ETH ETFs Next Week; $5K ETH Incoming 

GM friends. 

Put on your damn seat belts, because all signs indicate that the U.S. spot ETH ETFs are launching this next week. And that means good things for the price over the medium term.

So pour up a cup and have a seat, because here comes your mid-week crypto update.  ☕️📰

Here’s what’s in today’s issue:

• David shares his thoughts on the ETH ETFs launching next week, Trump nominating a HODLer as VP, US BTC ETFs hitting ATHs & Ripple Labs donating $1M to unseat Elizabeth Warren.
• Rekt Capital has the latest technical analysis for you on the market. 
• Erik has an article on why owning 1 BTC is a massive deal.
• In case you missed it by Rebecca.

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ETH ETFs Launching Next Week 

It appears that the spot ETH ETFs will begin trading in the U.S. this Tuesday, July 23rd. 

That’s according to certain unnamed sources, who are stating that SEC officials have told the ETH ETF issuers that trading can commence this next week. 

Bloomberg’s ETF analyst Eric Balchunas was one of the first to broadcast the news. So far, Eric’s track record with crypto ETF launches has been reliable, so it’s reasonable to be optimistic that this Tuesday will be the big day for Etheruem. 

Balchunas also said that SEC officials requested final documentation from the issuers yesterday. So regardless, we know we’re getting very close to launch. 

When trading does open, it’s expected that a total of eight ETH ETFs will go live on the U.S. stock markets, from the following issuers: Blackrock, Fidelity, Bitwise, 21 Shares, VanEck, Invesco, Franklin Templeton, and Grayscale. 

Analysts Predict Billions in Inflows; ETH Priced Over $5K

Along with the news of the imminent ETF launches, several institutional analysts are releasing their predictions for inflows and the future price of ETH. 

Gemini thinks we’ll see $5B in inflows over the next six months. Bitwise believes there will be $15B in inflows over the next 18 months, and that ETH will be priced over $5K by the end of 2024. And Steno Research expects $20B in inflows over the next 12 months, with ETH hitting $6,500 in 2024. 

Moreover, Bitwise analysts think the spot ETH ETFs will have a larger impact on ETH’s price, as compared to the same for bitcoin, for the following reasons:

1. ETH’s current inflation rate is at 0%, whereas bitcoin’s inflation rate is at 0.84%.
2. ETH stakers do not face the same sell pressures as bitcoin miners, because the former doesn’t have computing and electricity bills to cover.
3. 28% of all ETH is currently staked to the network; and therefore, it’s thought that the odds of this ETH going to market are low. 

Trump Nominates a HODLER as VP

The closer Donald J. Trump gets to the White House, the closer he gets to bitcoin and crypto. That’s because this past Monday, on the opening day of the Republican National Convention, Trump announced that his running mate and pick for vice president is Ohio Senator JD Vance.

JD Vance is pro-crypto. And by that I mean . . . he’s one of us. Or to put it another way . . . the dude owns a couple of bitcoins. 

According to Senate financial disclosure documentation from 2022, Vance owned somewhere between $100K to $250K in bitcoin. And more recent disclosure statements show that Vance has neither purchased nor sold any of his stack, which of course implies that he still HODLs the same amount as disclosed in 2022. 

Vance also has a Senate track record of being pro-crypto. But the fact that he puts his money where his mouth is says it all. 

Trump to Speak at Bitcoin 2024; 4th NFT Launch 

In other Trump/crypto news, Trump is scheduled to speak at Bitcoin Magazine’s Bitcoin 2024 conference later this month. Specifically, Trump is scheduled for a 30 minute slot on July 27th, at 2:00 p.m. CST. 

And as an aside, this year’s conference looks like an absolute banger. Trump, Edward Snowden, RFK Jr., Russel Brand, Michael Saylor, and Cathie Wood are all slated to speak. Fuck me. 

Finally, Trump told Bloomberg on Tuesday that his team is about to launch their fourth NFT collection. Trump said the decision was made due to high demand.

Here’s a direct quote: “I’m going to do another one, because the people want me to do another one . . . but the thing I really noticed [with the prior NFT sales] was everything was paid in, I would say almost all of it was paid in crypto, in this new currency. And it opened my eyes.”

U.S. BTC ETFs Hit Recent Inflow Highs 

The U.S. spot bitcoin ETFs hit recent inflow highs this week. 

On Tuesday, the ETFs had a total of $422M in net inflows. This marks the highest single day of net inflows since June 5th. Additionally, the ETFs hit net inflows of $300M on Monday, and $310M this past Friday. Meaning, the ETFs brought in more than $1B in cash over these last three trading days. 

Currently, the ETFs have had eight consecutive days of inflows (as opposed to outflows). 

Perhaps part of the recent success for these ETFs is the fact that Larry Fink has been hitting the streets, shilling. He appeared on CNBC Monday morning to talk up bitcoin’s benefits. And from what the video shows, it appears that Fink’s marketing is working, because even Jim Cramer is coming around. 

Ripple Labs Donates $1M to Unseat Elizabeth Warren 

Ripple Labs, the corporation behind XRP, has donated $1M in an attempt to unseat Elizabeth Warren from her senate seat. 

Ripple’s donation went to a fund affiliated with the campaign of John Deaton. Deaton is a Republican who is running against Warren to be Massachusetts’ next senator. A lawyer by trade, Deaton has previously gained recognition within crypto circles for supporting Ripple in its litigation efforts against the SEC. 

Elizabeth Warren is the self-proclaimed general of the “Anti-Crypto Army”. And she’s worked closely with the SEC’s Gary Gensler over the past three years to clamp down on crypto in the U.S. 

Cheers to Ripple Labs for its efforts to support crypto on the political front. 

In related news, XRP is up huge this week. At the time of this writing, the token has increased more than 40% over the past seven days, making it the biggest winner this week out of crypto’s top ten coins.

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In today’s edition, the following cryptocurrencies will be analysed & discussed:

• Optimism (OP)
• Render Token (RNDR)
• Ondo (ONDO)
• Vanar Chain (VANRY)
• TrueFi (TRU)
• Bonk (BONK)

Optimism — OP/USDT

Here is last week’s analysis on OP:

And here is today’s analysis:

OP has indeed managed to reclaim the Higher Low (purple), performing a downside wick below it, offering a bargain-buying opportunity below this crucial technical uptrend.

For OP to continue building on this momentum, price would need to reclaim the $1.91 level as support.

That sort of reclaim would really kickstart trend continuation.

But the prerequisite in the meantime is price stability at this recently protected Higher Low.

Render Token — RNDR/USDT

RNDR remains unchanged since last week’s update however the main takeaway here is that price stability continues to persist.

This Higher Low (blue) is also acting as a confluent support with the purple $6.25 level (i..e the late 2021 resistance).

The fact that RNDR is holding the late 2021 resistance (purple) as new support just shows what a dramatic shift in market psychology has occurred over the past three years or so.

Continued stability here would enable a move back into the $7.33 level for a pivotal reclaim of that said red level as new support.

Reclaiming the red $7.32 level would mean that RNDR has broken back into the red-red Re-Accumulation Range ($7.32-$10.64).

And seeing as BTC has reclaimed its own ReAccumulation Range as of late, why wouldn’t RNDR do the same over time?

CLICK HERE to go Premium and read the rest of this week’s Market Analysis – Premium subs can read Rekt capital’s full report.

Why Owning 1 BTC is a Massive Deal

Considering that Bitcoin is still a relatively small asset class, getting your hands on 1 BTC can indeed make you wealthy in the not-too-distant future.

To assess the likelihood of this hypothesis, we have to keep an eye on price graphs and network adoption models. Currently, they all point in the right direction.

TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Why Owning 1 BTC is a Massive Deal”

Crypto Market News

• BlackRock’s Larry Fink said in a CNBC interview that Bitcoin is a “legitimate financial instrument” and having once been a proud Bitcoin skeptic, he was wrong. Source
• The German government has sold all of its 50,000 BTC after 23 days of selling. Source
• Mt. Gox has moved almost $9 billion in Bitcoin to a known address and two unknown addresses ahead of the reimbursement payouts. Source
• Kraken has told users that it’s received reimbursement funds from Mt. Gox and will distribute them in 7-14 days. Source
• Kraken has become the official crypto and Web3 partner of Spanish soccer club Atletico de Madrid. Source
• Kraken has become the official crypto and Web3 partner of Premier League soccer club Tottenham Hotspur. Source
• Metaplanet has bought another 21.88 BTC worth around $1.2 million bringing its total holdings to 225 BTC. Source
• MicroStrategy has announced a 10 for 1 stock split for August. Source
• Coinbase is launching its Stand with Crypto campaign in Canada. Source
• Jack Dorsey’s Block has announced Bitcoin miner Core Scientific is the first order for its new mining chips. Source
• Block’s cold wallet Bitkey has integrated with MoonPay to allow Bitcoin buys. Source
• Stripe has enabled crypto purchases in Bitcoin, Ethereum and Solana in the EU. Source
• VanEck is offering Bitcoin exposure through a French pension savings plan with an ETN. Source
• Goldman Sachs is planning to launch three new tokenization products this year in the US and Europe. Source
• Bitcoin miner TeraWulf has paid off an outstanding debt of $77.5 million earlier than expected. Source
• Donald Trump has been announced as a speaker at the Bitcoin conference in Nashville at the end of July. Source
• Donald Trump is planning to launch his fourth NFT collection because “the people want me to do another one.” Source
• Coinbase is launching a new one-stop shop app to simplify the user experience for crypto investors. Source
• The SEC has dropped its investigation into Bitcoin Layer-2 Stacks and Builder Hiro. Source
• FTX has reached a settlement with the Commodity Futures Trading Commission (CFTC) and will pay $12.7 billion. Source
• The California city of Santa Monica is opening a Bitcoin office to provide education and explore economic opportunities. Source
• Bitcoin Policy UK is encouraging the new Labour government to consider Bitcoin mining as a solution to boost the country’s renewable energy grid. Source
• A new crypto scam has hit Facebook where scammers are posing as professors to trick victims into depositing funds. Source
• South Korean crypto exchange Upbit is facing possible monopoly charges. Source

Coins and Projects

• Bitcoin transaction fees hit a 4-year low on July 7, falling to an average of $38.69. Source
• Ethereum ETFs are likely to start trading on July 23 after the SEC requests final S-1 submissions by July 16, according to Bloomberg analyst Eric Balchunas. Source
• Starknet staking will launch on the mainnet in Q4 this year. Source
• Polygon has launched its upgraded zero-knowledge (ZK) proving system called Plonky3. Source
• Binance’s BNB Chain has launched a Layer-2 testnet powered by Optimism. Source
• SingularityNET and Filecoin have partnered to integrate the AI and DePIN industries. Source
• Notcoin is partnering with 1inch and Sign on a new startup accelerator for Telegram and TON’s ecosystem. Source
• Compound Finance and Celer have been compromised in a phishing attack. Source
• MakerDAO has launched an open competition to invest $1 billion in tokenized US Treasury products, with interest from BlackRock and Ondo Finance. Source
• Ronaldinho is the latest soccer star to promote Solana memecoin Watercoin on Instagram. Source 

Macro News

• US inflation came in at 3% in June which is the lowest level in 3 years. Source
• Fed Chair Jerome Powell hints that interest rates will be cut before inflation returns to 2%. Source
• Donald Trump’s odds of winning the Presidential Election have hit an all-time high after the attempted assassination at a rally in Pennsylvania. Source
• Donald Trump has announced his Vice President pick as crypto-friendly Senator JD Vance. Source
• Donald Trump has said he would let Fed chair Jerome Powell complete his term if he was re-elected as President. Source
• JP Morgan says its top pick in commodities is gold and has a price target of $2,500 in 2024. Source 
• Microsoft and Apple have decided not to take up OpenAI board seats due to increasing regulatory scrutiny. Source
• BlackRock has hit a record $10.6 trillion in assets under management. Source

Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.

If you are reading this it means you are on the free version of the Wealth Mastery Investor Report, which is great for news and tips on the crypto markets.

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Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.

You can find a full disclosure of all my crypto & venture investments here.