New year, new tax form 

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

After several drafts and 44,000 comments, the IRS’s new 1099-DA form is here. 

Or it will be on Jan. 1, 2026, at least — but starting in 2025, brokers are going to have to keep track of some new information. 

You may remember that the term “brokers” — and how tax regulators would define them — caused quite a stir back in 2023. Earlier drafts of the 1099-DA form included a section to identify the “broker type,” but this has since been removed. 

In doing so, the IRS essentially punted this issue down the line: They know they will have to issue rules around DeFi actors…

Read more on Blockworks

MSTR check-in, ‘Bitcoin Standard’ ETF filing

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

Holiday celebrations transpired the last few days. But the week was also marked by MicroStrategy becoming part of the Nasdaq 100. 

While some thought this would offer the company’s stock price a short-term lift, that so far hasn’t been the case. As of 1 pm ET, MSTR’s share price was down 22% since the market opened on Dec. 16 (after the index inclusion news late the prior Friday).

End-of-year profit-taking (MSTR is up ~380% in 2024) and recent declines in BTC price are likely contributors to MicroStrategy’s latest price dip.

But the bigger picture? Significance of MSTR’s…

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Debt: Bitcoin Is Not A Return To Stateless Money, It Is the First

I have just finished reading Debt: The First 5000 Years by anthropologist David Graeber. The book takes a look at the history of money, debt, and how they relate to societal structures from a lens that departs heavily from the conventional wisdom of economic thinking.

Conventional wisdom paints a picture of people inefficiently bartering goods and services directly for each other, and money naturally arising as a result of the problems inherent in this….

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Crypto’s greatest app innovations in 2024

This is a segment from the 0xResearch newsletter. To read full editions, subscribe.

Pendle

Pendle exists because crypto wants to speculate. 

In Pendle’s short history, the team has constantly reiterated its yield trading product using narratives from stablecoins and infamous “DeFi 2.0” (Olympus DAO) in the 2021 bull, to liquid staking tokens, real-world assets on Arbitrum, and liquid restaking during the prolonged bear.

It wasn’t until the points meta blew up in early 2024 that Pendle struck gold, with its TVL shooting up from the multi-million to multi-billion dollar range. Pendle’s Principle Tokens (PT) and Yield Token (YT) yield mechanisms remain an…

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Daily US Bitcoin ETFs Net Flow Analysis (As of December 27, 2024)

On December 27, 2024, the daily net flow of U.S. Bitcoin ETFs showed a positive trend overall, with a substantial total net inflow of 4,599 BTC across various funds, contributing to an increased market value of approximately $442.1 million.

BlackRock’s Bitcoin ETF (Ticker: IBIT) led with a notable inflow, adding 591 BTC to its holdings, indicating strong investor interest. Similarly, Fidelity’s Bitcoin ETF (Ticker: FBTC) also saw a significant gain, increasing by 2,665 BTC.

ARK’s Bitcoin ETF (Ticker: ARKB) also experienced a substantial net inflow, gaining 1,956 BTC, which suggests robust trading activity. However, not all funds experienced inflows; Bitwise’s Bitcoin ETF (Ticker: BITB) saw a modest outflow of 87 BTC, and Invesco Galaxy’s (Ticker: BTCO) recorded a larger outflow of 509 BTC.

Grayscale’s GBTC (Ticker: GBTC) faced a slight decrease of 17 BTC. Other funds such as Grayscale’s BTC fund (Ticker: BTC), VanEck’s (Ticker: HODL), Valkyrie’s (Ticker: BRRR), and Franklin Templeton’s (Ticker: EZBC) reported no changes in their holdings.

The overall increase in holdings to 1,129,202 BTC reflects a positive investor sentiment and active trading within the Bitcoin ETF market on this day.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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