Today in crypto, Ripple chief technical officer David Schwartz speaks out against debanking, falling Bitcoin dominance hints at an altcoin rally in December, and spot Ether ETFs reached a new record for daily inflows
Ripple CTO David Schwartz speaks out against debanking
Ripple chief technical officer David Schwartz spoke out against Operation Chokepoint 2.0 — joining a growing list of crypto industry executives and tech founders sharing personal debanking stories and calling for regulatory reform.
The outcry from tech founders came after a recent appearance by venture capitalist Mark Andreessen on the Joe Rogan podcast where he revealed over 30 founders were debanked during the Biden administration.
Schwartz argued that debanking customers does nothing to help compliance, undermines due process — violates the First Amendment right to freedom of speech — and Fourth Amendment rights against illegal search and seizure.
A post from Mark Andreesen outlining the criteria for civil rights violations under US law. Source: Mark Andreesen
“Our government has become addicted to indirect regulation,” Schwartz wrote on social media. “It is easier to pressure banks to cut off disfavored businesses than to make that business illegal,” the CTO continued.
The crypto executive ultimately concluded that regulations should be above board and transparent to avoid crippling both civil rights and innovation in the United States.
Bitcoin dominance hints at “altseason”
Bitcoin dominance has printed a significant signal for altcoin investors, that could see smaller cryptocurrencies rally during December and attract more investments ahead of Jan. 20.
Bitcoin (BTC) dominance, which measures the ratio of Bitcoin to the total value of the crypto market, has fallen to 56.1%, below its two-year support line, signaling that the market is “officially in altseason,” wrote popular analyst Mikybull Crypto, in a Nov. 30 X post.
Bitcoin dominance chart. Source: TradingView
In crypto slang, altseason, short for altcoin season, refers to the collective rally of cryptocurrencies besides BTC, which tend to benefit from Bitcoin’s declining dominance.
Declining Bitcoin dominance suggests that investor are taking profit from their BTC positions and investing part of these funds into altcoins.
Crypto market flow. Source: Rekt Capital
Crypto investor interest has already spread to smaller assets, such as Ether (ETH). Demand for leveraged Ether exchange-traded funds (ETFs) rose by over 160% since President-elect Donald Trump won the 2024 presidential election on Nov. 5 — bolstering analysts expectations of an Ether rally above $4,000.
Spot ETH ETFs clocks highest daily inflow day: “Alt rotation has begun”
Spot Ether exchange-traded funds (ETFs) in the United States reached a new record for daily inflows on Nov. 29.
According to Farside data, $332.9 million flowed into the nine spot Ether (ETH) ETFs on Nov. 29, surpassing the previous daily inflow record — $295.5 million reached on Nov. 11— by $37.4 million.
BlackRock, the world’s largest asset manager, was responsible for $250.4 million of the total inflows on Nov. 29. ETF Store president Nate Geraci pointed out in a Nov. 29 X post that BlackRock’s iShares Ethereum Trust (ETHA) has now notched over $2 billion in inflows since the product launched on July 23.
Spot Ether ETFs saw $332.9 million in inflows on Nov. 29. Source: CoinGlass
At the time of publication, Ether is trading at $3,662, up 1.88% since Nov. 28, according to CoinMarketCap data.
Pseudonymous crypto trader Pentoshi said in a Nov. 29 X post, “Now we have early signs of this happening in ETH, as the flows begin to finally pick up, and sellers begin to get absorbed. It only takes time.”
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