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🥜 Here they come...
PLUS: Ethereum ETF prediction
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GM to all you crypto nuts. Crypto Nutshell #374 bringin’ the show… 🎟️ 🥜
We’re the crypto newsletter that’s more inspiring than an underdog's rise to become a boxing champion... 🥊🏆
What we’ve cooked up for you today…
🏦 Sony enters the game
🤑 Expect this for Ethereum
🌊 Three in a row
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:30am ET
Only the top 20 coins measured by market cap feature in this section
SONY ENTERS THE GAME 🏦
BREAKING: Sony gets ready to launch crypto exchange in Japan with acquired Amber platform
Here’s a big one…
Sony is set to launch it’s own crypto exchange in Japan. (yes THAT Sony - creators of PlayStation)
According to a Monday press release, Sony plans to revamp trading platform WhaleFin which it acquired last year.
“The renewal of ‘WhaleFin’ will involve not only an improved and refreshed UI design but also the release of a new application, aiming to provide a more user-friendly service. Post-renewal plans include further expansion of supported currencies and functionalities.”
The revamp includes rebranding WhaleFin to S.BLOX.
But this isn’t Sony’s first move into crypto.
In March 2023, Sony filed a patent for a “NFT framework for transferring and using digital assets between game platforms”.
And they also teamed up with Startale Labs to develop their own public blockchain.
A multibillion dollar international corporation has entered the game…
How can you not be bullish? 😎
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EXPECT THIS FOR ETHEREUM 🤑
A fresh wave of demand is set to hit Ethereum.
That’s the latest out from Alex Thorn.
For those of you who don’t know Alex, he’s the Head of Research at Galaxy Digital.
In his latest interview, Alex Thorn broke down his prediction on Ethereum ETF inflows.
In short, Alex is expecting ~$5 billion in net inflows into the Ethereum ETFs in their first five months of trading.
The logic behind this prediction is simple.
It’s based on the relative market caps of Bitcoin and Ethereum.
Ethereum is currently ~⅓ the market cap of Bitcoin, therefore Alex is predicting Ethereum to achieve 30% of the flows that Bitcoin did.
“We came around to saying that it’ll be 30% of Bitcoin flows over the first 5 months if we compare the two, which puts it at approximately $5 billion in net inflows in the first five months of trading”
Alex also provided some reasons why the Ethereum ETFs may underperform expectations:
The ETFs don’t offer staking
There’s way less marketing being done compared to the Bitcoin ETFs
Not as much hype leading up to launch as their was for the Bitcoin ETFs - BlackRock entering crypto was a HUGE deal
Market timing - BTC ETFs launched just as everyone thought we were back, now we’re chopping sideways
More complicated narrative - BTC has a consistent narrative, Ethereum is harder to explain to investors (digital oil, world computer, app store etc.)
But Alex did mention that he expects Ethereum to be more price sensitive to ETF inflows.
“We think the correlation between inflows and ETH price appreciation will be higher, Ether will be more price sensitive to the ETFs because there is more locked supply on Ether.”
The reason for this is that Ethereum’s supply is tighter than Bitcoin’s:
Supply held on exchanges: a greater portion of the BTC supply is held on exchanges compared to the ETH supply (11.7% vs 10.3%)
Staked supply: approximately 27% of Ethereum’s current supply is locked for staking
Regardless, 30% of Bitcoin’s flows is an optimistic target and will be HUGE for Ethereum. 🌊
Not long to go now…
THREE IN A ROW 🌊
Digital asset funds just had their third outflow week in a row. 😱
BUT…
The outflows ARE really down.
Last week saw net outflows of $30 million.
Surprisingly Bitcoin wasn’t the focus this week.
Ethereum saw it’s largest outflows since August 2022, totalling $60.7 million.
This also makes Ethereum the worst performing asset year-to-date with net outflows of $25 million.
Bitcoin, Solana and Litecoin all saw inflows of $10m, $1.6m & $1.4m respectively.
Short-Bitcoin also experienced outflows of $4.2 million which suggests sentiment may be turning.
The United States once again experienced the largest inflows at $43 million for the week.
Brazil and Australia also saw inflows of $7.6m and $2.9m.
However Germany, Hong Kong and Canada experienced net outflows of $28.5m, $23.2m & $14.4m respectively.
Last week saw a significant decline in the amount of outflows.
In fact most issuers had net inflows last week, but this was offset by $153 million in outflows from Grayscale.
It also looks like the tide may be changing…
The US Bitcoin ETFs kicked off this week with $129.5 million in net inflows.
And Grayscale had ZERO outflows.
Let’s see if they can keep it up for the rest of the week.
CRACKING CRYPTO 🥜
VanEck’s Matthew Sigel confirms Solana ETF is a bet on Trump victory. VanEck Head of Digital Assets Research Matthew Sigel affirmed that the company's Solana spot ETF proposal bets on Donald Trump's winning the US presidency.
Circle becomes first licensed stablecoin issuer under MiCA. Circle has announced it became the first stablecoin issuer to acquire a regulatory license under the European Union's Markets in Crypto-Assets regulations.
Bitcoin Traders Position for ‘Bullish July’ as BTC ETFs Record $124M Inflows. Bitcoin has a median return of 9.6% in July and tends to bounce back strongly, one trading firm said.
Coinbase Puts SEC on Notice: ‘Liability Shouldn't Depend on Which Court You Get Sued In’. Coinbase’s push for an appellate review seeks to bring stability to the application of securities laws to crypto.
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”)
Who wrote Ethereum's Yellow Paper, which serves as the formal definition of the Ethereum protocol. |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) Gavin Wood 🥳
Gavin Wood wrote Ethereum’s yellow paper
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