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- 🥜 Ethereum rejected
🥜 Ethereum rejected
PLUS: 2x the internet
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What we’ve cooked up for you today…
🤔 Ethereum ETF to be rejected
🤑 Twice the speed of the internet
📈 Another day, another record
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:50am ET
Only the top 20 coins measured by market cap feature in this section
ETHEREUM ETF TO BE REJECTED? 🤔
BREAKING: Ethereum ETFs will ‘probably be rejected’ by May — VanEck CEO
The CEO of VanEck believes that the SEC will deny the Ethereum ETFs in May.
Speaking with CNBC, Jan Van Eck said:
“We were first to file for an Ethereum ETF in the US. We and ARK [Cathie Wood] are first in line for May to probably be rejected.”
Jan explained the reason for this belief is the radio silence from the SEC.
“The way the legal process goes is that regulators will give you comments on your application and that happened for weeks and weeks before the Bitcoin ETFs, but now pins are dropping as far as Ethereum is concerned.”
ETF analyst Eric Balchunas has been saying this for quite some time as well:
“As we've said, need SEC to give comments on the filing documents and that still ain't happening, even in person they offering nothing. Silence is violence.”
So the big day to look out for is the 23rd of May.
And unless the SEC is planning a big surprise for everyone…
It’s looking like it’s going to be a denial.
BUT, that doesn’t mean that we won’t see an Ethereum ETF later this year.
Some even believe it would be a better outcome.
This looks like it will work out to be short term pain, but a long term gain. 💪
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TWICE THE SPEED OF THE INTERNET 🤑
We’ve never been given an asset like this before.
It’s being adopted at twice the speed of the internet.
That’s the latest update from Raoul Pal.
For those who don’t know Raoul, he’s the CEO & founder of Real Vision.
Raoul is a veteran in both crypto & financial markets, having first bought Bitcoin 10+ years ago.
In his latest interview, Raoul explained just how insane the adoption of crypto has been.
“It’s actually twice the speed of the internet… We’ve literally never been given an asset like this, with an adoption like this.”
And he’s got a chart to back this claim up.
Extrapolating this out, crypto should reach ~1 billion users by the end of 2025…
With this in mind, Raoul gave a prediction on where the total crypto market cap could end up this cycle:
“Crypto right now is a $2.7 trillion industry, it’ll probably finish this cycle at $10 - $15 trillion and by 2030 or so it’ll be $100 trillion. This is the largest, fastest accumulation of wealth in all of human history.”
A $100 trillion market cap by 2030 would be a ~37x from where we are today.
Over the next 6 years that doesn’t sound that unreasonable…
Raoul also dropped some wisdom for how to navigate this cycle.
“Don’t overthink it. The moment you overthink it, that’s when you get yourself into trouble. You start not seeing it for what it is, but what you want it to be.”
What he means by this is that you should keep a large percentage of your portfolio (80% - 90%) in the core assets (Bitcoin, Ethereum and arguably Solana).
Use the remaining 10% - 20% as your “degen” bag. (memecoins etc.)
Don’t miss the forest for the trees.
Fastest accumulation of wealth, in all of human history. 🌲🌲
ANOTHER DAY, ANOTHER RECORD 📈
Time for our weekly check in on digital asset fund flows. (globally, not just the US ETFs)
Last week saw net inflows of $646 million. (a little less than the week prior)
This brings year-to-date net inflows to $13.8 billion. (a new all-time high)
The previous record was $10.6 billion seen in 2021. It’s only April and we’ve already smashed that record.
Just goes to show how successful the Bitcoin ETFs have been.
As always, Bitcoin remained the focus.
Last week Bitcoin experienced net inflows of $663 million.
Ethereum experienced it’s 4th consecutive outflow week, with $22.5 million exiting.
News continues to circulate that we’re likely not going to see an Ethereum ETF in May. Looks like short-term bearish sentiment is picking up for Ethereum.
The United States once again dominated weekly flows, with $648 million coming in.
Brazil, Germany and Hong Kong all experienced net inflows of $9.8m, $9.0m & $9m respectively.
However, Switzerland and Canada saw outflows of $27.3m and $7.3m respectively.
CoinShares notes that ETF hype appears to be moderating. As we haven’t achieved the weekly flow levels seen in early March.
But the main thing here is that flows are still coming in.
We’re nowhere near the top.
CRACKING CRYPTO 🥜
Solana developers eye fix for network congestion by mid-April as projects delay launch. Several Solana-based projects have placed their launch on hold as developers tackle critical network congestion.
Telegram-related Toncoin catapults into top 10 digital assets following hand scanning tech. Telegram-related Toncoin breaks into top 10 cryptocurrencies amid social media ad payments and tech advancements.
PayPal stablecoin circulation dropped 38% in March. After reaching an all-time high of $312 million in February, PayPal USD circulation dropped to below $200 million in March, posting a 38% decline.
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”)
What is the maximum number of Bitcoin that can ever be created? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) 21 million 🥳
Bitcoin has a maximum supply of 21 million. Surely you got that one right…
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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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