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- 🥜 Ethereum, it's time
🥜 Ethereum, it's time
PLUS: Saylor Got Hacked
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We’re the crypto newsletter that won't betray you like a high-stakes game for the throne of the seven kingdoms... ⚔️👑
What we’ve cooked up for you today…
🚨 New scam alert - MicroStrategy X account hacked
🤑 It’s a matter of when not if
💪 HODLers aren’t letting go
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:15am ET
Only the top 20 coins measured by market cap feature in this section
NEW SCAM ALERT 🚨
BREAKING: MicroStrategy’s X account hacked, shilling Ethereum token phishing scam
Early yesterday morning, MicroStrategy’s X account was hacked.
The hacked account posted malicious links to the launch of the fake $MSTR Ethereum based token.
Users who clicked the link were directed to a copy of MicroStrategy’s website.
They were then instructed to connect their wallets to claim the fake MSTR airdrop.
Once connected, hackers were able to automatically drain the funds out of the users wallet.
According to blockchain detective ZachXBT, ~$440,000 in crypto has been stolen.
This serves as a reminder to always be careful out there in the world of crypto Twitter.
NEVER click on any links you’re not 100% sure about.
AND absolutely never connect your wallet to sites you have any doubts about.
Looking back at this scam, it was kinda obvious from the start…
It sucks to see people scammed out of their hard earned money.
But…
Why would MicroStrategy, a firm fully focused on Bitcoin, suddenly release an Ethereum based token. 🤨
Michael Saylor’s catch phrase is literally “There is no second best”…
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IT’S A MATTER OF WHEN NOT IF 🤑
An Ethereum ETF is right around the corner.
That’s exactly what Michael Sonnenshein, CEO of Grayscale, believes.
Speaking with CNBC, Michael bluntly said:
“A spot Ethereum ETF is a matter of when not a matter of if,”
Sounds like he’s pretty confident of an eventual Ethereum ETF approval.
But why? 🤷
Michael noted that they (Grayscale) have been working closely with regulators to move the industry forward.
As a quick reminder, Grayscale was arguably the biggest reason that the Bitcoin ETFs were approved.
Grayscale sued the SEC over denying their Bitcoin ETF application.
The SEC had already approved Bitcoin futures ETFs so how could they reasonably deny spot ETFs?
The SEC eventually lost this case and then the Bitcoin ETFs were approved.
Well the exact same situation might play out again over the approval of the Ethereum ETFs…
When asked whether the approval of the Ethereum ETFs would require another lawsuit, Michael had this to say:
“It’s too early to say. But we have a similar dynamic in the market where the SEC has approved Ethereum futures ETFs.”
To us this sounds like the SEC has 3 options:
Approve the spot Ethereum ETFs
Shutdown the already approved Ethereum futures ETFs
Deny the Ethereum ETFs and face another lawsuit from Grayscale which they’ll likely lose
All eyes will be on 23rd of May. That’s the final deadline day for VanEck’s Ethereum ETF application (the first of the bunch).
Like the Bitcoin ETFs, this is the date that they’ll likely ALL get approved on. 😎
HODLERS AREN’T LETTING GO 💪
Barely anyone is letting go of their Bitcoin. (we sure aren’t)
Today we’ll be taking a look at the classic Bitcoin HODL Waves.
Each coloured band shows the percentage of Bitcoin that last moved within that time period.
As the colours get darker, the age bands get older (purple being the oldest, representing coins last moved 10+ years ago).
We’ll just be focusing on coins last moved 6+ months ago.
Here’s the breakdown:
6m - 12m: 10.02%
1y - 2y: 12.31%
2y - 3y: 11.52%
3y - 5y: 13.41%
5y - 7y: 10.59%
7y - 10y: 4.90%
>10y: 16.07%
Put that all together and we have ~78.82% of the Bitcoin supply sitting idle for over 6 months…
That’s nuts…
That’s why we believe everyone is underestimating the long-term impact the Bitcoin ETFs will have.
There simply won’t be enough supply to go around.
Long-term holders ain’t ready to let go of their Bitcoin yet. 😎
CRACKING CRYPTO 🥜
CoinMarketCap launches 'Oscars of Crypto' to celebrate industry accomplishments. Industry pioneers to be honored at CoinMarketCap's inaugural Crypto Awards event.
Texas Blockchain Council and Riot secure win against US energy officials. The judge agreed with the TBC and Riot Platform’s argument that irreversible damages and losses would occur without an immediate temporary restraining order.
EigenLayer's $100M haul ignites series of adjacent investments. EigenLayer's raise puts it in a small group to clear nine figures in a venture round over the past several months.
WHAT WE’RE READING 📚
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CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
______ is how the Ethereum network measures the computational effort required to execute transactions. |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) Gas🥳
'Gas' refers to the unit that measures the computational effort for executing different types of actions. Every action on Ethereum, from simple transactions to deploying smart contracts, uses gas.
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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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