🦎🚀 ETH makes its move!

Tuesday, May 21, 2024

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It's now or never, Geckos!

Are the spot Ether ETFs really coming?

In today's news:

A big week for Ethereum 📈
Preserving the Punks 🎎

Read on!

24h Hot Searches Worldwide 🔥

NORMIE (+39.3%)
Apu Apustaja (+25.2%)
Brett (+17.2%)
Dione (+17.7%)
Pajamas Cat (-5.6%)
Notcoin (-2.0%)
Ethereum (+18.4%)

What Are Blockchains' Actual Processing Speeds?

Solana & Sui have established themselves as the fastest large chains, recording peak daily average real TPS of 1,504 and 854, respectively.

Across these largest chains, non-EVMs are 3.9 times faster than the EVMs on average.

A big week for Ethereum 📈

From capitulation to speculation, there's now a real chance that the spot Ether ETFs could be approved by the SEC this week.

According to Bloomberg analysts James Seyffart and Eric Balchunas on X, they have increased their odds of an ETH ETF approval from 25% to 50% after hearing news that the SEC may be ready to change its stance on ETF applications.

On Monday, the SEC asked asset managers to submit amended 19b-4 forms for their applications, further increasing speculation on a potential approval in the coming days.

Nine asset management firms, including Blackrock, Fidelity, and VanEck, have filed for spot Ether ETFs to date.

As the first one to do so, VanEck expects a decision on its application this Thursday, May 23rd, followed by a decision on the ETF proposed by Ark Invest and 21 Shares.

Since Balchunas' tweet took the crypto space by storm, ETH recorded its largest daily price candle in history, surging by 16.7% from $3,143 to $3,665 today.

Editor's Take:

With ETH's recent, violent move, it's likely that most of the upside from a potential spot Ether ETF approval would have already been telegraphed and captured. Nonetheless, based on the recent history of Bitcoin's price action following its ETF approval, the future of Ethereum is looking bright in the near term. However, should the ETFs be rejected, we may be in for a far more bumpy ride.

Want to dip your toes into the Sui ecosystem but don't know where to start? Check out the leading protocols on the network in this video.

Watch now

Preserving the Punks 🎎

Preserving a legacy or trying to create a new one?

Yuga Labs recently announced a new 500-piece NFT collection known as 'Super Punk World', featuring hybridized 3D sculptures that pay homage to the original CryptoPunks collection.

However, OG CryptoPunks holders were not impressed, with members of the community criticizing the release and some even threatening to sell their CryptoPunk.

In response, the CEO of Yuga Labs, Greg Solano, tweeted that the collections' purpose was to realize the team's vision of connecting Web3 with the traditional art world through collaborations with world-class artists.

Solano also stated that the original CryptoPunks collection will no longer be touched moving forward.

Learn about Solscan, a popular Solana blockchain explorer, and how you can use it to monitor wallets, transactions, tokens, and more.

Learn more

In Other News...

Passing the Torch. Grayscale CEO Michael Sonnenshein steps down, with Peter Mintzberg, the current head of strategy for asset and wealth management at Goldman Sachs, being appointed to succeed him starting on August 15.
Mining Crackdown. Venezuelan authorities have launched a crackdown on Bitcoin miners and don't want any crypto mining operations to use the energy grid.
Inflows are Back. The price of BTC rose above $68K, and ETF flows last week reflect the rebound, both surging thanks to promising inflation data, one analyst says.
Catching a Falling Knife. A Bored Ape trader who bought over 100 BAYC NFTs in January is down nearly $2M in unrealized losses, highlighting the decline of NFT collections since their peak in early 2022.
Gala Games Exploited. An attacker used an exploit to mint and swipe 5B Gala Games (GALA) tokens. The hacker then sold 600M tokens ($21M), while the remaining 4.4B tokens were effectively burned as the wallet associated with the exploit had been 'frozen'.
Controversial Move. Prometheum soft-launches ETH custody services, treating it as a security.

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