Morning Minute | The ETH ETFs Are Coming This Summer

Morning Minute | The ETH ETFs Are Coming This Summer

TylerD's Market Summary

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โœ… Gary Gensler Says The ETH ETFs Will Be Approved

The timeline needs some good news.

Even though Bitcoin is just 10% off ATH, sentiment is feeling as low as its been since the bear market (largely driven by the celeb memecoin meta it seems).

Well some good news came yesterday - from an unexpected source.

What Happened?

Yesterday Gary Gensler told Senators in a budget hearing subcommittee that the ETH spot ETFs are likely to be approved by end of summer (by end of August specifically).

He said the process is "working smoothly" following the initial approvals that already took place.

And that his staff is working through the final paperwork (the S-1s).

Once those are formally approved, the ETFs will be clear to launch.

Gary was also asked if ETH is a commodity, which he didn't respond to - but CFTC chief Rostin Behnam did answer with a "Yes."

Benham went on to comment that the CFTC doesn't have the authority or tools to regulate crypto properly, and would need a bigger budget to do so.

So the ETFs are likely coming this summer. Very bullish for ETH.

But it may not have even been the most bullish headline of the day.

BlackRock Says Tokenization Is Happening On ETH

At a Coinbase event yesterday, BlackRock's CIO of ETF & Index Investments, Samara Cohen, said that permissioned blockchains have lost.

She went further stating that traditional market participants are rallying around open-source, permissionless Ethereum for tokenization.

The key driver here is to not fragment liquidity across several chains and build in one core place.

It makes sense logically, and boy - it feels massive.

ETH has won for tokenization, arguably the biggest narrative left on the crypto / blockchain horizon. And permissioned chains have lost.

Why It Matters

The macro bullish headlines keep pouring in.

The ETH ETFs are coming. And the future of tokenization, bringing every asset in the world onchain, is likely to happen on ETH (at least according to BlackRock).

This serves as your daily reminder to zoom out and ignore day-to-day price action.

The future of crypto (and Ethereum) is very bright.

๐Ÿšš What else is happening in NFTs?

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

  • ETH led NFT trading volume with $6.9M on the day (+22%); Bitcoin was next with $3.3M (-12%) and then Solana with $1.8M
  • ETH NFT leaders were mostly green with BAYC +3% to 10.86 ETH, Milady +8% to 5 ETH, and Pudgy -2% to 10.72
  • Pirate Nation rebounded 43% to 0.93 ETH after yesterday's post-TGE dip and a day 1 Coinbase listing for its token ($PIRATE +70% to $333M fdv)
  • CDB s3, Tiny Astro and SchizoPosters were other notable outperformers on the day
  • BTC NFT leaders mostly red on the day; Puppets -3% at 0.134 BTC, NodeMonkes -4% to 0.212, OMB +2% at 0.26 and Quantum Cats even at 0.29
  • The Runes board was mixed with DOG and BAMK both seeing slight green, but RSIC, PUPS and others in red
  • Solana NFTs were mostly green; Mad Lads +1% at 66.5 SOL, SMB Gen 2 +1% at 23, DeGods -7% to 23.5
  • TinFun led Blast NFTs, jumping 15% to 0.12 ETH; most others were even
  • Beeple memorialized this current celeb memecoin meta in his Everydays last night, portraying Tate and Iggy Azalea in the classic American Gothic setting (along with an accompanying white paper)
  • A new "Banana Bill" proposal has been raised in the ApeCoin DAO asking for 100M $APE ($108M) to negotiate commercial agreements with partners to build on ApeChain and for user incentives rewarding ApeChain users

๐Ÿ’ฐ Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

  • PEW won Blast Jackpot 22 for 79,211 Gold (a 3% win), and the token held up +5% on the day at $2.4M mc
  • Magic Eden teased $MOTHER payment integration via crossmint, coming soon
  • Fantasy Top's latest round of tournaments ended Thursday afternoon with 600k Blast Gold distributed to top finishers; the team then announced 1M in Gold for the next wave of tourneys with new star caps
  • nftperp found a critical bug in its contracts, pausing the platform until resolution
  • Zapper introduced Zapper Protocol with a focus on onchain literacy, powered by $ZAP

๐ŸŒŽ Around Crypto and Web3

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

  • Crypto majors are mixed this morning; BTC -1.5% at $66,800; ETH +0.2% at $3,510, SOL -2.5% at $148
  • Memecoin majors are mostly red with DOGE +2%, PEPE -4%, WIF -5%, BONK -6%; ETH memes outperform
  • CRV founder Michael Egorov saw $10M in liquidations on the day but repaid 93%, says he intends to pay off the rest very shortly
  • Roaring Kitty updated his GME position showing 0 options (he exercised) and a whopping 9M shares of the stock, seemingly ending this chapter of the Game Stop saga; $GME fell 17% to $95M
  • Paradigm has raised its 3rd crypto VC fund with $850M marked for early stage crypto companies
  • Blackrock's CIO of ETF & Index Investments said at a Coinbase event yesterday that permissioned blockchains have lost and tokenization will happen on Ethereum to avoid liquidity fragmentation across blockchains
  • CFTC chief Rostin Benham said the CFTC stands against election prediction markets, and that they've recently moved to block these contracts.
  • Coinbase announced support for BOME & NOT perpetual futures on Coinbase Advanced and Coinbase International
  • Rapper Lil Pump shared pictures with a new "SOLANA" tattoo on his forehead, causing an uproar on Crypto Twitter; $lilpump jumped 300% to $6.4M

๐Ÿš€ Memecoin Movers 

  • $TOKU (+280%, $16M market cap, ETH)
  • $LILPUMP (+250%, $6M market cap, SOL)
  • $MANEKI (+20%, $104M market cap, SOL)
  • $NPC (+18%, $222M market cap, ETH)
  • $BOME (+13%, $750M market cap, SOL) 

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • CDB s3 (47%, 0.19 ETH Floor)
  • TinyAstro (40%, 0.21 ETH)
  • SchizoPosters (30%, 0.49 ETH)
  • Pirate Nation (25%, 0.94 ETH)
  • Valhalla (20%, 0.08 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a much slower day of mints.

Darkfarms is the meme card artist in what is likely today's highlight.

Then mentlnomad has the Onchain Summer drop on Prohibition.

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

  • Memes by 6529 (11:00 a.m. ET)
  • Oranj - RWAs on BTC (11:00 a.m. ET)
  • mentlnomad x Prohibition - Onchain Summer (12:00 p.m. ET)
  • Qotonana x fxhash (12:00 p.m. ET)

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Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.