Morning Minute | Bitcoin Soars Past $70k on Massive Inflows
TylerD's Market Summary
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📈 The Bitcoin ETFs Are Booming
Bears should be very afraid.
The Bitcoin ETFs have outperformed our wildest dreams in just a few short months.
And they aren't slowing down - in fact the opposite.
What Happened?
Yesterday saw $886M in total BTC ETF inflows.
It marked the largest single day since March 12 and the 2nd highest since launch.
This also made 15 straight days of positive net inflows for the ETFs.
And the Bitcoin price responded.
It jumped 3% on the day to $70,850 and is now up 15% since the ETF flows flipped positive back on May 13 (was $60,900 on that day).
$3.1B in total inflows in a 3 week period will do that.
What should be a widespread celebration has largely been ignored as many have been in the weeds and arguing over the latest meta -
Celebrity memecoins.
Vitalik Weighs In
Early this morning Vitalik commented on the recent celebrity memecoin craze brought into the spotlight by Iggy Azalea and her $MOTHER token.
In response to a Chris Burniske post talking about $MOTHER breaking into value creation, Vitalik replied:
"I'm feeling quite unhappy about with "this cycle’s celebrity experimentation" so far.
"Financialization as a means toward an end", I can respect if the end is worthy (healthcare, open source software, art, etc). Financialization *as the final product*
Ashton and Mila's Stoner Cats was vastly more honorable than anything we've seen from this 2024 celebrity memecoin era - at least there was an actual show being funded.
How do we push things in a better direction?"
He went on to list a set of features that a celebrity project should have for him to respect it, including:
- Have a public good or goal it's serving
- Have a fun mechanic beyond just trading (i.e. DAO voting)
- Last 10 years+
With his north star being a project where users would be happy even if the tokens go to 0.
It's a pretty high bar, one that not many projects have hit.
One could argue a handful of NFT projects have gotten there or close, but that north star of holders being happy with value going to 0 is a very tough one.
It is hard to argue with Vitalik without going straight to "what about-isms." So I won't.
From my view, a few things can be true:
- Traders enjoy memecoins and celebrity coins and the overall sector isn't going away
- There are far more valuable projects in crypto than memecoins and the broader crypto ecosystem needs more than memes to survive
- The beauty of the decentralized, open crypto economy is everyone can choose where they want to play
And wealth created from memecoin mania can flow into positive places making them a net positive.
Given the success of the ETFs and their impact on the memecoin sector, expect this discussion to continue (because both are going up for the foreseeable future).
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- BTC led NFT trading volume with $6.2M on the day (-2%); ETH was next with $5M (-2%) and then Polygon with $2.8M (+70%)
- BTC NFT leaders were green again; Puppets +10% at 0.215 BTC, NodeMonkes +3% 0.295, OMB +2% at 0.29 and Quantum Cats +7% at 0.315
- The Runes board was mostly green with RSIC +4% to $262M, PUPS +14% to $215M and BAMK OF NAKAMOTO +113% to $140M; several other runes were up 20-100% on the day
- DOG fell 4% on the day to $905M mc, one of the lone red runes, even after it had perp contracts listed on Bybit
- ETH NFT leaders were mixed with BAYC -1% to 12.55 ETH, Pudgy +0.5% to 10.44, Azuki -1% to 3.93 and MAYC -7% to 2.03
- Pirate Nation, Age of Dino and Checks were notable outperformers on the day
- Punks saw their first sub-30 ETH sale in nearly 3 years on Tuesday and the floor is currently 29.99 ETH
- Solana NFTs were mostly red; Mad Lads -3% to 59 SOL, SMB Gen 2 -2% to 23, DeGods -3% to 24.8
- Blast NFTs were mixed on the day with most trading in a +/-2% window
- The 3AC set of gold fur Yuga assets (BAYC + M1 + M2 mutants + BAKC) is going up for sale at Sotheby's; 3AC notably paid just 109 ETH for the set which was worth likely 1k ETH at peak)
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
- Pacmoon's $PAC soared 25% to a $62M mc just a day after airdrop 4 was distributed
- Pirate Nation Foundation announced its $PIRATE token launch for June 13 along with tokenomics, unlock schedule and the fact that only players & collectors will be able to claim at TGE
- The Floor app rolled out its newest version including memecoin tracking, a wallet, cross-chain swaps (8 supported chains), payments, Apple Pay integration and more
- DWF Labs committed $12M to market make $FLOKI which soared 22% on the day
- $BODEN and $TREMP officially went live for trading on Kraken, which jumped 40% and 27% respectively
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are very green this morning; BTC +3% at $70,900; ETH -0.7% at $3,800, SOL +4.4% at $172.50
- BNB soared 8% on the day to $700 and a $103B mc, leading majors
- Memecoin majors are also green with DOGE +3%, PEPE even, WIF +6%, BONK +6%; BEER, BODEN, ZACK outperform
- Bain Capital is planning to launch a second crypto fund, following its $560M crypto fund launched in March 2022
- The SEC is shutting down its Salt Lake City office, the one tied to its failed lawsuit against DEBT Box, after significant staff attrition
- Phantom is hiring a social media intern for meme posting and reply guy-ing with a $120k-$140k per year salary
- Jesse Pollack went on Bloomberg to talk about how the "next generation of internet is on Base"
- Illuvium announced its open beta will officially launch on July 25 ($ILV +3% on the day to $400M mc)
🚀 Memecoin Movers
- $TROG (+190%, $45M market cap, ETH)
- $BEER (+100%, $392M market cap, Solana)
- $BODEN (+41%, $240M market cap, Solana)
- $ZACK (+35%, $82M market cap, Solana)
- $MFER (+35%, $53M market cap, Base)
📈 NFT Floor Price Increase (ETH)
- Exosama (55%, 0.14 ETH Floor)
- MyShell (35%, 0.42 ETH)
- Plooshies (27%, 0.32 ETH)
- Checks - Originals (26%, 0.12 ETH)
- Age of Dino (25%, 0.37 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a busier day of mints spanning art, memes and pfps.
The highlight is likely Blastin Pepes launching this morning on Blast for 0.069 ETH in a WL only sale. It's been able to generate some hype on Blast and with wide distribution will be a likely candidate for the Blast Jackpot.
Other than that, Paradigmstories has the meme card today, numo is on deck for Onchain Summer and Motus Art is dropping on Art Blocks.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Memes by 6529 (11:00 a.m. ET)
- Blastin Pepes (11:00 a.m. ET)
- numo x Prohibition - Onchain Summer (12:00 p.m. ET)
- Motus Art x Art Blocks (1:00 p.m. ET)
- $TAP public ale (1:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.
