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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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VanEck Bitcoin Strategy ETF launch day volume a fraction of BITO's

Lower volumes compared to ProShares were expected, but Van Eck hopes its lower fees can give it an edge over competitors.

The VanEck Bitcoin Strategy ETF (XBTF) closed its first day of trading on Nov. 16 with "respectable" trading volume, but one that pales in comparison to similar launches.

Bitcoin futures ETFs provide investors exposure to potential future prices of Bitcoin without forcing them to hold any Bitcoin themselves.

At market close on the Chicago Board of Exchange (CBOE), XBTF had accumulated around $9.5 million in assets under management (AUM), and saw around $4.6 million in daily trading volume according to investing.com. This is just a fraction of the first-day trading volume of $1 billion the ProShares Bitcoin Strategy (BITO) enjoyed on Oct. 19 on NYSE. BITO has since reached the top 2% of all ETFs by total trading volume.

Tommy Horan, Head of Corporate Partnerships at Australian exchange Swyftx said that it had been a “pretty subdued launch but VanEck won’t be too worried. Their [lower] fees should attract a steady rate of inflows over the next quarter.

“This was always going to be a bit of a non-event after all the hype around ProShares’ $1.1bn launch and continues the trend we saw with Valkyrie’s ETF.”

Valkyrie’s Bitcoin futures ETF also had a relatively lackluster launch with BTF dropping 3% in price in the first hour of trading on Oct. 22 on Nasdaq, despite its $78 million in trading volume.

Eric Balchunas, senior ETF analyst for Bloomberg suggested in a Nov. 17 tweet that XBTF’s trading volume would normally be pretty good, but that it has been vastly overshadowed by BITO.

The lower trading volume on XBTF comes in the wake of the SEC rejecting VanEck’s application for a spot Bitcoin ETF. As opposed to the futures ETF, a spot ETF would allow investors to gain exposure to the current price of Bitcoin without needing to hold BTC themselves.

Overall, Horan lauded the XBTF launch but says crypto ETFs won't hit their stride until a spot ETF is approved: “It’s great for the industry to see crypto funds getting regulatory approval, but until a spot ETF is accepted, no-one is going to be getting over their ski tips.”

Related: SEC reportedly knocks back Valkyrie’s leveraged Bitcoin ETF

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