Bitcoin ETF: $10 Billion Volume in 3 Days! Is Ethereum Next?
Ethereum ETF filing dates to watch, Minterest successful campaign, and Airdrop guides!
It’s been a few days since the Bitcoin ETF was approved on almost 10 markets, and the “sell the news” rumors may have been true. Bitcoin did not skyrocket past $50,000; instead, it dropped over 10% since the ETFs became live. But what will be the next steps? I break it down in this week's newsletter, including a play-by-play on how the ETF approvals actually happened for those who haven’t been scouring the depths of crypto Twitter.
The lead-up to the Bitcoin ETF approval announcement came with a bunch of excitement…
The SEC’s twitter account being hacked the day before the actual approval of the Bitcoin ETF did not fair well for them, as a “fake” BTC ETF approval post was made from their hacked account. It was then confirmed by X Safety that SEC did not have 2FA on their account login (sheesh, for a government agency that’s bad), and they were in fact “hacked”. Was it just one last volatility spike to try and buy Bitcoin lower or liquidate high leverages?
What was most interesting was many were very interested to see the price action of BTC upon an approval, however Bitcoin barely moved from $47,000 up to $48,000. BTC has already been rising for the past two quarters of 2023, and most of the BTC ETF hype has been priced in by now. Instead, we see Bitcoin move to the downside, starting immediately
In the week 5 days following the ETF approval, we’ve seen Bitcoin now drop from a high of $49,000 to $42,000.
Spot ETF trading volume has surpassed almost $10 Billion in the first three days of trading.
Not an ETF, but not cold self-storage. A hybrid crypto storage solution?
With the Bitcoin ETF, you don’t have any actual custody of Bitcoin itself. While it’s nice to diversify into traditional finance, understanding the importance of holding actual crypto assets is also very important. There are likely new Bitcoin investors, investing through the ETF, who are uncomfortable with holding their own funds and managing their seed phrase. Some are in search of a hybrid solution that allows a custody backup of their funds but not the ability for a third party to go ahead and use their funds without permission.
Now there is a hybrid solution available. The popular crypto exchange Uphold has released a new product called “Vaults.” The Vaults product includes an assisted key replacement and access to instant trading. You will have access to your keys but also the ability to recover them if lost. I dive into the inner workings of this new hybrid solution for storing your crypto with the CEO of Uphold, Simon McLoughlin, below.
The Vaults product is currently in Beta for XRP holders on Uphold.
Secondly, I was hoping that the approval of the Bitcoin ETF would actually drive more adoption of actual blockchain technology into businesses. Not just holding Bitcoin as an asset on their balance sheet, but also utilizing the blockchain for tracking, storage, and transactions.
VeChain has been working for many years on providing blockchain solutions to bigger companies looking to improve efficiency by upgrading their old systems to the blockchain. This week, I dive in with the CEO of VeChain, Sunny Lu, on how the Bitcoin ETF approval could shape the perspective of businesses looking to enter blockchain for the first time. He also shares some stories of how they’ve already helped some of the biggest businesses in the world (hint: Walmart) improve their efficiency significantly (i.e., from a 10-hour delay to 10 minutes) and some other cool stories on how blockchain is already saving the world.
I suggest you listen to our conversation below and understand how easy it is becoming for new businesses to set up blockchain tech into their operations.
Minterest & Mantle Network campaign success!
Minterest is the first DeFi protocol delivering the highest long-term yields for its users, enabling users to capture up to 5X greater fees distributed 100% back to them. still yet to launch as their Public Launch is later in Q1 2024.
Minterest finished their initial launch campaign on the Mantle blockchain on January 11th, and it was a huge success. There are strong incentives to try out the protocol now as you’re earning the MINTY token which has yet to come out in a potentially very successful launch in a few month.
Here are the numbers from their campaign:
👨💻On-Chain Stats
- $2.8M+ Total Value Locked in Supply
- 5000+ On-Chain Suppliers
- Top 10 project on Mantle network.
Next Steps:
It’s still possible to supply ETH, MNT, USDC, or USDT into their markets and earn a yield in both MINTY tokens (unreleased) and MNT Mantle Network tokens.
Soon, their borrow feature will be enabled; you can use your supply as collateral and will be able to borrow these same assets. There will also be a bonus in MINTY tokens for borrowing, alongside some other NFT bonuses for people getting involved early on. Get familiar with the dashboard, get some MNT and ETH on Mantle network and supply a bit while we wait for the next steps.
There’s also their roadmap for more of the next steps.
Other Crypto News:
BlackRock now holds 11,439 BTC worth over $497 million for their spot Bitcoin ETF.
Crypto-friendly Vivek Ramaswamy is out of the U.S. presidential race
Binance has officially opened its crypto exchange in Thailand
The ex-CEO of Celsius, Alex Mashinsky, is expected to confront seven felony charges during his trial, set for September 2024.
X receives money transmitter license for payment services in Utah.
Market Analysis, ETH:
Now that the Bitcoin ETF has been approved, and trading volume has been significant in the first few days, it’s time to look for the next big things.
I believe the next big thing is Ethereum, and an Ethereum ETF.
Bitcoin's price drove up over 50% during the rumors and lead-up to the Bitcoin ETF approval. The next logical step for TradFi in crypto is then the Ethereum ETF.
Since the Bitcoin ETF approval, Ethereum has been outperforming BTC. People are already realizing it’s the next approval to come. I am anticipating that ETH could break above $3000 in the near term and be heading towards $3500 before there is even mainstream news discussion about the Ethereum ETF.
There are already dates for a final Ethereum ETF approval, and it could be in May of 2024!
But don’t forget about the Bitcoin halving. I am sure it will also be a catalyst for further price appreciation in Bitcoin AND Ethereum! The date is set for April 22nd, 2024 currently.
Airdrop Tips:
The news of significant airdrops has been prevalent throughout 2023, with certain Web3 players who prioritized the utilization of new mainnets and Layer 2 blockchains early on earning five to six-figure airdrops. In the future, I'll be discussing some airdrop tactics, and there's more detailed information available in my Telegram channel for those eager to delve deeper into this space.
$INJ Network:
Did you follow our Injective Network staking guide from our most recent newsletter? There have already been 2 airdrops confirmed on INJ, with many more to come. It is highly recommended to stake $100 of INJ in Keplr and with the delegates mentioned in our newsletter. Follow the guide here.
$DYM Airdrop claim:
If you were staking ATOM, OSMO, TIA, or a few other coins, you may be eligible for the DYM airdrop. Check here:
https://genesis.dymension.xyz/
Many may not have qualified for this, but I highly recommend staking at least $100 of ATOM in the Keplr wallet moving forward, as well as $TIA. There are at least 5 potential airdrops already confirmed for $TIA stakers; you just need to stake your assets in the Keplr wallet extension.
ZkSync $ZKS:
ZkSync is one of the Tier 0 airdrops that could potentially bring five-figure airdrops to those who use the network often. One of the criteria is to conduct transactions frequently, but also to interact with different smart contracts/platforms for a diversified use of the ecosystem.
Mint these NFTs for free or at a very low cost on the ZkSync network. On NFT's2Me, each NFT is its own smart contract, so it's like interacting with a unique dApp each time.
https://bright-btrfly.nfts2.me/
https://mighty-performance.nfts2.me/
https://rabbit-24ac10.nfts2.me/
https://pulsat1on.nfts2.me/
https://zk-zorb.nfts2.me/
https://rabbit-24ac10.nfts2.me/
https://zkfractal.nfts2.me/
https://devil-statue.nfts2.me/
https://magical-crystal-era.nfts2.me/
XION Testnet Welcome NFT:
Xion Network is constructing a Generalized Abstraction L1 specifically designed for mass consumer adoption, backed by Animoca, Multicoin, Circle, HashKey, & more. Claim a free testnet NFT here:
https://xion.bonusblock.io?r=XYxT26NC
It could offer more value to users interacting with the testnet after the Mainnet launches, presenting additional airdrop potential!
#SUI Network Ecosystem:
I've developed a 9-part airdrop and ecosystem exploration guide for SUI. It begins with downloading the SUI wallet extension and depositing SUI in your wallet from Binance. I've explored 8-9 different DeFi ecosystems, each with the potential for individual airdrops. The full guide is exclusively available in my Crypto Coin Chat Telegram channel. Please refer to the pinned post there if you're interested in exploring the SUI airdrops.
Thanks for reading!
-Ashton Addison, CEO of Crypto Coin Show