Crypto Funds Attract $350M in Deposits 💰

GM. This is Degen Scoop. It’s Tuesday, let’s get into it:

• Crypto Funds Attract $350M in Deposits 💰

• Pudgy Penguins 🤝 Walmart

• New Binance CEO Begins Role 🏁

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Crypto Funds Continue To Attract Liquidity

Institutional investors are continuing to pour cash into crypto funds, with European digital asset manager CoinShares reporting $346M in deposits to crypto exchange-traded products (ETPs) last week. Bitcoin-specific funds attracted $312M, accounting for 90% of the institutional inflows.

The total value of assets under management in crypto funds has now reached $45B. This number will only grow as crypto prices continue to rip in the bull market. The surge in deposits is attributed to optimism around the potential approval of a Bitcoin spot ETF in the U.S.

While the SEC has expressed concerns about volatility and manipulation, industry observers believe a long-awaited approval may be imminent. CoinShares recently acquired an option to buy U.S.-based digital asset manager Valkyrie's ETF business, actively participating in the race for a Bitcoin ETF in the U.S.

Pudgy Penguins Releases ‘Influencer Box’ With Walmart For Cyber Monday

Pudgy Penguins, an NFT collection that has gained value during the bear market, has launched an exclusive "influencer box" of toys and collectibles available only on Walmart.com for Cyber Monday. Rather than promising money to users, Pudgy Penguins is using the trojan horse of cute to bring NFTs to the masses.

The Pudgy Penguins White Celebrity Box includes a 12-inch plush toy, an action figure, a clip-on plush, an igloo toy, and a certificate for a free NFT on the Pudgy World gaming platform. The "influencer box bundle" is priced at $25, listed as half off the regular price.

Pudgy Penguins, originally an NFT collection, has expanded its brand with toy lines, reaching over a million Instagram followers and achieving growth in USD value despite the NFT market downturn. Their success as a brand goes to show the success that Luca Netz has managed to achieve since taking the reigns.

Richard Teng Begins Tenure As New CEO of Binance

Richard Teng, the new CEO of Binance, faces the task of reshaping the company's culture amid a $4B financial sanction and a U.S. government monitor. Teng acknowledges Binance's past "missteps" but highlights its commitment to security and lack of misappropriation of customer funds.

As he aims to fill the shoes of CZ, Teng emphasizes his confidence and trust from leadership and staff. He plans to focus on compliance and regulation, pushing for global rules and harmonization in the crypto industry. Teng also pledges transparency, adopting a conventional corporate structure with a board of directors, an address, and financial disclosures.

Despite recent outflows and regulatory challenges, Teng is optimistic about Binance's strong fundamentals, debt-free capital structure, and robust revenue and profits. He believes the company's efforts to reinvent itself as a regulated entity will pay off in the long run, positioning it for success in the growing crypto market. While Binance is hurting right now, they should be the last player to count out.

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Conclusion

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

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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.