🚀 ETH Soars 20% on ETF Approval Speculation
🚀 ETH Soars 20% on ETF Approval Speculation
And ETH beta plays pumped even more. Find out the big winners and broader impact.
TylerD's Market Summary
GM!
Today's top news:
ETH soars as ETF approval seems imminent
ETH L2s, DEXs and memes all pump in wake
Punks FUD latest Nina Chanel drop, Garga changes course
GALA exploited for $230M
nftperp launches Ordinals trading on Blast
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📈 ETH ETF Approval Appears Imminent
The ETH ETFs seemed dead in the water, at least for a May approval.
Polymarket had the approval odds down to 11% just yesterday morning.
Then a few analyst comments followed by some breaking headlines changed everything.
And ETH rocketed.
What Happened?
Yesterday afternoon Bloomberg analyst Eric Balchunas updated his odds for ETH ETF approval to 75% (from 25%).
His rationale was that the SEC was likely doing a 180 degree change as crytpo has become increasingly political.
Just a few hours later, the SEC formally asked exchanges to update their ETF filing "on an accelerated basis."
Then this morning, Fidelity updated their filing to remove ETH staking.
So it looks like the ETH ETFs are very likely to be approved this month now, but without the staking component.
The market responded violently.
Market Impact
ETH printed a 20% god candle yesterday, jumping from $3,100 to $3,770.
It's the single biggest daily candle in ETH's history.
And it lifted the entire ETH ecosystem.
L2's like ARB (+22%) and OP (+13%) soared
Uniswap pumped 20%
ETH memecoins like PEPE (+20%), MOG (+45%) and BITCOIN (+45%) surged
Base SocialFi tokens DEGEN (+20% and FRIEND (+10%) won too
A huge green day all around.
It does seem telling that ETH memes were the biggest winner on the day, as traders look for the strongest ETH beta plays into the ETF approval event.
As for NFTs, they did take a hit, mostly down 4-8%.
Why It Matters
Of course this is a major event for ETH. We have seen what the ETFs have done for inflows into Bitcoin.
But perhaps the bigger takeaway here is the political shift that may be happening.
Trump has made crypto into a growing political issue and the Dems had become the anti-crypto party.
It seems they may have caught wind of that and may be changing course.
And a softer, more receptive political backdrop for crypto would be an incredibly welcome change.
This has become one of the most important storylines in crypto to watch over the coming months: how the SEC handles crypto, Democrat rhetoric and broader signaling.
If they flip supportive, Raoul Pal's "banana zone" call may be right on track for 2024.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
ETH led NFT trading volume with $10M on the day (+133%); BTC was next with $5.8M (+60%) and then Solana with $3.1M
ETH NFT leaders were mostly red down 4-8% after ETH's pump; BAYC -5% to 12.8 ETH, Pudgy -4% to 11, Azuki even at 5, MAYC -10% to 2.28
Milady and Remilio were top performers, jumping 33% each to 5.54 ETH and 1.85 ETH respectively
BTC NFT leaders held steady through the BTC rip; Puppets at 0.17 BTC, NodeMonkes at 0.275, OMB at 0.345 (+10%) and Quantum Cats at 0.3 (-10%)
RSIC runes pumped alongside BTC, jumping 30% to $208M mc
Solana NFTs saw slight red on the day; Mad Lads +1% at 62 SOL, Tensorians -0% at 11; DeGods -2% to 29, and SMB Gen 2 -1% at 32
Blast NFTs were mostly green on Monday; Apollo (+4%), Plutocats (+1%) and Blastopians (+4%) led volume
Cryptopunks saw some FUD after Nina Chanel's latest auction was announced for Weds May 29 with a teaser video which was not received well from the community; Garga then changed the distribution to Nina's Super Cool World holders instead of Punks holders
Memeland launched its new Stakeland quest tied to Pixelmon
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
$PEW finally went live for trading after Friday's presale, opening at a $8.4M mc
Friend Tech meme clubs Hog McCrankerson and Shitcoin Summer continued to pump, with Hog jumping 15% to 920 FRIEND ($5.7M mc) and Shitcoin +35% to 420 FRIEND ($1.7M)
Fantasy Top's Common Only Tourney finished Monday with Iced Cooly taking down the prize; the team also introduced Heroes rewards with incentives for distributing them to card holders
Wasabi added leverage trading for $bWOOL on its perps market
nftperp launched Ordinals trading on Blast, allowing traders to go long or short NodeMonkes and Bitcoin Puppets with boosted rewards
Mintify announced a new 10k Blast Gold trading competition
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are mega-green this morning after the ETH ETF chatter; BTC +6% at $71,080; ETH +20% at $3,740, SOL +2% at $182
Memecoin majors were green with DOGE +8%, PEPE +20%, WIF +5%, BONK +30%; MOG, BITCOIN outperform
Gala Games was exploited for $230M in a hack that allowed the unauthorized minting of 5B new tokens which were sold
Coinbase teased a Coinbase Pizza Food Truck for May 22 in Washington Square Park, NYC
Binance's Web3 Wallet introduced two new ways to earn yield with its "Simple Yield" and "Yield Plus" features
Rabby implemented new rules to allow additional users to take advantage of its "free gas" feature
🚀 Memecoin Movers
$BITCOIN (+46%, $135M market cap, ETH)
$MOG (+44%, $307M market cap, ETH)
$MAGA (+42%, $65M market cap, ETH)
$BANANA (+42%, $360M market cap, ETH)
$ANDY (+40%, $63M market cap, ETH)
📈 NFT Floor Price Increase (ETH)
Milady (34%, 5.49 ETH Floor)
Redacted Remilio (34%, 1.86 ETH)
Yayo NFT (28%, 0.25 ETH)
Sword of Grandia (13%, 0.3 ETH)
Persona (12%, 0.24 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is one of the bigger days of mints in quite some time.
Leading AI artist Roope Rainisto ix back with his Vacation project, his marquee drop of this year.
Melissa Weiderrecht is also back with the first major Art Blocks Studio drop in Misbah.
Mercedes NXT has aa drop and Bored Apes have their ApeFest ticket sale today.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Roope Rainisto x Verse - Vacation (9:00 a.m. ET)
Scrips (12:00 p.m. ET)
Mercedes Benz NXT - The Era of Technology (12:00 p.m. ET)
Melissa Wiederrecht x AB Studio - Misbah (1:00 p.m. ET)
ApeFest ticket sale (4:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.