Brief Summary
This video discusses several key developments in the cryptocurrency market, focusing on Ethereum and altcoins. It highlights the significant inflows into Ethereum ETFs, the potential impact of the GENIUS Act on Ethereum, and insights from SEC Chair Paul Atkins regarding the regulatory outlook for Ethereum. The video also touches on the dynamics of altcoin season, the potential of Solana, and updates on ChainGPT and Ondo Finance.
- Ethereum ETF inflows are surging, particularly into BlackRock.
- Altcoin season is expected to occur, benefiting quality altcoins.
- SEC is unofficially declared ETH not a security.
Ethereum ETF Inflows Going Parabolic
Ethereum is experiencing significant positive momentum, with ETF inflows going parabolic, particularly into BlackRock. US spot Ethereum ETFs saw over $2.1 billion in inflows last week, marking the largest weekly inflows since their inception, signaling a trend reversal. Since early July, the supply held by first-time buyers has increased by about 16%, indicating renewed interest and inflows from new market participants.
"The largest beneficiary of The GENIUS Act is ethereum."
Ethereum is the largest beneficiary of the GENIUS Act because the majority of stablecoins are deployed on top of Ethereum. Approximately 50% of all stablecoins are built on the Ethereum network. Ethereum is experiencing power law dynamics, similar to Google, where a significant portion of tokenized assets and stablecoins are deployed on its blockchain.
How Altcoin Season Actually Happens
Altcoin season is coming and will benefit quality altcoins, not just Ethereum. Currently, Ethereum gas fees are low because the masses have not yet fully entered the crypto space, meaning the network is not congested. The cycle typically begins with Bitcoin dominating, followed by Ethereum gaining traction due to its utility and the stablecoin industry built upon it. As the Ethereum network becomes congested, altcoins become faster and cheaper alternatives, leading to a surge in their prices.
BRN Metaverse
Burn Metaverse is pioneering real-world and virtual connections through AI, GameFi, and Web3 technologies. It is an established game with most of its supply already in circulation, backed by exchanges like Mexi, Gate.io, and BitGet. Unlike other crypto games that inflate their token supply with rewards, Burn rewards players with stablecoin USDT and has a deflationary model. Players can earn ERA, the in-game currency, at a discount by burning BURN tokens, tightening the limited supply. Additionally, 10% of fiat income from the game wallet is used for BURN buybacks. Burn is also developing Brain, a secure messaging app designed to rival Telegram.
SEC Chair Paul Atkins Ethereum News
SEC Chair Paul Atkins has indicated that the SEC has unofficially declared Ethereum not a security. The ETH blockchain is a key component for many other digital currencies. It is encouraging that these digital assets are being embraced by the marketplace.
Buy Solana?
Solana futures volume hit an all-time high, with about $500 million traded, indicating strong institutional interest. Spot ETFs for Solana are expected soon. Institutions currently have futures exposure to Solana but desire spot exposure, which involves buying actual Solana.
ChainCPT & ONDO News
Magic Eden, the leading NFT marketplace for Solana, has integrated AI through ChainGPT. NFTs created on ChainGPT can now be listed directly on NFT collections on Magic Eden. ChainGPT's AI NFT generator transforms simple prompts into minted art collections. Users have the opportunity to earn up to 10,000 ChainGPT tokens (CGPT) by participating until August 1st. Ondo Finance is aiming to do for securities what stablecoins did for the dollar, by bringing tokenized securities on-chain. The vast majority of regulated financial assets are expected to settle on blockchain rails in the future, with significant growth projected in tokenization through 2033.
