GM friends.
Could the ETH/BTC trade be the winner over the next two months? Analysts at K33 Research think so. Let’s dive into the details.
So pour up a cup and settle in, because here comes your mid-week crypto update. ☕️📰
Here’s what’s in today’s issue:
- David shares his thoughts on ETH outperforming BTC after ETH ETF launch, Sony launching a crypto exchange in Japan, Circle compliance, Mantra tokenizing Dubai real estate & Chainlink partnering with Fidelity.
- Erik has an article on Spectacular New Solana Tech: Zk-compression and Blinks.
- In case you missed it by Rebecca.
Orderly is doing a huge airdrop campaign for their upcoming token. You can earn merits by trading on supported exchanges.
Here is what you need to do:
- Sign Up To Woofi
- Deposit USDC and start making trades on Woofi Pro (the more trades, the more points you earn)
- Check your weekly points status here
K33 Says ETH to Outperform BTC After Spot ETF Launch
Analysts at K33 Research dropped a new report this week, arguing that the price of Ethereum could outperform that of bitcoin in the weeks following the launch of the spot ETH ETFs in the United States.
The ETH ETFs are expected to launch at some point in mid-July.
The basic argument coming from K33’s analysts is that ETH’s price could pump if the ETFs see substantial inflows – while at the same time – bitcoin will be fighting sell pressure from the estimated $8.5B in BTC being returned to Mt. Gox creditors.
The analysts expect about 1% of ETH’s circulating supply to get pulled into the ETFs over the next several months, which amounts to roughly 1.2M ETH.
Now, Ethereum has underperformed relative to bitcoin over the past twenty months, but given the dynamics described above, this could soon change. Moreover, K33’s analysts noted that they “firmly view current ETH/BTC prices as a bargain for the patient trader.”
It’s also thought that any “sell-the-fact” event on the ETH ETF launch day will be less severe than what happened during the spot BTC ETF launch, when bitcoin’s price dropped 7% on opening day. And this is because current ETH call options are more reasonably priced – on a percentage basis – compared to the price of BTC call options just a few weeks before the January launch.
This difference in pricing suggests that there’s less hype in the run-up to the ETH ETF launches, which means a lower likelihood of a major sell-off on opening day.
Sony Launching Crypto Exchange in Japan
Huge news coming from Sony on Monday.
The electronics conglomerate has officially announced that they’ll be launching a cryptocurrency exchange in Japan, and it’ll be called S.BLOX.
Now, S.BLOX will actually be a remodeled version of the Japanese crypto exchange, Whalefin. Sony quietly purchased Whalefin in 2023 from crypto lender Amber Group. Neither company disclosed any of the financial terms of the sale.
Sony is saying that they’ll launch S.BLOX with a new mobile app and a fresh user interface. However, the official launch date has yet to be announced. Sony further says that they’re working to integrate S.BLOX in with some of the company’s other businesses and products.
Sony has dipped its toes into crypto over the…
