Tuesday, July 23, 2024

ETH spot ETFs, stablecoin roundup

“Liberty means responsibility. That is why most men dread it.” ― George Bernard Shaw ||

Hi everyone, happy ETH spot ETF launch day! There does not seem to be much excitement in the market – but it’s still astonishing to me that this day is finally here.

A long one today – there are some good ETH charts to share, and then the stablecoin roundup on key developments over the past month.

I went on Scott Melker’s Wolf of All Streets show yesterday, to discuss the potential crypto impact of the US election, the Crowdstrike disaster, and much more .

And I’ll be on the Bloomberg Tech show later today, around 11:30amET, in case you want to tune in.

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IN THIS NEWSLETTER:

• ETH spot ETFs!

• Stablecoin roundup: MiCA rules, State Street, corporate stablecoins, Hong Kong

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WHAT I’M WATCHING:

ETH spot ETFs!

It’s finally here, the launch day for nine spot ETH ETFs.

(table via @JSeyff)

ETH does not seem too excited.

(chart via TradingView)

Conviction appears to be low, going by the jump in ETH implied volatility (which suggests demand for options as a price hedge is picking up).

(chart via Kaiko)

Grayscale is bookending the fee table, offering both the lowest and the highest.

(chart via Kaiko)

I don’t have a lot more to say on this, other than I doubt we’ll see strong inflows the first week/month, but I do feel ETH should be a bit more active on the upside today. It is outperforming BTC for a change, but the mood still feels muted.

Stablecoin roundup: