IRS rolls back crypto tax change, Socket hacked for $3.3M, spot Bitcoin ETF stats

It has been a whole week since the U.S. SEC approved spot Bitcoin ETF applications, and we have seen some staggering movement in all directions. Today’s episode covers the important stories around the ETFs, the Socket protocol exploit, the IRS rolling back its new crypto tax rule, and why one hedge fund co-founder believes a spot Ether ETF is unlikely “anytime soon.”

Further reading:

• Estimated $1.1B flees GBTC in 3 days as ARK begins buying own Bitcoin ETF — Brayden Lindrea
• Grayscale Bitcoin Trust ETF transfers another $376M in BTC as price stabilizes — Tom Blackstone
• Socket protocol loses $3.3M in confirmed approval exploit — Tom Blackstone
• IRS steps back crypto tax rules, exempting TXs over $10K from obligations — Brayden Lindrea
• Spot Ethereum ETF not coming ‘anytime soon,’ says Mark Yusko — Marco Castrovilli

References:
IRS crypto tax announcement
Eric Balchunas X post on spot Bitcoin ETFs vs. other ETFs
Cointelegraph interview with Mark Yusko on YouTube

So, grab yourself a coffee, and let’s get into it!

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