| | | proudly sponsors today’s newsletter |
|
|
|
| | | Good afternoon. $886.6 million poured into Bitcoin ETFs just yesterday, marking the largest net inflow day since March 12th… and 2nd highest net inflow day since inception. | Today’s Big Stories:
🔥 ETH ETF Update
⛔ Short-Seller Targets RIOT
🤩 Should You Buy Celebrity Memecoins?
📱 Coinbase’s “iPhone Moment”? | Today’s edition is brought to you by Portless – the go-to platform for e-commerce shipping | Today's newsletter is 1,040 words, a 5-minute good read. |
| |
| | |
|
Ethereum ETF Winners & Losers |
As covered last week, the ETH ETFs are coming soon. |
Here are the contenders and where they stand as of today: |
The Elite Eight: The starting lineup of prospective issuers as of today is Fidelity, 21 Shares, BlackRock, Bitwise, Franklin Templeton, Grayscale, Invesco//Galaxy, and VanEck – almost the same crowd that launched BTC ETFs. |
Notably missing are: |
Cathie Wood’s Ark Invest, who was originally partnered with 21 Shares, backed out last Friday. Hashdex, which withdrew it’s application without much reasoning. Valkyrie, which has sat out from the beginning, after stating that they just didn’t see much demand from their clients. |
Why are funds backing out? Experts are expecting ETH ETFs to be about 20% the size of the BTC ETFs… so, just less meat on the bone. Still, K33 Research predicts that the ETFs could attract between $3.1-$4.8 billion in net inflows in their first five months. This equates to 0.7%-1.05% of the current circulating supply. |
Sure to be another fee battle: Franklin Templeton has already come out swinging with a 0.19% trading fee. We wouldn’t be surprised to see this fee undercut by another provider in the coming days. |
Coinbase wins again? Coinbase (COIN) is already the custodian for 90% of bitcoin ETFs and that lead doesn’t look to be going away with Ethereum. Already six of the issuers have chosen Coinbase as their custodian. |
|
SPONSOR | Increase your margins by 30% or more. Don’t believe it? Here’s how: | | The only thing that should be floating on the water this summer is you, not your inventory 🏖️ | With Portless, you can ship orders directly from China in just 6 days, 3x your cash flow, and improve lead time by 10x. | Say goodbye to the lengthy 45-90 day wait for restocks. Now, you can replenish your best-selling items in just 3-5 days. | Ready to skip the ship and go Portless? Contact us today and receive 20% off your pick-and-pack fees during your first three months. | |
|
|
|
Crypto Miner RIOT Targeted by Short-Seller Kerrisdale |
Shares of crypto miner Riot Platformers (RIOT) fell as much as 8.9% before recovering a bit today on the release of a short report from Kerrisdale Capital. The report comes only a week after RIOT announced a bid to take over competitor Bitfarms (BITF). |
According to Kerrisdale, spot bitcoin ETFs and BTC are stronger investments than any miner. |
Kerrisdale is no newcomer to shorting crypto-focused companies, having put on a long BTC short Microstrategy (MSTR) trade in March. |
While Kerrisdale is short RIOT specifically, believing it to be the worst of the market, founder Sahm Adrangi thinks the whole industry is flawed, stating: |
Bitcoin mining is easily among the worst business models for a public company we have ever encountered: unpredictable revenue, capital intensive, extremely competitive, a pure commodity product, and lately drawing intense regulatory scrutiny even in crypto-friendly places like Texas where Riot has 100% of its bitcoin production |
|
|
While the mining market may be difficult, there is a lot of potential for these miners – with their large data centers – to pivot, especially into AI. A case in point is Core Scientific (CORZ), which soared 40% this week after announcing a partnership with cloud provider CoreWeave. |
After the announcement, CoreWeave reportedly offered to purchase Core Scientific for $1 billion – a 55% premium. |
|
Play Dumb Games, Win Stupid Prizes |
According to data from The Block, Solana (SOL) saw ~500k token launches in the month of May, whomping other blockchains such as BNB Chain, Base, and Ethereum. |
|
Giving credit where it’s due, this is what happens when you have high-throughput and ultra-low transaction costs. The cost of token experimentation and new idea creation on Solana is next to nothing. Add in user-friendly platforms like Pump.fun, and now anyone can launch a new token with just a few clicks. |
The consequence, however, is that now we have a half million memecoins and dogwifhats splurging across the internet. Maybe we’re just too fundamental or stubborn, but this doesn’t bode well for us at this time. Prices are inching closer to ATHs. Roaring Kitty is back. What could possibly go wrong? |
At one point, we wanted flying cars. Instead we got Facebook ads. Not long ago we also wanted decentralized finance, and we got Caitlyn Jenner and Iggy Azalea memecoins. |
|
Coinbase’s “iPhone Moment”? |
Today, Coinbase unveiled its smart wallet, eliminating the need for seed phrases, browser extensions, or apps. The new tech aims to onboard a billion users on-chain, marking what Coinbase calls web3’s "iPhone moment." |
Smart wallets, secured by passkeys using biometrics like facial recognition or fingerprints, are expected to simplify the onboarding process for non-crypto natives. The new wallets support multiple blockchains, including Base, Arbitrum, Avalanche, and Ethereum. |
| Sid Coelho-Prabhu | sidcoin.eth 🛡️ @sid_coelho | |
| Today, we announced the @CoinbaseWallet smart wallet is officially live on mainnet. Here’s your primer on why this leapfrog tech is going to reinvent the onchain experience and onboard the next billion users 🧵 | Coinbase Wallet 🛡️ @CoinbaseWallet The wait is over. Smart wallets are here. |
| | | Jun 5, 2024 | | | |
| | 188 Likes 37 Retweets 22 Replies |
|
|
|
SPONSOR | Less than two weeks left to invest | | Best Buy is the unlikely place to look for home runs: The big box retailer has a proven track record of placing bets on Technology products that dominate their market. Pay attention, because they just unveiled RYSE Smart Shades, a new smart-home product in 100+ stores with massive potential. Only 2 weeks left to invest – learn more here. |
|
|
|
|
| Stack Hodler @stackhodler | |
| Yesterday the FDIC reported that 63 banks are near insolvency. And #Bitcoin had its second biggest ETF day ever. Probably nothing. x.com/i/web/status/1… | | | Jun 5, 2024 | | | |
| | 1.95K Likes 235 Retweets 58 Replies |
|
|
|
Other Content You Might Enjoy |
Bitcoin ETF purchases by institutions is beginning to pick up Tether Buys $100M Worth of Bitdeer (BTDR) Shares Binance founder CZ begins 4-month prison sentence as the country's richest inmate Bitcoin’s bullish set up: A good review of today’s ongoing price catalysts Japanese crypto exchange reports bitcoin theft worth $305M SECs win/loss ratio: How often does the SEC lose crypto lawsuits? Bank of Canada Begins G-7 Monetary Easing Cycle, Trimming Benchmark Rate 25 Basis Points |
|
How did you like today's email? |
| ⚡⚡⚡⚡⚡ Love it⚡⚡⚡ Ehh, could be better⚡ Do better next time |
|
About CoinSnacks |
Launched in December 2017, CoinSnacks is home to the longest continuously running crypto newsletter. Each week, we publish our cryptoasset musings to an audience of 35k+ crypto enthusiasts and investors. |
In a space flooded with new projects, research, and narratives, you may feel overwhelmed or confused. CoinSnacks offers a solution by doing the digging for you, so you don't have to spend hundreds of hours sifting through the noise. Learn more here » |
|
Reach Our Audience |
If you’re a brand interested in partnering with CoinSnacks to find your next customers, partners, or allies, we’d love to hear from you. Learn more here. |
|
|
