🌐 BlackRock Amends Ether ETF Application; Bloomberg’s Balchunas Sees ETF Going Live by June

🖥 BlackRock has filed an amended S-1 form for its proposed spot Ether ETF, revealing that a “Seed Capital Investor” has purchased 400,000 shares worth $10 million of the initial offering. The ETF, named the iShares Ethereum Trust, will trade under the ticker ETHA if approved.

🔗 The amended filing was seen as a “good sign” by Bloomberg ETF analyst Eric Balchunas, who stated a launch by end of June is “a legit possibility.” The update comes after the SEC recently approved several Ether ETFs for listing in the U.S.

ℹ️ Overall, the amended Ethereum ETF filing indicates BlackRock is making progress toward launching a spot Ether ETF in the near future.

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💸 Singapore’s Largest Bank, DBS, Is an Ether Whale With Nearly $650M in ETH: Nansen

©️ According to blockchain analytics firm Nansen, DBS, Singapore’s largest bank, is holding a significant amount of Ether (ETH) worth nearly $650 million at current prices.

✉️ Nansen claims the Ethereum address 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e, allegedly owned by DBS, currently holds 173,753 ETH worth around $647 million. The address has already made over $200 million in profit from its Ether holdings.

However, a DBS spokesperson stated, “DBS does not have this position on our books” in relation to Nansen’s claims about the bank’s Ether holdings.
DBS is no stranger to crypto, offering services like digital asset custody, security token trading, and an app for traditional and crypto portfolio management.

🕯 The alleged Ether holdings come as the market awaits the launch of spot Ether ETFs in the U.S., which are expected to boost institutional Ether adoption.

❓ While Nansen asserts DBS is an “Ether whale,” the bank has denied having such a substantial Ether position on its books as claimed.

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💎 Crypto Bettors Lay 17% Odds on Donald Trump in Jail Before Election Day

🔖 Gamblers on the crypto predictions platform Polymarket are giving former President Donald Trump around 17% odds of going to jail before the November 2024 U.S. presidential election.

📎 The "Trump in jail before election day?” market on Polymarket has seen almost $900,000 wagered since its creation in January. The market will resolve to “Yes” if Trump spends at least 48 consecutive hours in custody before 11:59pm ET on Nov. 5, 2024, otherwise it resolves to “No.”

🕯 As of Friday morning, the “Yes” outcome was trading around $0.17, implying 17% probability, while “No” was at $0.85 after Trump’s conviction on business fraud charges in New York.

🛡 Despite the conviction, legal experts say the chances of Trump actually going to jail before the election remain relatively slim. On Polymarket’s “2024 Presidential Election Winner” market, Trump’s odds dropped 2 points to 54% after the verdict.

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💸 Bitcoin’s Short-Term Momentum Flips Bearish; Support Under $65K

🕯 Technical indicators suggest Bitcoin’s short-term momentum has flipped bearish. The 10-day momentum indicator has declined below zero, indicating renewed negative momentum. Additionally, the MACD histogram has turned negative, often signaling upcoming price declines.

These bearish signals suggest the path of least resistance for Bitcoin is currently downward. A key support level to watch is the 50-day simple moving average around $64,870; however, a move above the upper trendline resistance could resume Bitcoin's broader uptrend

📉 The direction may hinge on upcoming U.S. inflation data, with a better-than-expected print potentially increasing downside risks for Bitcoin amid rising Treasury yields. Traders will be closely watching these technical levels and fundamental catalysts.

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🔔 Solana Rival Sui Has Long-Term Potential, But Short-Term Challenges

💎 Guy Turner, host of the Coin Bureau YouTube channel, believes that Solana competitor Sui has “serious potential” in the long term. He cites Sui’s low price, lower market cap, and wide accessibility as factors that could attract retail investors seeking perceived large gains.

🔽 However, Turner notes that various on-chain metrics like total value locked (TVL) and transaction numbers suggest a bearish short-term outlook for Sui. These demand-side indicators are not trending favorably, a pattern Turner sees across most cryptocurrencies due to low altcoin interest.

📉 Currently trading at $1.03, down 53% from its March all-time high, Sui’s (SUI) price is likely to continue trending lower in the short term, even if supply-side pressures ease. Turner’s analysis paints a picture of long-term promise but short-term challenges for Sui.

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☄️ Vitalik Buterin Issues Crucial Bitcoin Statement

💬 Vitalik Buterin, Ethereum’s co-founder, recently analyzed Bitcoin’s contentious block size debate of the 2010s. The issue centered on whether to increase block size for lower fees or maintain smaller blocks for greater decentralization.

ℹ️ Buterin introduced the concept of a “one-sided competence trap,” where one side (small blockers) monopolizes technical competence to push their agenda, while the other side (big blockers) struggles to implement their vision effectively.

💸 He suggests that the solution to such stalemates lies in new technologies that can satisfy both sides. Buterin points to Ethereum’s use of ZK-SNARKs and BLS aggregation as examples of innovations that enhance both scalability and decentralization. He hopes Bitcoin will adopt a more tech-forward approach, noting that new layer-2 solutions like Inscriptions and BitVM could help create a more scalable and decentralized Bitcoin ecosystem.

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💸❓ What Are Validiums?

In this edition of #Basics, we’ll dive into validiums and how this technology can improve Ethereum’s scalability.

❓ How do they work?

Think of validiums as Ethereum’s off-chain assistants. When you make a transaction, instead of sending it directly to Ethereum (which can be slow and expensive), you send it to a validium. This helper processes your transaction off-chain, much faster, and then uses a special tool called a zero-knowledge proof to tell Ethereum, "Yes, this transaction is valid."

❓ How effective are validiums?

Validiums can handle up to 9,000 transactions per second (Ethereum alone manages about 15–30) and significantly reduce your gas fees. They're particularly good at simple tasks like swapping tokens.

ℹ️ However, there are a few things to keep in mind. Unlike other solutions that store some data on Ethereum, validiums keep everything off-chain for better privacy. But this means you’re trusting someone else to keep your data safe. Also, running a validium requires special equipment, which might make the system a bit less decentralized.

🖥 Currently, validiums are like speed-readers that are great at quickly processing simple transactions, but struggle with smart contracts. The Ethereum community is working on teaching them to handle these better.

⌛️ In a nutshell, validiums are Ethereum’s new helpers that make simple transactions faster and cheaper by working off-chain. They offer impressive benefits, but also come with trust and centralization challenges that the community is actively addressing.

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🌐 Ethena Labs Hits $3 Billion Supply

🕯 Ethena Labs’ USDe stablecoin has reached a $3-billion token supply in just four months, aiming to compete with DAI as the largest algorithmic stablecoin. USDe’s growth is fueled by yield from cash and carry trades, differing from past models like UST. Its governance token, ENA, has seen significant price fluctuations since launch.

🔴 While USDe’s rapid growth is impressive, it still holds only 3.3% of the stablecoin market, far behind Tether’s 57%. As it seeks further expansion, investors should weigh its unique mechanisms against potential risks.

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💸🇦🇺 Australia’s First Direct-Holding Bitcoin ETF Launches Tuesday

▶️ Monochrome Asset Management’s Bitcoin ETF (IBTC) goes live on Cboe Australia this Tuesday. Unlike existing products that provide indirect exposure, IBTC will be the nation’s first ETF to hold Bitcoin directly, offering enhanced investor protection under Australian licensing.

🌐 Following the U.S. and Hong Kong’s lead in approving spot crypto ETFs, Australia’s swift approval reflects its ambition to keep pace with global trends. This move signifies the country’s growing openness to mainstream cryptocurrency integration, providing investors with more secure and straightforward access to digital assets.

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📣 GameStop Stock, Meme Tokens Surge as User ‘DeepFu*kingValue’ Returns to Reddit

🖥 Keith Gill, known for the 2021 GameStop short squeeze, posted his GME options positions on Reddit after three years, triggering a speculative surge in meme tokens and related stocks. Over 140,000 BTC ($9 billion) was also moved from Mt. Gox wallets, possibly for creditor repayments.

📈 Gill’s post led to significant gains in cat-themed tokens and GameStop shares. His social media activity has repeatedly influenced markets since his GameStop analysis went viral in 2019.

ℹ️ While some see his return as bullish, others worry about potential market volatility.

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💸 Bitcoin Sees Profit-Taking Around $70K Amid ‘Stubbornly Bullish’ Sentiment

🕯 Bitcoin briefly crossed $70,000 late Monday before dipping to $69,200 early Tuesday due to profit-taking and U.S. stock market movements. Despite this, sentiment remains “stubbornly bullish.” On-chain data shows 50% of long-term Bitcoin supply is inactive, indicating strong holder conviction.

📈 Bernstein predicts Bitcoin and Ether ETF markets could grow to $450 billion, suggesting over $100 billion in inflows within two years. They forecast Bitcoin hitting $150,000 in 2025. QCP Capital notes persistent bullishness despite negative headlines, partly due to anticipation of further spot ETF approvals.

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🛡 MicroStrategy Founder Michael Saylor Agrees to $40M Settlement in D.C. Income Tax Case

✉️ Michael Saylor, MicroStrategy’s founder and executive chairman, has agreed to a $40-million settlement with the District of Columbia in what officials call their largest income tax fraud recovery. The district sued Saylor in 2022, alleging he avoided over $25 million in taxes by falsely claiming to live elsewhere.

📌 Saylor disputes the residency allegation, maintaining Florida as his home, but settled to avoid the “burdens of litigation” on himself and his family. Despite the case, MicroStrategy’s shares rose 3% in pre-market trading.

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🔼 BNB Chain Ecosystem Heats Up As Token Hits All-Time High Above $710

📈 BNB Chain's ecosystem is experiencing a surge in activity, with its native token, BNB, hitting an all-time high above $710. Factors contributing to this growth include token burns, a large Eastern user base, and low-cost project development.

💎 Trading volumes of BNB Chain-based tokens have more than doubled, with memecoin FLOKI leading gains. While some see BNB Chain as underrated, others praise its speed, scalability, and widespread use outside the West.

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💸 Bitcoin Crosses $71K As BTC ETFs See $880M Inflows in Best Day Since March

🌐 Bitcoin’s price soared past $71,000, coinciding with U.S.-listed spot BTC ETFs seeing over $880 million in inflows on Tuesday—the best day since March. Fidelity’s FBTC led with $378 million, followed by BlackRock’s IBIT. This surge reflects renewed bullish sentiment after a dismal April–May period, with ETFs accumulating $3.3 billion in four weeks.

🔴 The uptick is attributed to factors like spot ETH ETF approval and positive crypto outlook from the U.S. presidential campaign. However, it’s worth noting that even GBTC, known for outflows, gained $28 million, suggesting a potential shift in investor sentiment.

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🔼💸🔼 What Is the Ethereum Cancun Upgrade?

ℹ️ The Ethereum Cancun upgrade represents a significant step forward in Ethereum’s journey toward scalability and efficiency. Implemented in March 2024, this upgrade is aimed at optimizing data management within the network.

✔️ At its core, it enables temporary data storage capacity, allowing layer-2 rollups and the overall network to process more transactions per second. This is achieved through the introduction of blob-carrying transactions, which facilitate cost-effective integration of additional data into Ethereum transactions.

🖥 Beyond scalability improvements, the Cancun upgrade brings several other benefits. These include reduced transaction costs, optimized block space utilization, enhanced cross-chain interoperability, and improved smart contract security.

While being a crucial milestone, the Cancun upgrade is part of Ethereum's broader roadmap toward achieving its scalability goals.

#Basics

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👮‍♀️ SEC’s Gensler Shrugs About New Crypto ETFs Strolling Through His Agency’s Gates

💬 SEC Chair Gary Gensler recently discussed the pending approval of ETH ETFs in a casual manner, noting Ethereum futures have traded for over three years, clearing a key step. He said SEC staff are reviewing disclosure requirements, suggesting approval could come after this process.

❓ However, Gensler did not provide a clear timeline. Despite his open tone, Gensler reiterated concerns about lack of disclosures in crypto and questioned whether Ether should be considered a security based on how projects promote themselves.

⌛️ Overall, he seemed amenable to ETH ETFs while maintaining a stance of enforcing regulatory compliance.

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💸 Bitcoin’s Latest Rally to $71K Is Different From the March Breakout—Here’s Why

🔗 Bitcoin’s current rally above $71,000 differs from March’s surge as it lacks speculative froth. Perpetual futures funding rates and futures premiums indicate less leveraged frenzy compared to March’s overheated levels. Additionally, the macroeconomic environment now favors risk assets like Bitcoin.

🕯 Major central banks are expected to cut rates, contrasting March’s inflation fears. Falling oil prices are also deflationary, potentially lowering bond yields and boosting Bitcoin.

ℹ️ Overall, the measured rally amid positive macro factors suggests this breakout could prove more sustainable than March’s exuberant but short-lived spike.

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🔼📈 GameStop-Inspired Solana Memecoin Soars Over 80% As RoaringKitty Flashes $586M Worth of GME Position

📊 GameStop shares surged 47% on Thursday after the iconic retail trader Keith Gill, known as RoaringKitty, provided an update showing his position in the company is now worth around $586 million. Gill also announced plans for a livestream on Friday. This revived interest in the 2021 GameStop trading frenzy.

🔥 The hype rippled into the crypto markets, with the Solana-based GME memecoin inspired by GameStop surging over 80% in the last 24 hours despite broader market pullbacks. The micro-cap AMC token also jumped 83%, though it has no actual affiliation with the AMC movie theater chain.

ℹ️ Gill’s return to social media last month after a 3-year absence initially sparked a rally in memecoins like GME, which has soared over 3,000% since mid-May to top a $120-million market cap. His position update and livestream announcement reignited the memecoin mania connected to the GameStop saga.

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🔗🛡 ZkSync’s Gemholic Project Suspected $3.5M Rug Pull

⚠️ The cryptocurrency community is concerned about a suspected $3.5-million rug pull involving the Gemholic project on the zkSync network. Gemholic had promised refunds for over a year before unlocking and withdrawing funds after zkSync’s v24 upgrade.

💬 NSerec, founder of Zkmarkets, claims the contract creator’s address was funded by Binance and is seeking assistance in tracing it. The KYC provider SolidProof, which verified Gemholic, has remained silent, prompting criticism about its verification process.

NSerec suggests holding SolidProof accountable if it doesn’t address the alleged scam, proposing to rename it “UselessProof.” The Gemholic project has deleted its social media presence after withdrawing 921 ETH following the zkSync upgrade that unlocked the trapped funds.

ℹ️ Overall, this incident highlights concerns over due diligence and accountability measures within the cryptocurrency ecosystem when rug pull allegations arise against purportedly KYC-verified projects.

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💸📉 BREAKING: Bitcoin Price Plummeted Below $69,000! What Caused the Decline? Here Is the Liquidation Data

🕯 Bitcoin’s price plummeted below $69,000, losing 3% rapidly to around $68,500. The decline is attributed to GameStop trader RoaringKitty’s livestream, where his $235-million loss on GameStop shares, seen as equivalent to a memecoin crash, was highlighted.

🔽 This triggered around $300 million in crypto liquidations, with $285 million from long positions across Bitcoin, Ether, altcoins, and especially low market cap memecoins.

🔴 While Bitcoin liquidations were $44 million, the incident demonstrates how events in traditional markets can create volatility and spillovers in the crypto space, particularly for speculative assets.

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