Morning Minute | The Future of Crypto Is Bright

Morning Minute | The Future of Crypto Is Bright

TylerD's Market Summary

โœ… 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.

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 $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

๐Ÿ’ฐ Token, Airdrop & Protocol Tracker

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

  • The ZK token airdrop went live, opening at $5.25B FDV equating to a $920M stimulus for recipients
  • Layer Zero announced its Layer Zero Foundation along with a June 20 TGE teaser
  • Photon threw a curveball with its Season 1 Stimmies, delivering $500k to its top 300 traders and 1,700 bonus winners (instead of wider airdrop), though the team did confirm a token is coming in the future
  • Fantasy Top delivered all outstanding rewards of its next round of tourneys with 1M Blast Gold up for grabs, while promising more insight into its scoring algorithm
  • nftperp recovered all 200+ ETH lost in its protocol compromise in the latest Blast full recovery

๐ŸŒŽ 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

๐Ÿš€ 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) 

๐Ÿ“ˆ 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)

๐Ÿ—“ 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.

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.