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⌐◪-◪ → Happy 1 year birthday to all the Bitcoin ETFs!

The US spot Bitcoin ETFs were approved exactly one year ago today, and it feels like a lifetime ago. If you’re up for a listen, here’s a good Twitter Space Bitwise hosted to celebrate!

Since then, they’ve become the fastest growing and best-performing ETFs in Wall Street history, now holding over $110B in Bitcoin—roughly 5.7% of the total Bitcoin supply.

For context, Bitcoin ETFs shattered records, surpassing $30B AUM faster than gold ETFs ever did. On the busiest days, these funds are buying over 9,000 BTC daily, while miners are only producing 450 BTC.

The Bitcoin ETFs opened the floodgates, making Bitcoin accessible to anyone with a brokerage account. Now, a crazy supply-demand situation is brewing.

Here’s to what the next year of Bitcoin ETFs might bring!

⌐◪-◪ → Bybit will be right back…

Bybit just announced that it will temporarily restrict services in India starting on Jan. 12 due to recent regulatory developments.

Indian Bybit users won’t be able to open new trades or access any products on the platform, though withdrawals will remain operational.

This doesn’t seem like anything to lose sleep over. Bybit is reportedly working with regulators to finalize their registration as a Virtual Digital Asset Service Provider (VASP), which should be ready in a few weeks.

A good reminder: not your keys, not your crypto. Centralized exchanges are useful, but there’s no telling when access might be restricted—or shut down entirely.

⌐◪-◪ → Coinbase may be in trouble…

Coinbase just received a subpoena from the CFTC for customer data related to Polymarket.

The request seeks “general customer information,” and Coinbase has already emailed some customers about the pending request.

It’ll be interesting to see how long this campaign lasts, especially with the CFTC chair stepping down next month and President Trump’s inauguration in 10 days.

If you’ve ever used a Coinbase-funded account to interact with Polymarket, this is a story to track.

This is also a great reminder of the inherent privacy problems with public ledgers. You never know when or why your on-chain actions might be retroactively singled out.

And if all else fails, you can always fall back on the infamous Nicole Behnam excuse: “There were mistakes made in a wallet that I controlled.”

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