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📰 It’s Been a Big Week…
💎 Ondo (ONDO) Front-Running Potential RWA Narrative?
💥 Are We Getting TOO Bullish?
🚀 9 Days Left To Get GUMMY!
📢 Fantom's Sonic Secures $10M, Coinbase Allows XRP Trading, PLUS MORE!
💭 Rest In Peace Kabosu.
Good Morning Degens,
Prices are dipping, and we know why! The big question is, for how long?
Unfortunately, we also have some sad news coming from the meme space—a legend has passed.
Let’s dive in!
🌍 Market Catch-Up
Top 100 coins Daily Performance - Banter Bubbles
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📰 Question of the Day
It’s Been a Big Week.
We saw the SEC’s SAB 121 being overturned.
We saw the passing of the FIT21 bill.
The Ethereum (ETH) spot ETF 19b-4s have been approved, and we are awaiting the approval of the S-1s to get the final green light for trading to begin on the ETFs.
But the final approval did not come yesterday and we dipped like crazy!
People are saying that the news of an approval was priced in and that’s why we dumped, but I don’t agree. First, let’s look at what is happening. There will be a delay between the 19b-4s and S-1s approvals of anywhere between 2 weeks and 5 months.
The leading ETF experts believe that when the approval comes, we may see 15% of the inflows to ETH spot ETFs that Bitcoin spot ETFs saw, so anywhere between $5-8 billion within the first few months.
That’s extremely bullish for Ethereum and alts as a result.
What Happened Yesterday?
Everyone was waiting for the SEC decision on the ETH spot ETFs, expected to come at or before 4 pm EST yesterday. We saw a major wick down at around 4:01 pm as there was no news, leading to a sell-off. Who sold? Most likely, there were many bots set to sell if there was no news.
That’s just the space we are in fam!
But was the approval priced in to start with? Things are happening fast, but this post summarizes how I also feel: the market had ages to price in a denial, and mere days to price in an approval. So most likely, this dip will be over soon as people actually DO start pricing in the approval. That’s my take - it’s not financial advice and you should do your own research!
Meanwhile, predictions for the next ETFs are running wild on X and in our Discord and chats. Scaramucci says we are going to get a Solana (SOL) ETF. As I mentioned yesterday, I believe we won’t see a new ETF soon, but when we do, I suspect it might actually be a basket of coins rather than a specific one. Go read my thoughts here.
💎 Degens’ Den
Ondo (ONDO) Front-Running Potential RWA Narrative?
I talked yesterday about Ondo (ONDO) and how it could pump soon with the approval of the ETH spot ETFs. Speculation is that BlackRock's Larry Fink might highlight Real World Assets (RWAs) in upcoming media appearances after the ETF approval. This could pump the most hyped RWA projects, like Ondo (ONDO).
And have a look at that! It’s up 10.3% since yesterday, being the top performer for the day amongst the top 100 coins. And according to what I’m seeing on X, people are ultra bullish on it.
💥 Best Alpha Posts of the Day
Are We Getting TOO Bullish?
We have had so many regulatory changes in the last month, with politics becoming heavily intertwined with crypto. Are things moving too fast though…? Check this out.
Ellio Calls the Bottom
The "Intergalactic Hard" bottom, to be specific. I too believe we are forming strong support here. The next bear market may retrace to levels slightly above where we are now.
🚀 Trade of the Day
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🐸 MEMEoirs of a Degen!
📢 Biggest Announcements
ETFs See Positive Flows of $19 Million, Contrasting with $13.7 Million Outflows from GBTC
Fantom's Sonic Foundation Launches, Secures $10 Million in Strategic Funding
Coinbase Now Allows Ripple (XRP) Trading in New York
Weekly Update on DeFi Sector Developments
💭 Banter’s Take
Rest in peace Kabosu, legend of all memes. Without you the memecoins and fun in crypto would not exist!
May you bark eternally in the better place you find yourself now!
See you all on Monday!