Morning Minute | The Bitcoin ETFs Just Did A $1.3B Day

TylerD's Market Summary

🚀 Bitcoin ETFs Set Smashing Record

Bitcoin is hot.

Investors want in - and they're pouring cash into the ETFs at a pace we've never seen before.

What Happened?

On Thursday, IBIT saw $1.12B in inflows, surpassing its previous record of $872M set on October 30.

The ETFs overall brought in $1.37B on the day in net inflows.

IBIT's net asset value now stands at $34.2B on the back of Bitcoin's rise to $76,000.

The Ethereum ETFs also saw their biggest day in a long time with $80M in net inflows, though Fidelity actually saw more ($28M) than BlackRock ($23M).

Why It Matters

JP Morgan analysts have come out and said they expect the BTC price to soar over the next 8 weeks, similar to how the Trump trade played out in 2016.

That's probably the consensus view at this point.

It's hard to stress this enough for those outside the crypto bubble - this is the single-best set up crypto has ever had.

Bitcoin ran to ATH in 2024 with a Biden admin that was objectively very anti-crypto (see Operation Chokepoint).

Now it has what is likely to be a friendly President and the most friendly Congress it has ever had (thanks to Fairshake).

The ETFs are soaring, the bankers are ready to pitch crypto majors to their clients, Congress is crypto-friendly and we are likely heading into an inflationary environment.

That means one thing - up and to the right...

🤔 If Gary Gensler Is Fired - Who's Next Up?

"You're fired."

That's what the crypto sector expects Trump to say to Gary Gensler on Day 1 of his presidency.

At least that's what he promised the crowd at Bitcoin Nashville back in July.

Assuming he does it - who's going to replace him?

What Happened?

Trump has vowed to replace Gensler, promising to end what he calls an "anti-crypto crusade."

Gensler, appointed by President Biden, is not due to leave his position until 2026, but analysts believe he might resign amidst the impending political shift.

Many would love it to be Hester Peirce, known as "Crypto Mom" for her industry-friendly stance, although the latest word is she may not want the chair position.

Here's the current list of potential candidates and a bit about them:

• Mark Uyeda: Another SEC Commissioner, appointed in 2022, who is considered a viable candidate. He aligns with Peirce on some issues but may bring a different perspective given his background.

• Dan Gallagher: Chief Counsel at Robinhood and a former SEC Commissioner, Gallagher has experience in both regulation and the crypto space, making him a strong contender.

• Chris Giancarlo: Former Chairman of the U.S. Commodity Futures Trading Commission, he has advocated for a clearer regulatory framework for crypto, potentially appealing to industry stakeholders.

• Brian Brooks: Former CEO of Binance US and a key figure in crypto regulation, he has experience in both government and private sector roles in the industry.

Why It Matters

The future of crypto regulation in the U.S. hinges on who takes over the SEC.

Gensler's aggressive regulatory approach has drawn criticism, and a new chair could lead to a more favorable environment for the crypto industry.

Any of these candidates is likely better than Gensler, and as long as they can help craft reasonable regulation for the crypto space in the U.S., they will be applauded.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $5.6M on the day; Bitcoin was next with $2.65M, and then Solana with $2.25M
• ETH NFT leaders were mixed; Punks +2% at 26 ETH, Pudgy +2% at 8.54, BAYC -3% at 10.7, Milady -3% at 4.45, Azuki -1% at 4.92
• CDBs (+42%) and Wassies (+40%) led notable top movers
• BTC NFT leaders were mostly red; NodeMonkes -5% at 0.119 BTC, Puppets -3% at 0.138 BTC, OMB -5% at 0.148, Quantum Cats -5% at 0.21; Bitcoin Wizards were top move +41% to 0.18 BTC
• The Runes leaders were mostly green; DOG -2% at $405M mc, PUPS +20% at $253M, GIZMO +20% at $25M mc, BDC +5% at $91M
• 92% of $PUPS migrated from BRC20 to Runes before the migration deadline, while the remaining supply will be "allocated to distribution efforts"
• SatRepublic completed a $2.75M raise as they prepare to launch SatGo, their native mobile app with full Runes and Rare sat trading, minting & analytics capabilities
• The "Tree of the Bankless" Skull of Luci sold for 100 ETH ($283,500) 
• Art Blocks Curated introduced Poetics of the Infinite, a three-week exhibition featuring generative art by Iskra Velitchkova, Lars Wander, and Zach Lieberman, blending physical and digital forms with weekly releases and auctions for unique artworks.

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are green led by SOL; BTC +1% at $75,750; ETH +2% at $2,900, SOL +3% at $197; RAY (+12%) and ADA (+11%) were top alt movers
• Memecoin majors are also green ; DOGE +3%, SHIBA +2%, PEPE +4%, WIF +2%, POPCAT +6%, and MOG -2%
• The Bitcoin ETFs set a smashing new record with $1.37B in inflows on the back of IBIT's $1.12B themselves
• Jerome Powell cut rates another 25 bps in yesterday's FOMC meeting, in line with market expectations (1 more cut expected in December)
• Coinbase launched cbBTC on Solana, its first Solana-based token
• Crypto super PAC Fairshake successfully elected 98% of the candidates they endorsed in the recent U.S. election
• The $DEGEN team alleged issues with Conduit as it attempted migration, indicating it may need to launch a new chain citing that Conduit has "held our rollup keys hostage for months"
• Notable crypto trader and thought leader Cobie has teased this his show "Up Only" will be coming back soon

🚀 Memecoin Movers 

• $DOGE (+150% to $167M market cap, SOL)
• $ZEREBRO (+130% to $62M market cap, SOL)
• $E/ACC (+50% to $28M market cap, SOL)
• $MSTR (+43% to $65M market cap, ETH)
• $MOODENG (+34% to $313M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• Emby (55%, 0.15 ETH Floor)
• The Llamas (55%, 0.88 ETH floor)
• Chaos Roads (45%, 0.43 ETH)
• Crytodickbutts S3 (42%, 0.27 ETH)
• Wassies (41%, 0.33 ETH)

🗓 Upcoming Mints and Events

Today is a slower day of mints and events to end the week.

Expect most focus on the booming memecoin sector and any new runners into the weekend.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• GeezOnApe (9:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Young and Sick - Magical Flowers (11:00 a.m. ET)
• Leafswan - Feelingz (5:00 p.m. ET)

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