Altcoin season might be over and strategy buys more Bitcoin. You're watching CoinDesk Daily.

I'm your host, Jen Sanassi.

Today marks a full decade since the launch of Ethereum. The network gave us 10 years of

defy, NFTs, and also paved the way for thousands of altcoins. The most

recent altcoin surge, however, seems to be much more short-lived than last alt-coin season,

lasting just a few days before the market shed its newfound gains. In the past seven days,

the likes of flokey, far, and whiff have all lost more than 20% and double-digit declines are present

across the board. Coin Market Caps, Altcoin season indicator has returned back to levels

seen during the first half of the year, indicating that the outlook for Altcoins is bleak

because institutional attention is on Bitcoin. If Bitcoin can break out of its current range and form a new

record high, will that change the narrative? As of this morning, the largest crypto by market cap

remains in consolidation trading just below the $118,000 level. The SEC has approved the use

of in-kind creation and redemption processes for all spot Bitcoin and Ethereum

ETFs, a move hoped to boost efficiency for institutional investors. This change means that the

large institutional players behind these ETFs can now swap shares directly for actual Bitcoin or

Ethereum, cutting out the cash, middleman. It's a smoother and safer system because they can

instantly match the supply of

shares to what investors want without constantly having to switch between crypto and cash.

This marks the SEC's first major crypto-friendly policy move since Paul Atkins was named

chair of the agency earlier this year. He said in a press release, it's a new day at the SEC

and a priority of my chairmanship is developing a fit-for-purpose

regulatory framework for crypto asset markets. Midnight is a privacy-enhancing blockchain,

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