Derivatives
Analysis
Bitcoin hedge funds face a liquidation trap when their collateral is split across markets
Shared collateral promises to make Bitcoin trading cheaper and more efficient, but the real test comes when prices crash and every exchange wants its money.
Trading
What happens when crypto trades stocks while Wall Street sleeps?
Semiconductor-index perpetuals let traders bet on stocks overnight, but pricing and liquidations get complicated when the stock market closes.
Digital Asset Treasuries
Bitcoin companies are learning that holding forever takes cash
Corporate Bitcoin buyers have repayment dates, and protecting shareholders can sometimes mean selling coins before those dates get close.
ETF
Being right about Bitcoin won’t save your 3x leveraged ETF position
Bitcoin's next rebound could reward holders while disappointing investors who bought a leveraged fund expecting three times the recovery.
Hacks
Stealing $1.5B in crypto is easy, cashing out is the trap
ZachXBT used $349,700 to infiltrate a crypto laundering network, tracing over $12 million tied to North Korea’s $1.5 billion Bybit hack.
Macro
Inflation target of 2% may not stop the next Fed rate freeze
September's Fed minutes show why expensive borrowing hasn't persuaded officials that the economy needs no further restraint.
Ethereum ETFs
ETHE Review: Grayscale Ethereum Staking ETF
Grayscale’s Ethereum Staking ETF (ETHE), formerly the Grayscale Ethereum Trust, holds ether and stakes about four fifths of it. It charges a 2.50% sponsor fee, the highest of any fund we rate, and withholds 23% of gross staking rewards. Grayscale’s own Mini fund uses the same custodians and staking setup for a 0.15% fee and a 6% cut.
Ethereum ETFs
FETH Review: Fidelity Ethereum Fund
The Fidelity Ethereum Fund (FETH) holds ether with three custodians and stakes part of it through Anchorage and BitGo. Its 0.25% sponsor fee and flat 15% staking reward cut contribute to a CryptoSlate rating of 7.2/10.
Ethereum ETFs
ETH Review: Grayscale Ethereum Staking Mini ETF
Grayscale’s Ethereum Staking Mini ETF (ETH), formerly the Grayscale Ethereum Mini Trust, holds ether and stakes most of it for rewards. It charges a 0.15% sponsor fee and withholds 6% of gross staking rewards for the sponsor, custodian and staking provider, a lower combined cost than the other staking funds we rate, ETHB at 0.455% and ETHE at 2.983%. Slashing losses, though, fall on the fund, and the validator terms that might cover them are not public.
Ethereum ETFs
ETHW Review: Bitwise Ethereum ETF
Bitwise’s Ethereum ETF (ETHW) gives ether exposure in a brokerage account for a 0.20% sponsor fee, one of the lower fees among the funds we rate. Coinbase holds its ether under terms that make the custodian liable only for gross negligence, willful misconduct or fraud, weaker terms than most funds we rate. It does not stake, so it earns no staking rewards.
Ethereum ETFs
ETHV Review: VanEck Ethereum ETF
VanEck’s Ethereum ETF (ETHV) charges a 0.20% sponsor fee and holds its ether with Gemini as the main custodian and Coinbase as an additional one. VanEck does not publish a median bid-ask spread for the fund. It does not stake.
Ethereum ETFs
EZET Review: Franklin Ethereum ETF
Franklin Templeton’s Ethereum ETF (EZET) holds ether for a 0.19% annual sponsor fee. Its Coinbase custody terms permit claims for negligent safekeeping, subject to contract limits. The fund does not stake.
