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Ethereum ETFs: Everything You Need To Know
Last week was unprecedented, to say the least. Several, yes that’s right, not 1, not 2, but several ETH Futures ETFs launched last week for the first time in the U.S.!
What does this mean for crypto? Volumes have been surprisingly low. Is it a surprise? Will volumes pick up? Regardless, of whether they do or don't, what do all of these ETH ETFs mean for crypto? Are Bitcoin ETFs next?
We brought on Eric Balchunas to help us answer the above and much more. is an analyst at Bloomberg Intelligence focused on exchange-traded funds. Eric is an analyst at Bloomberg Intelligence focused on exchange-traded funds.
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BANKLESS SPONSOR TOOLS:
?KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://k.xyz/bankless-pod-q2
?METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING
https://bankless.cc/MetaMask
⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum
?️TOKU | CRYPTO EMPLOYMENT SOLUTION
https://bankless.cc/Toku
?UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap
? CELO | CEL2 COMING SOON
https://bankless.cc/Celo
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TIMESTAMPS
0:00 Intro
7:12 Why ETF Week Was Unprecedented
11:15 Magnitude of Many Launches
16:40 Futures Less Than Spot?
18:25 ETHE vs. Futures
23:43 Is ETH a Security?
28:28 Why Do We Care About ETH ETFs?
32:40 Spot Approval Interpretation
37:23 Scope of the Opportunity
46:50 Timing Predictions of Spot Approvals
51:00 Gensler Preventing Spot Approval?
55:30 Eric’s Twitter
57:00 Closing & Disclaimers
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RESOURCES
Eric Balchunas
https://twitter.com/EricBalchunas
-----
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
...
https://www.youtube.com/watch?v=4YTw4m_Xu7s
What does this mean for crypto? Volumes have been surprisingly low. Is it a surprise? Will volumes pick up? Regardless, of whether they do or don't, what do all of these ETH ETFs mean for crypto? Are Bitcoin ETFs next?
We brought on Eric Balchunas to help us answer the above and much more. is an analyst at Bloomberg Intelligence focused on exchange-traded funds. Eric is an analyst at Bloomberg Intelligence focused on exchange-traded funds.
-----
? Airdrop Hunter is HERE, join your first HUNT today
https://bankless.cc/JoinYourFirstHUNT
------
? a16z Startup School | Apply Before Oct. 20th
https://bankless.cc/a16z-startup-school
------
BANKLESS SPONSOR TOOLS:
?KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://k.xyz/bankless-pod-q2
?METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING
https://bankless.cc/MetaMask
⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum
?️TOKU | CRYPTO EMPLOYMENT SOLUTION
https://bankless.cc/Toku
?UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap
? CELO | CEL2 COMING SOON
https://bankless.cc/Celo
------
TIMESTAMPS
0:00 Intro
7:12 Why ETF Week Was Unprecedented
11:15 Magnitude of Many Launches
16:40 Futures Less Than Spot?
18:25 ETHE vs. Futures
23:43 Is ETH a Security?
28:28 Why Do We Care About ETH ETFs?
32:40 Spot Approval Interpretation
37:23 Scope of the Opportunity
46:50 Timing Predictions of Spot Approvals
51:00 Gensler Preventing Spot Approval?
55:30 Eric’s Twitter
57:00 Closing & Disclaimers
-----
RESOURCES
Eric Balchunas
https://twitter.com/EricBalchunas
-----
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
...
https://www.youtube.com/watch?v=4YTw4m_Xu7s
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(MARKET) What’s the Market saying?
BTC Price
Biden presidency = Pro stimulus, pro MMT
Republican house = no tax cut repeals, no increase in capital gains
= Bullish?
BTC on Ethereum https://btconethereum.com/
- Number never goes down
BTC futures ATH volume before election
ETH Price
Phase 0 pump was…
- Existent
- Underwhelming (in price)
- Means the upside is the head of us.
- People that were already bullish didnt have any further ability to express more bullishness
- So much of the game is left to be played
- https://twitter.com/TrustlessState/status/1324360199507881984?s=20
TVL in DeFi
- 11.3B
- Unchanged, flat.
Prediction Markets (literally ‘what are the market saying’)
- FTX centralized exchange https://ftx.com/en/trade/BIDEN
PolyMarket
David made a bet!
https://twitter.com/TrustlessState/status/1324094432174501888?s=20
nTrump and yTrump tokens from Catnip, built with Augur + Balancer
https://catnip.exchange/
Uniswap 4B in 1 week https://twitter.com/DuneAnalytics/status/1323271561294548994?s=20
(RELEASES) What got released?
ETH 2 Deposit Contract announced
Alpha Leak & Guide
https://bankless.substack.com/p/-guide-how-to-become-a-validator
- If 500k ETH gets deposited to the Depositcontract.eth, december 1st or 7 days after threshold is reached, Phase 0 is launched.
- ETH staking is officially here
- FTX playing with ‘Beacon Chain ETH’ as a secondary ETH asset to-be traded on FTX
https://www.coindesk.com/ftx-beacon-chain-ethereum-deposit-contract
The people that put their ETH on the line in the name of ETH 2.0 are not speculators. There's no product-market fit here.
Before moving on, worthwhile to let people know about this ETH graphic
https://cdn.substack.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fe9472b0f-8164-40b9-8a07-1b17fa7403cb_1508x796.png
Loopring Smart Contract mobile wallet
https://twitter.com/defislate/status/1324037068872437
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state-of-the-nation-1-bullish-comp
Welcome to the State of the Nation a new video show by Ryan Sean Adams & David Hoffman. Subscribe to get new episodes every Tuesday.
STATE OF THE NATION #1 - Tuesday, June 16, 2020
The State of the Bankless Nation is....BULLISH! The Bankless boys discuss why.
Covered:
1) Why DeFi tokens are the next pump narrative (but better than 2017)
2) How 100m ETH accounts is like the early internet
3) Do and David disagree on his Bitcoin tweet?
We show you how:
1) To calculate returns on your COMP tokens
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? RAMP - FIAT ONRAMP FOR DEFI (ONRAMP $100k FREE WHEN YOU MENTION BANKLESS)
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?AAVE - LEND & BORROW YOUR CRYPTO W/O A BANK
https://aave.com/
?MULTIS - BANK YOUR BUSINESS W/O A BANK! (1 MO TRIAL - JUMP QUEUE WITH "BANKLESS")
https://multis.co/
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RESOURCES:
1) Look up COMP returns (credit Mika Honkasalo @mhonkasalo)
http://www.predictions.exchange/compound/None
2) DeFiMarketCap shows COMP market cap
https://defimarketcap.io/
3) InstaDapp maximizer for COMP mining
https://dsa.instadapp.io/recipe/comp-max
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Don't stop at the video show!
Subscribe to the Bankless newsletter program
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Visit the official Bankless website for resources
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Follow Bankless on Twitter
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Follow Ryan on Twitter
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Follow David on Twitter
https://twitter.com/TrustlessState
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✨ Subscribe to the Green Pill Podcast ✨
https://availableon.com/greenpill
? Get the GreenPilled Book ?
https://greenpill.party/
Apple Show Link:
https://podcasts.apple.com/us/podcast/greenpill/id1609313639
Spotify Show Link:
https://open.spotify.com/show/0l6aXWC94dd0RA3tkKfxjd
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Making Impact Investable with Li Jin (Variant Fund) & Matthew Frehlich (Protocol Labs) | Green Pill #57
On this episode of Green Pill, Kevin welcomes Li Jin of Variant Fund and Matthew Frehlich of Protocol Labs.
The three discuss a plethora of deep topics, such as how to make impact investable, how the VC landscape is changing, carbon credits, quadradic funding, shifting Incentives, and so much more.
Take the green pill anon.
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SPONSOR PILLS:
? CELO | DEFI FOR EVERYONE
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? COINSHIFT | TREASURY MANAGEMENT
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? GOLDFINCH | REAL WORLD LENDING
https://bankless.cc/Goldfinch
? OPOLIS | CRYPTO NATIVE EMPLOYMENT
https://bankless.cc/Opolis
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Topics Covered:
0:00 Intro
0:19 Making Impact Investable
11:47 What’s Changing in VC
14:25 Carbon Credits
19:04 Innovation & Investing
28:46 Quadradic Funding & Shifting Incentives
37:35 Capital Allocation Efficiency
46:00 Excitement vs. Reservations in the Space
50:50 Resources
55:21 Closing
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Resources:
Li Jin (Variant Fund)
https://twitter.com/ljin18
Matthew Frehlich (Protocol Labs)
https://twitter.com/mfreh418
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Music by WABI SABI - snowflake - https://thmatc.co/?l=7786B012
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures
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BANKLESS SPONSOR TOOLS:
️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum
ACROSS | BRIDGE TO LAYER 2
https://bankless.cc/Across
BRAVE | THE BROWSER NATIVE WALLET
https://bankless.cc/Brave
LEDGER | NANO HARDWARE WALLETS
https://bankless.cc/Ledger
️FUEL | THE MODULAR EXECUTION LAYER
https://bankless.cc/Fuelpod
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures
...
https://www.youtube.com/watch?v=IvAYINNcj50
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? SUBSCRIBE TO NEWSLETTER: http://bankless.substack.com/
✊ STARTING GUIDE BANKLESS: https://bit.ly/37Q17uI
?️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/
? BUY BANKLESS TEE: https://merch.banklesshq.com/
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GO BANKLESS WITH THESE SPONSOR TOOLS:
⭐️ AAVE - BORROW OR LEND YOUR ASSETS
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? GEMINI - MOST TRUSTED EXCHANGE AND ONRAMP
https://bankless.cc/go-gemini
? MONOLITH - GET THE HOLY GRAIL OF BANKLESS VISA CARDS https://bankless.cc/monolith
? DHARMA - MOBILE ONRAMP DIRECTLY INTO DEFI
https://bankless.cc/dharma
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?LATTICE - NEXT GENERATION OF HARDWARE WALLETS
https://bankless.cc/gridplus
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Topics Covered:
0:00 Intro
1:41 Markets
17:48 Releases
36:05 News
59:15 Takes
1:07:24 What We're Excited About
1:12:53 MEME & Closing/Disclaimer
------
MARKETS
BTC Price
$52k - New High, Breaking $50k
ETH Price
$1900 - New High
TVL in DeFi
$41.8B - New High
$DPI
$440
More than 173K BTC on Ethereum
https://twitter.com/0xstark/status/1360035942115934208?s=21
New ATH For Ethereum Miner Revenues
https://twitter.com/lars_hl/status/1356259559057334272?s=20
Largest Banks by Market Cap ;)
https://companiesmarketcap.com/banks/largest-banks-by-market-cap/
ETH Balance on Exchanges Going Down
https://studio.glassnode.com/metricsa=BTC&category=&m=distribution.BalanceExchangesRelative
------
RELEASES
Beeple Brings the NFT Revolution to Christie’s
https://metaversal.banklesshq.com/p/beeple-brings-the-nft-revolution
Bitcoin ETF Coming to Canadian Exchange
https://blwk.omeclk.com/portal/wts/ucmcny2h%7CbbQaNeqo%7Cv9cFk2TRnhBHD3n
RAI Mainnet Launch (“RAI IS ETH”)
https://twitter.com/reflexerfinance/status/1362036488167444485?s=20
EulerBeats - Audio NFT's!
https://eulerbeats.com/
POOL Token
https://newsletter.banklesshq.com/p/-alpha-alert-pooltogether-airdrop
DexGuru: Another Bloomberg Terminal for DeFi
https://dex.guru/token/0x2260fac5e5542a773aa44fbcfedf7c193bc2c599
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NEWS
Robinhood to enable Crypto withdrawals/deposits
https://twitter.com/Reuters/status/1362239190340145154?s=20
Yang Gang on the Crypto Train
https://twitter.com/andrewyang/status/1359992211186843649?s=21
Bitwise Launches New DeFi Fund for Accredited Investors
https://www.theblockcrypto.com/post/95129/bitwise-defi-fund-accredited-investors
This is How Governance Works (EIP-1559)
https://supporteip1559.org/
Dapper Labs raise $250m at $2B Valuation
https://www.coindesk.com/nba-top-shot-cryptokitties-firm-dapper-labs-raising-250m-at-2b-valuation-report
CREAM Exploit via Alpha (CREAM TVL Down 84%)
https://twitter.com/FrankResearcher/status/1360513422689984512?s=20
Largest Liquidation Event in DeFi History
https://twitter.com/TechnicalCryp
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nl
Controlling
VIDEO
112 -
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Packy McCormick is the writer of Not Boring, an investor at Not Boring Capital, and an advisor to the a16z Web3 Fund. Packy has a sharp intuition for general trends, and he puts in the work to understand and thoughtfully communicate his findings outward. Writing and creating content is a great way to learn and share knowledge—we would know.
In this episode, we explore five of Packy’s most salient articles orbiting around the crypto space. Unraveling the secret recipe for crypto (and life), managing the delicate balance between money and fun is the key to winning these games. Making money on the internet with friends is the new normal.
As a talented writer and a great thinker, Packy is a born-again crypto enthusiast as of 2021. He is able to synthesize this chaotic space with fresh eyes, bringing prior knowledge to guide his understanding.
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✨ DEBRIEF ✨ | Ryan & David's Unfiltered Thoughts on the Episode
https://shows.banklesshq.com/p/112-packy-debrief
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? CONSENSYS | M·A·C: NFT Collection for a Good Cause
https://bankless.cc/MAC
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? SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/
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⚖️ ARBITRUM | SCALED ETHEREUM
https://bankless.cc/Arbitrum
❎ ACROSS | BRIDGE TO LAYER 2
https://bankless.cc/Across
? ALTO IRA | TAX-FREE CRYPTO
https://bankless.cc/AltoIRA
? AAVE V3 | LEND & BORROW CRYPTO
https://bankless.cc/aave
⚡️ MAKER DAO | THE DAI STABLECOIN
https://bankless.cc/MakerDAO
? BRAVE | THE BROWSER NATIVE WALLET
https://bankless.cc/Brave
------
Topics Covered:
0:00 Intro
5:30 Packy McCormick’s Journey
9:55 Born-Again Crypto Enthusiast
12:48 Own The Internet
21:00 Solana Summer
29:32 Monolithic vs Modular
35:44 The SOL Value Prop
42:08 Winner Take All?
47:30 Real vs Fake Culture
55:00 Status Monkeys
1:02:10 NFTs as Status
1:06:23 The Pareto Funtier
1:14:05 A Sense of Meaning
1:19:43 The Web3 Debate
1:29:45 Predicting This Decade
1:35:02 Closing & Disclaimers
------
Resources:
Packy McCormick
https://twitter.com/packyM?s=20&t=zppneMsLXcmxhoe3-5z7OA
Not Boring
https://www.notboring.co/
Ethereum - Own the Internet
https://www.notboring.co/p/own-the-internet?s=r
Solana Summer
https://www.notboring.co/p/solana-summer?s=r
Status Monkeys (NFTs)
https://www.notboring.co/p/status-monkeys
The Pareto Funtier
https://www.notboring.co/p/the-pareto-funtier?s=r
The Web3 Debate
https://www.notboring.co/p/the-web3-debate?s=r
Player Piano
https://www.amazon.com/dp/0385333781?psc=1&smid=ATVPDKIKX0DER&ref_=chk_typ_imgToDp
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any fi
...
https://www.youtube.com/watch?v=flVOGJ_dCjQ
Transaction
Created
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English