade the token, which may result in the potential for permanent and total loss of value should participants choose to no longer demand or trade Moo Deng. The token may also be subject to extreme price volatility, in particular if large, concentrated holdings of Moo Deng are liquidated in a short period of time. By trading Moo Deng, you acknowledge that you have read this risk disclosure and understand the risks associated with trading Moo Deng.

Moo Deng Is Now Available To Trade on Gemini

Bitcoin Rockets Higher, ETH ETFs Log Record Inflows, and Dogecoin Continues to Pump on Musk’s Appointment  

Previously unreleased data collated as part of [Gemini’s 2024 Global State of Crypto Repor](https://www.gemini.com/state-of-crypto-2024)t shows that UK crypto holders remained undeterred by market pressures, with 93% of current crypto owners at least somewhat likely to buy crypto within the next year. However, UK respondents continued to voice their concern about the UK’s need for a clear regulatory framework for digital assets, with 49% stating that clearer government regulation would foster trust.

The subsequent release of this data coincides with the launch of Gemini’s global out-of-home advertising campaign centred around the tagline, “Go Where Pounds Won’t,” which features a series of futuristic billboards from Dune artist Matt Griffin that showcase what a digital economy fueled by crypto could look like. 

### UK Crypto Market Shows Signs of Rebound 

With the crypto winter of 2022 in the rearview mirror, digital asset investors in the UK have remained resilient. The percentage of UK consumers who own crypto held steady at 18% in 2024, the same percentage as two years ago. Additionally, crypto sell-offs have been comparatively low in the UK this year, as just 15% of previous owners who sold their crypto did so in the past six months – a lower percentage than in the US, France, and Turkey.

UK crypto owners showed commitment to the asset class, with 59% of them comfortable allocating at least 5% of their investment portfolios to crypto – 2% higher than the global average. This signals growing confidence in digital currencies as part of a diversified portfolio.

To further illustrate the confidence in digital assets, a number of past crypto owners in the UK appear ready to re-enter the market. Among those surveyed, 78% of former holders said they were at least somewhat likely to purchase crypto again within the next year, slightly higher than the global average.

### Regulatory Concerns Still Front of Mind 

The European Union (EU) has recently introduced the Market in Crypto Assets Regulation (MiCAR), a harmonized framework across member states for the treatment of crypto assets. While this brings needed clarity to digital asset regulation in the EU, the United Kingdom is behind the curve in terms of passing their own comprehensive regulation.

Despite UK users showing their commitment to the asset class in recent years, additional data released from the 2024 Global State of Crypto report shows that 38% of UK consumers who don’t currently hold crypto cited regulatory uncertainty as a barrier to buying crypto, up slightly from 34% in 2022. Similarly, 21% of past UK owners said there should be more government regulation of the space. This highlights the need for the UK to implement a clear regulatory framework and provide greater clarity to consumers and industry players alike. 

Gemini has welcomed the passing of the[ UK’s Financial Promotions regime and updated AML/CTF guidelines](https://www.gemini.com/blog/gemini-implements-additional-measures-to-protect-uk-users-fca-regulations) by the FCA over the past year, aligning strongly with our belief in the importance of regulation to support growth within the crypto asset sector.

### UK Retail Investor Sees Long-Term Value in Crypto 

Other key findings from the 2024 Global State of Crypto report included:

![BlogInline SOCUK Stats (1)](//images.ctfassets.net/jg6lo9a2ukvr/hjkiwRaCQg6O93oooUENE/d11b41311e06a07c4e44067b9adc33d6/BlogInline_SOCUK_Stats__1_.png)

Gillian Lynch, CEO of UK & Europe at Gemini, said: “It’s great to see positive signs of adoption and growth in the UK market, one of the European countries that we’ve strategically selected to target growth and investment over the next year. With the recent bull market, the findings highlight opportunities for industry players such as Gemini to win back past crypto owners, onboard new ones and target women.”

The 2024 Global State of Crypto report was compiled based on data from a survey conducted by Data Driven Consulting Group from May-June 2024. The respondents were from the US, UK, France, Singapore, and Turkey.

### Gemini’s Out-of-Home Campaign in London

Gemini’s new [out-of-home brand campaign](https://www.gemini.com/blog/gemini-coms-go-where-dollars-wont-campaign-gives-glimpse-into-how-crypto) launched in London last week, the first of a series of activations planned for major European and US cities. The creative direction,“Go Where Pounds Won’t,” symbolizes our vision for how crypto will be used over the next 100 years and more, emphasizing exploration, growth, and the limitless potential of crypto, with our eyes set on a significant European expansion over the next 12 months. 

Designed by renowned multimedia artist Matt Griffin, known for his work on Dune and Star Wars, the images portray a future humanity with crypto at its core, inviting Gemini customers to become pioneers in this new frontier of financial innovation. To celebrate the occasion, Gemini has launched [MarsSafariCo.com](https://www.gemini.com/marssafarico), showcasing designs from the campaign through a fictitious travel agency in the future.

Onward and Upward! 
Team Gemini

UK Crypto Investors Remain Resilient, Eager for Regulatory Certainty

Crypto Prices Rally After US Election Results, Federal Reserve Cuts Rates 

Gemini’s global out-of-home campaign launched this week in New York, Los Angeles, Miami, Dallas, and London with 2,794 ad placements, the first of a series of activations planned for major cities globally. The goal is to give consumers a glimpse of a future with crypto at its core.

Created in partnership with brand agency Tombras and out-of-home specialist Quan Media Group, the campaign features scenes of the future drawn by Matt Griffin, a renowned multimedia artist best known for his work on Dune, Dune 2 and Star Wars. 

The campaign showcases how crypto can be used over the next 100 years and beyond – all while inviting Gemini customers to become pioneers in this new frontier of financial innovation.

The creative theme, “Go Where Dollars Won’t,” emphasizes exploration, growth, and crypto’s limitless potential, whether it’s going on that Martian Safari to fulfill a life-long dream of capturing an unforgettable photo of a Wooly Mammoth brought back to life via de-extinction, or using bitcoin to pay for your lift pass to go strata-skiing on a breathtaking ice asteroid. 

The campaign will debut across a number of pivotal locations in each market, including The Dolphin Expressway in Miami, the American Airlines arena in Dallas, and the entrance to Madison Square Garden in New York City. In Los Angeles, the artwork will be displayed on the City National Bank building on Sunset, and in London it will appear in Heathrow Airport and the London Waterloo Rail station. 

The future is being built today. Crypto is how we will be able to unlock the next era of personal, financial, and creative freedom. Traditional fiat currency is simply not dynamic or technologically advanced enough to propel humanity forward. Only crypto has the capacity to power our lives among the stars. Gemini is here to serve the crypto community, now and for the next 100 years. 

Onward and Upward, 
Team Gemini

Gemini's 'Go Where Dollars Won’t' Campaign Gives Glimpse Into How Crypto Will Power Our Lives Among The Stars

Gemini is pleased to announce that we are expanding the number of tokens offered on our exchange:

- Popcat (POPCAT) is now available for deposits and withdrawals. Spot trading began Monday, November 4. Perpetuals trading for eligible customers began Tuesday, November 5.*
- Bonk (BONK) is now available for deposits and withdrawals. Spot trading began Monday, November 4. Perpetuals trading for eligible customers began Tuesday, November 5.*
- Spot trading for Optimism (OP) began on Monday, November 4. Perpetuals trading began Tuesday, November 5.*

[__If you don’t have a Gemini account, you can create one here__](https://exchange.gemini.com/register).

[Learn more about all the tokens we support here](https://www.gemini.com/prices). 

## What is Popcat?

Popcat is a community-oriented token inspired by an October 2020 meme featuring a white-and-gray smiling cat named Oatmeal. In the meme, Oatmeal showcases an adorable “O-shaped” mouth expression and in another he appears to be smiling with his mouth closed. Both expressions quickly went viral. And over the ensuing weeks and months, Oatmeal gained momentum and popularity and became a widely recognized internet meme.

__Relevant Popcat Data:__ As of Friday, Popcat had a market cap of some $1.6 billion. Over the past year, Popcast has risen 9,818%, pushing to $1.161 per coin. The total supply in circulation was 979.97 million. 

## What is Bonk?

Bonk is the first dog-themed coin on the Solana blockchain. Launched in December 2022, Bonk aims to reinvigorate liquidity on Solana-based decentralized exchanges (DEXs) and foster a fully community-driven ecosystem. By airdropping 50% of its total supply to the Solana community, Bonk offers users the opportunity to become integral parts of the growing Solana network.

__Relevant Bonk Data:__ As of Friday, Bonk had a market cap of $1.5 billion. Over the past year, the coin has risen 2,418% but pulled back slightly over the past 30 days, dropping 12%. There are more than 74 trillion BONK coins in circulation.

## What is Optimism?

Optimism is a layer-2 scaling solution for Ethereum that aims to improve transaction speeds, increase scaling and reduce costs all while leveraging the security of the Ethereum network. It does so by using the Optimistic Virtual Machine (OVM) which facilitates the Ethereum Virtual Machine (EVM) integration allowing developers to write scalable smart contracts on Ethereum. 

OP is the native utility token of the Optimism network, which can be used to participate in the network's governance. The token facilitates the maintenance of a robust network ecosystem and supports the upgradeability of the platform through a decentralized governance framework.

__Relevant Optimism Data:__ As of Friday, Optimism had a market cap of $2 billion. The coin has jumped 16% over the past year, settling at $1.70 per coin. There are roughly 4.3 billion coins in circulation. 

Onward and Upward! 
Team Gemini

*Gemini Derivatives, a Gemini Foundation product, is currently available to customers in Argentina, Bahamas, Bermuda, Bhutan, Brazil, British Virgin Islands (BVI), Cayman Islands, Chile, Costa Rica, Dominican Republic, Ecuador, Egypt, El Salvador, Guernsey, Hong Kong, Israel, Jersey, Mexico, New Zealand, Panama, Peru, Saint Lucia, Saint Vincent & Grenadines, Singapore, South Africa, South Korea, Switzerland, Taiwan, Thailand, Turkey, Uruguay, Vietnam

New Listings: Popcat, Bonk, and Optimism Are Now Available on Gemini

Bitcoin Approaches All-Time High, Florida Eyes Bitcoin Reserve, and NBA Top Shot Sales Surge

At Gemini, our goal is to empower our customers to comply with all relevant tax laws in the US and abroad. To that end, there are a number of new US tax reporting rules that will go into effect January 1, 2025 that may affect customers’ tax reporting obligations. 

In June 2024, the US Treasury Department issued final regulations for digital asset broker reporting. These new rules require US crypto exchanges including Gemini to report sales or trades of digital assets to both customers and the IRS on Forms 1099-DA, beginning with transactions occurring on or after January 1, 2025.

In anticipation of these regulations, Gemini began generating gain/loss statements in 2023, enabling customers to choose their preferred accounting method and submit cost basis information for assets transferred on to the Gemini exchange. Below we outline the changes that Gemini customers can expect ahead of this coming tax year. However, please be advised that Gemini is unable to provide tax advice to customers. For questions pertaining to your unique situation please consult with a tax professional. 

### New Reporting Measures

Gemini customers, along with all US customers of US digital asset exchanges, will receive Forms 1099-DA to report proceeds from digital asset sales beginning with tax year 2025. The first Forms 1099-DA will be issued in February 2026. 

- Gemini may request certain information from customers leading up to this reporting timeline, such as the accounting method preferred for dispositions of digital assets (e.g., highest-in first-out or HIFO). In the absence of a customer selection, Gemini will be required to use the default first-in first-out (or FIFO) method. 

- Form 1099-MISC reporting for income over $600 from staking and refer-a-friend bonuses will continue as usual. 

- Starting in 2026, Form 1099-DA will include both the cost basis (initial purchase value) and the sale proceeds for “covered assets.” A covered asset is an asset that was bought on the exchange or after January 1, 2026.

- For these covered assets, Form 1099-DA will show any tax gain or loss, making it easier for customers to report these gains or losses on their US tax returns.

- Remember, Form 1099-DA is sent to both customers and the IRS, so customers should expect to reconcile this form with their tax return. 

- It is important for customers to complete their preferred accounting method to assist in a reconciliation of assets that remain in the account for sale on January 1, 2026. 

### Tax Documentation Update

Gemini will need to collect valid tax certifications from all customers. If tax information is needed for any account, customers will receive a request to log in and certify their tax status. During this period, all new accounts must complete an electronic Form W-9 or W-8 as part of their onboarding process, and existing accounts will also be required to complete these forms.

- 2025: Accounts with a US address and no valid US Tax Identification Number must submit either a Form W-9 to certify their US TIN, or a Form W-8 to confirm non-US status. Gemini is required to verify name/TIN combinations using the IRS TIN Matching system to determine validity.
- 2026: All new accounts opened in 2026 must complete a valid Form W-9 or W-8. All accounts opened prior to 2026, even those who have had their US TIN successfully verified, must complete a valid Form W-9 or W-8 prior to 12/31/2026.

### Backup Withholding 

Gemini will be required to subject sales proceeds to 24% backup withholding tax for any 
account that has not provided a valid tax certification as required. Gemini may disallow asset sales for accounts that have not provided the required tax documentation. If backup withholding is applied, the tax will be reported to the customer and to the IRS on a Form 1099-DA to facilitate a reclaim of the amount withheld by the customer with the filing of the customer’s US tax return. 

### How To Prepare 

We recommend that customers take the following steps to prepare: 

- Visit the Gemini Tax Center and select an accounting method for asset sales on the exchange, as well as input required information for any transferred assets to facilitate disposition of assets as per the method selection. In the absence of an accounting method selection, FIFO (First-In-First-Out) will be the default method applied. 
- Monitor your Gemini account for requests for tax certifications so that your certification can be completed when required. 
- Revisit historical digital asset tax calculations so you can be prepared to review 2025 Forms 1099-DA when received and reconcile appropriately. 

### Moving Forward

As with all new reporting requirements, we expect that there will be growing pains in reconciling, but we are happy to work with our customers to make the transition as painless as possible. 

If you have any questions regarding requests or forms received, please do not hesitate to contact @GeminiSupport. However, please note that we are not permitted to provide tax advice to customers. When in doubt, please consult your tax advisor.

Onward and Upward, 
Team Gemini

*Disclaimer: The information above is provided for general informational purposes and should not be considered tax advice. Please consult a tax advisor to determine your personal tax obligations that result from your activities on Gemini, including dispositions, earnings, and rewards.*

Prepare Now for New Tax Reporting Rules for Digital Assets in 2025

We are excited to announce that Gemini has received In-Principle Approval (IPA)
from the Monetary Authority of Singapore (MAS) for its Major Payment Institution
(MPI) license application under the Payment Services Act 2019 to provide
cross-border money transfer and digital payment token services.

The issuance of the IPA is a significant milestone that underscores our commitment
to operating with the highest regulatory standards and reinforces our dedication to
the Singapore market.

## Why Singapore Matters

Singapore has long been the heart of our operations in APAC. Since establishing our
regional headquarters in Singapore, we’ve focused on expanding our footprint,
ensuring that we bring a localized, secure, and compliant trading experience to users
across the region.

At Gemini, we believe that the regulatory frameworks set by MAS strike a balance
between fostering innovation and ensuring consumer protection. As part of our
ongoing commitment to this market, we are continuing to work towards achieving the MPI license.

## Strengthening our Singapore Team

As part of our ongoing expansion in APAC, we have made significant leadership
hires in recent months, including [Saad Ahmed, Head of APAC](https://www.gemini.com/blog/saad-ahmed-to-lead-gemini-asia-pacific-apac "Saad Ahmed to Lead Gemini Asia Pacific (APAC)"), who has been instrumental in driving our regional strategy and regulatory engagements.

Additionally, we continue to grow our team in Singapore, with a focus on hiring top
talent to support our continued growth and ensure compliance with local regulations.

*If you’re interested in joining our growing Singapore team, you can explore opportunities [here](https://www.gemini.com/careers "Gemini Careers").*

As we look to the future, Gemini remains dedicated to delivering the best possible
experience for our users while contributing to the growth and development of the
digital asset ecosystem in Singapore and across APAC.

Stay tuned for more updates on our continued progress in Singapore as we work 
towards obtaining the MPI license.

Onward and Upward, 
Team Gemini

Gemini Receives In-Principle Approval from MAS for Major Payment Institution License

Gemini is thrilled to announce we have welcomed Claudio Bedino as our new head of consumer growth for Europe; a key appointment in our expansion into the continent. With more than two decades of experience in the financial and technology sectors, Claudio brings a wealth of knowledge and a proven track record of success. Most recently, he served as the general manager for Italy and southeast Europe at N26, where he was responsible for driving growth and overseeing strategic relationships in key markets.

Before his tenure at N26, Claudio co-founded Oval Money, a fintech company based in the UK and Italy, serving as executive director and chief marketing officer. With more than 400,000 customers, Oval Money provides innovative solutions in payments, savings, and investments. In 2012, he founded Starteed, a pioneering crowdfunding startup that assisted the development of many Italian and European platforms, while also supporting the Italian government in creating their equity crowdfunding regulatory framework.

“I’m thrilled to join the Gemini team and leverage my background in fintech innovation and regulatory frameworks to propel Gemini's expansion across Europe,” said Claudio. “The recent passing of the MiCA framework has the potential to revolutionize the European crypto space, presenting Gemini with an opportunity to be at the forefront of the industry as we enhance user engagement and broaden our services in strategic European markets.”

Based in Italy, Claudio will be instrumental in advancing the presence of Gemini in that country and wider Europe.

Onward and Upward, 
Team Gemini

Welcoming Claudio Bedino to Gemini’s European Team

US Spot Bitcoin ETFs Reverse Inflow Streak, Tether Hits New Heights, and Bitcoin Price Approaches $70K

Understanding the concept of “crowded trades” – where net positioning becomes skewed in one direction and the market consensus is focused on one particular outcome – is a time-tested skill in risk analysis and trade idea generation. But that skill can be especially difficult in crypto markets, which do not have the same indicators as traditional financial markets.

But Gemini's latest crypto analyst report released with research firm Praxis Veritas, ["Analyzing Crowded Traded To Glean Insights About the Crypto Market,"](https://www.gemini.com/institutions/insights) shows how studying options and futures market indicators, spot bitcoin and ether ETF flows, and social media sentiment can reveal insights about the market. 

Here are a few takeaways from the report: 

- __Long BTC positions remain well-entrenched, focused on the key USD 100,000 level into year-end:__ In options markets, bitcoin calls continue to command an implied volatility premium over puts, especially as we focus on the year-end period and beyond. According to data from Derebit, significant open interest has been built up around the $100,000 strike. Most of the near-term put activity is focused on the upcoming US presidential election.

- __The market has built up a significant long Solana bias, with sentiment around its ecosystem outpacing its competitor Ethereum:__ Open interest on Solana futures now generally rank third after bitcoin and ether, while funding rates on perpetual contracts have skewed toward positive values over time. This is consistent with a market that has generally favored long positions over shorts.

- __Ethereum flows and positioning are neutral in the context of 2024’s overall crypto performance:__ Ethereum’s underperformance has been one of 2024’s most striking trends. While on a rolling 30-day basis, bitcoin saw persistent net outflows from exchanges for the majority of the year, ether had numerous periods of net inflows into exchange. Spot ether ETFs have experienced net outflows of around $550 million since inception, a significant divergence from the spot bitcoin ETF launch.

Onward and Upward, 
Team Gemini 

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

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View the full report for a comprehensive analysis of factors driving long-term crypto growth.

Institutional Insights - Crypto Cycle

Analyzing Crowded Trades To Glean Insights About the Crypto Market

Crypto Records ‘Uptober’ Bump, Mt. Gox Delays Bitcoin Repayment, and Spot BTC ETF Inflows Rally

New HBO Documentary Hints at Identity of Bitcoin Inventor, Crypto Pulls Back Amid Elevated US Inflation Numbers

As we enter the final three months of 2024, the cryptocurrency world is emerging from the crypto winter. Following a decade-long initiative by the industry, crypto ETFs launched in the US. Institutional players have poured billions into digital assets. And the crypto retail market appears poised to rebound. 

Gemini’s ninth anniversary was this past Saturday, so it’s the perfect moment to look back over the previous year to celebrate some company milestones as crypto cements itself as part of the global financial ecosystem. 

Put simply, there is ample reason for optimism as we look ahead to 2025 and beyond. Our progress in 2024 will set the stage for Gemini’s continued growth as a global crypto platform as we advance our mission to unlock the next era of financial, creative, and personal freedom.

Below is an overview of the most impactful moments:

### Continuing to Serve as a Trusted Custodian for Institutions

Since Cameron and Tyler Winklevoss founded Gemini a decade ago, Gemini has served retail investors looking for a trusted, secure way to buy, sell, and hold digital assets.

Over the past few months, the company has vastly expanded services custodying cryptocurrencies for major institutional investors as well. 

- In June, Gemini became the custodian for a spot bitcoin ETF listed by Australia’s Monochrome Asset Management. It is the only spot ETF in Australia that holds bitcoin directly. 
- That same month, Gemini became the custodian for a staking ether ETP launched by Purpose Investments. With $230 million in AUM, the ETF was the largest staking ether ETP in North America at the time of launch. 
- In July, Gemini became the custodian for VanEck’s highly anticipated spot ether ETP, building on a relationship that began after custodying their spot bitcoin ETF just months prior.

### Struck Five-Year Deal With Real Bedford 

In April, Tyler and Cameron Winklevoss made English football history [when they invested $4.5 million in Real Bedford Football Club through Winklevoss Capital.](https://www.gemini.com/blog/cameron-and-tyler-winklevoss-invest-usd4-5m-of-bitcoin-into-real-bedford) It was the largest investment ever made in an English football club outside of the professional leagues. 

The investment was paid upfront in bitcoin, enabling Real Bedford owner Peter McCormack to establish a bitcoin treasury to secure the club’s long-term goals, build a new training center, launch a football academy to nurture local talent, and more. 

In July, Gemini struck a five-year sponsorship agreement with Real Bedford, giving the club long-term financial resources to continue climbing the English football ladder.

### Uncovered the Resilience of Crypto Investors 

In September, [Gemini released the 2024 Global State of Crypto report,](https://www.gemini.com/blog/introducing-the-2024-global-state-of-crypto-report) which showed the crypto selling has largely slowed over the past six months and many past crypto owners appear poised to re-enter the market. Some of the findings included:

- The majority (57%) of crypto owners say they are comfortable making crypto a core part of their investment portfolio. More than one in four (26%) past owners said the same, signaling many may soon be re-entering the crypto market.
- In the US, nearly two in five (37%) cryptocurrency owners surveyed said they hold some crypto through an ETF. More than one in ten (13%) own crypto exclusively through an ETF.
- More than 70% of past owners say they are likely to buy cryptocurrency in the next year.

### Launched New Features for ActiveTrader and Derivatives

Gemini had a busy year rolling out new product updates for ActiveTrader and the derivatives platform.

In June, we launched ActiveTrader 2.0, a high-performance trading tool built to give you full control of your crypto trading experience.

The new ActiveTrader interface offers enhanced usability and more customization. And you can now work smarter and more efficiently with Gemini’s new Dual Markets tool, adjustable layouts, improved analysis features, and more.

We also continued to innovate for customers in jurisdictions who can use our derivatives platform, including making USDT and ethereum available as cross collateral for derivatives trading, [and implementing seamless SGD to GUSD transfers.](https://www.gemini.com/blog/introducing-seamless-sgd-to-gusd-transfers-on-geminis-derivatives-platform) These new features will help our customers take their derivatives trading to the next level. 

### Onward and Upward!

Over the past year, we have made significant gains with retail and institutional investors, elevating our brand presence globally, bolstering our product offerings, and building out our editorial arm. And we’re just getting started. 

So hop on board and join us as we unlock the next era of financial, creative, and personal freedom. 

Onward and Upward! 
Team Gemini

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.
*

Celebrating Gemini’s 9th Anniversary

Global Crypto Funds See 10-Week High, but Bitcoin Falls Amid Conflict in Middle East

BlackRock’s Spot Bitcoin ETF Receives Green Light for Options Trading, Crypto Moves Higher, and Congress Grills SEC Head Over SAB 121

[“Stablecoin Onchain Activity Remains Resilient Despite Headwinds,”](https://www.gemini.com/institutions/insights)Gemini’s latest analyst produced with research firm Praxis Veritas, takes a closer look at how stablecoins have continued their recent success while the broader carpet market has wavered.

Since the beginning of 2024, aggregate crypto market capitalization has traded sideways in a period of consolidation, with bitcoin down some 15% from all-time highs. But the market capitalization of stablecoins had gradually retraced to less than $2 trillion by the start of September after surging to more than $2.7 trillion in the first quarter. 

The resilience of the stablecoin market is due to a few factors: 

- __Despite a six-month period of volatile price action in major crypto assets, stablecoin activity continues growing:__ According to CoinMetrics, aggregate stablecoin supply surpassed $161 billion by the end of August, approaching the previous high of 2022. 
- __Falling yields in the US in recent months and trading-related use cases have contributed to robust stablecoin data:__ Stablecoins become more appealing when yields are low. With two-year yields close to 3.5%, the macro backdrop for stablecoin adoption is as positive as we have seen it in the past two years. 
- __New use cases for stablecoins are emerging for L1 and L2 scaling solutions and value transfers in unstable currency regimes:__ New scaling technologies and integration into payments and transaction channels are leading to record penetration of stablecoin use in real-world financial interactions. 

[Read the report here
](https://www.gemini.com/institutions/insights)

Onward and Upward, 
Team Gemini

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

Analyst Note: Stablecoin Onchain Activity Remains Resilient Despite Headwinds

Crypto Markets Rally Following Federal Reserve’s Big Rate Cut

Traders can now buy and sell dogwifhat on the Gemini exchange. 

[__If you don’t have a Gemini account, you can create one here__](https://exchange.gemini.com/register).

[Learn more about all the tokens we support here](https://www.gemini.com/prices). 

## What is Dogwifhat? 

Dogwifhat (WIF) is a Solana-based token launched in November 2023. It quickly garnered attention within the crypto community due to its playful, dog-themed logo, which aligns with a popular trend initiated by tokens like Dogecoin and Shiba Inu Coin. 

Since launching, dogwifhat supporters have cemented the memecoin’s place within the crypto community. In March, supporters organized a crowdfunding campaign that raised $700,000 in an effort to get the dogwifhat icon to appear on the Las Vegas Sphere. 

Dogwifhat's appeal lies in its combination of community-driven hype and its integration within the broader Solana ecosystem, which offers fast transaction speeds and low fees, making it an attractive option for investors and traders interested in memecoins.

Gemini’s decision to support the custody and listing of WIF is in line with the company’s plan to provide safe storage of bitcoin and other virtual currencies. Ultimately, retail traders will benefit from having access to more regulated options to safely store and trade WIF.

Onward and Upward! 
Team Gemini

*Dogwifhat is a new meme token. It has no defined utility; its value may be derived only from the continued willingness of market participants to demand and trade the token, which may result in the potential for permanent and total loss of value should participants choose to no longer demand or trade dogwifhat. The token may also be subject to extreme price volatility, in particular if large, concentrated holdings of dogwifhat are liquidated in a short period of time. By trading dogwifhat, you acknowledge that you have read this risk disclosure and understand the risks associated with trading dogwifhat.

Dogwifhat Is Now Available on Gemini 

Soft Inflation Data Paves Way for Rate Cut, Spot BTC ETFs Pull Back 

Gemini is pleased to announce the release of the [2024 Global State of Crypto report,](https://www.gemini.com/state-of-crypto-2024) offering a comprehensive look at attitudes and behavior toward digital assets from different investors across the globe. 

After two years of ups and downs, the crypto market has rallied hard in 2024, with plenty of HODLers proving dedicated to digital assets. Now, past investors appear poised to return to the market as spot bitcoin and spot ether ETFs draw billions in institutional inflows. 

From 2022 to 2024, crypto adoption remained steady across the United States (21%) and United Kingdom (18%). The percentage of crypto owners in France rose from 16% to 18%, while Singapore ownership dropped slightly, from 30% to 26%.

“Crypto investors have proven their resilience over numerous market cycles throughout the years, and the latest downturn was no exception,” said Marshall Beard, COO at Gemini. “The introduction of spot crypto ETFs in the United States and the significant headway toward thoughtful regulation in many jurisdictions globally has positioned the industry for strong growth as retail investors rejoin the crypto market or get started for the first time.”

Here are a few key findings from the report:

- __Lack of regulatory clarity is a barrier to entry:__ In the US and UK, nearly two in five (38%) non-owners cited regulatory concerns as a barrier to investing in crypto. In France, nearly one in three (32%) said the same, and in Singapore nearly half (49%) of respondents said crypto regulations were a concern. 
- __The majority of crypto owners want to allocate 5% or more to digital assets:__ The majority (57%) of crypto owners say they are comfortable making crypto a core part of their investment portfolio. More than one in four (26%) past owners said the same, signaling many may soon be re-entering the crypto market.
- __The gender gap in crypto ownership persists, but women are just as likely to HODL:__ The split between male and female ownership was slightly more pronounced in 2024 compared to 2022, with 69% of crypto owners identifying as male and 31% identifying as female, compared to 58% and 42% in 2022, respectively. However, women who have already entered the crypto market are just as likely as their male counterparts to buy and hold for the long term.
- __Spot crypto exchange traded funds (ETFs) bring growth:__ In the US, nearly two in five (37%) cryptocurrency owners surveyed said they hold some crypto through an ETF. More than one in ten (13%) own crypto exclusively through an ETF, suggesting they entered the market through ETFs when they were introduced this year.
- __Crypto has become a US election issue for the first time:__ The vast majority of crypto owners in the US (73%) plan to consider a candidate's digital asset policies when they vote for the next president.

The countries surveyed in the 2024 State of Crypto study were selected because they are nations where Gemini either currently operates or is exploring operations in the future. In addition to the US, UK, France, and Singapore, Gemini also surveyed Turkey for the first time this year.

Onward and Upward! 
Team Gemini

Introducing the 2024 Global State of Crypto Report

Crypto Continues to Waver Amid Broad Selloff, While Centralized Exchanges See Uptick In Trading Volumes

In Gemini’s latest analyst note, [“The Fed & Crypto: Lessons From Previous Easing Cycles,”](https://www.gemini.com/institutions/insights) we look at the relationship between the Federal Reserve’s interest rate policy and cryptocurrency prices.

The report, produced in conjunction with research firm Praxis Veritas, had a few key takeaways: 

- __Markets respond positively to mid-cycle rate cuts:__ Historically, markets have reacted well to mid-cycle rate cuts, less so when they cut during a recession or external event that forces their hand. The expected rate cut in September is an example of the former, which bodes well for a spectrum of risk assets including crypto. 

- __Current economic data is not pointing to a recession:__ Despite the recent slowdown in hiring and other concerning economic indicators, the likelihood of a recession remains low when combining available information about the state of economic growth drivers. Financial conditions should remain accommodative or ease further if previous experience holds. 

- __There’s a long-term inverse relationship between financial conditions and crypto prices__: When there was significant easing in financial conditions in 2016-17 and 2020-21, the price of bitcoin appreciated significantly (as well as in 2019 and late 2023). On the other hand, episodes of significant tightening in the FCI occurred around the bear markets of 2018 and 2022. The upcoming easing in financial markets should be a greenshoot for crypto. 

- __Easing financial conditions could hurt bitcoin’s dominance:__ Over the past six or seven years, bitcoin has shown to be less dominant when federal monetary policy eases, while alt coins make up a larger share of the market. Historically, it has taken about nine months for the changing fiscal policy to impact the crypto market. 

Onward and Upward, 
Team Gemini

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

The Fed & Crypto: Lessons From Previous Easing Cycles

Harris Campaign Weighs In On Crypto, Bitcoin Volatility Remains High, and Wall Street Giants Load Up on Spot BTC ETFs 

In Gemini’s previous analyst note, “Where Are We in The Crypto Cycle?” we looked at how macro indicators could drive crypto prices up or down over the medium to long-term. Our latest analyst note, [“When Will the Pain Subside? Examining Tactical Signals After the Sell-Off”](https://www.gemini.com/institutions/insights) takes a closer look at how recent price price volatility, skewed distributions, and other macro-economic signals could impact cryptocurrency prices in the coming weeks and months. 

The report, produced in conjunction with research firm Praxis Veritas, had a few key takeaways: 

- __The recent price dislocation could be a positive:__ The price dislocation we observed earlier this month, when bitcoin briefly dipped below $50,000, could ultimately lead to positive price performance, particularly for ether. The reason: Bitcoin and ether have started to flow out of centralized exchange wallet addresses in recent days, consistent with a coming price recovery. 

- __Volatility trends provide clues on price action:__ For both bitcoin and ether, recent one-week realized volatility spiked to 90%-100% above the two-month trailing measure. Previous spikes in volatility of the magnitude were followed by more subdued price action over a one to three-month time horizon.

- __Returns are working in investors’ favors:__ Return distribution analysis of the last 30 days suggest that bitcoin is at its lowest in 2024, with ethereum even lower, but extreme values tend to suggest positive forward price action in the next one to three months. 

- __Macro-trends are still concerning for crypto:__ Since mid-June, we have seen a deterioration in global economic data trends which picked up pace throughout July. It remains too early to judge whether recent days’ stabilization in the data marks an end to this recent development. Continued data deterioration should increase the likelihood that crypto prices remain in a downtrend near-term.

Onward and Upward! 
Team Gemini

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

Analyst Note: When Will The Pain Subside? Examining Signals After the Crypto Sell-Off

US Inflation Slows, Election Odds Swing, and 3AC Moves to Sue TerraForm Labs for $1.3B 

Dave Krugman, a Brooklyn-based photographer, crypto artist, and founder of [ALLSHIPS](https://allships.co/), will release his latest collection, “DRIVE // LAP 2,” on Gemini’s Nifty Gateway platform on Wednesday. A collection of digital photos of vintage and unique cars, the latest drop from Krugman comes three years after [DRIVE earned acclaim across the NFT ecosystem for its creative and commercial success.](https://opensea.io/collection/drive-dave-krugman)

To prepare for the latest launch, Krugman sat down with Gemini to talk more about the origins of DRIVE, the power of building a community on the blockchain, and what his audience can expect when his latest NFT photography collection goes live later this week. 

The following interview has been edited for length and clarity.

__Nifty Gateway Studio:__ What was your inspiration behind DRIVE?

__Krugman:__ When I'm thinking about DRIVE, I wanted to make this as collectible as possible. And to me, that means making a really consistent pattern, and making it really fun and playful and matching. When you see a DRIVE car, you know, it's a DRIVE car. That gives people the same experience as collecting the perfect seashells on the seashore that matches a certain pattern, right? I decided to start with cars, because cars are inherently collectible. 

People collect everything- especially the iconography of Americana, and especially cars. So to me, it was a no- brainer. If I'm going to release a wider photo collection, I want to do a project of all matching cars, and it's very important that they're all shot from the same angle. They all are exactly the same size. They all have a certain sort of story embedded in that they're they're either vintage or they're weird, or they're in a cool setting, 

There's something about each picture that has a bit of uniqueness, but it matches the whole cohesive set in a way that's very, very satisfying to the collector. So the collector gets to project their individuality onto their individual piece, but they're a part of the greater whole. And they're part of the community because of the gamification and world building that I've been presenting.

That's basically why I decided to start shooting and collecting cars. The other thing I think is notable about this project is that it's completely shot on iPhone. And the reason that's important, is because I wanted to show how accessible this art form is, particularly NFTs and crypto art and blockchain. You don't have to go out and spend $5,000 on a camera to be an artist.

__Nifty Gateway Studio:__ Why was  part of your goal to make this collection more accessible than the average NFT drop? How did you go about doing that? 

__Krugman:__ I did that very intentionally to make it as accessible as possible. The idea that you can be a thriving artist on blockchain, that was very important to me, too. Just to leap backward in time a bit. That was September 2021, the project went really viral, the top sale for DRIVE was like 23 ether for one car, the lowest sell was like 0.25. But all throughout that spectrum we did about 120, 140 eth in primary sales. And since then it's done, I think, around 100 eth in secondary sales. A few years went by, and I did a few more projects, I did another project called Drip Drop, which is 1,000 pictures of puddles in Times Square. That also did very, very well. And I could get into the philosophy of that, but it's less relevant. And now, it's just time to release the second season of DRIVE, you know, this iconic, early NFT project from the beginnings of the photo space on blockchain. And this time, we're really pulling out all the stops.

__Nifty Gateway Studio:__ How are you going to get people bought in?

__Krugman:__ We’re in an attention economy here, right, so the best way to drive value to your digital objects is to create incredibly engaging stories to draw people's attention. And so this drop is actually an exercise in world building. We filmed a full commercial, we have a 1-833 number that you can call and listen to the description of the drop that’s really funny and quirky. We have billboards, we have posters, we have merch, we have pens, we have pins, we have a fall merch line already lined up. The idea is that we’re we're actually just creating a used car business, we have a Yelp page, we’re taking this as seriously as if I was selling real cars. And the whole joke and like a tongue-in-cheek bit that we're doing is, why would you buy a real car when you can buy a picture of a used car on the blockchain? It’s hilarious.

__Nifty Gateway Studio:__ How did putting this on the blockchain help you distinguish this project from a traditional art collection?

__Krugman:__ The whole thing is just this gigantic, playful joke. And I think that what blockchain allows artists to do, is it's a scaffolding for us to build worlds on top of. I can put these tokens online in a way that's immutable and semi-permanent. Then that artwork and data structure becomes a skeleton that I can flesh out in various ways. Yeah, that is actually the fun and the joy of building in this blockchain layer. Otherwise, they're just pictures- they're just JPEGs online. Right? So it's all the lore and the story building and the community engagement that makes it so exciting.

__Nifty Gateway Studio:__ Tell me about why you withhold some of the supply?

__Krugman:__ The innovation of DRIVE is the fact that I withheld 20% of the supply. I did this so that every couple of weeks, I do what's called a DRIVE race. And the holders of the project can win an additional car by racing me. But racing me really means entering a photo contest that I do publicly on my Twitter timeline. And they have to take a picture in their own world in the style of DRIVE. 

I pick my favorite one and it's a metaphorical drag race. If you win the ‘pink slip’ to my other car. And so because the floor price of Drive 1 is still at 1 ETH, that's incentive for somebody to go out with their iPhone, get creative in their own environment and create. So what this has actually done is created a community of people that are participating in the craft of photography. And they're like ‘I never knew that I would enjoy this so much. But you have incentivized me towards a creative lifestyle.’

__Nifty Gateway Studio:__ It feels like putting these auctions on Nifty Gateway and the blockchain by extension really helps you grow your community:

__Krugman:__ That's true. And, and the reason is because the social space is the same as the gallery space, right? So there's no physical walls or boundaries or barriers between me and my collectors, they have a direct line into my pocket, and I have a direct line into theirs. And that closeness, and that proximity of the art to the social space creates a dynamic that I've never experienced before. Not only does it make the markets move faster, it helps us build deeper and deeper relationships, some of my early collectors have become my best friends in the world. Some of them are supporting me in ways that nobody could even fathom. Because our incentives have been aligned for years by these tokens that they're holding. 

I have thousands of invested advocates, they have equity in my brand. And then they're completely aligned with the idea of me doing more and more and more and pouring more resources into my art and into my storytelling, as well as the worlds I want to build because the more I succeed, the more the price of their assets appreciates. We just never had an incentive alignment tool and technology that is this powerful for artists in online spaces.

*About Nifty Gateway Studio: Using the blockchain to enforce scarcity and prove authenticity, Nifty Gateway is the premier marketplace to buy, sell, and store your digital art and collectibles in the form of nifties, or non-fungible tokens (NFTs).*


Dave Krugman’s ‘DRIVE’ Series is a Glimpse Into World Building on the Blockchain 

Since launching nine years ago, Gemini has made it our mission to be a responsible custodian powering the expansion of the cryptocurrency ecosystem.

To that end, Gemini is pleased to announce that we were selected as the custodian for [Path Crypto’s Managed Portfolios](https://www.pathcrypto.com/), a robo-advisement investment platform that offers tailored digital investment strategies for retail and institutional investors. 

Path Crypto, a registered SEC investment advisor in the crypto industry, recently launched the Managed Portfolios program in the US and has plans to expand internationally later this year pending regulatory approvals. 

### Why Team Up with Path Crypto? It’s About Access

The cryptocurrency market has experienced explosive growth over the past decade-plus. But the landscape has become increasingly complex. Now, even seasoned investors often find it challenging to keep up with shifting market trends, technological advancements, and evolving state and federal regulations. 

Path Crypto’s Managed Portfolios service helps alleviate these pain points, making crypto less intimidating for novice investors by crafting investment strategies to fit the unique needs of each customer. 

"Managed Portfolios marks a significant milestone in our commitment to simplifying cryptocurrency investing,” Path CEO Joel Birch said. “We believe that everyone should have access to expert guidance and diversified portfolios in the crypto space. This launch represents our dedication to making cryptocurrency investment accessible to all."

Customers can access Managed Portfolios with a minimum investment of $100, making it easier than ever to gain exposure to digital currencies. 

“Gemini shares Path’s mission to broaden access to crypto investing,” said Paget Stanco, a business development principal at Gemini. “We look forward to supporting them with Gemini’s infrastructure solutions to provide secure access to crypto-native trading and custody.”

### Providing the Infrastructure To Support Crypto Investments 

As part of the partnership, Gemini’s infrastructure team will power the Managed Portfolios product’s back-end, allowing Path customers to access their crypto dashboard. Path Crypto takes it from there, using robo-advisor technology to offer investment strategies based on individual risk preferences.

After signing up for Managed Portfolios, Path customers answer a few questions about risk tolerance, and the program team does the rest, creating investment solutions aligned with customers' financial goals. Gemini custodies the cryptocurrency assets, allowing Path Crypto to actively manage crypto portfolios to address changing market dynamics. 

### Regulatory Compliance Made Easy 

Regulatory compliance has become increasingly important in the digital assets industry. After signing up for Managed Portfolios, Gemini will send all the necessary KYC/AML checks to ensure that customer accounts comply with all relevant state and federal regulations. 

Gemini Trust Company, LLC is a fiduciary and qualified custodian under the New York Banking Law and is licensed by the New York State Department of Financial Services (NYDFS). All customer funds held on Gemini are held at 1:1 and available for withdrawal anytime.

Path is an SEC-registered investment advisor, and, like Gemini, has a fiduciary responsibility to ensure assets are managed with the best interests of customers at heart.

Onward and Upward! 
Team Gemini

Gemini Becomes Custodian for Path Crypto's Managed Portfolios Platform

Since the Gemini Credit Card launched in April 2022, customers have earned millions in crypto rewards. Cardholders who kept their crypto rewards saw them more than double thanks to the recent crypto bull run.*

Let’s break down how Gemini Credit Card crypto rewards have performed:* 

- The average value of Gemini Credit Card crypto rewards awarded to cardholders has grown $471
- The top 10% of cardholders’ crypto rewards increased in value by at least $1,286
- The top 10% of cardholders’ crypto rewards increased in value by at least 206%
- The top 50% of cardholders’ crypto rewards increased in value by at least 122%

### Changing the Narrative Around Credit Card Rewards Programs

Unlike many traditional cash-back credit cards where your rewards will devalue over time, the Gemini Credit Card rewards have the power to increase in value. Historically, when consumers signed up for a traditional credit card with cash back, they received between 1% and 5% of the purchase price back and went on with their day. But recently consumers have noticed these legacy programs have not lived up to their billing. 

[In May, a Consumer Financial Protection Bureau report revealed that many who sign up for cash-back rewards cards have experienced numerous issues.](https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-highlights-consumer-frustrations-with-credit-card-rewards-programs/) The CFPB notes, “Credit card companies often use rewards programs as a ‘bait and switch’ by burying terms in vague language or fine print and changing the value of rewards after people sign up and earn them.” These issues are also problematic for cards that offer rewards in airline, hotel or other loyalty points, as those programs regularly cut or decrease benefits. 

In comparison, Gemini Credit Card users’ rewards have the power to grow. Since rewards are paid back in crypto, the value of Gemini Credit Card rewards have showcased their ability to grow after hitting customer accounts as the value of cryptocurrencies have soared. 

### Crypto Rebound Drives Rewards Surge

Gemini Credit Card holders benefited immensely from bitcoin and ether’s recent rallies in particular. The value of bitcoin crypto rewards held by cardholders have appreciated by 141.3%, while ether rewards have appreciated by 119.6%.*

Gemini Credit Card holders have seen positive appreciation on their altcoin rewards. Customers who selected 16 of the alt coins saw their rewards appreciate by more than 100%, 27 of the altcoins appreciated by more than 50%, and 30 saw depreciation.*

Here are a few of the top performing altcoins awarded to cardholders and the appreciation value of those rewards:*

- Fetch.AI (FET) rewards appreciated by 543.8% 
- Solana (SOL) rewards appreciated by 325.5% 
- Render (RNDR) rewards appreciated by 286.7%
- Livepeer (LPT) rewards appreciated by 215.7%

[Find up-to-date crypto prices here
](https://www.gemini.com/prices)
### Additional Benefits

The Gemini Credit Card has no annual fee,** no fee to receive crypto rewards, and no fee on foreign transactions. Rewards are delivered, and customers can alternate between crypto rewards with no penalty. Plus, Gemini Credit Cardholders receive discounted access Peacock Premium, as well as other discounts to Instacart, ResortPass, Lyft, Booking.com, and more. Additionally, they get access to crypto back rewards through merchant reward offers at hundreds of merchant locations.***

The Gemini Credit Card offers up to 4% back on Gas at the pump or EV charging on up to $200 in spend per month(then 1% on all other Gas at the pump and EV charging purchases that month), 3% back on dining, 2% back on groceries, and 1% back on other purchases. Customers can choose to earn those rewards back in bitcoin, ether, or 50-plus other cryptocurrencies available on Gemini.

[Apply for the Gemini Credit Card Now 
](https://creditcard.exchange.gemini.com/credit-card/apply) 
*Appreciation of crypto rewards is an average of equivalent USD value gained or lost across all assets from the time of reward deposit through 5/26/24. Not all digital assets performed positively and some decreased in value. Engaging with crypto involves risk and you are encouraged to seek professional advice. Past performance is no guarantee of future results. A Gemini Mastercard ®. Issued by WebBank. Terms & Conditions apply. 

**The standard variable APR for purchases will be between 18.24% - 30.24%, based on your creditworthiness. After that, your APR will vary with the market based on the Prime Rate. The standard variable APR for cash advances will be 31.24%. This APR will vary with the market based on the Prime Rate. The variable penalty APR is 35.24% and may be applied if you make a late payment or make a payment that is returned. Annual fee—None. Fee for foreign purchases—None. Cash advance fee—either $10 or 3% of the amount of each cash advance, whichever is greater. Late payment fee—up to $8. Returned payment fee—up to $35. Issued by WebBank. Subject to cardholder [Terms and Conditions.](https://www.gemini.com/legal/cardholder-agreement) Subject to [Rewards Program Terms.](https://www.gemini.com/legal/credit-card-rewards-agreement)

***Merchant Rewards Offers is a program for Gemini Credit Card users that offers crypto back on purchases with select merchants subject [Rewards Program Terms.](https://www.gemini.com/legal/credit-card-rewards-agreement#section-receiving-rewards)

Crypto Rewards Appreciate 129% for Gemini Credit Card Customers

Bitcoin Rallies Back Toward $60K Despite Soft Economic Data and Continued Recession Fears

Crypto Falls Amid Escalating Conflict in the Middle East, SEC Amends Complaint Against Binance	

Bitcoin miners have experienced a volatile year.

On April 21, the halving event cut the block subsidy by 50%, from 6.250 to 3.125 bitcoin. Meanwhile, USD-denominated network transaction fees have fallen precipitously, [while network hash rate has increased sharply since the start of the year.](https://news.bitcoin.com/bitcoin-mining-power-wanes-network-hashrate-drops-below-600-eh-s/) As a result, post-halving hash price – a measure of miner revenue per unit computed – fell to an all-time low of $0.0459 per Th/s in late June, before recovering somewhat in July. 

[In light of the backdrop, miners have responded by selling reserves, which have dwindled to 1.9 million bitcoin as of June 19, the lowest mark in 14 years.](https://cryptonews.com/news/bitcoin-miner-reserves-drop-to-1-90m-btc-lowest-level-in-over-14-years.htm#:~:text=Bitcoin%20miner%20reserves%20have%20reached,Bitcoin%20on%20their%20balance%20sheets) Meanwhile, larger miners are conserving cash by funding expenditures through M&A activity, as Hut 8 and US BTC Corp did in late 2023. 

Going forward, we expect this behavior to continue. Miners have always required capital, but this is especially true when USD-denominated revenues decline. 

As such, miners from large public firms to smaller companies have turned to Gemini’s eOTC platform to help liquidate BTC holdings to sustain their balance sheet. Let’s take a look at why: 

### Gemini’s eOTC Platform Helps Miners Remain Profitable

Gemini's electronic Over-the-Counter (eOTC) trading desk is the perfect tool for bitcoin miners seeking fast liquidity. With fast trade execution, the ability to handle large transactions, limited spreads, optimal execution, and a secure trading environment, eOTC was designed with the needs of miners in mind.

To maintain profitability, miners may need to quickly convert their bitcoin into fiat currency or other digital assets to cover their ongoing expenses. They need to be able to liquidate their holdings quickly, but crypto is inherently volatile. Market volatility can impact profitability, and delays in converting bitcoin can hurt the bottom line. 

By providing on-demand liquidity, Gemini eOTC ensures miners can manage their cash flow, invest in new equipment, and cover operational costs without delay.

### Other Benefits of eOTC for Bitcoin Miners

- __Efficient net settlement:__ Gemini eOTC provides for an intraday trading credit, maximizing capital efficiency and trading flexibility. Trades are settled daily at a predetermined schedule in a single net settlement ticket, replenishing trading credit upon completion, all within Gemini’s secure ecosystem.

- __Privacy and security:__ Gemini is a full-reserve exchange and qualified custodian under the New York Banking Law, ensuring your assets are confidential and secure. GTC is also licensed by the New York State Department of Financial Services (NYDFS) and is SOC 2 Type II compliant. 

- __Competitive pricing:__ The eOTC desk offers competitive pricing, helping miners maximize their returns on large volume trades. 

Want to learn more about Gemini eOTC for bitcoin miners?

[Connect with our team](https://www.gemini.com/institutions/eotc)

Onward and Upward! 
Team Gemini

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

Gemini’s eOTC Platform Helps Miners Weather Tough Environment

Can cryptocurrency prices sustain their recent momentum? Or did the current price cycle already peak earlier this year?

Produced by research firm Praxis Veritas in conjunction with Gemini, our latest analyst note, [“Where Are We in the Crypto Cycle?”](https://www.gemini.com/institutions/insights) offers a nuanced look at the different macroeconomic conditions that could drive the price of digital assets up over the coming years. 

A few takeaways from the report:

- __Global monetary policy should have minimal impact on crypto going forward:__ As we look to the future, the risks to long-term interest rates across the globe now skew to the downside, which is a tailwind for the crypto cycle. Depreciation pressures for the US dollar are likely to continue to rise, and that could help crypto prices also rise against the dollar. If a broad weakening of the dollar and the Fed’s monetary policy converge with other central banks, it will be a net positive for crypto prices. 

- __Policymakers remain sensitive to asset prices:__ Policymakers will tend to respond more aggressively to negative asset price shocks compared to the response to surging inflation or outsized growth. This dynamic has emerged as a key tailwind for bitcoin’s prices. Owning an asset that exists outside the traditional financial system gains value in a world where policymakers are systematically intervening to preserve the status quo. This paradigm remains as relevant as ever in informing a forward-looking view for major macro-sensitive crypto assets. 

- __Global regulatory risks for crypto have improved:__ In the United States, crypto has recently become a focal point for a Republican party determined to help the country become a leader in digital assets. Additionally, aides for presidential hopeful Kamala Harris have reached out to top crypto industry leaders, perhaps signaling a willingness to reverse the aggressive crypto enforcement policies instituted under President Joe Biden. Beyond US borders, the possibility that China un-bans crypto is also rising, and Hong Kong’s regulatory climate has become much more accommodative to the industry over the past 12 months.

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Onward and Upward! 
Team Gemini

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

Analyst Note: Where Are We in the Crypto Cycle?

For the first time in United States history, crypto has become a significant campaign issue in a presidential election, according to Gemini's upcoming 2024 State of Crypto survey. 

The study found that more than one in five Americans currently own cryptocurrency (21%). Among those who own crypto, the vast majority (73%) plan to consider a candidate’s stance on crypto when they vote for the next president of the United States. More than a third (37%) say that a presidential candidate’s position on crypto would have a significant impact on their vote for president.

The 2024 State of Crypto study explores adoption and attitudes towards crypto among 1,200 Americans and was conducted between May 23, 2024 and June 28, 2024 by Data Driven Consulting Group on behalf of Gemini. As part of the study, 233 cryptocurrency owners were asked about the impact on their vote of a presidential candidate’s crypto stance between June 10 and June 27, 2024.

Thoughtful regulation of crypto continues to be a barrier to entry for Americans who do not own crypto:

- 38% of Americans who do not own crypto say that concerns about laws around cryptocurrency have discouraged them from getting started. 
- Nearly half of non-owners (47%) agree that we need more government regulation of cryptocurrency.
- 41% of non-owners agree there is legal uncertainty around using cryptocurrency.

For current crypto investors, cryptocurrency offers protection from disruptions in the traditional monetary system. However, they recognize there is a need for regulatory clarity in order to increase trust in the crypto industry and protect it from bad actors: 

- Nearly one in five (18%) of crypto owners see crypto as an alternative to government currencies controlled by a central bank. 
- Nearly one in five (18%) of crypto owners think more government oversight of the crypto industry will be positive because it will protect consumers from bad actors.
- 41% of crypto owners say requiring crypto exchanges to comply with strict laws would increase trust in the crypto industry.

As the United States approaches its presidential election in November, crypto holders and crypto investors remain engaged as a critical part of the voting electorate. Gemini supports crypto voter advocacy and education by supporting [Stand With Crypto.](https://www.standwithcrypto.org/partners) 

Onward and Upward! 
Team Gemini

Three in Four Crypto Owners Say Vote for President Will Be Impacted by Candidate’s Crypto Stance

Spot ETH ETFs Surpass $1B in Volume on First Day of Trading, Crypto Rallies After Biden Drops Out  

The introduction of crypto ETFs has historically led to increased investor confidence and market liquidity. The approval of spot ethereum ETFs is therefore expected to boost ethereum's overall profile, if not its market position. Historically, the introduction of ETFs has led to increased investor confidence and market liquidity. 

[Some analysts predict that spot ether ETFs will attract substantial institutional investment, similar to the influx seen with spot bitcoin ETFs, which pulled in over $58 billion within five months of their approval.](https://www.fxempire.com/news/article/ethereum-spot-etf-approved-by-sec-1432576) But not everyone believes it will be a boon to the ecosystem. [One analyst predicted spot ether ETFs won’t rival spot bitcoin ETFs, suggesting the price of ether could drop by as much as 30% following their launch.](https://cointelegraph.com/news/ether-price-could-fall-after-ethereum-etfs-launch) The reason for this, some argue, is that investors might have overestimated the positive price action which can be expected from the launch of these ETFs, and could be causing the current price of ETH to be inflated.

[Crypto analytics firm K33 Research had a more measured prediction, saying ether ETFs could attract around $5 billion in inflows in the first five months of trading.](https://www.coindesk.com/markets/2024/06/04/ether-price-poised-for-supply-shock-as-etfs-may-attract-4b-inflows-in-five-months-k33-research-says/) The firm's forecast is based on an analysis of assets under management for existing ether-based exchange-traded products globally, comparing them to similar bitcoin products. Additionally, K33 Research examined the open interest (OI) in futures contracts on the Chicago Mercantile Exchange (CME), a key platform for institutional investors.

Currently, ether's OI on CME is 23% of that of BTC futures. However, since the introduction of ether  futures on CME in 2021, the average share has been 35% of bitcoin  futures, indicating there’s untapped institutional demand for ether in the US.

### Regulatory Challenges

Despite sunny predictions of multi-billion dollar inflows, the introduction of spot ether ETFs will not be without its challenges. For one, the SEC’s approval process involves rigorous scrutiny, addressing issues such as custodianship, market manipulation, and regulatory compliance. That could keep some asset managers from jumping in with ETFs of their own. 

While the approval generally suggests a positive regulatory stance, spot ether ETFs only began trading after the necessary S-1 registration documents were finalized, a process that took months. This requirement alone might also be enough to result in only a select few providers being approved. 

However, the SEC’s approval implies that ether is not currently viewed as a security – something which will also come as good news for proponents of crypto. This regulatory clarity could reduce investor skepticism.

### The Ethereum Knowledge Gap

As digital assets still represent a small portion of many institutional investor portfolios, some investors might opt for the more widely known bitcoin spot ETF, which are based on a more widely traded asset. 

[Some analysts have suggested ethereum ETFs have the potential to compete effectively with their bitcoin counterparts, but only if the Ethereum network focuses on its more ‘digital-native’ appeal in comparison to Bitcoin’s ‘mainstream’ appeal. 
](https://cointelegraph.com/news/spot-ether-etf-challenges-lie-ahead-valuation-problems-fireblocks)

When investing in an ether spot ETF, investors have greater exposure to crypto sectors such as layer-2s and DeFi than they would with the BTC equivalent – which might act in Ethereum’s favor. Another aspect of these ETFs which might appeal to investors is the fact that Ethereum is a proof-of-stake blockchain. As a result, investors will be building the blockchain they're investing in, simply by holding shares in spot ether ETFs.  

Onward and Upward,

Team Gemini


Spot ETH ETFs Have Arrived. How Will They Impact Crypto? 

VanEck took an early lead in the mission to bring spot bitcoin ETPs (exchange-traded products) to market, and now the investment management firm is doing the same with spot ethereum ETPs. Today, Gemini is proud to announce we will operate as the custodian for VanEck’s highly anticipated spot ether ETP, VanEck Ethereum ETF (Ticker: ETHV), [just months after joining forces with VanEck for a spot bitcoin ETP. 
](https://www.gemini.com/blog/gemini-named-as-custodian-on-vanecks-newly-launched-spot-bitcoin-etf)
### A Landmark Offering

[In 2013, Gemini founders Cameron and Tyler Winklevoss laid the groundwork for crypto ETFs by applying with the SEC for a bitcoin fund.](https://archive.nytimes.com/dealbook.nytimes.com/2013/07/01/first-name-in-the-first-fund-for-bitcoins-winklevoss/) More than a decade later, Gemini is still pushing to help increase crypto adoption. 

[The launch of ETHV marks a key milestone for the crypto industry after the SEC approved spot ether ETPs in May.](https://www.reuters.com/technology/us-sec-approves-exchange-applications-list-spot-ether-etfs-2024-05-23/) VanEck has been instrumental over the past few years in the ongoing dialogue around bringing spot crypto ETPs to market and consistently filing applications to drive the process forward. As one of the first to list these financial products in the US, VanEck and Gemini have made a shared commitment to providing access to secure and compliant crypto products. 

ETHV is now available to trade on the Cboe BZX Exchange. 

### Supported by Gemini’s Regulatory Expertise 

Gemini Fund Solutions (GFS) offers a wide range of comprehensive solutions tailored specifically for crypto ETFs and funds. These services include custody, clearing/settlement, trading, and other capital markets functions. 

This includes maintaining robust financial and security compliance standards, demonstrated by completing SOC 1 Type 2 and SOC 2 Type 2 examinations certified by Deloitte. Additionally, assets held with Gemini Trust Company are fully segregated for the benefit of fund owners.

The launch of the VanEck spot ethereum ETP is a monumental advancement for the digital assets space, and we’re excited to be building on our partnership with VanEck to increase crypto adoption. 

Onward and Upward!

Team Gemini


Gemini Is Proud To Be the Custodian for VanEck’s Spot Ethereum ETP 

At Gemini, securing and protecting customer assets and personal information is our top priority. 

To ward off potential scams, Gemini security engineers engage in “threat hunting.” To identify a scammer, they set up dummy accounts, get phished on purpose, and then work backward to identify potential avenues to disrupt the campaign quickly. 

Earlier this year, Gemini security analyst Rick Ramgattie presented at the BSidesSF security conference in San Francisco on the perils of phishing. [Dubbed “Hook, Line & Tinker: A Dive Into Phishing Company Sites," Ramgattie's 30-minute talk went in-depth into how he roots out malicious actors through his work at Gemini and elsewhere.](https://www.youtube.com/watch?v=ixHjfxWH_H0) 

This blog highlights a few examples from the presentation. 

### The Perils of Adversary in the Middle (AiTM) Phishing Attacks:

Adversary in the Middle (AiTM) phishing attacks have become increasingly popular among cybercriminals, posing significant risks to individuals and organizations alike. Unlike traditional phishing methods, AiTM attacks involve a malicious actor configuring a reverse proxy like [Evilginx](https://github.com/kgretzky/evilginx2) to forward communications between the victim and a legitimate service, often in real time. This sophisticated technique allows attackers to bypass traditional multi-factor authentication (MFA) and gain unauthorized access to sensitive information, making it a particularly dangerous threat in the current cybersecurity landscape.

In the first example presented by Ramgattie , a phishing site took the user’s login info (i.e. username and password) and forwarded it to the actual site. If the credentials were valid, the phishing site would ask the user for their 2FA code and sign into the victim’s account.

“This is why I originally called it a proxy ATO,” Ramgattie said. “My input was being proxied by something I didn’t know about.” 

Ramgattie ascertained that the scammers were using automation (ex. 2Captcha) to solve the real site’s CAPTCHA based on the speed between when the user entered their credentials into the phishing site and when the request was received by the real site. This discovery highlighted that traditional anti-automation controls are ineffective against modern AiTM attacks. 

Given this discovery, Ramgattie began reviewing the logs for confirmed compromised accounts and determined that the attacker was changing each victim's email address as soon as they signed into their account. At first this appeared to be a [persistence tactic](https://attack.mitre.org/tactics/TA0003/), but closer analysis of this fraud control helped him realize this was meant to serve as a means to obtain access to the underlying validation link emailed to the user. 

Ramgattie’s solution: Require access to the inbox of the account's current email address before allowing changes. It worked. The attacker could not access the verification link sent to the original email address, and it prevented further losses. 

### Identifying Phishing Sites through Referer Leaks

Threat actors play the numbers game when trying to lure users into sharing their credentials, deploying hundreds of sites to host their phishing campaigns. 

While analyzing phishing campaign sites, Ramgattie learned that attackers sometimes disclose their infrastructure when they attempt to redirect victims to the genuine site.

In Ramgattie’s second phishing example, he found numerous sites configured to steal user login information. Many of these sites featured a Gemini image that redirected the user to the phishing site. When Ramgattie tried to log in with fake or true credentials, he received an error message that contained a link redirecting him to Gemini’s real login page.

In this case, no “adversary in the middle” was orchestrating an account takeover. So Ramgattie checked the back-end for every single request issued on his browser to understand the attacker’s strategy.

“Every time somebody put their credentials into the real site, their back-end was sending an email with the credentials to a collection of email addresses,” Ramgattie said. “They were harvesting the credentials. I was able to figure that out because they did a poor job of setting up their server.”

Ramgattie found more than 200 phishing sites for that campaign. And it often took hosting providers more than a week to take down these sites. Even worse, many email providers offered no means to report the harvesting activity without email headers.

### The Brazilian Email Problem

For Ramgattie’s final example, he showed an instance when Gemini users were subjected to an email phishing campaign which claimed they were going to receive crypto assets via airdrop. But there were myriad signs that it was a phishing scam:

For one, the email address included the word “ecomotor,” which has nothing to do with Gemini or its products.

If users didn’t notice and continued to click on the “proceed now” button, it directed them to a landing page that appeared identical to Gemini’s homepage. From there, it prompted them to enter the pin provided on the previous page, and subsequently to connect to a Web3 wallet. If the victim approved the transfer, it would clean out their wallet. 

This was an example of a phishing site leveraging Gemini’s brand to swindle users. 

[Fortunately, MetaMask allows you to report domains that are using sites for phishing campaigns.](https://support.metamask.io/privacy-and-security/how-to-report-a-scam/) Reported domains will get automatically blocked if MetaMask users visit the page. From the perspective of protecting users, this will likely be faster than reporting it to hosting providers; at least it was for us.

Onward and Upward! 
Team Gemini

BSidesSF Recap: A Dive Into Fighting Phishing Scams

Bitcoin Surges after Donald Trump Assassination Attempt, While Market Digests Mt. Gox Transfers and Prepares for Spot ETH ETFs 

Bitcoin, ethereum, and other cryptocurrencies have recently faced significant selling pressure after getting off to a scorching start to 2024. In the past few weeks alone, Germany has sold some 50,000 bitcoin it seized from a movie piracy site, defunct exchange Mt. Gox has begun repaying creditors with bitcoin and bitcoin cash, and Golem, one of the earliest ICOs, unloaded 26,000 ether to various exchanges.

[In Gemini’s latest analyst note, “Crypto for Sale: Price Impacts of Germany’s BTC liquidation, Mt. Gox and ETF Flows,”](https://www.gemini.com/institutions/insights) Gemini delves deeper into crypto's recent volatility. 

Here are a few major takeaways:

- __Germany’s decision to unload roughly $3 billion in seized bitcoin was likely a driving force behind the bitcoin price dropping from roughly $65,000 to $55,800 in early July.__ Granted, it’s impossible to ascribe direct causality between daily German bitcoin sales and price. The largest transfers from German wallets to exchanges occurred after the sell-off. However, the nonlinear nature of price adjusting to the emergence of a determined, large-scale seller fits a well-trod pattern established across asset classes.

- __Mt. Gox’s repayment plan could continue to impact markets:__ The long-anticipated Mt. Gox distributions could have a major impact on prices of bitcoin and Bitcoin cash, but it depends on a few factors. What fraction of the owners of the nearly 140,000 bitcoin recovered in the bankruptcy process opted to receive disbursements? What fraction of the bitcoin received by creditors will make it to market for sale? The presence of a long-running secondary market in Mt. Gox claims makes answering the latter question particularly difficult. Mt. Gox originally went bankrupt in 2014, and after nearly a decade, begun repaying creditors in early July.

- __Inflows for centralized exchanges reveal patterns:__ Recently, analysts saw some shift toward net inflows for both bitcoin and ether in major centralized exchanges when aggregated with a rolling 14-day sum, particularly in the second half of June and first week of July. While this tends to be a feature of downward price movement, the values remain well within the margin for recent years.

- __A major buyer emerges for spot bitcoin ETFs:__ This shift to contrarian-style investment behavior could be driven by a desire to maintain a certain portfolio allocation weighting to bitcoin. It may also indicate that for spot ETF investors, the negative supply-related risk factors discussed above have not shifted conviction in a broader cyclical uptrend. Investors who are allocating into spot bitcoin ETFs may be new entrants to the market that did not previously have direct access to spot bitcoin, and are using this market dip as an opportunity to increase exposure to bitcoin.

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Onward and upward!

Team Gemini

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

instinsights germany

View the full report for a comprehensive analysis of on-chain movements, ETF flows and more.

Institutional Insights - Crypto for Sale

Crypto for Sale: Price Impacts of Germany’s BTC Liquidation, Mt. Gox, and ETF Flows

US Labor Market Cools, Inflation Pulls Back, and Bitcoin Rebounds After Jarring Drop 

SEC Continues to Target Crypto, Spot Bitcoin ETFs Pick Up Momentum

Today we are excited to announce that Gemini has signed a five-year sponsorship agreement with Real Bedford Football Club. The deal will be paid upfront in bitcoin, support the club’s continued success, and boost opportunities for children in the local community. 

The long-term agreement cements Gemini’s commitment to supporting Real Bedford in its quest to reach the Premier League. It follows a recent announcement that Winklevoss Capital, the investment firm owned by Gemini founders, Tyler and Cameron Winklevoss, [made a $4.5 million bitcoin investment into the club in April 2024.](https://www.gemini.com/blog/cameron-and-tyler-winklevoss-invest-usd4-5m-of-bitcoin-into-real-bedford) 

Real Bedford, a non-league football club based in Bedford, was acquired by journalist, Bedford resident and host of the “What Bitcoin Did” podcast, Peter McCormack. Known as the “Bitcoin football team”, the club has fully integrated Bitcoin into its infrastructure, allowing players to receive payments in Bitcoin and fans to purchase tickets and merchandise using the nascent currency. With a shared vision for supporting the growth of the digital economy and financial inclusion, [Gemini began sponsoring the club in 2022.](https://www.gemini.com/blog/community-bitcoin-real-bedford-fc-sponsorship)

Gemini’s five-year sponsorship deal, one of the longest multi-year shirt sponsor deals outside of the UK’s professional game, will be paid directly into the club’s Bitcoin treasury. This treasury supports the club’s ambitious goals by safeguarding it against high inflation. With plans to develop a new training centre and launch a youth football academy focused on underprivileged children in the Bedford region, the treasury plays a vital role in protecting the club’s savings and investments. 

Today’s announcement follows the club’s recent successes, having achieved two consecutive league promotions and cup wins in the last two seasons, with an 81% win rate.

"Our strategic five-year deal reaffirms our continued conviction that Real Bedford — powered by Bitcoin and Peter’s leadership — has the ability to defy the odds, upset the establishment, and dethrone incumbents,” said Marshall Beard, COO of Gemini. “Through our investment, Real Bedford’s balance sheet will be fortified with digital assets, giving them advantages on and off the pitch. We can’t wait to see what the club achieves in the coming years.” 

Peter McCormack, Club Owner of Real Bedford, said, “I want to extend a massive thank you to Gemini for renewing their sponsorship agreement with Real Bedford for another five years. By accepting payment in Bitcoin, this deal strengthens our economic foundations. In today's climate of reckless government economic policies, marked by massive borrowing, high inflation, and soaring interest rates, hardworking people are bearing the financial burden." 

"While the government continues to stifle the productive class, bitcoin offers a lifeline, providing individuals and businesses a way to safeguard their financial future," McCormack added. "By integrating bitcoin into our treasury, we have achieved a 62% return, thereby strengthening the club's financial position and protecting our cost base against the recent surge in inflation. Real Bedford is happy to share its Bitcoin strategy with any other club or business feeling the strain of the current economic environment.”

Onward and Upward! 
Team Gemini

Gemini Signs Five-Year Sponsorship Deal with Real Bedford 

Crypto Pulls Back Again, but Spot Bitcoin ETFs Rebound Ahead of Spot Ether ETF Launch  

Bitcoin Price Dip Triggers Nearly Half a Billion in Liquidations,  Telecom Giant Enters Bitcoin Mining Space, and SEC Abandons ETH Investigation 

Gemini is serving as the custodian for a landmark ether staking ETF fund [launched today](https://www.globenewswire.com/news-release/2024/06/17/2899564/0/en/Purpose-Investments-Unveils-New-Ether-Staking-ETF-Following-Conversion-of-Ether-Capital-Corporation-into-an-ETF.html) by Purpose Investments, following the development of custom custody infrastructure that will enable third-party staking from Gemini Custody. 

The fund, [Purpose Ether Staking Corp. ETF (“ETHC.B”)](https://www.purposeinvest.com/funds/purpose-Ether-Staking-Corp-ETF), is the largest staking ether ETF in North America at the time of publication, with an AUM of $230 million. 

The launch follows Purpose Investments reaching an agreement on Friday, June 14, 2024, with Ether Capital, a Toronto-based crypto firm, to convert Ether Capital into a staking ether exchange-traded fund (ETF) that Purpose manages.

To stake ether, crypto investors agree to lock up ether in exchange for validating transactions on the network and earning rewards (more ether). This process is unique to Ethereum’s 2.0 network, which leans on a proof-of-stake process.

As part of the fund launch, Gemini partnered with Purpose Investments and Ether Capital to develop new technological infrastructure to enable the fund’s ether to be staked by Ether Capital, with Gemini Custody providing enhanced protection and security of the assets in its capacity as custodian. 

Staking is unique in the investing world because it allows investors to take part in the development of the underlying asset, and to earn a return while doing so. It can be a challenging undertaking for individual investors, involving selecting and running a validator node, protecting private keys, and ensuring a network connection. 

Making staking available through well known investment vehicles like ETFs allows more investors to take part in building the ecosystem of their underlying assets. Recently prospective ether ETF issuers in the United States have removed plans for staking from their applications, which some believe may have been in response to SEC feedback. 

Spot ether ETFs are slated to launch in the US at some point this summer after the SEC approved 19b-4s from several fund issuers, but the current approved framework does not allow for the staking of assets. Purpose’s ether staking ETF will be a unique competitive edge for investors to fully utilize the proof-of-staking mechanism embedded in the Ethereum network. To learn more about staking, check out Purpose’s Staking 101 whitepaper on the topic [here.](https://www.purposeinvest.com/funds/crypto/knowledge-base/proof-of-stake-101-whitepaper) 

### About Gemini Custody

As a qualified custodian, Gemini Custody safeguards customer assets using multisignature technology, role-based governance protocols, physical security, and multiple layers of biometric access controls.

We’re grateful for the opportunity to support this innovative product and excited for Purpose Investments as they expand access to crypto through this historic launch. 

Onward and Upward!

Team Gemini


Gemini Serves As Custodian for Largest Ether Staking ETF in North America

We are pleased to announce that we’re providing bitcoin custody for a spot bitcoin ETF listed June 4 by Monochrome Asset Management, an Australia-based investment manager that offers access to crypto assets through traditional financial markets.

[
Monochrome Bitcoin ETF (Ticker: IBTC)](https://www.monochrome.au/news/articles/monochrome-launches-australias-first-bitcoin-etf-under-crypto-licensing-rules) is the first Australian spot bitcoin ETF to hold bitcoin directly under a specific crypto asset Australian Financial Services License. IBTC gives retail and institutional investors the opportunity to invest in bitcoin, which is held in institutional grade custody offered by Gemini Trust Company, LLC. 

IBTC is the first and currently only exchange-traded fund in the Australian market to be authorized under a specific crypto asset licensing category. Prior to IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both of which do not benefit from the investor protection rules under the directly held crypto asset AFS licensing regime.

IBTC implements a passive buy-and-hold strategy with bitcoin. The fund does not implement leverage, derivatives or short-selling. IBTC also offers in specie redemptions which allows investors to take custody of their bitcoin.

### Gemini Supports Crypto ETFs

As a qualified custodian, Gemini meets requirements outlined by the Australian Securities and Investments Commission for being a suitable custody provider for Australian crypto-asset retail product issuers.

We’re excited to continue supporting Monochrome as they expand crypto access through this historic launch.

Onward and Upward!

Team Gemini

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.
*

Gemini Has Been Appointed As the Custodian for the Monochrome Bitcoin ETF (Ticker: IBTC) 

Bitcoin Price Drops to $66K Despite Soft Inflation Report, Trump Pledges Support for Mining 

We heard your feedback about how to elevate [ActiveTrader](https://www.gemini.com/activetrader). So we went to work. 

Today, we’re introducing ActiveTrader Reimagined, Gemini’s updated high-performance trading tool built to give you full control of your crypto trading experience.

The new ActiveTrader interface offers enhanced usability and more customization. And you can now work smarter and more efficiently with Gemini’s new Dual Markets tool, adjustable layouts, improved analysis features, and more. 

Here’s a look at what the new ActiveTrader will do for you: 

## Dual Markets: Make Multiple Trades Simultaneously

The new Dual Markets feature on ActiveTrader improves the Gemini experience for professional traders seeking efficiency and flexibility. 

This feature allows users to have two trading pairs open in a single window, including the ability to monitor and trade both spot and derivatives markets simultaneously for customers in derivatives-enabled jurisdictions. 

Now, traders can execute more sophisticated strategies and hedge positions in real-time without switching between markets. This enhancement not only streamlines the trading experience but also empowers traders with the tools to make faster, more informed decisions in the market.

![03B AT Re](//images.ctfassets.net/jg6lo9a2ukvr/7tKrhw4wx6r9gRKUGtiuGt/b1176899099577e74cbd1a7d42aa3b07/03B_AT_Re.png)

## Introducing Adjustable Dashboards  

When you’re trading crypto, it’s easy to lose sight of an important chart or coin, especially when you’re trying to multitask. 

With ActiveTrader’s adjustable dashboard, you can expand or reduce the size of your ActiveTrader panels to highlight the most important charts and tailor your dashboard to your preferences.

![02B AT Re](//images.ctfassets.net/jg6lo9a2ukvr/7qtJZVhK7ioXfIuPYxeoIY/544344b694814beb430f3142c941e923/02B_AT_Re.png)

## Price and Market Tickers Along Your Screen

Crypto prices move quickly. Volatility is often the norm. When trading, speed is paramount. 

That’s why we are now displaying  on-screen tickers on ActiveTrader. You’ll be able to view market movements in real time so you’re always up-to-date on your preferred tokens. 

![06B AT Re](//images.ctfassets.net/jg6lo9a2ukvr/3RazCRr65B0NBtVEXIZCRp/7c2928ea3fdc4c5204908ded2ad6c825/06B_AT_Re.png)

## Additional Features and More

In case you missed it, here are some of our other features that we recently launched on ActiveTrader.

- TradingView Charts
- New trading pairs (SOL/BTC, SOL/ETH)
- Mobile stop-limit orders
- Mobile Limit order shortcut buttons

![05B AT Re](//images.ctfassets.net/jg6lo9a2ukvr/bpRSJlRaeGla6XLKlQ1M0/a10178e983568c18f25570b42fe7b53f/05B_AT_Re.png)

We want to hear from you! Send us your feedback on the new design and features by clicking the feedback button in the top right corner of your [ActiveTrader](https://www.gemini.com/activetrader) interface. 

Stay tuned as we continue enhancing the Gemini trading experience.

Onward and Upward!

Team Gemini


ActiveTrader Reimagined: Gemini’s Top Trading Tool has a New Interface, Dual Markets Feature, and Adjustable Dashboard

We’re excited to announce the growth of our Asia Pacific (APAC) leadership team with two new strategic hires – Vijay Ayyar, Head of Consumer Growth APAC, and Vijay Selvam, General Counsel APAC. These appointments underscore our commitment to the region and dedication to serving our APAC users.

### Vijay Ayyar, Head of Consumer Growth, APAC

In his new role, Vijay will spearhead efforts across APAC to expand Gemini’s consumer business and offerings, including regional expansion and enhancing the Gemini user experience. He will play a vital part in making cryptocurrency accessible and empowering for individuals throughout APAC, further solidifying Gemini’s presence in the region.

Before joining Gemini, Vijay served as VP, International Markets for CoinDCX, India's largest crypto platform, where he helped launch their global trading app across 100+ countries. Preceding that, Vijay spent over seven years at Luno, an emerging markets crypto wallet and exchange, where he helped the company scale to 10M+ customers across 40 markets. Prior to his foray into crypto, Vijay held various roles at Google, Youtube, and PwC. Vijay holds a degree in electrical engineering from IIT Bombay in India and an MBA from INSEAD, France.

### Vijay Selvam, General Counsel, APAC

Vijay Selvam joins us as General Counsel for APAC. In this role, Vijay will be responsible for overseeing all legal and regulatory matters in the region, upholding Gemini’s ethos of proactive regulatory engagement. 

Vijay is a New York State Attorney, UK Solicitor and Indian Advocate, having worked at law firms in New York and London. He spent over 10 years at Goldman Sachs in New York, Hong Kong and Singapore, where he was APAC Head of Finance and Corporate Legal, covering structured investment products and capital markets transactions. He has also served as General Counsel of the first NASDAQ-listed digital assets firm, Eqonex.  Vijay holds law degrees from Harvard Law School and Oxford University.

"These additions to our APAC leadership team represent a significant milestone for Gemini. Their extensive experience and deep understanding of the crypto landscape will be invaluable as we continue to innovate and expand our offerings,” said Saad Ahmed, Head of Asia Pacific at Gemini. “We are well-positioned to continue driving growth and delivering exceptional value to our customers across the region.”

This is an exciting time for Gemini as we continue to strengthen our footprint in the region. The future is bright and we’re confident that these new members of our team will play a key role in helping us achieve our vision.

Onward and Upward,

Team Gemini

Expanding the Gemini Asia Pacific (APAC) Leadership Team

Last week at Consensus, Gemini COO Marshall Beard (pictured far right) joined Dragonfly partner Rob Hadick and Sheila Warren, the CEO of the Crypto Council for Innovation, for a panel discussion about  “Which Countries Will Win The War for Web3?”

Led by podcast host Aubrey Strobel, the discussion hit on a wide range of topics impacting the digital asset ecosystem, including crypto legislation making its way through Congress, which countries have emerged as crypto and Web3 leaders, and a lot more.

Here are a few takeaways: 

## When It Comes to Crypto and Web3, the US Is Trailing 

Strobel kicked off the discussion by asking which countries are winning when it comes to crypto and Web3 and what winning entails. Each panelist was clear that the United States could be doing a lot more. 

Hadick said he judged success through the lens of retail and institutional adoption as well as capital formation. 

“From a venture perspective it is really around adoption and who's actually using it,” he said. “And so when I look at it from that lens, my perspective is that we're seeing a lot more winning happening right now in Asia than we are in places like the US.” 

Warren cited the lack of regulatory clarity as part of the reason the US has lost developers to Asia but noted that plenty have stuck it out in the US. She also pointed to the notion that operating in an environment with elevated risk–regulatory or otherwise–is simply not appealing to companies, especially if the rules constantly shift.

“We know that people do not want to build in places that feel really risky and risk is everything for a company,” she said. “If I have to suddenly change operations that could be extremely expensive.

“The rules might change around me, you know, and it feels like quicksand,” she said. “And so the United States is certainly not leading the charge in that area.”

Beard echoed Hadick and Warren, noting that winning ultimately comes down to what the customer wants. For crypto, that often depends on the jurisdiction in which they live, according to Beard. For instance, a stablecoin is often more appealing for a user in Africa, where the payment rails are less reliable, compared to one in the US.

Either way, it’s clear US regulators could be doing more.

“You're seeing more developed nations do this a little quicker in Canada, in the UK, Europe, and Dubai,” Beard said. “You're seeing countries kind of follow the lead.

“No one's really following the US right now, which is unfortunate,” he added. “But I think that real adoption globally will actually need to stem from the US."

## Political Winds in US Favor Crypto, but Challenges Remain

Crypto investors in the US do have reason for optimism.

Last month, the US House of Representatives passed FIT21, a comprehensive bill that offers regulatory clarity and consumer protections for the digital asset ecosystem in the US. Even though the bill was authored by Republicans and cosponsored by Congressman Patrick McHenry (R-NC), it received 71 votes from Democrats. 

Warren, whose team at the Crypto Council for Innovation [lobbied](https://x.com/GeminiInsti/status/1799140979112296678) for the bill, said she wasn’t ready to celebrate until it goes through the US Senate. But she was encouraged that the House version had received bipartisan support

“What we demonstrated was that people are making up their own minds,” Warren said. “They're not following a party line, they're not lining up like ducklings behind Elizabeth Warren.”

Hadick had a less favorable view of the recent stablecoin bill introduced by Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY). He cast doubt on whether anything would get signed into law in 2024, noting the way it is currently written could send the stablecoin market into chaos, in part because it would create a US agency which would have to enforce stablecoin laws internationally.

“I think it's just gonna be a quagmire, especially with over $100 billion outstanding and mostly being used in places like Latin America and Southeast Asia,” he said. “It opens up this can of worms for that potential enforcement that throws the whole stable market, I think into disarray.”

Meanwhile, Beard said he didn’t think crypto would be a single-issue topic for many voters, including himself, but was encouraged by the fact that Donald Trump, president Joe Biden and third-party presidential candidate Robert F. Kennedy Jr. had embraced crypto to varying degrees. 

“You see Trump take a liking to crypto in the past few weeks and then all of a sudden, Biden is backtracking a little bit and being more positive toward it as well,” Beard said. “I think all of that is generally an incredible thing for the industry coming into the election.”

RFK Jr. attended Consensus in person, speaking on the main stage to offer his support for the industry.

“He's here around the conference, you know, this week, which is incredible to show his support,” Beard said. “Our presidential nominees taking an interest is a positive for the industry.”

## It’s Not Easy to Keep Talent From Heading Abroad

Late in the panel discussion, Strobel asked if the APAC region was truly “kicking our butt” when it came to attracting crypto developers and other Web3 talent. Hadick would not go that far but acknowledged he was seeing some founders and developers moving elsewhere.

“We've seen a lot of these multiple passport founders who came to the US, they maybe went to Stanford or MIT or Harvard, who are saying, you know what I'm gonna go back there and I'm going to build (in APAC), when before they might have stayed in New York or the Bay,” he said. 

Warren noted that some APAC countries have a distinct cultural advantage when it comes to Web3 and crypto adoption. 

“A lot of these countries potentially were digitally native half a generation before the United States, they were more primed to be crypto native,” she said. 

Gemini has a Singapore office with roughly 50 employees. The company is currently operating through an exemption from the Monetary Authority of Singapore, pending a full license. Beard said he’s noticed the exodus. 

“I think in the last couple of years the US has been forcing talent into APAC,” Beard said. “I've seen teams, big trading firms and folks that basically stopped having US personnel and moving them all into the APAC region.”

Beard also said Canada is a “sleeping giant” when it comes to crypto. One reason: Canada has commissioned spot Ethereum ETFs going back years; the US only approved spot bitcoin ETFs in January and has yet to officially approve spot ETH ETFs, though the SEC appears like it will grant approval soon. 

“They were the first global player to list bitcoin and spot ethereum ETFs,” Beard said. “We made a big deal of them being launched in the US, but they've been live and active in Canada for many years now.”

Onward and Upward!

Team Gemini 

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

Gemini Talks Web3, US Crypto Regulation, and Talent Drain at Consensus Panel With Crypto Industry Heavyweights

Spot BTC ETF Inflows Surge, Biden Vetoes Reversed SEC Ruling, and MicroStrategy Settles Historic Fraud Case

Trump, Biden Reach Out To Crypto Industry, Mt. Gox Transfers Roughly $9B in BTC, and Ether Spot ETFs Gather Momentum 

SEC Approves Spot ETH ETFs, US House Passes Landmark Crypto Bill, and Major Banks Reveal Bitcoin Trust Holdings 

Effective immediately, we are implementing changes to our withdrawal fee structure for customers in Singapore which will enhance our Singapore customers’ trading experience.

The withdrawal fee for SGD withdrawals via FAST will now be a __flat fee of SGD 3__. Previously customers were charged 0.55% of each transaction. With the new flat fee, Singapore customers will benefit from significantly lower costs on larger withdrawal amounts through this simplified fee structure.

At Gemini, we listen and respond  based on customer feedback, and this change reflects a frequently requested flat fee structure. It also reflects the evolution of our platform as we launch new products to serve professional traders and institutions.

__For Gemini mobile users, please ensure your app is on the latest version to access this update.__

### Trading on Gemini

Gemini’s platform offers products that are used to buy, sell, and trade a wide range of cryptocurrencies directly, utilizing advanced charting tools and various order types to execute on a wide range of strategies. In addition to the spot market, customers in Singapore have access to the [crypto derivatives market](http://www.gemini.com/derivatives "Gemini Crypto Derivatives") through perpetual contracts – including our BTC/GUSD, ETH/GUSD, XRP/GUSD perpetual contracts, and many more.

This update to our fee structure allows customers to explore the full range of trading opportunities on Gemini, without the additional burden of calculating withdrawal fees. Stay tuned as we continue to introduce more features and enhancements to elevate your trading experience.

Onward and Upward!

Team Gemini


Updating Our SGD Withdrawal Fees for Singapore Customers to a Flat Fee Model

Bitcoin Price Rallies on Cooling Inflation Data, Meme Stock Frenzy Returns, and State of Wisconsin Invests in Spot BTC ETFs

FTX Customers To Be Paid Back, Robinhood Receives Wells Notice, and Marathon Digital To Join S&P SmallCap 600

Crypto Market Slides, Then Rallies After Federal Reserve Holds Steady

BTC Halving Brings Market Optimism and Record Mining Rewards, Crypto Lobbyists Sue SEC

BTC Takes a Hit, Spot BTC ETFs Launch in Asia, and Geopolitical Tensions Heat Up 

The Olympics. The World Cup. The US presidential election.

A Bitcoin halving event. 

Each draws the world’s attention every four years. Each generates intense debate. 

For now, a BTC halving event might bring in a slightly smaller contingent than a US presidential election or the Olympics. However, it’s still a momentous occasion. The debate over how the latest halving, which is expected Friday, will impact the price of BTC has raged on for months. 

Some analysts have speculated the halving could send the price of BTC skyrocketing. Others have argued the halving was priced in during BTC’s surge in price over the past year-plus. With the halving looming, let’s review what it entails and take a closer look at the debate.

## What is a Bitcoin Halving Event?

A halving is when BTC’s underlying blockchain cuts in half the availability of new rewards. It occurs when miners add 210,000 blocks to the network–usually every four years–and is meant to limit the amount of BTC supply in the market, keeping inflation down but cutting into profit margins for miners. 

As part of the latest halving, the block reward–the monetary incentive miners receive for validating transactions on the blockchain– will drop to 3.125 BTC, down from 6.25 BTC during the previous halving event in 2020 and from 12.5 BTC in 2016. 

Satoshi Nakamoto, the pseudonym for the person or group who founded Bitcoin in 2009, capped the total BTC that will be produced at 21 million. And miners haven’t reached that threshold yet. Analysts estimate that there was roughly 19.68 million BTC circulating in the market as of April. As a result, halving events will continue to occur every four years until 2140.

## The Bull Case for the Halving 

Some BTC bulls predict the price of BTC will hit $150K by the end of 2024 following the latest halving event. After all, BTC has surged each time the rate of new supply has diminished.  

Consider that in 2012, the price of BTC jumped 90x from the day of the halving to the top of the cycle. In 2016, it jumped 30x from the day of the halving to the top. And in 2020, it jumped from 8x from the day of the halving to its peak.

BTC bulls insist that limiting the supply of BTC has helped it retain its value over time and arguably made it more resistant to inflationary pressures faced by fiat currencies. Now, increasing participation from retail and institutional actors is driving up the price because of simple supply-and-demand economics. As with precious metals such as gold or silver, limiting new supply makes BTC more valuable. 

“Everything went up so fast already this year, there’s just a lot of activity, a lot of adoption, new regulation, ETFs, the halving, miners needing to get out,” [Gemini COO Marshall Beard told CNBC](https://www.cnbc.com/2024/04/08/ripple-ceo-crypto-market-to-double-in-size-to-5-trillion-in-2024.html).

“You’re going to see violent moves up and down until that new all-time high, which I think will be $150,000,” Beard added. “It probably happens this year. I think it moves so fast ... and I think that momentum, the supply shock, it moves crazy quickly.”

Claire Ching, Head of Institutional at Gemini, said the hype about the upcoming halving is likely outpacing the impact but acknowledged she’s still bullish overall. 

“I'm increasingly in the camp that it's more narrative this time around,” she said. “Daily supply will be halved, but as a percentage of average daily volume, it's an insignificant amount. The price of BTC will remain skewed on the demand side of the equation, with ETFs and the institutionalization of bitcoin being a big driver of that.”

## The Bear Case for the Halving 

On the flip side, there are no guarantees a halving will push BTC’s price up and to the right. Over the past year, the price of BTC has surged more than 100%, in part because of anticipated interest rate cuts from the Federal Reserve and a massive inflow of capital into spot BTC ETFs.

Predicting BTC price swings is inherently difficult, but some analysts maintain BTC will face significant pressures post-halving because it will make mining less profitable. 

Markus Thielen, head of research at 10x Research, said in a note that the halving could [lead to a $5B selloff from miners post-halving](https://www.thestreet.com/crypto/markets/bitcoin-halving-could-drive-5-billion-liquidations-research-firm-warns). And he's since sold out of his tech and crypto positions, a[rguing both are at a crucial tipping point](https://cointelegraph.com/news/stocks-crypto-edge-significant-correction-10x-research) because of delayed interest rate cuts, inflation, and high bond yields.

“The overhang from this selling could last four to six months, explaining why Bitcoin might go sideways for the next few months — as it has done following past halvings,” Thielen said.

Thielen took his argument a step further, saying BTC liquidations could amount to roughly $100M bitcoin per day when miners sell their recent acquisitions post-halving, leading to a supply-and-demand imbalance.

Said Thielen: “Other miners will likely follow a similar strategy to liquidate part of their inventory gradually.”

In anticipation of the halving, [some mining companies have built reserve funds](https://www.wired.com/story/bitcoin-miners-halving/) to combat the drop in profitability. But others that have struggled to break even in the current environment will likely face additional strain in the coming months.

The price of BTC had dipped more than 2% this week as of Friday at 2 pm ET, hovering above $64K. 

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

BTC Halving Gif

Unpacking the Arguments Over Upcoming Bitcoin Halving Event


Today, Real Bedford Football Club (RBFC) owner Peter McCormack announced that Winklevoss Capital, the investment firm owned by Gemini founders Cameron and Tyler Winklevoss, has made a $4.5M bitcoin investment into the football club. The investment is the largest ever made into a football club in the United Kingdom outside of the professional leagues. Following this investment, Cameron and Tyler will assume the role of co-owners of RBFC alongside Peter McCormack.

Peter McCormack is a Bedford resident who is well known for his podcast “What Bitcoin Did.” Since purchasing RBFC in 2021, he has made significant progress towards his goal of leading the team into the Premier League. Real Bedford won a promotion from the 10th tier to the 9th tier in their debut season and are currently at the top of the table this season, looking to achieve a back-to-back promotion from the 9th tier to the 8th tier. 

Cameron, Tyler, and Peter all share a deep conviction in bitcoin and its ability to help supercharge RBFC’s quest to make it into the Premier League. Tyler and Cameron also understand first-hand the transformative power of sport. To that end, this investment will continue to support RBFC’s community-building approach to football now and in the future. And it follows a long-term [partnership between Gemini and RBFC](https://www.gemini.com/blog/community-bitcoin-real-bedford-fc-sponsorship) after initially announcing Gemini’s sponsorship of the football club in January 2022, and will be deployed strategically through the following initiatives: 

- The establishment of a bitcoin treasury to secure the club’s long-term ambitions
- The development of a new training center
- The launch of a football academy to nurture local talent
- Continued support for girls’ and youth football
- An increase in funding for the club's hardship fund, which will ensure that no child in Bedford misses out on the opportunity to play football due to economic reasons

RBFC reflects the community nature of bitcoin by developing local Bedford talent and fostering a welcoming and supportive environment, creating opportunities for aspiring footballers, and promoting the sport's growth within the Bedford region. This year RBFC introduced the Real Bedford Ladies, who are also likely to achieve promotion to the next tier and sit at the top of their league. 

We are proud to continue to support RBFC as they bring together multiple pillars of crypto, combining community, accessibility, and innovation. 

Onward and Upward!

Team Gemini

Cameron and Tyler Winklevoss Invest $4.5M of Bitcoin Into Real Bedford, Becoming Co-Owners With Peter McCormack

Inflation Data Spikes, BTC Price Fluctuates, and Asia Preps for Spot Bitcoin ETFs

ETF Outflows, May Rate Cut Doubts Drop BTC Below $65K, Though Anticipated June Cuts May Provide Boost, As Altcoin and Memecoin Upward Streak Slows, and SBF Is Sentenced to 25 Years

BTC Pushes Back Above $70K Amid LSE Crypto ETN News, BTC ETFs Reverse Outflow Trend, While BlackRock Shows Further Commitment to Digital Assets With BUIDL Launch

BTC and ETH Suffer After a Strenuous Week of BTC ETF Outflows and ETH ETF Approval Uncertainty, While SOL Shows Strong Resistance against Downward Market

BTC Reaches New All-Time Highs Surpassing Silver, ETH Completes Dencun Upgrade, While Memecoins and Altcoins Show Strength

An Early BTC ATH Switches Up Halving Trend, ETH Shows Mighty Market Resilience, and Memecoin Mania Returns

022224 (1)

BTC Breaks $60K, Ushering In Crypto Bull Market, With No Signs of ETH Slowing Down, UNI Soars Over Governance Proposal, AR Trades +75% on Testnet Release News

__Announcing The Successful Resolution of Earn__ 

__February 28, 2024__ – Today, we shared with Earn users that we have finally reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy that will, if approved by the Bankruptcy Court, result in __all Earn users receiving 100% of their digital assets back in kind.__

This means, for example, that if you had lent one bitcoin in the Earn program, __you will receive one bitcoin back. And it means that you will receive any and all appreciation of your assets since you lent them into the Earn program__. If approved, we will be returning over $1.8 billion in value (at today’s prices) — $700 million more than when Genesis halted withdrawals on November 16, 2022. 

Looking forward, if the Bankruptcy Court approves the settlement in principle announced today, Earn users __can expect to receive approximately 97% of their assets in kind within about two months__. And they can expect to receive their remaining asset balance within the next 12 months. 

The settlement in principle is subject to definitive documentation. The required Bankruptcy Court process could take as long as two months to complete, and we will keep Earn users informed along the way. Gemini thanks the New York Department of Financial Services (DFS) for its role in this settlement, which delivers a coin-for-coin recovery for Earn users.
We’ve worked tirelessly over the past 15 months to advocate for Earn users and seek the return of their assets. As a part of this settlement, Gemini is contributing $40 million to Earn users’ recovery. 

As responsible stewards of the crypto ecosystem, we know that our customers value the ability to hold their digital assets through the ups and downs of crypto market cycles. Being able to return assets on a coin-for-coin basis to our customers was critical for us. 

We recognize the hardship presented by this lengthy process, and we are deeply appreciative of our customers’ patience and support along the way. 

Team Gemini

Announcing the Successful Resolution of Earn

A Crypto Spring is Upon Us As ETF Inflows Contribute to BTC Surge and ETH Boosts in Anticipation of ETH ETF Approval

Bitcoin Tops $52K, Continuing its Surge, Ether ETF Conversation Reemerges, Stacks (STX) Gains Over 45% Buoyed by Bitcoin, Interest Rate Cut Expectations Lowered Following Strong CPI Data

At Gemini, we are passionate about building products that expand and facilitate access to crypto. [The Gemini Credit Card](https://www.gemini.com/credit-card)* is a unique product that simplifies the entry into crypto by allowing users to earn crypto rewards on every swipe. 

__Starting today, Gemini Credit Card users can add up to five authorized users to their primary credit card accounts.__ With this new feature, cardholders can invite friends and family to start exploring the crypto ecosystem, and receive even more crypto back at the same time with each authorized user’s swipe of the Gemini Credit Card. 

- __Five Authorized Users:__ Add up to five family members or other trusted individuals to your primary account.
- __Seamless Tracking:__ Track spending on the Gemini Credit Card for each individual authorized user.
- __Building Credit for the Future:__ Build your credit history together with your authorized users. Each individual authorized user’s credit report will be updated based on the primary cardholder’s payment history.**
- __Simple Card Management:__ Add and manage users at any time from Card Settings on the Gemini website or mobile app. 

<details>inline</details>

Beyond the addition of authorized users, here’s a reminder of other perks you get as a Gemini Credit Card holder (all authorized users would benefit from these too!):

- __Unlimited 3% Back on Dining:__ Get 3% back on dining with no annual cap. 
- __Export Transaction History:__ You can now conveniently export your transaction history in .csv format directly from the Gemini Web interface or mobile app.
- __Push Notifications:__ You can now opt in or out of receiving push notifications for various purchases and notifications for improved security and convenience.

The Gemini Credit Card is a powerful tool for you to get started with crypto. Begin with the swipe of a card and start building your crypto portfolio. Instead of you and your authorized users spending your own money to buy crypto, you can automatically invest your credit card rewards in the supported crypto of your choice.

We are committed to creating more opportunities for crypto to grow. We hope you join us as we continue on our mission to unlock the next era of financial, creative, and personal freedom.

Onward and Upward!

Team Gemini

*A Gemini Mastercard®. Issued by WebBank. [Terms Apply](https://www.gemini.com/legal/cardholder-agreement). Subject to [Rewards Program Terms](https://www.gemini.com/legal/credit-card-rewards-agreement). Engaging with crypto involves risks, including the risk of your crypto rewards declining in value over time. Past performance does not guarantee future results.

**We may report information about your Account or Authorized Users to credit bureaus and others. Late payments, missed payments, or other defaults on your Account may be reflected in your credit report and Authorized Users’ credit reports.

Get Even More Crypto With Up to 5 Authorized Users on Your Gemini Credit Card

Bitcoin Surges Past $47K, Solana Breaks Through $100 Despite Network Outage, Ethereum Name Service Pens GoDaddy Partnership, and Stocks Continue to Break Records

__Mission Control:__ 

Awkward Astronauts (AA) have officially completed two successful years in orbit, originating from the world of Decentralized Finance (DeFI) and navigating the depths of the metaverse. Our first 730 days on this interplanetary journey have been adventurous, ambitious, and a little awkward, but the mission continues.

__Origins: Gemini x Nifty Gateway__

Awkward Astronauts is an NFT collection launched in February, 2022 by Gemini & Nifty Gateway with artwork by Lambo. Mission control at Gemini worked very hard to recruit this crew of Awkward Astronauts to join us on our mission. Initially, all 10,214 astronauts were airdropped to Gemini & NIfty Gateway users that entered our sweepstakes in late January 2022. Looking at the faces of these astronauts, there was much to be proud of. 

These cadets represented the best the Earth had to offer—the bravest souls ready to take on the daunting task of laying a new foundation for the future of humanity. Putting this diverse group of cadets together to embark on a mission of this caliber, was truly an awkward enterprise, but it needed to be done. An awkward mission for an awkward group.

We caught up with Lambo, the artist behind Awkward Astronauts, to talk about the early days dreaming up the collection, inspirations, and a behind the scenes look at the earliest art iterations. 

__🧑‍🚀 SPACESUITS__ 

Everything at Gemini and Nifty Gateway is space themed. Employees are referred to as Astronauts, projects and initiatives are given names related to space, and we remain convinced that crypto will reach the moon (and beyond).

On the spacesuit inspiration: “I was always blown away by how many spacesuit designs exist in our history and pop culture, so I wanted them to be the core of each AA.”
![AA-Blog-1](//images.ctfassets.net/jg6lo9a2ukvr/3USYLAPAvYJcKhEmG41Xw3/306c24ae2d7d110be7c4e926839a9a4e/AA-Blog-1.jpg)

__👀 AWKWARD FACES__

On the facial expressions featured across the collection: “The AA faces had one goal–to look awkward… and there was no better place to look other than memes and TV shows that I love.”
![AA-Blog-2a](//images.ctfassets.net/jg6lo9a2ukvr/7v8PPen2bLlF8TWbj428qF/c0195838008f427b575c963cd8454ec8/AA-Blog-2a.jpg)

__✏️ SHAPES AND FORMS__

On initial design concepts: “Since the AA would be many people's first NFT, I knew they needed to look simple and appeal to the broader audience."
![AA-Blog-3](//images.ctfassets.net/jg6lo9a2ukvr/4LNdzvSQt5AagaFFDv2Acx/f8844922d64355f8dd6b76cf2ce58393/AA-Blog-3.jpg)

__🎨 AESTHETICS__

On AA aesthetics: “This was when it got super fun as I began experimenting with different colors and relative proportions between the head and the body.” 

Here are some early iterations:
![AA-Blog-4](//images.ctfassets.net/jg6lo9a2ukvr/4m6MsfuLuQWnFEtXZxVhYb/39493d7b6fc1b659ef1c44b64dd48a4b/AA-Blog-4.jpg)

__🌌 BACKGROUNDS__

On AA background variants: “I wanted the background of each AA to tell you about the universe, so I made them as colorful and mysterious as possible.”
![AA-Blog-5](//images.ctfassets.net/jg6lo9a2ukvr/3JxNhcQR6RWMbPZfTRejg/6d6a8c208916ef4ebb384a712074d6b0/AA-Blog-5.jpg)

__Highlights from Orbit:__

- Annual Gemini Utility 
  - Each year, all [Awkward Astronauts](https://x.com/AwkwardAstros/status/1646891741759569923?s=20) holders are eligible for one month of fee-free trading on the Gemini Exchange 
- Annual Nifty Gateway Utility  
  - Each year, all Awkward Astronauts holders are eligible for one month of no marketplace fees when buying NFTs on Nifty Gateway
- Expansion of Awkward Astronauts Through Limited Edition Releases, Created by Lambo
  - [Awkward Summer ](https://www.niftygateway.com/collections/awkward-summer)
  - [Awkward Winter ](https://www.niftygateway.com/collections/awkward-winter)
  - [Awkward Halloween](https://www.niftygateway.com/collections/awkward-halloween)
  - [Awkward Origin I ](https://www.niftygateway.com/collections/awkward-origin-1)

Are you an aspiring awkward cadet ready to embark on interplanetary conquests? Join Awkward Astronauts today and experience the vibrant, inclusive community. 

- [Awkward Astronauts Collection](https://www.niftygateway.com/marketplace/collectible/0xc71561e12faf378b07eacd36b3d0eb0d13a5fb1c)
- [Awkward Astronauts X (Twitter)](https://twitter.com/AwkwardAstros)
- [Awkward Astronauts Discord](https://discord.gg/niftygateway) 


Awkward Astronauts - Celebrating Two Years in Orbit

Fed Votes to Hold Interest Rates Causing Stocks to Tumble, SEC Set to Approve Ethereum ETF by May, and Record Breaking Trading Volumes for Solana DEX in Wake of JUP Airdrop

We are thrilled to announce the appointment of Saad Ahmed as Head of Asia Pacific (APAC) at Gemini. Saad will lead Gemini's strategy and business development efforts in the region. Saad joins Gemini from Grab, Southeast Asia’s superapp, where he held executive leadership positions as the Regional Head of Commercial and Managing Director, Merchants.

As Head of APAC, Saad will continue to expand Gemini’s APAC footprint, working to grow our user base and introducing our suite of products and services to institutions of all sizes. Saad will also oversee the region's profitability and growth.

With a career spanning more than two decades, Saad specializes in scaling technology-driven enterprises within APAC. He has held various leadership roles with global and regional giants such as Uber and Grab, helping both companies gain significant market share in the region. Prior to his roles at Grab, Saad was one of the founding team members for Uber in India and headed Business Development for the firm in Southeast Asia.

Crypto is a global movement, and the East/West Crypto Flippening is upon us. As the crypto winter begins to thaw, we are excited for Gemini’s expansion in APAC following the launch of our [crypto derivatives platform](https://www.gemini.com/derivatives) and the [opening of our India office](https://www.gemini.com/blog/gemini-to-expand-global-engineering-and-operations-teams-with-new-india-office) in 2023.

Saad's wealth of experience and commitment to fostering growth and innovation align seamlessly with Gemini's vision for expansion and excellence in APAC. Join us in extending our warmest welcome to Saad.

Onward and Upward,

The Gemini Team


Saad Ahmed to Lead Gemini Asia Pacific (APAC)

Bitcoin Hovers Above $40k, Ether’s Rally Against Bitcoin Stalls as SEC Delays Spot ETF Decisions, Altcoins Largely Flat After Dip, and Stock Market Continues to Hit New Highs Following Strong GDP Growth

Bitcoin Enters Consolidation Mode, Spot Bitcoin ETF Trading Starts Strong, Ether Continues to Gain on Bitcoin, and Solana to Launch New Smartphone After Saga Success

Spot Bitcoin ETFs Start Trading, Ether Is on the Rise With its Own ETF Conversation Starting, Inflation Ticks Up in December as Markets Await Interest Rate Cuts

Today, [VanEck](https://www.vaneck.com/us/en/), a global investment fund manager with $76.4 billion USD in assets under management, announced the listing of its spot bitcoin exchange-traded fund (ETF) [under the ticker HODL](https://www.vaneck.com/us/en/investments/bitcoin-trust-hodl/overview/), with Gemini named as custodian.

Both Gemini and VanEck have been pioneers in the industry’s efforts to offer a crypto ETF to the investing public. VanEck was the first established ETF issuer to file for a bitcoin-linked ETF, and Gemini founders Cameron and Tyler Winklevoss submitted the [first-ever spot bitcoin ETF application](https://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm) in 2013.

We look forward to supporting VanEck in this momentous step for the crypto industry: the launch of a US-based spot bitcoin ETF.

### Working With VanEck to Expand Access to Bitcoin and Crypto

We are thrilled to support the industry in reaching this monumental milestone as custodian for the [VanEck Bitcoin Trust (HODL)](https://www.vaneck.com/us/en/investments/bitcoin-trust-hodl/overview/), which was listed today on the Cboe BZX Exchange. Over the past few months, the discussion of a spot bitcoin ETF has gathered steam as various leading financial institutions have applied to list the first spot bitcoin ETF in the US.

VanEck has been a central player in this conversation for years, previously filing applications in 2021, 2022, and 2023.

### Gemini is Committed to Help Define the Operational and Regulatory Framework for a Spot Bitcoin ETF

Gemini is actively partnering with stakeholders, including fund issuers, authorized participants, fund administrators, and regulators to create a robust operational and regulatory framework for spot bitcoin ETFs. The SEC had previously pointed to a lack of visibility into crypto markets and the potential for manipulation as arguments in their denial of a spot bitcoin ETF, but Gemini, along with the crypto industry, has been committed to assuaging the SEC’s concerns.

Gemini has built new operational workflows and processes specifically relevant to the US market for both in-kind and cash creation/redemptions. This includes integrating with fund administrators via API to optimize the communication and risk controls between fund issuers, fund administrators, and custodians. To support cash creation and redemptions, VanEck will use Gemini Clearing for delivery and payment of coins and cash. Gemini Clearing is seamlessly integrated with Gemini Custody to optimize for an efficient operational process and risk management.

In addition, we have worked closely with fund advisors, exchanges, and regulators on market surveillance sharing agreements (SSAs). The [Winklevoss Bitcoin Trust application](https://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm) was the first spot bitcoin exchange traded product (ETP) to include such an agreement. We are also committed to supporting VanEck and other fund partners if new requirements are created under a constructive regulatory framework.

### Gemini is a Leader in Crypto Custody and Other Fund Services

[As we wrote last year](https://www.gemini.com/blog/gemini-offers-the-best-in-class-unified-platform-for-crypto-etfs), Gemini Fund Solutions (GFS) platform is a leading provider of custody, clearing/settlement, trading, and other capital markets services specifically designed for crypto ETFs and other funds. In December, Gemini [was named as custodian](https://www.gemini.com/blog/gemini-to-custody-7rcc-bitcoin-and-carbon-credit-futures-etf) on the 7RCC Global Bitcoin and Carbon Credit Futures ETF application.

GFS meets the industry’s highest financial and security compliance standards. Gemini has completed [SOC 1 Type 2](https://www.gemini.com/blog/gemini-completes-soc-1-type-2-and-soc-2-type-2-examinations-leading-crypto) and [SOC 2 Type 2 examinations](https://www.gemini.com/blog/gemini-completes-soc-1-type-2-and-soc-2-type-2-examinations-leading-crypto), certified by Deloitte, a fundamental requirement for safely managing financial products.

Assets custodied with Gemini Trust Company are segregated for the sole benefit of the fund owners, fully backed 1:1, and separated from other users’ assets. Gemini is fully committed to maintaining the highest regulatory standards as the industry evolves.

Supporting the VanEck spot bitcoin ETF as its custodian is a landmark development for our business as we continue on our mission to unlock the next era of financial, creative, and personal freedom.

Onward and Upward!

Team Gemini

Gemini Named as Custodian on VanEck’s Newly Launched Spot Bitcoin ETF

In response to the latest Financial Conduct Authority’s (FCA) Financial Promotions requirements, that came into effect today, Gemini will be asking UK users for additional information to help better understand their level of investment knowledge. 

Since inception, Gemini has been committed to putting regulation and compliance at the forefront of everything we do. Our approach to these new FCA regulations is no exception. In late 2023, [we implemented a first set of rules](https://www.gemini.com/blog/gemini-remains-committed-to-the-uk-market) related to financial promotions that impact a variety of ways we communicate with our users in the UK. These included changes to our marketing channels, such as the inclusion of risk warnings, as well as changes to the type of incentives and promotions we are able to offer our customers residing in the UK.

The additional measures implemented today support a core purpose of the FCA’s Financial Promotions regime — customer safety — and align directly with a central pillar of our business: ensuring customers remain safe when interacting on our platform.

### What Changes Can You Expect to the Gemini Experience?

Starting on January 8, 2024, upon first login on either the Gemini web or mobile app, existing UK users will be asked to take the following steps:

1. __Sign a Self Categorisation Investor Statement:__ In order to make sure Gemini products and services are suited to our users, we will be asking users to select which type of investor they are — whether that’s a seasoned investor or brand new to crypto. This will help Gemini tailor our products and services to our users in the UK. 
2. __Complete a Crypto Risk Assessment Questionnaire:__ Gemini must ensure our users understand the risks associated with crypto asset investments, therefore our users in the UK will be asked to complete a short questionnaire of multiple choice questions. This will help Gemini ensure users are equipped to make informed and proportionate investment decisions. All users will need to complete and pass the questionnaire, in order to continue trading on Gemini.

Please note that if a user fails this risk assessment questionnaire on the second attempt, there is a 24-hour lock-out period, which restricts users from making any new trades. They will then need to retake and successfully pass the test after this lock-out period to continue trading. During the lock-out period, users will still have access to all other functionalities relating to crypto deposits and withdrawals.

We are committed to working collaboratively with regulators around the world to help the crypto industry flourish in a compliant, sustainable, and safe manner. The implementation of these FCA Financial Promotion regulations is the next step on this journey as we continue on our mission to unlock the next era of financial, creative, and personal freedom.

Onward and Upward!

Team Gemini

Gemini Implements Additional Measures to Protect UK Users, Further Adhering to New FCA Regulations

Bitcoin Sees 156% Surge in 2023 as Spot ETF Potential Drives Sentiment, Ethereum Pushes Forward With Robust 2024 Roadmap, Interest Rate Outlook Complicated by Strong Jobs Report, Arbitrum and Sei Start 2024 on the Rise

Bitcoin Finishes Strong After Another Choppy Week, BlackRock Amends ETF Application to Satisfy SEC, and Coming Inflation Data May Further Support Interest Rate Cuts in 2024 

There’s no denying that taxes are complicated, and adding crypto taxes to the mix certainly doesn’t help. Over the past year, a cross-functional team of tax experts and engineers at Gemini have collaborated to build the __Gemini Tax Center__, a hub dedicated to simplifying your US crypto tax reporting. 

The new Gemini Tax Center* is designed to provide you with helpful tools for the upcoming tax season. If you sold assets on the Gemini exchange in 2023, you will be able to generate a __gain/loss statement__ for these sales. You’ll also be able to track information for crypto transferred to Gemini by manually entering price and acquisition date information, or using a default value at the time of the transfer.

### Download a 2023 Gain/Loss Statement Plus Current and Historical Forms 1099-MISC

To generate a 2023 gain/loss statement, you’ll have to satisfy the following conditions:

1. Sold an asset in 2023;
2. Selected a cost basis method to apply to sales; and
3. Input cost basis and acquisition date information for assets transferred onto the exchange (if applicable).

The Gemini Tax Center will also be the new centralized location for US users to download current and historical Forms 1099-MISC, as well as receive income and realized gain/loss information.

### How to Access the Gemini Tax Center

To access the Gemini Tax Center, follow these steps:

1. Log on to your Gemini account on our website or mobile app,
2. Navigate to the Account tab at the top right of your screen (if you're on web, click settings),
3. Locate and click on the Statements and taxes tab,
4. Once on the Statements and taxes page, select the Taxes tab.

*Make sure your app is up to date. 

[Visit this link to learn more about the Gemini Tax Center](https://support.gemini.com/hc/en-us/sections/20008507869979-United-States) and Gain/loss statements generated by Gemini.

We are thrilled to offer this new tax hub for you to generate forms you may need to help report your Gemini-related crypto tax information. We’re always driven to build more products to support you on your crypto journey as we continue on our mission to unlock the next era of financial, creative, and personal freedom.

Onward and Upward!

Team Gemini

**The Tax Center will be available for both Retail and Institutional users who have access to the Gemini website or app. 2023 Gain/loss statements will not be available for OTC traders.*

*Please consult with a tax professional for any questions about your personal tax situation including advice on a cost basis method. Gemini does not verify and cannot be responsible for information input by users regarding the acquisition cost or date of transferred assets, and the impact on an individual’s tax obligations. Information on 2023 gain/loss statements is not filed with the US Internal Revenue Service, but only provided to customers for the sake of convenience.*


Simplify Your Crypto Tax Reporting With the New Gemini Tax Center

We are thrilled to announce that Gemini has been named as custodian on the [7RCC Global](https://www.7rccglobal.com/) Bitcoin and Carbon Credit Futures ETF application, [which was filed today](https://www.sec.gov/Archives/edgar/data/1985840/000183988223034059/tidal-s1_121823.htm) with the US Securities and Exchange Commission. 

Gemini has been a pioneer in the crypto custody and ETF industry, dating back to our founders Cameron and Tyler Winklevoss submitting the first ever spot bitcoin ETF application in 2013. Serving as custodian for the 7RCC spot bitcoin ETF, Gemini looks forward to partnering with fund issuers and supporting their work flows with an approval of a spot bitcoin ETF in the US.

### A Spot Bitcoin ETF With an ESG Focus

The 7RCC Bitcoin and Carbon Credit Futures ETF is well positioned to differentiate itself from the more than a dozen other spot bitcoin ETF applications seeking SEC approval. 7RCC, an alternative investment manager, aims to build a bridge between the digital asset industry and ESG-conscious investors with a focus on ETFs. 

According to the S-1 statement filed today, “the Fund’s investment objective is to reflect the daily changes of the price in bitcoin and the value of carbon credit futures contracts,” and is “designed to track the performance of investing in a portfolio comprised of 80% of bitcoin and 20% Carbon Credit Futures.”

The Fund offers a unique opportunity for investors to diversify their portfolios, balancing the innovative nature of Bitcoin with the progressive realm of Carbon Credit Futures. In doing so, the Fund provides investors with an integrated single-trade approach to digital assets and environmental sustainability.

Founded in 2021, 7RCC is known for its pioneering spirit in the realm of investment products. The company continues to demonstrate its commitment to offering unique and forward-thinking investment opportunities to a global clientele. The team’s vision that blockchain presents a profound philosophical shift in how society collaborates is well aligned with our mission to unlock the next era of financial, creative, and personal freedom through crypto.

We are also delighted to be working with Tidal Financial Group, which has partnered with 7RCC to serve as the platform facilitating the creation, operation, and growth of the ETF. As of October 31, 2023, Tidal manages over $8.5 billion and partners with more than 54 ETF issuers that have launched a combined total 118 ETFs.  

### Gemini is a Leader in Crypto Custody and Other Fund Services

[Gemini continues to play](https://www.gemini.com/blog/gemini-offers-the-best-in-class-unified-platform-for-crypto-etfs) a major role in the effort to list a spot bitcoin ETF in the US. Our Gemini Fund Solutions (GFS) platform is a leading provider of custody, clearing/settlement, trading, and other capital markets services specifically designed for crypto ETFs and other funds. 

GFS is fully prepared to support both in-kind and cash creation/redemptions depending on fund issuer needs and in accordance with requirements from the SEC. In addition, Gemini is working on API integrations with market makers, fund administrators, and issuers to create optimized end-to-end workflows. 

GFS meets the industry's highest financial and security compliance standards. Gemini has completed [SOC 1 Type 2](https://www.gemini.com/blog/gemini-completes-soc-1-type-2-and-soc-2-type-2-examinations-leading-crypto) and [SOC 2 Type 2](https://www.gemini.com/blog/gemini-completes-soc-1-type-2-and-soc-2-type-2-examinations-leading-crypto) examinations, certified by Deloitte, a fundamental requirement for safely managing financial products.

Assets custodied with Gemini Trust Company are segregated for the sole benefit of the fund owners, fully backed 1:1, and separated from other users’ assets. Gemini is fully committed to maintaining the highest regulatory standards as the industry evolves.

Supporting the 7RCC spot bitcoin ETF as the fund’s custodian is an important development for our global crypto platform as we continue on our mission to unlock the next era of financial, creative, and personal freedom. 

Onward and Upward!

Team Gemini

Gemini to Custody 7RCC Bitcoin and Carbon Credit Futures ETF — Blending Bitcoin With Environmentally Conscious Investments

Bitcoin Regains Momentum After Early Dip, Fed Projects 3 Rate Cuts in 2024, Dow Hits All-Time Highs, and New Accounting Rules Could Facilitate More Corporate Ownership of Bitcoin and Crypto

The advent of crypto and blockchain was nothing short of revolutionary. These paradigm-shifting technologies have disrupted traditional finance, introduced new standards for trust and security, and led to the rise of Web3 — a new version of the internet powered by decentralized protocols and crypto. 

<details>TrendReport</details>

In the coming year, we’re quickly approaching an inflection point as crypto and blockchain intersect with another transformational technology: Artificial Intelligence (AI). Here, our team explores some of the most exciting and impactful applications at the intersection of AI and crypto. 

### AI-Driven Smart Contracts

[Smart contracts](https://www.gemini.com/cryptopedia/crypto-smart-contracts-explained) are a foundational technology in blockchain. Their central feature is the ability to self-execute code that carries out a set of instructions, which are then verified on the blockchain, making them trustless, autonomous, decentralized, and transparent. Uniting smart contracts and AI has the potential to exponentially increase the ability for smart contracts to respond to changing events and circumstances making their output more timely and effective. 

Imagine being able to dynamically adjust the terms of a smart contract without manually updating the contract’s code. With the integration of AI, decentralized applications (dApps) could start doing just that. Smart contracts interacting with AI-powered oracles would be able to execute complex tasks autonomously, and, for example, dynamically adjust terms based on real-time data or performance metrics.

### Secure and Decentralized Computing Power and Data Storage

The emergence of AI and large language models (LLMs) has reinforced the need for an increasing amount of computing power and highlighted the importance of ensuring large data sets can be stored securely and in a cost-effective manner. Blockchain and crypto can play an important role on both these fronts, as secure and decentralized blockchain networks can provide additional computing power and long-term data integrity for use across various AI models. 

Using blockchain to secure and decentralize large data sets is particularly valuable for large-scale analytics, including federated learning, where machine learning and AI models are trained across enormous decentralized data sources. And, as AI progressively becomes a large part of our day to day lives, the availability of computing power to process accurate and uncompromised data becomes a requirement. 

### Training GPTs on Blockchain Data

The enormous success of AI products like ChatGPT has validated the use case for GPTs (generative pre-trained transformers). But there is so much more that can be done with GPTs. Training GPT models on blockchain data, rather than just text, can enhance the generation of content related to blockchain transactions. 

This approach could lead to more sophisticated models for analyzing and interpreting blockchain data, making complex blockchain data more accessible to a less technical audience and generally increasing access to blockchain data and analytics.

### Transparency Through On-Chain Language Models

Transparency is a central feature of blockchains. In contrast, the data that underpins LLMs, which form the base of many contemporary AI applications, are largely hidden from view and difficult to parse. 

An LLM that operates on-chain would use a data source that is verifiable and transparent. This would transform the traditional "black box" model into an "open box," allowing users to trace and verify the origin of the data used by the AI model.

### Authenticity Verification on the Blockchain to Combat Disinformation

Disinformation, deep fakes, and the general dissemination of fabricated information are becoming increasingly common with the proliferation and sophistication of AI-based systems, and can have deep ramifications across the globe. 

Blockchain can help mitigate these threats through cryptographic validation and timestamping. Imagine a decentralized platform that targets a wide range of AI-generated disinformation using non-fungible tokens (NFTs) to establish a digital fingerprint for content, enabling transparent content curation, verification, and distribution. In this way, blockchain can play an important role in addressing the fallout from more nefarious uses of AI.

We’re entering an exciting time for the crypto industry, with the convergence of AI with blockchain and crypto marking an important evolutionary moment for our industry. We can’t wait to see what else will emerge from the intersection of blockchain and AI!

Onward and Upward!

Team Gemini

InlineCTA-TrendReport (3)

This blog is part of our 2024 Crypto Trend Report series.

Trend Report CTA

Exciting Use Cases at the Intersection of AI and Blockchain

Bitcoin halving events occur roughly once every four years. Thus far, in the network's almost 15-year history, the price of bitcoin (BTC) has increased significantly in the period following each halving event. With the fourth Bitcoin halving expected to arrive in April 2024, here, we explore what a halving is and what it could mean for the price of bitcoin and crypto. 

### What is the Bitcoin Halving and Why is it Important?

The supply schedule of bitcoin is deflationary with a finite supply of 21 million bitcoin coded into the network’s source code. This feature differentiates it from all fiat currencies and many other cryptos. Bitcoin’s supply schedule dictates that every time a miner successfully writes a new block to the blockchain (i.e., solves the [proof of work puzzle](https://www.gemini.com/cryptopedia/search?query=Proof%20of%20Work%20(PoW))), that miner receives a set number of bitcoin called the "block reward." 

<details>TrendReport</details>

If this block reward never changed, the supply of bitcoin would increase forever. To encode Bitcoin’s deflationary nature, every 210,000 blocks — roughly every four years — the block reward is reduced by half, an event often referred to as the “the halving” or "the halvening." 

__Genesis:__ When Bitcoin launched in 2009, the initial block reward was 50 bitcoin. 
__First Halving:__ On November 25, 2012, the first halving occurred, halving the block reward from 50 to 25 bitcoin. 
__Second Halving:__ On July 10, 2016, the second halving occurred, halving the block reward from 25 to 12.5 bitcoin. 
__Third Halving:__ On May 11, 2020, the third halving occurred, halving the block reward from 12.5 to 6.25 bitcoin. 
__Fourth Halving:__ The next halving is expected to happen in April 2024 and will reduce the block reward from 6.25 to 3.125 bitcoin.

The block reward will continue to undergo halvings until it reaches 0, which is estimated to happen sometime in the year 2140. At that point in time, there will be a total of 21 million bitcoin in circulation.

This reduction in the supply of bitcoin, about every four years, has played a significant role in price swings following a halving event. Could we see a similar dynamic this time around? 

### How Have Previous Halvings Impacted the Price of Bitcoin?

The halving certainly isn’t the only factor that can impact the price of bitcoin. Just this year we’ve seen the impact national monetary policy and other developments like the emergence of a spot bitcoin ETF can have on prices. Nevertheless, the halving is a notable event for investors and forms one of the main pillars in bitcoin’s investment case.

As we can see in the chart below, the price of bitcoin saw a parabolic rise in the periods following each of its three previous halving events. 

![Bitcoin Halving (2)](//images.ctfassets.net/jg6lo9a2ukvr/20rkdTOOb55ETfYVMRcgGG/0f62dc4be2821f5428810e5f0e13af6c/Bitcoin_Halving__2_.png)

Will we see a similar increase in price following the fourth Bitcoin halving coming in a few months? Nothing is certain, but if history is any guide we could be in for a wild ride. 

Onward and Upward!

Team Gemini

What the 4th Bitcoin Halving Could Mean for Bitcoin and Crypto

Bitcoin Breaks Through Another Yearly High, Doge Turns 10 and Spurs Memecoin Rally, and Bitcoin-Linked Altcoins Have Strong Showing With ETF Decisions on the Horizon

Bitcoin Hits Yearly High as Spot ETF Expectations Continue to Build, Fed Governors Talk Interest Rates Ahead of December Meeting, and FTX Set to Sell Off Trust Assets

Il Team di Gemini