The new offering, which will trade on the Toronto Stock Exchange and is described as “the world’s first bitcoin exchange traded [fund],” will invest directly into physical BTC and is an incremental improvement to the asset's mainstreaming as an investment class.
BTC has found buoyancy on the back of mainstream adoption and high profile endorsements. Despite fundamentally bullish headlines, extremely elevated funding rates suggest the current price has also seen substantial contribution from stretched long positions.
Recently heightened interest in the broader crypto market comes on the back of endorsements of key selling points of many altcoins.
Media pundits and crypto-native business leaders that joined news programs throughout the day treated Tesla’s announcement as a historic moment. The coin’s ethos is being validated by prominent investors and corporations on a regular basis now. 
According to publicly available data, Tesla had USD 14.53 billion in cash reserves. This makes Tesla’s purchase of BTC approximately 10% of its cash holdings.
Barring any last-minute regulatory interventions, the launch of the product represents a major milestone for ETH’s mainstreaming at a moment when the asset is setting new record price levels.
The endorsement from Dalio, the latest in a spree of high-profile investors to express revised views on the asset, is a tepid one and reflects the learning curve some institutional investors are yet to overcome.
Suarez is placing crypto at the center of his efforts to attract tech businesses to the city of Miami. He may be the first Western lawmaker to suggest allocating public treasury funds towards BTC.
BTC mining hardware producer Bitmain’s Co-Founder has resigned as CEO and Chairman. The move seems to bring an end to a power struggle with the firm’s other Co-Founder that has been ongoing since 2018.
Last week, crypto analytics and tracing firm Chainalysis released an excerpt of its 2021 Crypto Crime Report that highlighted a drop in crypto transactions associated with criminal activity in 2020 compared to 2019.