Hello,

Welcome to the 35th edition of the Fiat Bridge Daily Crypto Newsletter.

As the crypto market navigates a sharp downturn, I see this as a prime moment to spot undervalued opportunities in an ecosystem that's evolving faster than ever.

Over the last 24 hours, the total crypto market capitalization has dipped to around $2.3 trillion, marking a 5.8% decline.

Bitcoin fell 7.5% to approximately $65,914, while its dominance stands at 56.4%.

Ethereum dropped 9.5% to $1,923, and Solana slid 11.3% to $81.

Stablecoins hold a total supply of $305 billion. Decentralized Finance (DeFi) total value locked decreased 7.5% to $93 billion, with 24-hour trading volume across the market reaching $365 billion.

The Fear & Greed Index, a sentiment gauge ranging from 0 (extreme fear) to 100 (extreme greed), sits at 9, signaling extreme fear among investors.

In today's edition, we'll dive into three key stories shaping the market: a potential new ETF for DeFi exposure, Tether's push into tokenized gold, and JPMorgan's optimistic long-term Bitcoin forecast.

Bitwise Asset Management has taken a bold step by filing a registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot Uniswap ETF.

This exchange-traded fund would track the price of UNI, the governance token for Uniswap, a decentralized exchange (DEX) on the Ethereum blockchain where users trade cryptocurrencies peer-to-peer without intermediaries.

If approved, the ETF would give investors easy exposure to Uniswap's ecosystem through traditional brokerage accounts, bypassing the need to directly handle crypto wallets.

Uniswap is a cornerstone of DeFi, which refers to financial services built on blockchain without banks. The protocol has facilitated billions in trading volume, and UNI holders can vote on platform upgrades.

Tether, the issuer of the world's largest stablecoin USDT (pegged 1:1 to the U.S. dollar), has invested $150 million to acquire a 12% stake in Gold.com, an online marketplace for precious metals. This deal aims to integrate Tether Gold (XAUT), a tokenized version of gold where each token represents one troy ounce of physical gold, into Gold.com's platform.

Users could soon use Tether's stablecoins like USDT or the newer USAT to buy physical gold, making it as easy to transfer as digital currency while keeping real-world backing. Tokenized assets convert traditional investments like gold into blockchain-based tokens, enabling fractional ownership and 24/7 trading.

JPMorgan, a major global bank, has highlighted Bitcoin's potential to hit $266,000 in the long term, based on its declining volatility relative to gold. Volatility measures price swings; Bitcoin's ratio to gold's has hit a record low of 1.5, making it appear more stable on an adjusted basis.

The bank notes Bitcoin's market cap would need to match private-sector gold investments (around $8 trillion, excluding central banks) to reach this price. Its lower swings could position it as a better hedge against economic uncertainty than gold, which surged 60% in 2025 amid safe-haven demand.

This contrasts with current sentiment, where Bitcoin ETFs saw sell-offs and stablecoin supply contracted. Yet, JPMorgan sees upside once negativity fades, emphasizing Bitcoin's role in portfolios.

Today's newsletter shows resilience in crypto amid turbulence: From DeFi's mainstream push via ETFs to tokenized gold's real-world integration and Bitcoin's long-term allure over traditional safe havens.

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