GM ToE readers! This week has been in the spotlight with Blackrock filing for BTC ETFs and in anticipation of the the approval for this ETF, BTC pumped to a high of 31k, which we have not seen for a long time.
Telegram bots have been stealing the attention amongst all other category projects.
Macro: Powell's focus could be on QT instead of rate hikes. The strategy would be to tighten through QT, while avoiding rate cuts and maintaining high rates would mean that property and companies that need to refinance with higher interest costs.
Trend: With the expectation of the BTC ETF approval we see other mentions like EDX, DEXTF. Biohealth and AI seems to be trending too.
Defi: RWA with gold and silver, Cuban shills Mozaic, Thena emissions profitable, Y2K new product, On chain perps report
Tools: Compounding tool, Best book on tokenomics, Hack for thread engagements, Defillama GPT
Spicy Drama: Internal trading by Cryptocom, Prime trust drama, TUSD unmintable and unredeemable
If you have not read the previous week’s highlight, here it is:
Hope you enjoy the content, and feel free to:
Connect with me on Twitter
Join my Telegram Channel
Segmenting the megathread of content into 5 parts:
Macro news
Trending narratives
Defi happenings
Educational resources and tools
Spicy crypto drama
1. Macro News
With the FOMC meeting last week, I thought it will be a good review of the Fed’s stance while adding a different flavor to this macro series.
Macro Pulse Update 23.06.2023 this week covered key takeaways in the interview with Danielle on 7 topics👇
1. Powell's Interest Rate Policy
2. Quantitative Tightening (QT)
3. Labor Market Challenges
4. Impact of Chapter 11 Filings
5. Office Sector and Rental Market
6. Federal Reserve's Tools
7. Potential Banking Industry Collapse
Some key takeaways based on last week’s FOMC:
If Powell succeeds in raising interest rates, it would rewrite modern monetary policy history. In June’s FOMC, Powell hinted that the Fed would not raise interest rates, but left the possibility open for a hike in July.
Historically, when the Fed pauses in raising interest rates, it's usually game over. However, the Dot Plot suggests that interest rates will be "higher for longer," and the top dot position is believed to belong to Powell himself.
Powell's focus could be on QT instead of rate hikes. The strategy would be to tighten through QT, while avoiding rate cuts and maintaining high rates would mean that property and companies that need to refinance with higher interest costs.
@arndxt_xo on Powell puzzling plan for the economy
@_FabianHD Macro schedule
@Ekonomeest on Hayes article summary
@concodanomics Repo market put
@fxmacroguy central bank overview sheet
@ogdave621 on BTC TA
@DaxxTrader predicted that BTC will pump
@ProjectMetric Bull in 2025
2. Trending Narratives
In summary, the recent surge in BTC price is attributed to the filing of BTC ETF applications by major financial institutions, which could provide wider access to BTC investment opportunities for retail traders.
The inclusion of surveillance-sharing agreements aims to address SEC concerns about market manipulation and surveillance of BTC markets. The filing of these applications also impacted the trading dynamics of the Grayscale Bitcoin Trust.
Here are the key insights from some key events from the week:
Bitcoin (BTC) surpassed $30K USD, reaching its highest level since April, driven by the filing of bitcoin exchange-traded fund (ETF) applications by traditional financial institutions such as BlackRock, Invesco, WisdomTree, and Valkyrie.
The approval of a BTC ETF would enable retail traders to buy shares representing the value of BTC on major U.S. exchanges like Nasdaq.
The rally in BTC led to a rise in BTC dominance to over 51%, the highest level since April 2021, and other altcoins, including Ether (ETH), also experienced gains.
The inclusion of a Spot BTC Surveillance-Sharing Agreement in BlackRock's ETF application aims to address concerns raised by the U.S. Securities and Exchange Commission (SEC) regarding market manipulation and surveillance of BTC markets.
Previous bitcoin ETF applications have been rejected by the SEC, with the agency favoring futures-based ETFs due to its ability to monitor trading activity for futures listed on the Chicago Mercantile Exchange (CME).
The introduction of a surveillance sharing agreement would require the exchanges listing an ETF to have access to the spot venue where the underlying asset (BTC) is traded, sharing relevant trading and identity information.
The filing of BTC ETF applications led to notable trading activity in the Grayscale Bitcoin Trust (GBTC), with the discount to net asset value (NAV) tightening as traders speculated on the increased likelihood of an approved ETF.
GBTC, a closed-end fund, aims to convert to an ETF once the SEC approves one, allowing for the opening of redemptions.
@TheSkyhopper incoming token launch $DEXTF
@lou_markets on narratives
@0xjaypeg upcoming catalyst
@WClementeIII on the effect of GLD launched
@belizardd Binance projects
@insomniac_ac Cross Chain monday
@apes_prologue weekend update
@MStiive its coming DEXTF
@a16z AI thesis for Bio+Health
@cptn3mox ai crypto
@0xCygaar on ETHscriptions
@cryptojumanji on WAR fud
3. Defi Happenings
@tomwanhh ZACH 1mil donation
@0xCrypto_doctor 6 projects
@blocmatesdotcom on Maia ecosystem
@meldgold gold and silver RWA
@blocmatesdotcom on Mozaic
@asxn_r FXS criticism
@Rancune_eth on Banana Gun
@0xboka summarize Conic Finance
@0xsurferboy Pendulum chain
Introducing LVR (loss versus rebalancing), a new measure of the risks and rewards in AMMs.
@cubantobacco shilling Mozaic
@BrettHarrison88 FX vs ETFs
Deeper dive on cross-L2 reading for wallets and other use cases
@Slappjakke on Jaypeggers
@cryptoaioli on chain perps report
@ThenaFi_ emissions have become profitable
@0xMughal Y2K finance back with a new product
@CryptoAndAliens bullish on ATOR
@MetaLawMan on EDX
@StaderHispano LSD in Spanish
@Moomsxxx Modular Blockchain
@KopremesisE FLASH bullish
@monosarin on $EYE
4. Educational resources and tools
@Kekotron_ Kekotron terminal
LSD market
@the_smart_ape arbitrage guide
@2lambro what is the optimal number of compounds
@bytes032 best book to read on tokenomics
Unibot Dune Analytics
@Natou_eth working on 2 years to compile these tools
The EVM handbook notion
@0xCrypto_doctor on Defi 101
@DreadBong0 on TAO text to image AI
@AndrewMohawk built a tool that deletes bookmarks
Mindmaps by cryptoengineer
@0xFinish AI tools
@splinter0n on scam warnings
@NFT_GOD on threading to dos
@Prithvir12 on Defillama GPT
Uniswap mev V2 V3 bot
5. Spicy Crypto Drama
@adamscochran on Biden shaking up the cabinet
@WuBlockchain on internal trading by Cryptocom
@ramahluwalia Prime trust drama
@adamscochran on TUSD no more mint and redeem due to Prime Trust issue
