Morning Minute | The Future of Crypto Is Bright

TylerD's Market Summary

✅ Takeaways From the Coinbase State of Crypto Summit

The "Coinbase State of Crypto Summit" took place late last week.

And the primary takeaway is - no one is bullish enough.

The founder of Blockworks Jason Yanowitz shared his key takeaways from the summit after attending and they were quite insightful.

In brief summary:

The Opportunity:

• $70T is transferring generations and the young generation is fed up with the traditional finance system
• New groups will grow up without bank accounts; their phone will be their wallet
• New realization that crypto is an increasingly important part of the global economy

Institutions & ETFs:

• 80% of BTC ETF buying is coming from retail (self-directed investors)
• We haven’t even seen real demand yet because the Morgan Stanley, UBS, etc. bankers haven’t started pushing 
• Institutions were over allocated to VC, are now moving to liquid token positions
• Tokenization of every asset is coming and will happen on Ethereum; permissioned blockchains have lost (no one wants to fragment liquidity)
• 56% of Fortune 500s working on something onchain

The Regulatory Problem

• Regulatory clarity is still very important with big clients on the sidelines waiting
• Mark Cuban is telling politicians that the biggest problem for American crypto companies is the SEC registration process
• Regulatory clarity will push institutions from 1-2% to 5-10%

Coinbase Focus

• Brian Armstrong says Base is the most exciting thing happening at Coinbase; next is their Smart Wallet
• CEXs had a point in time but the future is peer-to-peer onchain, and Coinbase is moving products onchain
• Last big piece of puzzle for them is international expansion - just 17% of revenue today; have picked 10 markets to go deep

Crypto Investment Insight

• If you aren’t buying crypto - you are short crypto
• Funds used to advise 1% for crypto, now 3-5%
• Crypto still has a major branding problem (no one knows what an RWA is or cares); not controversial to invest in emerging tech, but it is for crypto
• The trade has 10x upside trade with 25-50% downside; very rare opportunity

Overall these are some very powerful words.

From some of the biggest players in the industry (and world).

Why It Matters

The big takeaways for me:

• ETH is really positioned well to win tokenization, the next major narrative for crypto 
• The ETF demand hasn't even really started yet, this is just the appetizer
• The regulatory issues in the U.S. are still not solved or even that close
• The great wealth shift from Baby Boomers to the next generation will see a large relative chunk allocated to crypto

The timeline may be dark at times but make sure to take in what these leaders are saying -

The future of crypto is as bright as ever.

🚚 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 $3.9M on the day; Polygon was next with $2.9M and then BTC & SOL tied with $2.45M 
• ETH NFT leaders were mostly red down 2-3%; BAYC -3% to 10.2 ETH, Pudgy -3% to 10.2, Milady even at 4.8 and Azuki 1% at 3.69 ETH
• San FranTokyo, Sproto Gremlins and Checks were notable outperformers on the day
• BTC NFT leaders mostly chopped on the day; NodeMonkes +2% at 0.208 BTC, Puppets even at 0.133 BTC, OMB even at 0.245 and Quantum Cats -6% at 0.26
• The Runes board was mixed with DOG ($675M mc) and BAMK ($3352M fdv) both seeing slight red but BILLION DOLLAR CAT jumping 40% to $52M; RSIC even at $165M
• Solana NFTs were mixed; Mad Lads -1% at 66 SOL, SMB Gen 2 +7% at 25, DeGods -1% to 22
• Tensor rolled out a new feature showing top 100 holder for its NFTs
• RTFKT began shipping its Nike Dunk OG and VOID

💰 Token, Airdrop & Protocol Tracker

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

🌎 Around Crypto and Web3

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

• Crypto majors are red this morning; BTC -1% at $65,800; ETH -1% at $3,530, SOL -0.5% at $144
• Memecoin majors are also red with DOGE -1%, PEPE -2%, WIF -5%, BONK -8%
• Fidelity posted a 60-second primer on Runes created by one of its research analysts on Friday explaining the protocol
• Donald Trump vowed to end "Joe Biden's war on crypto" in a rally in West Palm Beach on Friday night

🚀 Memecoin Movers 

• $BILLY (+20,000%, $11M market cap, SOL)
• $WakaFlocka (+1500%, $11M market cap, SOL)
• $HOPPY (+43%, $31M market cap, ETH)
• $WOLF (+33%, $34M market cap, SOL)
• $DADDY (+20%, $130M market cap, SOL) 

📈 NFT Floor Price Increase (ETH)

• GLHFers (71%, 0.06 ETH Floor)
• Piggy Club (46%, 0.1 ETH)
• Sakura Park (33%, 0.2 ETH)
• San FranTokyo (28%, 0.29 ETH)
• Sproto Gremlins (27%, 0.99 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is off to a fast start.

The ZK Sync airdrop went live this morning opening at a $5.25B FDV.

Then the Photon stimmies come out later today to the top 300 traders, and Fantasy Top's next round of tournaments begin at 5 pm ET.

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

• ZK airdrop (3:00 a.m. ET)
• Photon - Season 1 stimulus (TBD)
• jcode - Between Bytes and Being (9:00 a.m. ET)
• kylepatrick x Prohibition - Onchain Summer (12:00 p.m. ET)
• Grailers DAO x Singular - All at Once (12:00 p.m. ET)
• Fantasy Top - main tourneys (5:00 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.