BlackRock's Ethereum ETF has been listed on the DTCC website
May 24, 2024
Hot projects + Market overview
I. Mainstream exchange news
- Binance will support the BNB Smart Chain (BEP20) network and hard fork.
- Coinbase will launch Bonk, FLOKI, and Shiba Inu perp futures contracts on May 30th.
- Coinbase has launched an AVAX staking service.
- Coinbase will resume services for XRP in New York.
- ONDO-PERP, PYTH-PERP, and ZETA-PERP are actively trading on Coinbase International and Coinbase Advanced.
- Binance Megadrop will launch Lista (LISTA).
- Upbit will launch Oasys (OAS) in the BTC and USDT markets.
II. Mainstream projects and trending events
- SEC approves the 19B-4 forms for 8 Ethereum ETFs, but issuers still need approval of their S-1 plans.
- Ethereum ETF is likely to launch in mid-June, says a Bloomberg analyst.
- Ethereum ETF approval signals SEC's classification of Ethereum as a commodity, says Consensys.
- The deadline for Biden's final decision on repealing SAB 121 has been extended to June 3rd.
- Fantom Foundation forms Sonic Foundation for its new Sonic blockchain.
- BlackRock's Ethereum ETF has been listed on the DTCC website.
- US Senator Cynthia Lummis establishes a pro-crypto camp in Congress.
- Swell raises token distribution ratio from 7% to 8% for Q1.
- UniSat will airdrop pizza inscriptions to qualifying wallets.
III. Funding news
- ZK hardware startup Cysic raises $12 million, funding round led by HashKey Capital and OKX Ventures.
- Fantom Foundation raises $10 million, funding led by Hashed.
- Layer 2 network Plume Network raises $10 million, funding led by Haun Ventures.
- US blockchain company Alphaledger raises $9.5 million from series A round.
- Decentralized governance infrastructure Dora Factory raises $10 million.
- RPG chain game Aria completes seed round funding, led by Folius Ventures, Spartan Group, and Merit Circle.
- Scroll eco-DeFi project Pencils Protocol raises $2.1 million, funding participated by OKX Ventures, Animoca Brands, and Galxe.
- DeFi platform Zaros raises $1.8 million.
IV. Regulatory news
- The US House of Representatives passed a bill prohibiting the Fed from issuing CBDC.
- Montenegrin Justice Minister meets US SEC rep for Do Kwon investigation.
V. Popular projects
Market overview
On May 24th, the US SEC officially approved the 19B-4 forms for 8 Ethereum ETFs. It is expected that the approval of S-1 forms will still take several months. The ETH to BTC exchange rate continues to rise, currently reaching 0.056.
The rise of ETH has improved the liquidity of copycat coins, while the price of BTC is continuously suppressed. Meanwhile, memecoin tokens, led by PEPE and PEOPLE, are strong. With the final deadline for the US SEC's approval of BlackRock's ETH ETF set for August 7th, it's expected that copycat cryptocurrencies will see a notable increase in value or popularity before that date.
BTC Spot ETF
Data as of May 23rd shows a $13.35 billion net inflow into BTC ETFs, with a daily inflow of $189 million and a turnover of $831 million. ETF net assets represent 4.3% of BTC's market value. Key observations are as follows:
GBTC: The single-day net outflow was $14 million, with a cumulative net outflow of $1.8 billion, a single-day turnover of $287 million, and a current net asset value of $19.39 billion;
IBIT: No new data available;
FBTC: The single-day net inflow was $19 million, with a cumulative net inflow of $9 billion, a single-day turnover of $332 million, and a current net asset value of $10.83 billion;
ARKB: The single-day net inflow was $2 million, with a cumulative net inflow of $3 billion, a single-day turnover of $106 million, and a current net asset value of $3.26 billion.
RWA Track
BlackRock, one of the drivers of the ETH ETF, aims to put real-world assets (RWAs) on-chain and tokenize them. Upon final approval of the ETH ETF, RWA concept tokens stand to benefit, with notable examples including ONDO, GFI, MPL, CFG, POLYX, and IXS.
Noteworthy tokens in light of ETH ETF
The approval of the Ethereum ETF could incentivize other ETF-related tokens, including that of Solana. However, considering Solana’s intricate structure, the chance of SOL ETF approval is relatively low. Additionally, Solana and Ethereum are inversely related in terms of capital strength. When Solana is bullish, Ethereum's performance tends to flag. More focus could be placed on DOGE, ETC, and LTC.
Memecoin-related projects
Dominant market memecoins recently include:
TURBO: TURBO is the first memecoin created using ChatGPT. Its IP image is a yellow frog. TURBO hit a market cap of $195 million, an on-chain liquidity pool of $1.87 million, and amassed 21,000 wallet addresses.
WOJAK: Wojak, introduced concurrently with PEPE, is a token named after the Polish term for 'soldier'. Its IP represents a bald, melancholic-faced man, widely used online to communicate diverse thoughts and feelings. WOJAK holds the 542nd position in market cap, reaching $83.42 million, a 38% increase within 24 hours.
BOB: BOB originated from a bot that automatically explains any tweet in simple language if you tag @ExplainThisBob. Elon Musk often replies to ExplainThisBob's tweets. BOB holds the 870th position in market cap, totaling $33.35 million, a 31% increase in just 24 hours.
TROLL: TROLL token’s community regards Elon Musk who called himself Chief Troll Officer. as their leader. TROLL ranks 757th in market cap, standing at $42.26 million, a 30% increase within 24 hours.
JOE: The JOE emoji is popular in the meme world, particularly among Americans. The dev team of JOE and its community are both active on TG. JOE's market cap ranks 957th with a market cap of $27.48 million, and a rise of 30% in a day.
On-chain Daily
1. JACKPOT: JACKPOT is a newly launched mysterious project. It has no official website, and its Telegram community has been closed. Its relatively low X followers include prominent KOLs such as 0xsun, traderpow, and SpiderCrypto.
Current price: 0.00235 USDT
Historical high: 0.0045 USDT
4-hour increase: 175% (Token listing time: 5/23 22:15 UTC)
Current Market Cap: $23M
2. GIAC: GIAC is a memecoin on Ethereum that represents an ape driving a car. Three consecutive days saw the emergence of new ape-themed memecoins, suggesting future projects in the same vein may be noteworthy
Current price: 0.0(8)897 USDT
Historical high: 0.0(7)151 USDT
24-hour increase: 98.3%
Current Market Cap: $3.6M
3. SWIFT: SWIFT is a memecoin on the Solana chain, inspired by famous American singer Taylor Swift being spotted wearing a Solana summer t-shirt.
Current price: 0.0091 USDT
Historical high: 0.1 USDT
24-hour increase: 666%
Current Market Cap: $9.1M
4. ZION: ZION is another memecoin on the Solana chain. Its full name is Zion Thomas, the real name of Ansem, a well-known KOL within the Solana community.
Current price: 0.00157 USDT
Historical high: 0.00621 USDT
24-hour increase: 252%
Current Market Cap: $1.5M
5. LOA: LOA (Law of Attraction) is a memecoin on the Base chain. The coin initially attracted users' attention through extensive airdrops before gaining traction through price pumping.
Current price: 0.095 USDT
Historical high: 0.105 USDT
24-hour increase: 97.4%
Current Market Cap: $9.5M
6. BEAST: BEAST is a memecoin on the Base chain, associated with the popular American YouTuber MR. Beast.
Current price: 0.358 USDT
Historical high: 0.447 USDT
24-hour increase: 435%
Current Market Cap: $3.5M
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