Morning Minute | The Institutions Aren't Coming

TylerD's Market Summary

📉 ETH ETFs See Low Volume

The institutions are coming.

At least that's what we were told, ahead of the ETF launches for Bitcoin and now ETH.

But while the institutions did indeed come for Bitcoin, it does not seem to be the case for its little brother.

What Happened?

ETH has seen $85M in net outflows so far this week.

It brings the 2-week total to $142M in outflows and the overall total since launch to $562M in net outflows, driven by Grayscale's $2.65B in outflows.

Which means there has been roughly $1.9B in inflows across the 7 ETF providers. That's good, right?

Well, the current problem is the volume is slowing down substantially.

There was no buy volume from the 7 ETF providers yesterday, just $4.9M the day before and 0 the 2 days before that.

ETH ETF buy volume has slowed to a trickle - there is no demand from institutions, for ETH.

Why It Matters

The lack of demand for the ETH ETF is a bad sign for any future crypto ETF to launch in the near future.

Many have cited the political atmosphere as the primary reason we haven't seen a Solana ETF, index, or other.

Yet the hard reality is - there isn't enough demand for a SOL ETF or any other "alt."

If institutional demand for the ETH ETFs doesn't pick up soon, it's hard to see the scenario where any new crypto ETF launches.

Bitcoin ETF demand has fallen off as well, with 6 straight days of net outflows and Blackrock's IBIT notably at 0 volume on 5 of the last 6 business days.

Perhaps it's just end of summer and buyers will be back at their desks soon.

Let's hope, because this current trend is not a good one.

🚚 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 $4.1M on the day; Solana was next with $2.4M, and then BTC with $1.3M
• ETH NFT leaders were green in a welcome reversal; Pudgy +3% at 10.6 ETH, BAYC +1% at 11.44 ETH, Azuki even at 4.77, Milady +1% at 3.35
• Jirasan (+20%) and Checks (+20%) were other notable top movers
• BTC NFT leaders mostly chopped on the day; NodeMonkes even at 0.115 BTC, Puppets even at 0.077 BTC, Quantum Cats even at 0.24
• The Runes leaders were slightly green; DOG +1% at $257M mc, RSIC +5% at $61M mc, PUPS -5% to $28M
• Solana NFTs were green; Mad Lads +4% at 62 SOL, SMB Gen 2 even at 24.2, DeGods even at 26, Claynosaurz +27% to 18
• Claynosaurz dropped a new mindmap showing different focus areas for the project, including what appears to be a Netflix series
• Bored Ape Yacht Club teased the re-release of Dookey Dash with another $1M in prizes, a collab with Bape for a limited edition bear, and also announced a partnership with BMW to create a 1:1 ApeCar with a community artist
• Gordon Goner teased new details behind the "treasure hunt" he's working on along with his core goals of bringing attention back to BAYC, fun, social media take over and minimal casualties
• The FOMO Hour team (including yours truly) gave away a $35,000 Bored Ape on yesterday's show; tune in daily at 10 am ET for your chance at prizes like this

💰 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 mixed with SOL leading; BTC +1% at $56,700; ETH even at $2,390, SOL +3% at $132
• Memecoin majors are more red with DOGE +2%, PEPE +3%, WIF +8%, BONK +3%, MOG -1%
• The CFTC ordered Uniswap to pay $175,000 for violations tied to illegal trading of digital asset derivatives, specifically levered versions of BTC and ETH indexes
• Ethervista launched "safe token" creation, eliminating scam risks such as mintable functions and taxes
• Trump's WLFI project is reportedly planning to give 70% of its token supply to insiders 
• Clusters introduced 1-click address generation with automatic backup and private key export with its new "1 Click Clusters"

🚀 Memecoin Movers 

• $NEIRO (+75%, $62M market cap, ETH)
• $PUFFY (+42%, $12M market cap, SOL)
• $GINNAN (+30%, $17M market cap, SOL)
• $APU (+17%, $64M market cap, ETH)
• $BILLY (+15%, $17M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• Genuine Undead (25%, 0.11 ETH Floor)
• Nouns (22%, 3.15 ETH)
• Jirasan (21%, 0.64 ETH)
• Checks Originals (16%, 0.17 ETH)
• Checks Edition (16%, 0.21 ETH)

🗓 Upcoming Mints and Events

Today is another slower day of new mints.

Ai Weiwei is partnering with Avant Arte today to launch "Everyone is a dragon."

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

• Kanoi (9:00 a.m. ET)
• Ai Weiwei x Avant Arte - Everyone is a Dragon (9:00 a.m. ET)
• Sleeping Eight (11:00 a.m. ET)
• Tigerbob (12:00 p.m. ET)
• Kitoshi's World (4:00 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.