Morning Minute | Wisconsin Bets on Bitcoin

Morning Minute | Wisconsin Bets on Bitcoin

TylerD's Market Summary

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๐Ÿง€ Wisconsin Buys $100M of Bitcoin

The cheese state wants to start stacking more cheese.

Digital cheese that is, in the form of Bitcoin.

And perhaps they will spark a new trend...

What Happened?

Yesterday news spread that the state of Wisconsin has purchased nearly $100M worth of Bitcoin via BlackRock's IBIT ETF.

This was disclosed in their quarterly 13F filing with the SEC on Tuesday, along with a reported $64M investment in GBTC. 

Bloomberg ETF analyst Eric Balchunas commented on the news:

"Normally you don't get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity) but as we've seen these are no ordinary launches."

"Good sign, expect more, as institutions tend to move in herds."

Notable collector and thought leader Bharat Krymo commented:

"Pension funds and State agencies have started buying Bitcoin and peeps are calling tops. TradFi rebalancing portfolios into new asset classes are typically multi year/decade long transformations. Believe in something."

Why It Matters

Eric and Bharat both nail it.

All it takes is a handful of investment managers, institutions, states, etc. to build Bitcoin positions and disclose them.

Then others will follow.

It becomes less risky at the followers can point to others who have successfully done it before them (without catching flack).

This is the beginning of a very long process and the institutions are just beginning to pile in. Many, many more will come.

Zoom out. And stop calling top.

๐Ÿš€ Fantasy Top Tourney 2 Begins

If you have noticed your favorite influencers ramping up the tweeting volume, that's because Fantasy Top Tournament 2 began yesterday at 5 pm ET.

And it came with another ATH day of trading volume, with the app seeing 1,920 ETH in volume on the day ($5M) across a record 7,200+ traders.

Some quick stats from the day:

  • 1,920 ETH in trading volume (ATH)
  • 7,200 traders (ATH)
  • 12,699 registered players for Tourney 2
  • 212,000 cards in total supply
  • 500 ETH in total mp fees

Certainly some big milestones there with trading volume, traders and passing 500 ETH in mp fees.

But card floors were down fairly significantly on the day after their recent pump. Pulling from his report:

  • 76% of cards are down on the day
  • 41% are down 20%+
  • Just 9% are up 20%+

Check out his post for full details on the price action.

In other new, Franklin Is Bored may have already rekt the game by auto-scheduling videos announcing what time it is for every 5 minutes of the tournament (he's an absolute treasure and we must protect him).

And the team rolled out notifications for its mobile app as they continue to ship.

Today will be an interesting moving day for Commons ahead of the Common tourney starting tomorrow - so look out for that.

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 $6.8M on the day (+24%); BTC was next with $6.1M (-2%) and then Polygon with $2.9M (+120%)
  • ETH NFT leaders were mostly red with leaders down 2-3%; Pudgy -3% to 11.4 ETH, BAYC -2% to 13.5 ETH; Milady -10% to 3.9; Azuki +5% to 5.25 outperformed
  • Imaginary Ones jumped 75% after its $BUBBLE token opened at $113M FDV; Wassies also jumped 20%
  • BTC NFT leaders continue to dip on low volume; Puppets -10% to 0.175 BTC, NodeMonkes -7% to 0.28; Quantum Cats and OMB -10% at 0.34
  • Solana NFTs were mostly red again on the day; Mad Lads -5% to 64 SOL, Tensorians -1% at 13; DeGods +2% at 42
  • Blast NFTs were mixed; Blastopians even to 0.21, Plutocats -12% to 1.6, Blast Hoods -45% to 0.04, PAC REKT +3% to 0.19
  • ApeFest tickets will go on sale next Tuesday, May 21
  • Zeneca announced a new "Zen Is A Mindset" mint with his Card holders and NFT holders on the WL, setting up to be a quintuple farm opportunity

๐Ÿ’ฐ Token, Airdrop & Protocol Tracker

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

  • Thruster distributed 2M Blast Gold to its users, noting it still has 1M left to go
  • Pump dot fun has seen $13M in fees on the month, making it the 8th largest fee generator in crypto (Fantasy Top in 10th)
  • The Imaginary Ones $BUBBLE token debuted at a $13M mc ($115M market cap)
  • Hog McCrankerson continued to lead on Friend Tech, jumping another 20% to 428 $FRIEND floor
  • nftperp announced 3x Blast Gold rewards in their next distribution along with the closure of its Angel Investment round including notable investors such as Zeneca, Dingaling, Sergito and more 
  • $KARMA airdrop is complete and actively trading via Magic Eden's Runes marketplace and currently holds a marketcap of $4.6M

๐ŸŒŽ Around Crypto and Web3

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

  • Crypto majors are mixed this morning ahead of CPI; BTC +1.4% at $62,610; ETH -0.2% at $2,900, SOL -1% at $144
  • Memecoin majors were mixed along with majors; DOGE even, WIF -3%, PEPE +5%, BONK +2; SELFIE, HARAMBE outperform
  • GME pumped 30% after a Roaring Kitty video name dropped Game Stop (though has since retraced)
  • Polymarket raised $45M in new funding with participation from Peter Thiel's Founder's Fund and Vitalik Buterin

๐Ÿš€ Memecoin Movers 

  • $SELFIE (+140%, $19M market cap, Solana)
  • $HARAMBE (+57%, $51M market cap, Solana)
  • $MINI (+34%, $13M market cap, Solana)
  • $BODEN (+11%, $117M market cap, Solana)
  • $GUMMY (+11%, $89M market cap, Solana)

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • Imaginary Ones (74%, 0.89 ETH Floor)
  • Hedgies (38%, 0.18 ETH)
  • Wassies (20%, 0.52 ETH)
  • Remnants (18%, 6.75 ETH)
  • Checks - VV Edition (8%, 0.26 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a busier day of mints across chains.

Haryey Rayner is dropping chatFUKR on Bitcoin to start the day.

Transient Labs has a mint dropping on Base, a few artists have ETH drops along with the Meme card, and then Capybara on Blast.

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

  • Harvey Rayner - chatFUKR (9:00 a.m. ET)
  • CryptoPunks book - claim (10:00 a.m. ET)
  • Memes by 6529 (11:00 a.m. ET)
  • Capybara Gang (11:00 a.m. ET)
  • Transient Labs - Be More Basesd (2:00 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.