Collective Shift

Matt breaks down why Bitcoin’s price is not surging despite there being such strong ETF demand. He also covers the big week ahead for macro, Coinbase Smart Wallet, continued institutional adoption, and altcoin updates.

Key Takeaways 

• Spot Bitcoin ETF demand continued to surge, yet prices held steady. It is becoming increasingly evident that more hedge funds are buying these ETFs while shorting BTC on the futures market (i.e. executing a cash-and-carry trade).
• The big macro event to watch this week will be the U.S. Federal Reserve’s interest-rate decision (June 12). The U.S. CPI data release (June 12) will also be closely watched. If these are in line with expectations, a relief rally is highly likely.
• Coinbase announced its smart wallet in an effort to dramatically simplify onboarding, eliminate network fees, and remove recovery phrases.
• Among the altcoin updates covered: Arweave’s upcoming AO token, Optimism’s important upgrade, and airdrop details for ZKsync (ZK).

Matt breaks down the most important events in crypto from the past week. Topics include the Ethereum ETF, U.S. President Biden denying the crypto custody bill, celebrity memecoins and altcoin updates.

Key Takeaways 

• The Ethereum ETF applicants started submitting their S-1 filings to the U.S. SEC. Eric Balchunas, a senior ETF analyst at Bloomberg, expects the ETFs to start trading in early July.  
• U.S. President Biden vetoed legislation that would have made it easier for banks to offer custody services for cryptocurrencies.
• Celebrities such as Caitlyn Jenner and Iggy Azalea launched their own cryptocurrencies on Solana. These are extremely risky and will likely lose relevance very soon.
• Among the altcoin updates covered: Arweave’s upcoming AO token, PayPal’s stablecoin launching on Solana, and Sei v2 preparing to go live

Join Matt and Nick as they break down the latest market uptick; the state of Wisconsin’s investing in Bitcoin ETFs; the U.S. Senate voting to override an anti-crypto rule; Solana vs Ethereum; altcoin updates; and more.

Key Takeaways 

• The U.S. SEC shocked the market by approving all eight spot Ethereum ETF applications. No indication of when these ETFs will go live. The issuers still need to get their filings approved, which may take months.
• ETH rallied by more than 20% after news circulated that the SEC was all of a sudden likely to approve the ETFs.
• U.S. presidential candidate Donald Trump doubled down on his support of crypto, pegging himself against the Biden administration. While it’s unclear whether Trump is simply just trying to win votes, it’s encouraging to see increased publicity surrounding crypto.
• Among the altcoin updates covered: Chainlink’s involvement in another asset-tokenisation pilot and Uniswap Labs’ response to the SEC’s Wells notice.

Join Matt and Nick as they break down the latest market uptick; the state of Wisconsin’s investing in Bitcoin ETFs; the U.S. Senate voting to override an anti-crypto rule; Solana vs Ethereum; altcoin updates; and more.

Key Takeaways 

• Cryptocurrencies traded higher following the latest U.S. CPI data coming in line with expectations.
• The U.S. Senate approved a rule change that would make it easier for banks to offer crypto-custody services. However, President Joe Biden said he would not be signing off on this.
• Nearly 1,000 entities reported owning spot Bitcoin ETFs as of the end of March. Worth noting, however, the vast majority of these are likely not holding for investment purposes.
• The State of Wisconsin Investment Board (SWIB) was one that reported owning roughly $160M worth of these ETFs for investment purposes. This is very bullish and may prompt other state pensions to follow Wisconsin’s lead.
• Solana overtook Ethereum mainnet in terms of daily economic value (i.e. transaction fees plus MEV) for the first time. Yet another sign that Solana should not be overlooked.
• The SEC must approve or deny two spot Ethereum applications by the end of this week. A denial is widely anticipated. If this happens, the SEC’s rationale will be a must-follow, as will any public statements from the relevant applicants (i.e. VanEck, Ark Invest and 21Shares).
• Among the altcoin updates covered: news regarding zkSync and Blast’s airdrops; and Syntetix’s sUSD losing its peg.

Join Matt and Nick as they break down this week’s key market event; the spot Ethereum ETF applications; the SEC’s potential lawsuit against Robinhood; Donald Trump’s pro-crypto speech; memecoin prices soaring; altcoin updates; and more.

Key Takeaways 

• The market continues to trade sideways ahead of this week’s inflation data in the U.S. Consensus forecast is 3.4%, which would be slightly lower than the 3.5% recorded last month.
• The SEC flagged its intent to sue Robinhood in relation to its crypto offerings. Unlike previously, Robinhood plans to defend a would-be lawsuit.
• Bitcoin ETFs saw net inflows for the first time in five weeks. A major asset manager in Boston was revealed to hold roughly $360M worth of bitcoin ETFs.
• The spot Ethereum ETF application is still widely expected to be denied. The SEC must approve or deny VanEck’s application by May 23.
• U.S. presidential candidate Donald Trump spoke positively about crypto, contrasting the views held by the Biden administration. Time will tell whether he is just trying to win votes.
• ‘Roaring Kitty’, a key figure behind the ‘meme stock’ mania of 2021, posted on social media after a long hiatus. This caused memecoins to rally.
• Among the altcoin updates covered: Infinex announces 30-day campaign; EigenLayer opens token claim window; and Botanix Labs secures funding.

Join Matt and Nick as they discuss the price volatility in the crypto market; the U.S. central bank’s latest rate decision; the prison sentencing of Binance’s co-founder; weakening demand for spot Bitcoin ETFs; EigenLayer controversy; altcoin updates; and more.

Key Takeaways 

• The crypto market slid further, with BTC declining to as low as $56,500 for the first time since late January. Standard correction as far as crypto bull markets go.
• The U.S. central bank’s policy update was largely in line with market expectations. The likelihood of a rate cut by September increased on the back of weaker-than-expected jobs data on Friday.
• Binance’s co-founder and former CEO was sentenced to four months in prison. Risks associated with Binance have decreased significantly in the past year.
• Demand for spot Bitcoin ETFs in the U.S. continued to weaken. Accessibility to these ETFs should only increase in the months ahead.
• Among the altcoin updates covered: EigenLayer airdrop controversy; Telegram Open Network (TON) momentum; and Aave V4 plans.

Join Matt and Nick as they break down the busy week ahead in the macro economy; Stripe’s return to crypto payments; Morgan Stanley bitcoin ETF rumours; altcoin updates; and more.

Key Takeaways 

• The crypto market continues to slide, with ETH a notable outperformer among the majors.
• This week’s policy update from the U.S. Federal Reserve will likely impact investor sentiment. Other macro factors to monitor are the U.S. Treasury’s refinancing announcement and the weakening Japanese yen.
• Major payment company Stripe announced it will once again support crypto payments. Support will initially be for the USDC stablecoin.
• Morgan Stanley is reportedly preparing to allow its 15,000 brokers to recommend that customers buy spot bitcoin ETFs on an unsolicited basis. Accessibility to these ETFs should only expand as the year continues and should increase demand for BTC.
• Among the altcoin updates covered: Hedera and BlackRock confusion; Jupiter Mobile Initiative; and Stacks rolling out long-awaited ‘Nakamoto’ upgrade.

Join Matt and Nick as they break down the Bitcoin halving; the rollercoaster week for cryptocurrency prices; worsening sentiment towards altcoins; Hong Kong approving spot Bitcoin and Ethereum ETFs; and more.

Key Takeaways 

• Bitcoin (BTC) dominance rose to three-year highs amid what was one of the most volatile weeks for cryptocurrencies in recent memory.
• Bitcoin’s fourth halving came and went. There are now roughly 450 BTC being mined per day.
• Hong Kong approved the launch of spot ETFs for BTC and ETH. While Hong Kong’s ETF market is miniscule, relative to the U.S., these approvals help investors gain convenient exposure to BTC and ETH.
• Among the altcoin updates covered: Solana’s network update, Arbitrum BOLD and Jupiter’s LFG Launchpad (Round 2).

Join Matt and Nick as they explain the recent volatility in crypto markets; the Bitcoin halving; why SEC vs Uniswap Labs is among crypto’s most important legal battles to date; Ethereum’s next upgrade; and more.

Key Takeaways 

• The market experienced some of the highest volatility of this bull market so far, triggered by Iran’s attack on Israel. This volatile price action flushed out hundreds of millions of dollars in positions.
• The next Bitcoin halving is set for April 20. Very hard to predict which way prices will go in the days after the halving.
• Uniswap Labs said it received a Wells notice from the SEC, indicating that it will likely be sued in the coming weeks or months. Should the lawsuit be filed, it has the potential to be among the most important legal cases to date with regard to altcoins in general.
• Among the altcoin updates covered: Monad Labs’ monster investment round and EigenLayer’s mainnet release.

Join Matt and Nick as they discuss the U.S. government’s massive Bitcoin holdings, PayPal’s continued push into the stablecoin market, VanEck’s outlook for Ethereum L2 tokens, and more.

Key Takeaways 

1. The crypto market fell slightly last week. Notably, BTC fell by less than major altcoins such as ETH and SOL.
2. Speculation that the U.S. government will sell some BTC increased after onchain activity from connected addresses. The U.S. government holds roughly 200,000 BTC and has previously signalled its intent to sell over time.
3. PayPal dramatically improved the accessibility of its PYUSD stablecoin and Ripple announced its upcoming expansion into the lucrative stablecoin market.
4. VanEck published a report in which it predicted that the combined market cap of L2 tokens would hit $1T by 2030. Despite this, it remains “generally bearish” on the long-term value drivers of L2 tokens.
5. Expect talks about ‘fee switches’ to increase in the weeks ahead, particularly in relation to Uniswap (UNI) and Aave (AAVE).
6. The tokens for Ethena (ENA) and Wormhole (W) launched last week and initial airdrops were distributed.