Crypto

• Solana, currently the fifth-largest cryptocurrency, has made a remarkable resurgence, particularly since the beginning of 2023.
• This comeback is extremely impressive given that many had written off Solana after the collapse of Sam Bankman-Fried’s FTX empire in November 2022.
• FTX had been crucial in promoting Solana and establishing its vital network effect from the start.

• It has been a massive bloodbath across the financial markets, not just in crypto.
• The Japanese Nikkei 225 Index experienced its largest intraday percentage drop since 1987.
• The S&P 500 opened about 3.5% down, with the Magnificent Seven stocks plunging around 9% at the opening.

• Financial markets are a humbling mechanism.
• The past two weeks remind us just how difficult predicting the future can be.
• Since our market cycle indicator signalled a crypto slowdown on June 2nd, we have been risk-off.

• August 1st marks the beginning of the final five months of 2024, a year that has already been extraordinary for the crypto industry.
• This year has been unforgettable, with the crypto sector making a significant entrance on Wall Street with the launch of the first U.S. Bitcoin and Ethereum spot ETFs. The U.S. regulatory stance has also become more favorable towards crypto, recognizing it as a pivotal factor in the 2024 U.S. Presidential Election.
• Over and above that, banks and other financial institutions are eagerly lining up to offer crypto services.

• Successful launch of bitcoin ETF’s led to the filing and approval of Ethereum ETF’s
• Ethereum is the second largest cryptocurrency after bitcoin, with distinct differences in technology and operation
• The purpose of an ether ETF is to provide investors with exposure to the growing cryptocurrency market and decentralized technology.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• We are trading the newly launched U.S. Ethereum spot ETFs.We have decided to allocate ten percentage points of our Crypto Portfolio from our Bitcoin holdings to purchase more Ether for a short-term trade.
• We are buying Ethereum (ETH) at $3,315.18 and selling part of our Bitcoin (BTC) position at $66,203.95.
• This trade will be reflected on the Crypto Portfolio page later today.

• In recent weeks, Bitcoin has shown signs of life, almost reaching $70,000 this morning.
• In our view, it is only a matter of time before we break through this psychological level.
• Enough about Bitcoin. As promised in last week’s Crypto Moves #36, this Crypto Crisp will focus on Ethereum ETFs.

• BTC’s July surge highlights market volatility and potential Q3 consolidation.
• Spot ETF launches drive significant crypto inflows, influencing market dynamics.
• Upcoming token unlocks could impact market liquidity and trading conditions.

• Market consolidation signals opportunity, not the end: we’re just in the 2nd or 3rd inning of the crypto cycle.
• Bitcoin and Ethereum ETFs bring unprecedented demand, setting the stage for significant market movements.
• Solana’s on-chain activity and retail adoption make it the standout trade of this cycle.

• The U.S.-based Ethereum spot ETFs were launched on Tuesday, concluding their second trading session yesterday.
• Since the launch, Ethereum has declined slightly both in dollar terms and relative to Bitcoin.
• Despite this situation, there is nothing to fear – in fact, quite the opposite, as we will demonstrate in today’s Crypto Moves.

• First, the crypto market has seen substantial gains in the past week, particularly Bitcoin, which is now trading at $67,000 for the first time since mid-June, having previously traded as low as $53,500.
• Please do not make the mistake of thinking that we cannot go higher in the near future.
• Let us reiterate the bullish outlook we have put forward in what feels like forever.

• My great colleague, Mads Eberhardt, is off on a well-deserved mini-summer break, accordingly handing me the keys to the weekly crypto editorial.
• As Mads is probably currently stuck with the same feeling I have when I hand the iPad to my almost 80-year-old dad, I’ll stick to connecting the dots between liquidity, the recent sell-off in crypto, and the current sell-off in technology.
• Do current developments square, or can we find value trades here?