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Bitcoin ETF inflows saw a significant surge, with nearly $900 million inflows reported in a single day. This increase in demand was a key factor driving Bitcoin's price to nearly $72,000. Notably, the BlackRock Bitcoin ETF (iBit) became the fastest ETF ever to reach $20 billion in assets under management (AUM), outpacing other traditional ETFs in history.
The anticipation for an Ethereum ETF is high, with estimates suggesting a launch within the next one to three months. Positive signs emerged as BlackRock seeded the Ethereum ETF with $10 million and a fee war ensued among ETF issuers. Analysts predict the Ethereum ETF inflows could reach 20-25% of Bitcoin ETF flows, translating to additional buying pressure of $3.47 billion.
VanEck released a report projecting Ethereum's price to reach $22,000 by 2030, citing factors like Ethereum ETF news, scaling advancements, and on-chain data. Their bullish forecast extends to $154,000, while the bearish scenario sees Ethereum at $360. These price predictions illustrate various potential outcomes for Ether's performance in the coming years.
The podcast discusses how the political elite, rather than banks, might be influencing Joe Biden's stance on crypto-related initiatives. The American Bankers Association raised concerns about custodial assets and digital asset safety. Despite some pro-crypto legislation approval like the SAB repeal, Biden's veto is seen as a setback in the crypto industry. This unexpected halt in momentum from the Democratic side has led to a division between being pro-crypto and supporting the Democrats.
Starkware announces plans to bring ZK rollups to Bitcoin and Ethereum simultaneously, aiming to scale Bitcoin without a fork. The move reflects a shift towards their original goal of scaling Bitcoin using advanced technology. With the potential deployment of OP cat in Bitcoin, the incorporation of ZK layer 2s could enhance decentralization and expand capabilities for tokenization. However, the timeline for this development, including potential challenges, suggests a lengthy deployment process, possibly within the next two to five years.
Bankless Friday Weekly Rollup 1st Week of June 2024
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------
TIMESTAMPS & RESOURCES
0:00 Intro
3:26 Prices
4:30 L2 Update https://x.com/jessepollak/status/1798731497173905439 https://x.com/0xKofi/status/1797645289307951127 https://x.com/Uniswap/status/1797624523711561828 https://x.com/RyanSAdams/status/1798460468069085234
10:00 3 more milestone numbers on the wk https://x.com/TrustlessState/status/1798497346512412898 https://x.com/0xDeFiDevin/status/1797462120713613511 https://twitter.com/sorellalabs https://www.coingecko.com/en/coins/bnb
17:52 FROTHY STONKS https://x.com/greg16676935420/status/1798404597897363936 https://companiesmarketcap.com/assets-by-market-cap/ https://www.reddit.com/user/DeepFuckingValue/ https://www.tradingview.com/chart/?symbol=NYSE%3AGME https://x.com/JasonHitchcock/status/1797437168324899192
26:04 ETFs are back baby! Wen ETH ETF, wen banana zone for ETH? https://x.com/CarpeNoctom/status/1798170536146825630 https://x.com/ericbalchunas/status/1798156058487382232 https://x.com/bitcoinmagazine/status/1796120216780333409 https://x.com/EricBalchunas/status/1797644643712262482 https://finance.yahoo.com/news/blackrock-says-10m-seed-money-174942096.html https://x.com/ericbalchunas/status/1796606348324634798 https://x.com/EricBalchunas/status/1797589909768949827 https://x.com/EleanorTerrett/status/1798351844248576311 https://x.com/AlexanderGrieve/status/1798352191713157308 https://x.com/RyanSAdams/status/1796543517671424065 https://x.com/tradetheflow_/status/1797520578087465295/photo/2 https://x.com/vaneck_us/status/1798428976068657411 https://x.com/vaneck_us/status/1798432653726658619
43:55 President Biden missed the layup - vetoed SAB-121 https://www.whitehouse.gov/briefing-room/presidential-actions/2024/05/31/a-message-to-the-house-of-representatives-on-the-presidents-veto-of-h-j-res-109/ https://www.aba.com/advocacy/policy-analysis/letter-to-president-biden-sab-121 https://x.com/faryarshirzad/status/1796837972978872764 https://x.com/nic__carter/status/1796687373314445766 https://x.com/standwithcrypto/status/1798433256339079417 https://x.com/fejau_inc/status/1796310685330051121 https://www.coindesk.com/markets/2024/05/30/trump-token-sinks-after-former-us-president-is-found-guilty-in-new-york/
52:50 Robinhood Acquires Bitstamp https://x.com/RobinhoodApp/status/1798672303519342898 https://twitter.com/vladtenev/status/1798680590344126963
55:05 Celebcoin Culture Wars https://www.coingecko.com/en/coins/mother-iggy https://x.com/VitalikButerin/status/1798290424622113230 https://x.com/IGGYAZALEA/status/1798471807647068297 https://x.com/haydenzadams/status/1798551176834638114
59:32 ETH Coinbase’s smart wallets is now officially launched! Is this how we get to billions? https://www.coinbase.com/blog/a-new-era-in-crypto-wallets-smart-wallet-is-here https://x.com/jessepollak/status/1797772737207062752
1:02:31 StarkWare plans to bring ZK scaling to Bitcoin alongside Ethereum https://x.com/StarkWareLtd/status/1797985467666940265 https://bankless.cc/PermissionlessDiscount
1:05:31 Punks below 30 ETH https://x.com/punksOTC/status/1798093880711155918
1:06:26 Blackrock and Citadel wants to launch new rival Stock Exchange in Texas https://www.reuters.com/markets/us/blackrock-citadel-backed-group-start-new-national-stock-exchange-texas-wsj-2024-06-05/ https://x.com/delzennejc/status/1798399433651974301
1:10:21 Raises and BVC Investments Mountain raised $8M in Series A https://x.com/MountainUSDM/status/1798740495679815731
1:11:35 MEME of the Week https://x.com/TrustlessState/status/1798124339843449065
1:12:19 Closing & Disclaimers
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
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