#132 ETH ETF $1B Volume
Day 1 ETH ETF positive, but market disappointed vs BTC + SOL
GM - this is The Snapshot, edition #132.
This is what I’ve got for you this week.
This Week In NFT World - ETH ETF week: price disappoints
Notable Sales - CryptoPunks, Fidenzas, Doodles
Investor Focus - The Symbiotic Shift
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - ETH ETF week: price disappoints
ETH ETFs do $1B in total volume: 23% of BTC ETF first day volume but ETH underperforms other majors
"DAY ONE in the books for Eth ETFs who did $1b in total volume, which is 23% of what the spot bitcoin ETFs on their first Day and $ETHA did 25% of $IBIT's volume. The gap between $ETHE and The Newborn Eight is a healthy +$625m (a sizable chunk of which *should* convert to inflow"
"First Ethereum ETF day is in. $ETH +1% $BTC -2.5% $ETHBTC +3.5% Alts -4% to -10% No sell the news this time. Kamala coming in hot in the polls not good for prices overall."
Hamilton Lane $900B asset manager launches private credit fund on Solana
"With over $920 billion in assets under management and supervision, Hamilton Lane is one the world’s largest firms investing in alternative assets. On Tuesday, it announced the launch of a private credit fund on the Solana blockchain. Investors can now access the firm’s Senior Credit Opportunities Fund, or SCOPE, via the network.
To do this, Hamilton Lane has partnered with Libre, a Web3 protocol for the issuance and distribution of funds on-chain. Libre is a joint venture between hedge fund Brevan Howard’s WebN Group, and Nomura’s crypto firm Laser Digital. Tokenizing SCOPE offers the chance to deepen Hamilton Lane’s distribution, by accessing “mass affluent, crypto native” traders"
Fortune
Pudgy Penguins chain Igloo raises $11M for Abstract Chain led by Peter Thiel's Founders Fund
"The Abstract Foundation plans on building Abstract to be the dominant consumer crypto chain. Through a combination of culture & community building and dedicated builder & brand support, Abstract will allow those building for billions to scale and flourish."
Dumpy.fun: short memecoins with leverage
"Have you been wanting to short memecoins - but didn't know how? Enter @dumpydotfun. Dumpydotfun allows users to short memecoins, with leverage. Liquidity comes from bulls who deposit memes and earn high rates. All onchain, powered by @solendprotocol (now Save), & coming soon."
Mocaverse announce partnership and token swap with TON Foundation
"The steering committee will mobilize $TON and $MOCA from the token swap agreement, valued at a combined total of USD$20 million, to facilitate cross user pollination and drive user growth via PointFi system and onboarding apps to the TON ecosystem"
Mocaverse and TON Foundation will work towards integrating the Realm Network SDK into TON Blockchain to serve as the central reputation source and onboard, attest, and query data across different TON ecosystem apps.
99 Retardio Cousin NFTs swept for $300k as floor rises to 25 SOL: up from 5 SOL at the start of the month
"one wallet just swept 99 Retardio Cousins (@retardiosolana) TOTAL SPEND: 1767 SOL [~$303,773]"
Notable Sales - CryptoPunks, Fidenzas, Doodles
CryptoPunk, Purple Hair - 30 ETH
Tyler Hobbs, Fidenza - 31 ETH
CryptoPunk, Wild White Hair - 38 ETH
Doodles, Rainbow Puke - 5.5 ETH
CryptoPunk, Clown Eyes Blue - 37 ETH
Investor Focus - The Symbiotic Shift
A few days ago I said Symbiotic was a better place to restake on Ethereum than Eigenlayer; a couple days later a multi-millionaire airdrop farmer agreed.
Here is the video for why I think Symbiotic is the better place to restake ETH at the moment, with the corresponding text beneath.
context: eigenlayer is currently the main restaking protocol + has already dropped their first round of community rewards with its pre-market token price at $5 - putting it at an $8B fdv
even if the pre-market price is overpriced, which they have been so far this cycle, this is still a significant amount of value dropped to users
so restaking is still a valuable narrative to follow
so why switch to symbiotic?
1. the first drop is always the best drop - eigenlayer has done its first drop; it was good for users, but this cycle it feels like second drops are underwhelming vs first drops
so symbiotic's potential first drop could be better relative to eigenlayer's second
2. symbiotic is backed by lido + paradigm - usually leaders lead + i wouldn't swap away from eigenlayer because of its dominant position, but lido who created stETH and paradigm who back many of the most promising projects are forces in crypto
3. symbiotic tvl will rise fast - atm vaults are capped and it is not possible to add more eth whenever you want. i imagine this means tvl will rise fast as and when caps are increased. a higher tvl should lead to an increased price for its potential token
at a minimum it's a way for you to lock up your eth and earn yield on it so you don't do anything stupid with it -but of course be aware of all restaking risks by reading their docs
Have a great day,
B
Disclaimer: The content covered in this newsletter is not to be considered as investment advice. It is for informational and educational purposes only.
I hold some of the NFTs mentioned in these newsletters