Edgen Crypto·Nov 21 2025, 12:34
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Nov 21 2025, 12:54
Glassnode Co-Founder Highlights Bitcoin ETF Resilience Amid Market Volatility
## Executive Summary Amid recent market fluctuations, the co-founder of blockchain analytics firm **Glassnode**, known as Negentropic, has stated that **Bitcoin (BTC)** Exchange-Traded Funds (ETFs) are maintaining a state of net profit, and their cost basis remains undamaged. This observation points to the structural resilience of ETFs as investment vehicles, particularly their ability to act as a "buffer" during periods of price volatility. The analysis suggests that the inherent mechanics of ETFs, specifically their tax-efficient creation and redemption process, play a crucial role in stabilizing their performance even when the underlying asset experiences price swings. ## The Event in Detail Negentropic's commentary highlighted that despite downward price pressure on **Bitcoin**, the cost basis for ETF investors has not been compromised. He characterized the market's behavior as a "buffer" mechanism, implying that the ETF structure is effectively absorbing selling pressure. This perspective is supported by on-chain data indicating that ETFs, as a whole, are not in a state of loss. Further commentary from the analyst noted that **Bitcoin**'s price action often responds indirectly to broader macroeconomic sentiment, such as market reactions to the performance of major tech stocks like **NVIDIA (NVDA)**, which can impact overall liquidity and risk appetite in financial markets. ## Deconstructing ETF Mechanics The resilience observed in **Bitcoin** ETFs can be largely attributed to their unique financial structure, specifically the "in-kind" creation and redemption process. Unlike mutual funds, which must often sell underlying assets to meet investor redemptions—thereby triggering potential capital gains taxes for the remaining shareholders—ETFs can handle redemptions differently. An authorized participant can redeem ETF shares by receiving a corresponding basket of the underlying securities (in this case, **Bitcoin**). Because no sale of **Bitcoin** occurs on the fund's part, the taxable event is avoided. This mechanism allows ETF portfolio managers to rebalance holdings and manage outflows with greater tax efficiency, preventing the forced selling that could otherwise drive down the asset's price and negatively impact the fund's cost basis. ## Market Implications The ability of **Bitcoin** ETFs to weather market volatility without damaging their cost basis has significant implications for investors. It demonstrates a level of structural maturity in the crypto investment landscape, offering a product that can better handle market swings compared to direct asset ownership or other fund types. This stability may reassure institutional and retail investors, potentially reducing panic-selling during downturns. The ETF "buffer" effect suggests that these products could contribute to a more stable and mature market ecosystem for **Bitcoin** over the long term by absorbing volatility. ## Broader Context and Analyst Commentary While the structural integrity of ETFs provides a layer of stability, **Glassnode** analysts have also emphasized that the price of **Bitcoin** itself is not immune to market dynamics. They have previously noted that **BTC** may struggle to sustain an upward trend and could face a "deeper correction" unless new, positive catalysts emerge to stimulate investor excitement and demand. This balanced view indicates that while the investment vehicle is performing as designed, the underlying asset's trajectory remains dependent on fresh capital inflows and a favorable macroeconomic environment. The current situation highlights a distinction between the performance of the investment product and the price action of the asset it holds.
Nov 21 2025, 12:50
Fed's Williams Signals Potential for Rate Cuts Amidst Persistent Inflation Concerns
## Executive Summary John Williams, President of the Federal Reserve Bank of New York, has signaled that the central bank may proceed with interest rate reductions in the near term. In a series of public statements, Williams conveyed a complex message, suggesting that policy easing could occur even as he acknowledged that progress on bringing inflation down to the Fed's 2% target has recently stalled. The commentary underscores the central bank's challenge of navigating its dual mandate of price stability and maximum employment amid persistent, albeit cooling, inflationary pressures. ## The Event in Detail President Williams stated that it will "become appropriate" to lower interest rates "over time," indicating that a policy shift remains on the table. He directly addressed the current inflationary environment, noting that the rate of approximately 2.75% remains significantly above the Federal Reserve's target. While affirming that a rate cut would not jeopardize the long-term goal, he emphasized that returning to 2% inflation is "critical" for sustained economic prosperity. Despite expressing confidence that inflation will continue to cool, Williams provided a long-term timeline, forecasting that the 2% target may not be fully achieved until 2026. This projection injects a note of caution, tempering expectations for a rapid return to price stability. He also commented on external factors, stating that he does not see tariffs as a primary driver of current inflation, which keeps the door open for a potential rate adjustment in the near future, possibly as early as September. ## Market Implications Williams' carefully balanced remarks have contributed to an uncertain market sentiment. The prospect of rate cuts is typically viewed as a dovish signal that can stimulate equity markets. However, this is counterbalanced by the hawkish admission that inflation remains "too high" and that progress has been lacking in recent months. This duality creates a mixed outlook, potentially leading to increased market volatility as investors weigh the conflicting signals. The explicit mention of a possible September rate cut provides a concrete timeline for market participants, though it remains contingent on incoming economic data. ## Expert Commentary As a key voice on the Federal Open Market Committee (FOMC), President Williams' commentary itself serves as expert guidance on the Fed's thinking. His position reflects a data-dependent and cautious approach. "While the economy has come a long way toward achieving better balance and reaching our 2% inflation goal, we are not there yet," Williams stated, underscoring the need for more evidence of disinflation. His assessment that tariffs are not currently amplifying inflation is significant, as it removes a potential barrier to near-term policy easing that other market observers have previously cited as a concern. ## Broader Context The Federal Reserve is navigating a delicate economic landscape. Its primary challenge is to implement monetary policy that supports the labor market without reigniting inflationary pressures. Williams' statements fit into this broader narrative of a central bank attempting to pivot from a restrictive policy stance without declaring a premature victory over inflation. The recent stall in disinflationary progress complicates this pivot, forcing the Fed to maintain a position of strategic patience. The global economic environment, including geopolitical factors and supply chain dynamics, continues to influence the Fed's decisions, making future policy moves highly contingent on a wide range of variables.
Nov 21 2025, 12:42
Snipers Exploit Base 'Flashblocks' for $1.3M Profit in Jesse Pollak’s Creator Coin Launch
## Executive Summary Two traders generated approximately $1.3 million in profit by leveraging the **Base** blockchain's 'flashblocks' system during the launch of the **JESSE** creator coin by **Base** co-founder Jesse Pollak. The traders, identified as snipers, acquired 26% of the total token supply almost immediately at launch, raising concerns about market fairness and the potential for systemic front-running on the platform. ## The Event in Detail The launch of the **JESSE** token on November 20th was targeted by two sophisticated traders who used 'flashblocks' to gain preferential transaction placement. This feature allows users to submit transactions directly to block builders, bypassing the public mempool and ensuring their inclusion at the top of a new block. By doing so, the snipers were able to execute their buy orders before the broader market could react. One trader secured a profit of $707,700, while the second made $619,600. Their strategy involved a high-speed acquisition of a large portion of the token's initial liquidity, which they could then sell at a higher price as public demand increased. This incident highlights a significant information asymmetry and a technical advantage that can be exploited in nascent token launches. ## Market Implications The successful exploit has cast a negative light on the integrity of token launches within the **Base** ecosystem. The 'flashblocks' system, while potentially designed for privacy or MEV (Maximal Extractable Value) mitigation, has been shown to be a tool for gaining an unfair advantage. This event could lead to decreased trust among retail participants and project creators, who may fear that launches on the platform are susceptible to front-running by well-equipped traders. The market sentiment following the event is bearish regarding the perceived fairness of the **Base** platform's launch mechanisms. ## Broader Context This incident occurs as **Base**, a Layer 2 solution from **Coinbase**, aims to become a central hub for the burgeoning creator economy. Jesse Pollak has been a vocal proponent of how creator coins can empower individuals. However, this event underscores the technical and ethical hurdles that remain. It serves as a critical case study on the importance of robust and equitable launch protocols to prevent market manipulation. The controversy surrounding the **JESSE** coin launch may force a re-evaluation of features like 'flashblocks' and prompt a broader industry discussion on how to ensure fair access and participation in the decentralized economy.