Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: Four symptoms of crypto mania

• 🔎 This seems important: Crypto's latest regulatory L

• 🤝 Partner: Master cutting-edge concepts, in just 15 mins per day​

• 🔪 Let's dissect this: Want to entice ETH ETF buyers? Offer ultra-low fees

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
Bull run, memecoins.

💅 This is cool:

Four Symptoms of Crypto Mania Are Starting To Show

In one sentence: An increase in risk taking, mainstream figures entering into crypto, a jump in corporate spending, and increased political dialogue, suggest we’re nearing the ‘mania’ phase of the bull run.

You know the signs that precedes rain?

There’s a smell in the air, wind starts to pick up, and the clouds get dark…

This is like the crypto bull run version of that.

There’s a ‘mania’ phase in the last leg of each crypto bull run that brings us to the four year cycle high.

It can last weeks. It can last months.

Either way — when it hits, things (price appreciation) tend to get crazy.

The symptoms of the mania phase include:

A massive increase in risk taking, mainstream figures entering in crypto, a jump in crypto-focused spending by corporations, and an uptick in political dialogue.

…and we’re starting to see these symptoms show themselves:

1. Increase in risk taking: volume and active traders just reached an all time high on the crypto betting platform, Polymarkets.

2. Mainstream figures entering crypto: Caitlyn Jenner and Iggy Azalea just launched their own memecoins.

3. Corporations spending big on crypto: we just got back from Consensus 2024, and across the three day conference, there was enough money being spent on parties to fund ten new projects.

4. An uptick in political dialogue: after the SEC pivoted and approved a slew of Ethereum ETFs, crypto is being framed by many on both sides as a potential election issue.

This doesn’t confirm or deny that we’re in the mania phase — looking at prices rn, we’d wager we’re still a ways off from it yet.

But there’s definitely a smell in the air, and the wind is certainly starting to pick up…

🥇 Want the news before anyone else?

🔎 This seems important:

Crypto’s Latest Regulatory L

In one sentence: The President just vetoed a proposed accounting rule change which would allow TradFi institutions to hold crypto on behalf of their clients, making America more crypto-friendly - which is a strange move during an election year.

There’s an analogy that Mike Novogratz (CEO of Galaxy Investment Partners) has been using to describe the support of anti-crypto regulation.

He likens it to being ‘anti-dog’ — in that there’re more crypto owners in the US than there are dog owners.

We’ve been reasoning it in our own heads as more of a misconception…

There’s an assumption by some political figures that most people hate crypto, while a few love it.

But from our experience, we’d say it’s more a case of most people being apathetic towards crypto, while a few love it.

And they’re not so much apathetic towards crypto, as much as they are apathetic towards having to be lectured by their one crypto-obsessed friend about how:

“BitCOin iS a hArD CuRRenCy, and sMaRt COntrAcTs aRe tHe fUTure, BrO.”

(Which is fair enough).

That’s why — with all this in mind — we were surprised to learn the President just vetoed the proposed SAB21 change, which would change the SEC’s accounting guidance and allow traditional financial institutions to hold crypto on behalf of their clients.

(Making America more crypto-friendly in the process).

Cause going after an accounting rule change that will affect an industry that most people either feverishly love or couldn’t give two damns about — in an election year?

That just feels like a self-imposed handicap.

🤝 Partner:

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🔪 Let's dissect this:

Want To Entice ETH ETF Buyers? Offer Ultra-Low Fees

In one sentence: Franklin Templeton was the first asset manager to reveal their management fees for their ETH ETF on Friday and they are ultra-low.

The power of money is incredible - especially for consumers.

Want people to start buying that fair trade, US-grown, plastic package-free, organic coffee?

Make it at least $0.01 cheaper than every other coffee available at the grocery store and we guarantee it’ll all but sell out.

And it seems this tactic is well and truly understood by the big dogs who will soon be offering ETH ETFs.

Franklin Templeton was the first asset manager to reveal their management fees for their ETH ETF on Friday.

The result: just 0.19% per year, and they’ll waive all fees on the first $10 billion invested for the first six months after the fund goes live.

(We love to see it).

The ultra-low fee structure is pretty much exactly what happened to the Bitcoin spot ETFs that launched in January which resulted in a race to the bottom.

The interesting thing here is that the first company to show their hand - Franklin Templeton - has started at such a low rate that it’s going to be difficult to beat.

In theory, this should mean that once the ETH ETFs go live, eager investors will chase those low fees and snatch up as shares as quickly as they can.

Which makes sense - who doesn’t want to add another uncorrelated asset to their investment portfolio?

Bravo, Franklin Templeton, bravo.

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