Sup, nerds!

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

• 💅 This is cool: A massive wave of money is about to hit crypto...

• 🔎 This seems important: Are the Bitcoin ETFs Failing?

• 🤝 Partner: Have a Web3 company? You might want to read this…​

• 🔪 Let's dissect this: Web3 domains are now searchable on Google

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
Meme Coin, Bull Run, NFTs, Web3, Protocol, Wallet.

💅 This is cool:

A Massive Wave of Money Is About To Hit Crypto

In one sentence: TradFi is still yet to really enter the crypto space, but they’re on their way and have the deepest pockets of any new cohort to date (and it’s not just BTC they’re buying).

Last Friday, the Web3 Daily team went to the inaugural Bitcoin Investor Day, here in New York.

Aka: a series of panels hosted by Anthony Pompliano, designed to pose the question to some of the biggest players in the traditional finance (TradFi) world:

“Guys, what’re we doing? Buy Bitcoin already. Hell — buy a BUNCH of different crypto assets.”

Here are three moments that made us go ‘oh, yep that’s good. I should write that down.’

1. TradFi folks are into meme coins??
   
   “I love dogwifhat, I love what it represents.” — Mike Novogratz, CEO of Galaxy Investment Partners.
   
   We had to pinch ourselves hearing that.
   
   It was strange enough that we were in a room full of buttoned-up traditional investor-types, eagerly learning about Bitcoin…
   
   But for Mike to praised a meme coin on stage, without getting pelted with tomatoes and booed out of the venue? That was BONKERS to see.
    

2. Altcoin ETFs are finding huge success outside of the US
   
   Russell Starr, Head of Capital Markets, DeFi Technologies (Valour), talking about their European/Canadian based crypto funds:
   
   “This might surprise you to hear, but our BTC and ETH funds aren’t, to me, our most exciting products, but our altcoin funds.”
   
   “Honestly, at the moment, we’re just looking to recreate the success we found with our Solana fund.”
   

3. Anthony Scaramucci should be doing stand up.
   
   If you take anything away from this list, we want it to be this:
   
   Anthony Scaramucci is hilarious. He was as funny as he was informative — if he’s speaking somewhere, you should go.
   
   His advice, when it came to investing: “Act like a dead person.”
   
   “Dead people’s investments do better than the living, cause they don’t touch anything.”

The takeaway:

With every bull run, the creators/consumers of a different subculture get pulled into the crypto space.

In 2014, it was musicians/festival goers (after they all bought Bitcoin to shop on Silk Road), last bull run it was artists/art collectors (thanks to NFTs)…

This time around it’s those from the traditional financial world (thanks to the roaring success of the Bitcoin ETFs).

They have the deepest pockets of any cohort so far…and they’re not just looking to invest in Bitcoin.

🥇 Want the news before anyone else?

🔎 This seems important:

Are The Bitcoin ETFs Failing?

In one sentence: The BTC ETFs appear to be bleeding right now, but it’s really just Grayscale (the other funds are in great shape, pulling in hundreds of millions per day).

There’s a narrative spreading right now, that the Bitcoin ETFs are all tuckered out.

(I.e. there’s no more investment dollars flowing into them, and won’t be any time soon).

So let’s shine a light on it all, and see what’s really going on…

The 11 Bitcoin ETFs saw the first consistent run of large daily outflows since they launched at the start of the year (this is true) 👇

But that data is a little murky.

In reality, it’s mostly just one ETF that’s pulling those daily numbers down: Grayscale.

Why? Because they refuse to lower their 1.5% management fee to compete with other offerings, which are mostly 0% for the first year or so, then in the realm of 0.25% p/y.

(So, like 6x cheaper than Grayscale?).

Good news: Grayscale can only bleed so many customers, for so long, before there’s no more to lose.

(At which point the selling will stop → we’ll probably start seeing more daily net-purchasing → which should help to push Bitcoin to new all-time-highs).

The takeaway:

Yeah, the ETFs appear to be bleeding right now — but it’s really just Grayscale. The other funds are in great shape, pulling in hundreds of millions per day.

Nice!

🤝 Partner:

Have a Web3 Company? You Might Want To Read This…

What do these three quotes have in common?

1. “Their team has the most proficient and knowledgeable security experts I know in the [Web3] space.”
   

2. “[They] came back with workable exploits and improvement suggestions in record time.”
   

3. “I can’t recommend this team highly enough for crypto specific security audits.”

They’re all real quotes from past clients of Coinspect. 

It’s hard to stress the importance of security audits in the Web3 space enough – one vulnerability can literally break your company!

And the scary thing is, you won’t even know they exist…until it’s too late.

(It’s enough to lose sleep over!)

Good news is: an audit from Coinspect can help identify and patch those vulnerabilities.

If you have a Web3 company and you’re yet to have an external team do a tailored security audit on your systems, reach out to the Coinspect team today.

They’ll create a customized audit that works specifically for your needs.

Ready to start sleeping better? Hit the big red button 👇

🔪 Let's dissect this:

Web3 Domains Are Now Directly Searchable on Google

In one sentence: When you search an Ethereum domain name (e.g. web3dailyisverycool.eth) on Google, the wallet’s balance will now be shown in the search result.

Google is giving the hat tip of approval to Web3, by adding ENS to their search engine.

Here’s what that means: 

ENS stands for the ‘Ethereum Name Service,’ a protocol that allows you to create a custom wallet address on Ethereum. 

Aka: buy a custom domain name on Ethereum (e.g. web3dailyisverycool.eth).

As of May 2023, Google has been adding ENS to its search engine on the downlow (think: no press, PR or media about the integration).

Which doesn’t seem like a huge deal, but it is.

Now, when you search an Ethereum domain name address on Google, the wallet’s balance will be shown right there in the search result.

…ok, nothing groundbreaking at first glance.

But the big thing here is, Google is making the balance information attached to an Ethereum domain searchable.

…Google — which still ‘the gateway to the internet’ for most people — is essentially incentivizing folks to get creative and attach more dynamic forms of data to their Ethereum addresses.

Again, big whoop, who cares?

But remember what early web domains used to be used for? You’d buy yourself a .com address, just to list your name and email address in plain text.

On the surface — total snooze fest! But fast forward to today and look at what kind of information/experiences can be attached to a domain!

You can watch movies and TV shows…buy clothes, groceries, homes, plane tickets…listen to books, podcasts, etc.

A whole lot can be built around a domain — and now, developers and users alike are being incentivized to start building on Web3 domains.

Very cool!

The Easiest Way to Convert Cash Into Crypto [partner]

MoonPay offers a fast and simple way to buy and sell cryptocurrencies, allowing you to buy crypto with your credit card, bank transfer or even Apple Pay!

If you want a seamless, hands off fiat-to-crypto conversion & payment experience: Click this link to buy crypto right away; or look for the MoonPay logo within your chosen crypto app!

What is Ethereum Name Service (ENS)?