Wednesday, July 24, 2024

ETH ETFs, Lightning and Bitcoin stablecoins, Superstate’s innovation

"Risk means more things can happen than will happen." – Elroy Dimson ||

Hi everyone, I hope you’re all doing well!

So, my Bloomberg appearance yesterday did not go well – my audio failed, on many levels 😭😭😭. No idea if it was the mic or the connection, but I’m looking into an entirely new tech setup.

Especially because, drumroll… I’m bringing back the audio!!! I had to suspend it because of other commitments and time squeezes and tech frustration - but, a few of you have asked when is it coming back, so here we are. I need to get better at the tech side (and figure out why the audio sometimes glitches) - but, with practice, I will.

If you find Crypto is Macro Now useful or informative, would you mind sharing it with your friends and colleagues, and maybe encouraging them to subscribe? ❤ I’d really appreciate it! 

IN THIS NEWSLETTER:

• ETH ETFs day one was phenomenal

• Lightning and Bitcoin stablecoins

• Superstate’s innovation

If you’re not a subscriber to the premium daily, I hope you’ll consider becoming one! You’ll get unique content, interesting links and my eternal gratitude - and there’s a free trial!

WHAT I’M WATCHING:

ETH ETFs day one was phenomenal

Well, that was surprising. The ETH spot ETFs did much better on their first day of trading than I expected, and while at first I was not hugely bullish on the product (relative to market consensus at the time), I do believe that ETH recently has been underpricing the potential.

Here’s the updated table from Bloomberg analyst James Seyffart:

(table via @JSeyff)