Bitcoins - about to hit $5,000 per coin today!

[Mayday]

The market is exhausted. The BTC dip buyers who were very loud ran dry months ago, now round tripped.

My formula for an ATH is still alive and just like it suggested, it’d be a very disappointing road to an ATH.

The ETFs haven’t even been the ones unloading yet we tagged 58k 😂  Oh Lordy.

[Mayday]

The Round tripped now become the underwater…… 

libera te tutemet ex inferis

[obsidian]

Governments sitting back looking at this...

https://cryptodnes.bg/en/ethereum-has-generated-twice-as-much-tax-revenue-as-bitcoin/

Ethereum Has Generated Twice as Much Tax Revenue as Bitcoin

According to a recent Lookonchain report, Ethereum has outpaced Bitcoin in fee revenue by an impressive 100% in the past year.

Specifically, the Ethereum network generated $2.73 billion in fee revenue, taking the top spot in the industry.

The data highlights Etherium’s significant lead, which has doubled Bitcoin‘s fee revenue.

This success is largely due to ETH’s broader suite of applications and services, which results in more fees and transactions.

Bitcoin follows in second place with $1.3 billion in fees. The Tron network rounds out the top three with nearly $460 million.

Solana added $241.3 to the total, Binance Smart Chain registered $176.6 million and Avalanche $68.83 million.

Additionally, zkSync Era earned nearly $60 million, Optimism amassed $40.4 million and Polygon $23.9 million.

[LurkerNoMore]

ok can someone tell me why I am the author of this thread?  I didn't start it.  I was the first one to reply to it I believe, but I didn't start it.  I can only assume the original author was deleted and I assumed the first post?

[Griffith]

ok can someone tell me why I am the author of this thread?  I didn't start it.  I was the first one to reply to it I believe, but I didn't start it.  I can only assume the original author was deleted and I assumed the first post?

Gib started the thread and deleted his post.

[LurkerNoMore]

Gib started the thread and deleted his post.

ahh... I was thinking something like that.

[Mayday]

ahh... I was thinking something like that.

If you hadn’t responded, the thread would have vanished. It’s now 445 pages of lunatics posting

[gib]

Gib started the thread and deleted his post.

Actually I asked Ron how this happened, as yes, it was me that started this thread.

Ron told me at the time that he took some prior threads and just merged them under mine (I guess tidying up the forum). So whilst it may appear I deleted something after starting this topic, that is not what happened. Hope that helps clarify the mystery of this awesome discussion!

[SouJerz]

When are we getting this Ether ETF?

[obsidian]

When are we getting this Ether ETF?

Many are saying soon. I don't know at this point. I think it should have been ready by now.

https://www.ccn.com/news/crypto/ethereum-etfs-limbo-experts-irked-secs-silence/

[loco]

[obsidian]

[sarcasm]
Hold your panties till July 23rd!

I know you can't stand the tension!
[/sarcasm]

https://www.theblock.co/post/305438/spot-ethereum-etfs-likely-to-launch-july-23-sources

[obsidian]

Probably jinxing us all here!

[Slapper]

Anyone smell the $10,000 daily candles yet?

[obsidian]

Bitcoin as US reserve currency: Trump team reportedly considers adding BTC to Treasury

(Kitco News) – Presidential candidate Donald Trump has seen his odds of winning the 2024 Presidential Election surge in the wake of his failed assassination attempt. As analysts start to focus on how his policies could affect the U.S. economy, one rumor bodes extremely well for the cryptocurrency ecosystem: Trump could label Bitcoin (BTC) as a strategic asset at the upcoming Bitcoin 2024 Conference in Nashville.

According to Dennis Porter, co-founder of the non-profit organization Satoshi Act, inside sources have told him that labeling Bitcoin as a reserve asset is on Trump’s to-do list, and the Bitcoin 2024 Conference, scheduled to take place from July 25 - July 27, offers the opportune time to make the announcement.

“Adding #Bitcoin as a ‘strategic reserve’ to the US Treasury is a no brainer and once the USA does it, the paradigm will shift and the world will understand they must also have a #Bitcoin position,” he said in a follow-up post. “When the USA leads, the world follows.”

“Bitcoin is a borderless, censorship-resistant, decentralized, counter-party free, perfectly finite, digital gold with an immutable ledger and no method for capture,” he added. “Of course governments are going to want some for themselves. It’s an absolute no-brainer.”

Highlighting the fact that the U.S. government currently holds around $5.5 billion worth of Bitcoin that has been seized in various law enforcement operations, Porter said, “The next President of the USA should sign an executive order to convert the $5.5 billion held by the US Government into a strategic reserve at the US Treasury then use that reserve to back the dollar with #Bitcoin.”

https://www.kitco.com/news/article/2024-07-19/bitcoin-us-reserve-currency-trump-team-reportedly-considers-adding-btc

[obsidian]

Anyone smell the $10,000 daily candles yet?

LMFAO!

[Griffith]

Confirmed: Spot Ethereum ETF Launching Next Week

Chicago Board Options Exchange (CBOE) has confirmed that five spot Ethereum ETFs are going live by July 23.

https://u.today/confirmed-spot-ethereum-etf-launching-next-week

[obsidian]

Maybe the grayscale outflows won't be as bad as those from the Grayscale BTC ETFs.

https://www.benzinga.com/markets/cryptocurrency/24/07/39864999/grayscale-investments-lowers-proposed-fee-for-ethereum-etf-wised-up-says-analyst

Grayscale Investments Lowers Proposed Fee For Ethereum ETF, 'Wised Up,' Says Analyst

Grayscale took a strategic step by cutting its proposed fee for its spot Ethereum ETH/USD ETF by a significant 40%, thereby trying to gain an edge over competitors in the imminent asset race.

What Happened: Grayscale revised its intended sponsor fee for the Ethereum Mini Trust to 0.15%, a substantial drop from the initially proposed 0.25% fee, The Block reported. The full waiver is at $2 billion. The original fee was on par with similar offerings by BlackRock and Fidelity, as well as a proposed fund by Invesco and Galaxy.

The revised fee now undercuts rival funds by Franklin Templeton (0.19%), VanEck (0.20%), Bitwise (0.20%) and 21Shares (0.21%).

Grayscale is gearing up to convert its Ethereum Trust  ETHE — which currently manages about $10 billion in assets — into an ETF. The fee for this product is expected to remain at 2.5%. The firm has structured its Mini Ethereum Trust such that 10% of ETHE's ether holdings are channelled into the cheaper product.

[Griffith]

ETH ETF's starting tomorrow, 23 July.

[obsidian]

Ether ETF Volumes Top $1B on Day One
Nearly half of the volume came from Grayscale’s Ethereum Trust and could thus represent outflows.

Investors traded over $1 billion worth of shares of the freshly launched ether exchange-traded fund (ETF) issuers on the first day of their availability, data from Bloomberg shows.

Trading volume simply represents the dollar amount of shares exchanged and doesn’t give any insights into whether these trades signal inflows or outflows. It is also unclear whether investments were made with a long term vision or for short term gains in the form of arbitrage trades, for example.

The spot bitcoin ETFs, for example, saw $4.5 billion in trading volume on launch day but only roughly $600 million of that represented inflows.
Grayscale’s Ethereum Trust (ETHE) turned out to be the most traded on day one with volume of nearly $458 million, or nearly half of the overall volume.
BlackRock’s iShares Ethereum Trust (ETHA) saw $243 million in trading volume – with this far more likely to be inflows versus the action the Grayscale fund.

All other six funds saw below $100 million with 21Shares’ Core Ethereum ETF (ETHC) seeing the least traction on day one.

With the overall trading volume maxing out at $1.077 billion, the funds saw roughly 20% of the trading volume that the spot bitcoin ETFs experienced on launch day in January.

https://www.coindesk.com/markets/2024/07/23/ether-etf-volumes-top-1b-on-day-one/

[affeman]

Ether ETF Volumes Top $1B on Day One
Nearly half of the volume came from Grayscale’s Ethereum Trust and could thus represent outflows.

Investors traded over $1 billion worth of shares of the freshly launched ether exchange-traded fund (ETF) issuers on the first day of their availability, data from Bloomberg shows.

Trading volume simply represents the dollar amount of shares exchanged and doesn’t give any insights into whether these trades signal inflows or outflows. It is also unclear whether investments were made with a long term vision or for short term gains in the form of arbitrage trades, for example.

The spot bitcoin ETFs, for example, saw $4.5 billion in trading volume on launch day but only roughly $600 million of that represented inflows.
Grayscale’s Ethereum Trust (ETHE) turned out to be the most traded on day one with volume of nearly $458 million, or nearly half of the overall volume.
BlackRock’s iShares Ethereum Trust (ETHA) saw $243 million in trading volume – with this far more likely to be inflows versus the action the Grayscale fund.

All other six funds saw below $100 million with 21Shares’ Core Ethereum ETF (ETHC) seeing the least traction on day one.

With the overall trading volume maxing out at $1.077 billion, the funds saw roughly 20% of the trading volume that the spot bitcoin ETFs experienced on launch day in January.

https://www.coindesk.com/markets/2024/07/23/ether-etf-volumes-top-1b-on-day-one/

Why's the price completely crashing down then?

[French]

There is always time to exchange your ETH for SOL.
The cost of ETH will remain too high, the network too slow, and the additional layers too heavy to ever be adopted.

The Solana mainnet is still in beta mode and is becoming more mature every day. the main catalysts were network outages and the teams' ability to correct problems in record time.
The blockchain is becoming more and more robust and the deployment of Firedancer in 2025 will ultimately make it the Blockain all in one number one among institutions and the general public.

Jupiter surpassed Uniswap in trading volume

Hamilton Lane's SCOPE Fund: Hamilton Lane's Senior Credit Options Fund (SCOPE) is now available on Libre, providing new investment opportunities for #Solana users SCOPE offers consistent performance and cash income, rapid capital deployment and monthly liquidity.

Key Perspectives: Executives from Libre, Hamilton Lane and the Solana Fund emphasize the importance of this launch. They highlight the benefits of Solana's speed and security in democratizing access to quality financial products.

[obsidian]

Why's the price completely crashing down then?

Looks like the Grayscale outflows are similar to what happened with Bitcoin. Grayscale lowered fees for their Mini ETH Trust to 0.15%. But the converted Grayscale ETH Trust fee remains at 2.5%, significantly higher than the other Spot ETH ETFs. Grayscale is greedy. Some investors won't exit immediately because of tax implications for capital gains. And Grayscale is taking advantage of that.

Bulk ETH purchases are made over the counter with Coinbase. That does not move the needle as much as retail purchasing.

Bitcoin saw a price reduction after the initial spot trading and gradually picked up pace.

We'll see what happens. Spot trading was a little over $1 billion yesterday and close to $1 billion today. But the Grayscale outflows are in that mix.

https://www.theblock.co/post/307320/spot-ethereum-etfs-generate-937-million-in-volume-in-second-day-of-trading

Spot Ethereum ETFs generate $951 million in volume in second day of trading

Rennick Palley, a founding partner at VC firm Stratos, noted some early signs of rotation from the spot Bitcoin ETFs into Ethereum ETFs, which he said is "an indication of interest in diversification across crypto assets in ETF form."

Earlier Wednesday, Bitwise President Teddy Fusaro noted a trading difference between the Ethereum ETFs and spot Bitcoin ETFs.

"Ethereum ETFs have traded about $852 million in value today thus far. Bitcoin ETFs have traded about $1.1 billion," Fusaro said on X. "Surprised that ETH ETFs are trading about 75% of the notional value of BTC ETFs today - higher than I expected."

[obsidian]

There is always time to exchange your ETH for SOL.
The cost of ETH will remain too high, the network too slow, and the additional layers too heavy to ever be adopted.

The Solana mainnet is still in beta mode and is becoming more mature every day. the main catalysts were network outages and the teams' ability to correct problems in record time.
The blockchain is becoming more and more robust and the deployment of Firedancer in 2025 will ultimately make it the Blockain all in one number one among institutions and the general public.

Jupiter surpassed Uniswap in trading volume

Hamilton Lane's SCOPE Fund: Hamilton Lane's Senior Credit Options Fund (SCOPE) is now available on Libre, providing new investment opportunities for #Solana users SCOPE offers consistent performance and cash income, rapid capital deployment and monthly liquidity.

Key Perspectives: Executives from Libre, Hamilton Lane and the Solana Fund emphasize the importance of this launch. They highlight the benefits of Solana's speed and security in democratizing access to quality financial products.

And pay huge capital gains tax?! LOL - no thanks. If I get into Solana it will be via new purchases.

Solana is the fast, low-cost blockchain that simply never works
https://www.tradingview.com/news/cointelegraph:918464edf094b:0-solana-is-the-fast-low-cost-blockchain-that-simply-never-works/

There's lots of hype and BS with Solana. The TPS is exaggerated, its prone to spam, goes offline, more centralized, expensive hardware requirements for validators, has high inflation.

But I am sure it will pump via degens. Just realize it can crash hard also, as we have seen numerous times. I am a bit suspicious of the Ukrainian Co-Founder.

Here's a debate between Ethereum Researcher Justin Drake, and Solana’s Co-Founder Anatoly Yakovenko. Very interesting.

[French]

All few crashs duration were max 2 hours.
About 6 hours on a year for a 24/7 operational model.
What about share market, bank, Swift network etc..closed 60% of the year.

Solana has shown major adoption and continues to mature, overcoming technological growing pains and highlighting the potential of high-throughput, monolithic architectures,” Franklin Templeton stated.

https://www.franklintempleton.com/