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Crypto Alpha, 12 June 2024

Crypto Alpha, 12 June 2024

Daily Alpha on All Things Crypto, Web3 and Blockchain

June 12, 2024

TL;DR

The ETF Store's President expects the SEC to approve the Ethereum spot ETF S-1 by the end of June, with no reason for delays.
NFT sales have decreased by over 6% in the first five months of this year compared to last year.
Trump has pledged his support for the crypto mining industry.
ProShares has filed for a spot Ethereum ETF, involving Bank of New York Mellon and Coinbase.
The CryptoQuant CEO believes the U.S. Bitcoin market is essential for the next rally, more than the global offshore market.
Nansen states it did not provide zkSync with advice on airdrop distribution.
Trump asserts that Bitcoin miners help stabilize the power grid's energy supply.

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Alpha of the Day

Ethereum Spot ETF Approval by June? SEC, Don't Be That Guy

The president of The ETF Store is putting his chips on Ethereum, confidently predicting that the Ethereum spot ETF S-1 will get the SEC’s green light by the end of June. He’s basically saying, “Hey SEC, don’t be that guy holding things up!” With no valid reasons for delay, it’s high time the SEC stopped playing hard to get. This move could be the adrenaline shot Ethereum enthusiasts have been waiting for. Just imagine the memes if they actually pull this off on schedule!

NFT Sales Slump: The Digital Art Hangover

Apparently, the NFT party is experiencing a bit of a hangover. Data shows that sales of these pixelated Picassos dropped over 6% in the first five months of this year compared to last year. It's like the NFT hype train lost some steam, and now everyone's left wondering where all the wannabe digital art collectors went. Maybe it's time to mint some fresh memes to get the crowd hyped again!

Trump: Crypto Miners’ New Best Friend?

In a plot twist nobody saw coming, Trump is pledging his undying support to the crypto mining industry. Yes, you read that right. The former president is throwing his weight behind the folks who bring us digital gold, promising to make mining great again. Crypto miners everywhere are probably dusting off their MAGA hats and getting ready for a wild ride. Is this the dawn of a new bromance in the digital era?

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ProShares Shoots for the Moon with Spot Ethereum ETF

ProShares is gearing up to make waves by filing for a spot Ethereum ETF, and they’re bringing in the big guns: Bank of New York Mellon and Coinbase. It's like assembling an Avengers team for the finance world. If approved, this could be a game-changer, opening the floodgates for more traditional investors to dip their toes into the Ethereum pool. Let’s just hope the SEC doesn’t play the villain in this blockbuster.

U.S. Bitcoin Market: The Chosen One for the Next Rally

CryptoQuant’s CEO is laying it out straight: if you’re looking for the next big Bitcoin rally, keep your eyes on the U.S. Forget the offshore markets; America’s where the action is going to be. This sounds like a call to arms for U.S.-based crypto enthusiasts to gear up for the next big wave. Time to huddle up and get ready to surf the Bitcoin boom!

Victory Securities Predicts a Calm Before the Crypto Storm

Victory Securities is dropping some sage advice, noting that the volatility in virtual assets has chilled out recently. They’re predicting that this calm might just be the precursor to a price surge. It’s like the markets are taking a deep breath before the next big run. Crypto investors, get ready to buckle up – it might just be the perfect time to buy the dip.

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Nansen: Not Your Airdrop Advisor

Nansen wants to set the record straight: they did not, repeat, did not advise zkSync on airdrop distribution. It’s like they’re saying, “Don’t drag us into your airdrop drama.” This clarification might disappoint some who were hoping for insider tips, but hey, at least Nansen’s keeping it real. zkSync users will just have to navigate the airdrop waters without their guidance.

HSBC’s Hawkish Fed Warning: Buy the Dip!

HSBC is out here playing the cautious optimist, warning that the Fed might flex its hawkish muscles soon. But here’s the kicker – they’re also suggesting that this could be a prime opportunity to scoop up some risk assets on the cheap. It's like telling you the roller coaster is about to drop, but hey, enjoy the ride and grab some bargains while you're at it!

Trump’s Energy Solution: Bitcoin Miners to the Rescue

Trump is back with another bold claim, this time saying that Bitcoin miners are the unsung heroes stabilizing the power grid. Who knew crypto miners could double as energy saviors? According to Trump, these digital diggers are helping to keep the lights on, making them crucial players in the energy sector. Whether you buy it or not, it’s an interesting spin on the intersection of crypto and real-world utilities.

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Daily #Crypto Alpha | June 12 2024
• The #ETF Store's President predicts #Ethereum spot ETF S-1 approval by end of June, seeing no reason for #SEC delays.
• Data shows #NFT sales in the first five months of this year dropped over 6% compared to… x.com/i/web/status/1…
— WAGMI | Crypto, DeFi & Web3 News (@wagmiglobal_)
5:14 AM • Jun 12, 2024

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