The Daily: Ark Invest sees bitcoin topping $750K by 2030, Senate Agriculture Committee releases crypto market structure bill text, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! Crypto markets briefly bounced in a late Wednesday TACO rebound after President Trump backed off planned EU tariffs following talks on a Greenland-related framework deal at Davos.

In today’s newsletter, Ark Invest projects bitcoin’s market cap to reach $16 trillion within five years, the Senate Agriculture Committee unveils its latest crypto market structure bill text, Superstate raises $82.5 million in a Series B round, and more.

Meanwhile, JPMorgan analysts said they doubt Ethereum’s post-Fusaka upgrade activity surge will be sustained.

P.S. Don’t forget to check out The Funding, a biweekly rundown of crypto VC trends. It’s a great read — and just like The Daily, it’s free to subscribe!

Cathie Wood’s Ark Invest projects bitcoin’s market cap at $16 trillion by 2030

Cathie Wood’s Ark Invest projects bitcoin’s market cap to climb from around $1.8 trillion today to $16 trillion by 2030, implying a BTC price near $762,000 as institutional adoption accelerates.

• The investment firm expects the broader crypto market to grow from roughly $3.1 trillion to $28 trillion, with bitcoin capturing 60% to 70% of the total as a dominant store of value.
• Ark said ETFs and public companies now hold about 12% of bitcoin’s supply, underscoring the asset’s growing role in institutional portfolios.
• Beyond bitcoin, the firm forecasts smart contract platforms could climb toward $6 trillion in market cap by 2030, driven by tokenized assets, onchain finance, and blockchain-based applications.
• Ark also estimates that tokenized assets could grow to about $11 trillion overall during the period, up from a current market size of roughly $22 billion.
• As for right now, bitcoin is struggling to regain its early New Year momentum amid persistent overhead supply, according to analysts at Glassnode.

Senate Agriculture Committee unveils crypto market structure bill text, but chair says ‘differences remain’

The Senate Agriculture Committee released updated crypto market structure bill text late Wednesday ahead of a Jan. 27 hearing, but Chair John Boozman said “differences remain” on key policy issues.

• The latest draft no longer includes several contentious sections from last year’s proposal, including provisions related to blockchain developers and anti-money-laundering, even as broader policy disagreements persist.
• The bill would expand the CFTC’s authority over digital assets, but it must still be reconciled with the Senate Banking Committee’s competing version to advance.
• Meanwhile, progress may stall further as the Senate Banking Committee shifts its focus toward housing legislation, potentially delaying crypto market structure talks until late February or March, Bloomberg reported.

Superstate raises $82.5 million Series B funding to expand onchain equity issuance infrastructure

Superstate raised $82.5 million in a Series B round led by Bain Capital Crypto and Distributed Global as it expands deeper into onchain primary markets.

• The firm plans to use the fresh capital to expand beyond its tokenized Treasury products, which now total more than $1.2 billion in assets under management, into SEC-registered equity issuance on Ethereum and Solana.
• The company is scaling its Opening Bell platform and regulated market infrastructure to support direct onchain share issuance, settlement, and shareholder recordkeeping.
• The firm has already supported several onchain equity deployments through Opening Bell, including Galaxy Digital, which also participated in the round, as well as Ethereum treasury firm SharpLink and Solana treasury company Forward Industries.

Vietnam opens crypto exchange licensing with nearly $400 million capital barrier to entry

Vietnam has opened applications for licensed crypto exchanges under a pilot regime that sets a steep entry threshold of nearly $400 million in required capital.

• The framework limits participation to Vietnamese firms, caps foreign ownership at 49%, and effectively favors domestic banks and securities companies.
• The licensing rollout activates last year’s crypto law, shifting Vietnam from legal recognition of digital assets to active supervision of exchange activity.
• Major local banks and brokerages have begun preparing exchange infrastructure, though industry participants expect user adoption to transition gradually as the market develops.

Spot bitcoin, ether ETF outflows accelerate, totaling nearly $1 billion

U.S. spot bitcoin and ether ETFs logged nearly $1 billion in combined net outflows on Wednesday as $708.7 million and $286.9 million exited the funds, respectively, amid heightened macro uncertainty.

• Analysts said the selling reflects short-term derisking rather than structural weakness, with long-term institutional adoption trends still intact.
• Despite the ETF outflows, crypto prices stabilized later in the day after tariff fears eased, while XRP and Solana funds bucked the trend with net inflows.

In the next 24 hours

• It’s quiet on the economic calendar front.
• World Economic Forum annual meetings continue in Davos, Switzerland.
• Meteora and Wormhole are among the crypto projects set for token unlocks.
• The Nashville Energy & Mining Summit concludes.

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