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What we’ve cooked up for you today…
🏦 ETFs on a roll
🎯 Mark this date down
🇩🇪 It’s almost over…
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:50am ET
Only the top 20 coins measured by market cap feature in this section
ETFs ON A ROLL 🏦
BREAKING: Spot bitcoin ETFs log $79 million in net inflows, reaching fifth consecutive day of positive flows
The US Bitcoin ETFs continue to buy up as much Bitcoin as they can.
Yesterday saw total daily inflows of $78.93 million, extending the inflow streak to 5 days in a row.
Heres the breakdown:
BlackRock IBIT: $72.1 million 🥇
Fidelity FBTC: $32.7 million 🥈
Bitwise BITB: $7.5 million 🥉
BlackRock topped the inflow charts at $72.1 million for the day.
But they also topped the trading volume with $725.61 million being traded for the day.
And just in case you forgot how ridiculous the Bitcoin ETFs have been, check this stat out:
On Tuesday alone, BlackRock saw inflows of $121 million.
That’s more than the majority of ETFs launched this year will have in total assets at the end of the year.
Read that again…
It’s a ridiculous stat and just goes to show how successful they’ve been.
And check this tweet from Will Clemente.
It’s a great summary of all the positive catalysts we have cooking.
The vibes are certainly shifting. 😎
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MARK THIS DATE DOWN 🎯
Ethereum ETF issuers have now resubmitted their S-1 filings.
But what happens next?
When will they launch?
This seems to be dragging on forever…
In his latest interview, Eric Balchunas explained exactly what’s going on with the Ethereum ETFs.
For those of you who don’t know Eric, he’s the senior ETF analyst at Bloomberg.
Eric has covered Bitcoin and Ethereum’s move into TradFi extensively, proving to be a trustworthy source of news.
Here’s what he had to say:
“The SEC hasn’t got back to issuers yet. But when they do, they’re going to give them a game plan. They’re going to say here’s the plan, you guys are going to send back your documents, we’re going to make them effective and then you can launch on Thursday July 18th. That is my new ballpark.”
Eric is now predicting the launch date to be July 18th.
But in Eric’s opinion all the hard work has been done. The S-1 filings that issuers have been resubmitting have minimal changes.
We’re just waiting on the slow moving government to finalise these things.
“According to the issuers and people we speak with, these could have been done two weeks ago.”
Eric was also asked to give a prediction on the amount of inflows we can expect once the Ethereum ETFs finally launch.
And instead of giving a flat number, Eric gave a range based on Bitcoin’s inflows.
Less than 10% = failure 😭
Greater than 25% = huge success 🤑
“Whatever Bitcoin [flows] is at after a year, if ETH is 10% or less it’s a let down. If it’s over 25%, I think it exceeds expectations.”
ETF analyst James Seyffart also made a prediction on potential Ethereum ETF flows.
Here’s what James is expecting:
“So if you look at Ethereum, it’s 30% of the market. My base case is these things over the first year are going to take in 20% of whatever the Bitcoin ETFs do… I think they’ll take in over $3 billion.”
Here’s the thing though…
Ethereum is a less liquid market compared to Bitcoin.
Which means a dollar into the Ethereum ETFs is likely going to be WAY more impactful than a dollar into the Bitcoin ETFs.
Fingers crossed Eric is right on his July 18th approval. 🤞
IT’S ALMOST OVER…🇩🇪
Todays sell-off was a HUGE one.
Spread over multiple transactions, the German government transferred:
1,575 Bitcoin to Bitstamp
975 Bitcoin to Kraken
1,075 Bitcoin to Coinbase
3,500 Bitcoin to B2C2 group
1,250 Bitcoin to unlabelled address
252 Bitcoin to Cumberland DRW
2,000 Bitcoin to Flow Traders
In total, the German government transferred 10,627 Bitcoin, worth ~$615.3 million.
But here’s the thing.
They’re almost out of Bitcoin…
The selling is coming to an end.
As it stands, the German government now holds 4,925 Bitcoin. Which is only 9.9% of their original balance.
Going off the size of Germany’s recent transfers, tomorrow may be the last of the sell-offs.
That’s if they intend to liquidate their entire holdings.
Who knows…
Maybe they keep at least a little Bitcoin?
CRACKING CRYPTO 🥜
House fails to counter Biden veto and rescind SAB 121 in latest vote. The US House of Representatives obtained insufficient votes to overrule President Joe Biden's earlier veto to rescind SEC Staff Accounting Bulletin (SAB) 121.
CFTC chair reiterates BTC and ETH are commodities in testimony. CFTC Chair Rostin Behnam has testified to a Senate committee that his agency should have further oversight into the regulation of crypto assets in the United States.
Judge Sends Coinbase Back to the Drawing Board Over Efforts to Subpoena SEC’s Gary Gensler. The New York judge overseeing the SEC’s case against Coinbase said the crypto exchange’s attempts to subpoena Gensler’s personal devices were surprising – “and not in a good way.”
Bitcoin Won't Buckle From Mt. Gox and Germany Sales, Analysts Say. Will Germany's liquidations and the massive Mt. Gox repayments tank Bitcoin's price? Analysts are optimistic that BTC will hold up.
WHAT WE’RE READING 📚
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CAN YOU CRACK THIS NUT? ✍️
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______ 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 🥳
Ethereum gas is a blockchain transaction fee paid to network validators for their services to the blockchain
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