30th July 2025 > > DATs, ETFs, and techies.

tl;dr

A handy resource for a daily update on the progress of DATs. Spot crypto ETFs take a major step forward. A legendary techie finally comes clean.

Market Snap 

Market Wrap

Today is once again Jerome Powell’s chance to manipulate the US interest rate market.

The process of Fed-watching is desperately unproductive, raising the cost of capital for business, and making us all poorer. And that’s before we take into account the propensity for central bankers to consistently get it wrong at all times. Powell will try to demonstrate his muscularity in the face of Trump’s unwarranted aggression towards him (Trump could simply leave the path of interest rates solely up to the markets), cementing our knowledge that his decision on interest rates will not be the right one.

Curious Cryptos’ meme corner

Curious Cryptos’ Commentary – DATs (Digital Asset Treasuries)

It is getting increasingly hard to keep up with the progress of the DAT revolution (or possibly DAT fad). Certainly, the CCC does not have the time nor space to keep telling you who is adding what to which balance sheet. Major developments will be reported of course, but for most the nuances are probably of little relevance.

If you do want to keep up with the nitty gritty (personally I do) here is a new resource which might prove handy. Bookmark it now:

https://blockworks.co/analytics/treasury-companies

Curious Cryptos’ Commentary – In-kind creations and redemptions

Liberty-denier Gary Gensler, whilst Chair of the SEC, was forced against his will by a judge to approve spot BTC ETFs rather than continuing to act in an “arbitrary and capricious” manner. Annoyed at having his power removed to slow the crypto revolution long enough to allow him to load up BTC in size once he stepped down from his role, his last forlorn attempt to stymie the launch of the most successful financial product of all time, bar none, was to restrict spot BTC ETFs to cash creation and redemption. An arbitrary and capricious act if ever there was one, but we didn’t have to join in his churlish games.

In-kind creations and redemptions allow investors to directly swap assets for the fund in question. It is a universally accepted procedure that allows investors to avoid selling assets and then buying the funds for cash. Clearly, it is more efficient, more productive, and is a good thing. Under the new Chair Paul Atkins, the SEC has come to its senses, and approved in-kind for all crypto spot ETFs. Paul explains:

“It’s a new day at the SEC. Today’s approvals continue to build a rational regulatory framework for crypto, leading to a deeper and more dynamic market.”

The spot crypto ETF market just got better and bigger.

Curious Cryptos’ Commentary – Technical analysis

There are many who disagree with me when I say that techies are selling snake oil, but in their heart of hearts, they all know that’s true.

Legendary chartist Peter Brandt, whom some in the techie world worship and adore, has finally admitted to the deception:

“Anyone that looks at the charts and tries to tell you where anything is going is actually just kind of fooling themselves."

Doubling down, Peter then continued:

“Any idiot can make wild guesses about markets, so here is my dunce-hat prediction. In reality, nobody has a clue what any given market will do."

Thanks for clearing that up, Peter.