Bitcoin ETF Approvals Today? 🤔

GM. This is Degen Scoop. It’s Thursday, here’s what we’ll be covering today:

• Bitcoin ETF Approvals Today? 🤔

• Binance Launches Self-Custody Wallet 👛

• Robinhood Planning Q3 Expansion 🪗

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Small Window For Bitcoin ETF Approvals Between November 9 - November 17

The SEC has a potential window to approve 12 pending Bitcoin ETF applications, including BlackRock's iShares Spot Bitcoin ETF and the conversion of the Grayscale Bitcoin Trust. Analysts suggest that the SEC could use the period from tomorrow until November 17 for approvals, with the possibility of requiring all funds to start trading simultaneously.

The recent price rally in Bitcoin shows the clear optimism in the market about the potential approval of a spot Bitcoin ETF. Spot ETFs could attract significant inflows, estimated between $50 billion to $100 billion over the next few years which would presumably help propel the next bull market.

Analysts believe that both a rule change allowing ETF trading and the approval of a fund's registration statement are necessary before any Bitcoin ETFs can start trading. What we do know whether anything gets approved today, is that we’ll have a definite answer in regards to an ETF in just over 60 days.

Binance Officially Announces ‘Binance Web3 Wallet’, A Self-Custody Wallet For Users

Binance has announced their new self-custody wallet, the Binance Web3 Wallet, which can be used through their mobile app. This wallet allows users complete control over their assets, eliminating the need to rely on third-party services.

The wallet will integrate with Binance Bridge for cross-chain transfers. Users will also have access to a limited array of DeFi apps as well as an "Airdrop Zone" for exclusive airdrops. Navigating on-chain for the first time can be daunting, so a controlled environment for users could be a proper training ground before exploring apps on their own on-chain.

A key feature of the wallet is the use of multi-party computation (MPC) for onboarding, generating three separate key-shares protected by Binance, the user's device, and an encrypted recovery password saved on iCloud or Google Drive. Access to the wallet requires two of the three key-shares, ensuring security even if one is compromised. This seems like a UX improvement compared to writing down 24 words for the average user.

Robinhood Plans Expansion Into EU Market To Account For Low Crypto Volumes

Robinhood will be broadening its crypto trading services beyond the United States, aiming to enter the European Union and establish brokerage operations in the UK. Currently, Robinhood offers crypto trading services exclusively in the U.S. mostly sticking to larger market cap coins.

The decision to expand into the UK and EU comes as part of Robinhood's global expansion strategy. Despite successful numbers altogether, with a 29% year-over-year increase in total net revenue to $467 million, the company experienced a 55% decline in crypto revenues to $23 million.

Robinhood shares fell approximately 10% in after-hours trading following the Q3 earnings release. The company plans to focus on providing comprehensive financial products, gaining market share, and continuing its international expansion.

The BIGGEST NFT Sales in the Last 24 Hours:

Notable Threads You Might Have Missed:

Meme of the Day

If you think your memes are better, submit them to the newsletter and get featured for your work!

Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

Thank you for reading, if you enjoyed this please subscribe if you haven’t already! If you’ve already subscribed, please consider sharing this!

DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.