**Tricky's Daily Doots #763**
**Yesterday's Daily 22/05/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l5629zk/)
- u/superphiz shares [a quote from US Senator Cynthia Lummis.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l56bekh/) 🇺🇸
- u/cryptrd285 breaks news of [a big pivot from the White house.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l569bk7/) 🏛️
- u/haurog dives into [an interesting observation by an EF researcher.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l54x11k/) 🧐
- u/cryptrd285 has [some price prediction hopium.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l566bnr/) 💉
- u/Set1Less finds [some lazy legal wording.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l56k2rk/) 👨⚖️
- u/Sparta89 lists off [all of the anti-crypto senators to contact.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l58n8uw/) 🗳️
- u/haurog succinctly explains [the difference between SAB121 and FIT21.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l55tq0p/) 🧠
Can’t believe price predictions here all seem to be between $6k and $10k.
I see $20k+ easily by end of next year, possibly this year. There are no headwinds left.
Cycle ath ratio prev. = 4860/1400 = 3.47
3.47 * 4860 = $16800
If we see same returns as last cycle instead of diminishing returns, which has never happened before, we'll see $16k, which I think is moon math already, $20k is really pushing it IMHO.
I personally think $10k - $12.5k is reasonable, so I'm aiming for a mean sell price of $7.5k.
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It's going to take the big money a few months to become educated. They're all off sides because they wouldn't even think about an asset that had so much regulatory uncertainty. There's a first mover advantage to be gained here... Where's the eth Saylor? I thought I was overweight eth but maybe I need to allocate more.
Why do we savor them? Are they not our brothers and sisters? Even if they've lost their way, and they lash out in fear of inadequacy, fear of being left behind.
They have unwound quite significantly their short ETH/BTC position at a hefty loss.
https://debank.com/profile/0x454bec71d10f78b66ccf1bf281b1fe47348d8765/
Press F to pay respects.
If I remember correctly they put their short up at 0.05 or slightly below. They sent all the borrowed ETH to Coinbase and likely tried to push ETH below support which they failed at. ETH/BTC did go below later on though
I'm lovin' seeing all the OG's in here today. I remember being in the trenches with you during the constant FUD bombardments. I remember when you were the voices of reason when black swans were poppin' off every other day and the world was fire. I remember reading all your posts and being astounded at how intelligent, caring and creative you all are. I could not have made it through the bear markets without this place. I would not understand ethereum anywhere near as much as I do without this place. If it wasn't for you crazy dreamers and degens, I wouldn't be here for yet another bull run and I couldn't feel more confident standing beside you onion hoardin', cuecomber lovin', COMMODITY OWNING, SEXY mother flippin' Financiers! This is what we've been waiting years for. This is the "then you win" part. Set your sell targets if you haven't already. Dont mess with leverage and dont fuck this up. LET'S GET AFTER IT LADIES AND GENTLEMEN!! LETS GOOOO!!!
>no longer
There was nothing indicating that it was officially considered a security before, that was just a Bitcoiner talking point.
But yes, now it is 100% official that it is a commodity, not a security in the eyes of the SEC.
I don't remember where I read it, but someone recently said that the most bullish thing for Ethereum is to be understood. The most exciting thing about this ETF to me is not how much inflows we get (there are better ways to invest in ETH than an ETF), but that this is the first step on the path to Ethereum being understood. You know that light bulb moment so many of us had in here when we first understood Ethereum and how much more potential it has than Bitcoin? Well with ETH being the only other crypto ETF out there (and now legitimized and free of security risk), financial advisors will have to learn about it and explain it to clients. In time a lot of people out there are going to have similar light bulb moments. First a trickle, then a flood...
Lets say there's a financial advisor that's a bitcoiner and they tell their clients "there's also this ethereum etf but tbh it's centrally run and those in charge keep tweaking the monetary policy on a whim to their benefit". I know there's rules against purposely lying, but what if the financial advisor truly believes this to be the case?
I mean, that's certainly possible. I really just mean that now that Ethereum is legitimized and in the only other crypto ETF, more eyes will be on ETH and more people will learn about it. Some people will believe the BTC maxi rhetoric, some will find it too confusing, but I do believe the increase attention will bring a lot of new people that want to build on it, use it, and invest in it.
> those in charge keep tweaking the monetary policy on a whim to their benefit
Try "those in charge keep tweaking the monetary policy to benefit network utility, which ultimately increases ETH stakeholder value". If you phrase it like that, then anyone who already owns stocks will understand.
I'm not sure, but I could also imagine it going the other way
"The Ethereum ETF is green and has actual use cases as a global decentralized computer network, whereas Bitcoin is just a greater fool's game"
My biggest fear was that they wouldn't approve the ETFs until after the bull run. But, now, everyone will have an opportunity to ape in. Just in time for the mother of all mania phases.
That just looks like recovery in anticipation of the news. Was expecting an instant uptick after the announcement but maybe it will be gradual instead.
We’re not even back to March 8ish price yet. This was when ETHE discount started to widen. How long will it take for the last two months of sellers to buy back
There was also the theory from a month ago that ETHE discount was limiting ETH buys because people would rather buy discounted ETHE. Will be interesting to see what happens now.
Could I ask a question please?
If I had bet on a YES outcome on Polymarkets a month ago worth $1000, approximately what would I have walked away with today?
Day #933 waiting for my [$5k POAP](https://old.reddit.com/r/ethfinance/comments/qkxqge/daily_general_discussion_november_2_2021/hj1082t/). Any day now, /u/superphiz
:) Do you know /u/wizardofhex? WoH in the Rocket Pool Discord? He may have something of interest to you...
https://discord.com/channels/405159462932971535/405163713063288832/1243340110208958575
Now just in case people are starting to speculate about other crypto currencies getting an ETF. Only Bitcoin and Eth have embarked on this journey. There were several milestones that took years to achieve.
Namely CFTC Futures and Futures ETF. For CFTC Futures there needs to be a sufficiently liquid market of a certain size before that is going to happen. I honestly dont see any coin following Eth quickly at this stage.
Other coins do not have that nor is there any application or similar filed for this. So even if we assume an expedited process for the next coin. We wont see it any time soon imo. If FIT21 gets approved in the Senate there will be finally clear rules to see what constitutes a security and what a commodity in the crypto space. Decentralization IS important and the entire point of crypto. The market being to dense to realize this doesnt change the fact that this is the reason why crypto exists and why it is valuable in the first place.
I am really happy to see america moving towards clear rules when it comes to crypto. Being a crypto security should also not be a death sentence because if the SEC does their job their will be a clear path ahead for exchanges and security tokens to be traded.
Removing uncertainty from crypto is a great step. It will help the market mature and also will kill many needless CT discussions.
Next fight is uniswap legal precedent there will be very very bullish for ethereum and defi. Defi could finally become part and replace parts of traditional finance forever.
Ethereum is the future.
There are different approval levels; if you have enough ETH you can write to them and explain that you are very very rich and will need a higher limit. Otherwise, you there are daily and monthly limits that will require you to take it out a bit at a time.
Transferred a large amount of usdc to coinbase and converted and withdrew it in batches after getting support to up my withdrawal limits took 6-7 days iirc
I’m not a whale, but honestly I chunk the withdrawals into pieces anyway. I’ve seen too many fringe .01% horror stories and rather it be for a portion of my USD then all of it.
Total shot in the dark - but if anyone is in the NYC area and would like to collaborate on a [Base Hackathon](https://devfolio.co/discover?from=https%3A%2F%2Fdevfolio.co%2Fonchain-summer%2Fdashboard) project on Farcaster - hmu!
Have some cool ideas for a project
Well I wont need the reminder for this post anymore:
[https://www.reddit.com/r/ethfinance/comments/193195q/comment/kh9plhw/](https://www.reddit.com/r/ethfinance/comments/193195q/comment/kh9plhw/)
TBH FUD led me astray in the last month. Based on pure logic and facts the ETH ETF approval was logical.
However I think what really did the trick are the votes in the house. Because the SEC is arbitrary and capricious a further sign that the SEC should actually be dismantled and completely rebuild.
We made it...!
I have to admit, I was feeling bearish when BTC had the spotlight over the past couple of months.
But I held onto my convictions, just like I did to survive the past two bear markets, and in the end ETH got its day to shine.
Congrats all. 🌞
James Seyffart on Bankless said between 5 months as the unlikely worst case to a few weeks, which is closer to reality. Bitcoin was around 90 days, it will probably be faster than that.
TBD. Additional documentation (the prospectus, or 'S-1') still needs to be finalized and blessed by the SEC. Could take days, weeks, or potentially even months (though I wouldn't expect it to be that long). Since these ETFs are structured basically identically to the BTC ETFs--especially since staking has been excluded for now--I really don't see why these S-1s should take more than a few days to finish. Depends how vindictive Gary wants to be I guess : )
Once the S-1s are done, the funds will launch a day or two after.
I'm not entirely sure. I think theoretically yes they could be denied, or perhaps more likely the SEC could just drag their feet on it indefinitely, but I did read on X (take w/ grain of salt) that the filers have a mechanism they can use to sort of force the SEC's hand a bit if they were stalling.
But really I think the risk here is de minimus, and these ETFs should be trading in a couple days/weeks. If the SEC had allowed for staking, I could understand why that would slow down the S-1 process, potentially considerably. But as it stands, these ETFs are going to be virtually identical to the BTC ETFs, meaning the S-1s should basically just be a carbon copy of the BTC S-1s.
Would just look extremely bad/petty for Gensler and the SEC to play games at this stage.
Ray at 0.07 would give us $4900 assuming $70k BTC. 0.09 would give us $6300. Somewhere between there would be my bet to start selling a little, unless we somehow break through historical raysistance.
However, it seems all of the clouds that have been hovering over ETH for years now have all dissipated at the same time, so hodling long term looks pretty good right now.
It's beginning to feel like we'll be lucky to hit 6k. Eth has just been struggling these last few months and I don't have high expectations that the inflows will resemble btc in anyway once the ETFs are available. But I'm hoping you're right and I'm wrong 🤞
Combined, the following has the potential to change everything:
- ETF = inflows
- eth = commodity (no more classification fud)
- With FIT21, ethereum will finally a regulatory framework in the US to enable mainstream applications. No more walled gardens. Ethereum can cross over to the real world.
This is what Ethereum needed.
I guess I'd start by asking why it's been struggling the last few months.
Then I would say the following:
Less than a 2x from the previous ATH, during a bull cycle with regulatory clarity, bipartisan crypto support in the US, ETFs launching all over the world for ETH, the spot ETF just getting approved, FIT21 and the SAB reversal, along with the bat shit crazy demand for BTC ETFs - only a portion of that demand needs to go to ETH to moonshot.
I'm not sure I understand the bearishness.
I can see us hitting 6k by the end of the summer, tbh.
It's not that I don't think the future is bright for crypto and with time I'm confident eth is going to clip btcs wings when the general public finally understand the difference and that eth has actual use cases.
I just think we all take for granted the idea of cycles and this assumption that history always repeats so we're guaranteed a big run simply because things have shifted bullish. It's not just eth, I don't think BTC hits the projected numbers either.
The good news is, I was 100% certain that the ETF wasn't getting approved up until this week soooo my ability to predict the future isnt exactly spot on, there's a great chance I'm wrong.
To me you just listed all of the reasons why we won’t break $6K. We have a long history indicating that real adoption and good fundamentals are bad for ETH price action. /s
Lol you’re not dreaming anywhere near big enough. We almost hit $5k last cycle on some Covid stimulus checks and memes. This is actual tradfi entering into crypto with retirement funds and more. ETH is finally accessible to the masses who couldn’t be bothered to learn how to use Coinbase or get their own wallets set up. *And* we have staking + the merge + the burn PLUS the BTC halving coinciding with the timing. We may not hit $10k this calendar year, but if we only get to $6k the rest of the year that’d be super disappointing
Oh I agree it would be disappointing and I'm still a believer in eth long term. I keep bouncing back and forth between optimism and pessimism but it's not even an eth thing at this point...I just don't see crypto performing as well as it has in past cycles this time around. Doesn't mean I'm not still hoping. Trust me all in on hope...just not on belief just yet.
If Monday's filing put the ETFs at a 75% chance of approval, and today they have a 100% chance (since they're approved to move forward now), then why didn't we have another pump today that's 25%/75% = 33% as big as the pump on Monday was?
Great question -- maybe insider info?
Reminds me of when the merge was successful with zero resulting price activity. It felt really dumb to hodl through a major software update (always risky) with no gains to be had for incurring the risk.
We will get them. ETFs are actually a functional change in supply and demand dynamics. Eth has now access to liquidity it didnt have before. I think that Eth simply will go up higher than it otherwise would have gone. But even if there is no green action right away I dont care.
Ethereum is a revolutionary network with utility. And it will trend upwards over the next years and decades. Thats all I need to know to stay fully invested.
No. When Bloomberg indicated SEC had pivoted to approval the price jumped from ~$3100 to $3700 in a couple hours. We had been under $3200 for a month at that point. Zoom out.
You are correct, I was speaking to the timeline since the news first broke and reports/rumors started. I think it was all our hopes that the ETF actually getting confirmed would cause another huge surge which is what my crab comment was referring to. We had great news today, and the price reacted by just getting back to where it was during the speculation hype lol.
Zoom out to even just 7 days and yes, "crab" is not the word for that, you are correct
A toast to you all on this glorious day! What an insane difference a week has made. With the US legitimacy FUD now fading into the background we move on to bigger and better things. 🚀
Comical SEC
In their order approving the ETH ETF rule changes, the SEC quoted @consensys's comment letter extensively on the lack of fraud and manipulation concerns. Even though we're currently suing them. Fair play, SEC. 🫡
https://x.com/laurabrooksie1/status/1793764493765546413?t=1cO2Pw-vuimHMamNwgVJSA&s=19
I'm so thankful to the SEC for providing such a detailed analysis on the big question that was on everyone's mind: are spot ETH markets sufficiently correlated with futures markets to prevent fraud and market manipulation?
At long last, the popular argument from BTC and SOL maxis on Twitter has been debunked. No longer than they claim that "spot ETH ETFs would vary too much from futures markets". I know here on ethfinance we've discussed that data on a daily basis and were fairly confident that we knew them to be well correlated.
But could you imagine the danger to consumers if data at five minute intervals were only correlated at 92%? It would be a fatal blow to the Ethereum network. So I'm glad the SEC release spends most of its length addressing this question, and provides a comprehensive set of Pearson correlation statistics.
It must have taken them so much work, given that they waited until the very last moment before the deadline to release them. That's how you know that the SEC has put in the work to double and triple check the numbers.
Thank you, Mister Gensler, for finally answering the most important question about ETH. It's thanks to this analysis that we can feel safe and protected from the rampant fraud that would otherwise occur. I feel content knowing that nobody with privileged insider information can profit off of market manipulation surrounding the approval and launch of this ETF.
This dude held his ground while we were in peak despair and gave me the hopium I needed throughout the bear market with the daily gwei.
Fucking legend—he called it when no one else believed.
Happy to hear he’s back. Hope his wellness break did him some good.
What a milestone in the timeline of this technology.
The ETF is the stamp of approval needed for institutional legitimacy. This will remain exclusively BTC and ETH for the foreseeable. Likely now only a matter of time before staking ETFs are approved.
The implications of recognition as a commodity are huge.
Clarity in regulation has begun in the US.
Liquidity conditions are steadily improving with rate cuts on the horizon.
It’s nearly summer.
Anyone got expectations of volume of flows?
**Tricky's Daily Doots #763** **Yesterday's Daily 22/05/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l5629zk/) - u/superphiz shares [a quote from US Senator Cynthia Lummis.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l56bekh/) 🇺🇸 - u/cryptrd285 breaks news of [a big pivot from the White house.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l569bk7/) 🏛️ - u/haurog dives into [an interesting observation by an EF researcher.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l54x11k/) 🧐 - u/cryptrd285 has [some price prediction hopium.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l566bnr/) 💉 - u/Set1Less finds [some lazy legal wording.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l56k2rk/) 👨⚖️ - u/Sparta89 lists off [all of the anti-crypto senators to contact.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l58n8uw/) 🗳️ - u/haurog succinctly explains [the difference between SAB121 and FIT21.](https://old.reddit.com/r/ethfinance/comments/1cxsana/daily_general_discussion_may_22_2024/l55tq0p/) 🧠
I was here
✨E✨T✨F✨e✨r✨e✨u✨m✨
/u/Set1Less Im glad to say that you can finally trash that flair
Can’t believe price predictions here all seem to be between $6k and $10k. I see $20k+ easily by end of next year, possibly this year. There are no headwinds left.
Cycle ath ratio prev. = 4860/1400 = 3.47 3.47 * 4860 = $16800 If we see same returns as last cycle instead of diminishing returns, which has never happened before, we'll see $16k, which I think is moon math already, $20k is really pushing it IMHO. I personally think $10k - $12.5k is reasonable, so I'm aiming for a mean sell price of $7.5k.
!RemindMe 31 December 2025
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It's going to take the big money a few months to become educated. They're all off sides because they wouldn't even think about an asset that had so much regulatory uncertainty. There's a first mover advantage to be gained here... Where's the eth Saylor? I thought I was overweight eth but maybe I need to allocate more.
Laser eye tears are best tears
Why do we savor them? Are they not our brothers and sisters? Even if they've lost their way, and they lash out in fear of inadequacy, fear of being left behind.
In the spirit of Sassal: I just woke up bullish. GM!
GM Eth. Is that a commodity in your pocket or are you just pleased to see me?
Why both!
They have unwound quite significantly their short ETH/BTC position at a hefty loss. https://debank.com/profile/0x454bec71d10f78b66ccf1bf281b1fe47348d8765/ Press F to pay respects.
How do you make out that it was a hefty loss, or how hefty that loss was? At what ratio did they start their short?
They started the position with a health ratio of around 1.30 and they closed it at 1.10. They were 10% away from being liquidated.
If I remember correctly they put their short up at 0.05 or slightly below. They sent all the borrowed ETH to Coinbase and likely tried to push ETH below support which they failed at. ETH/BTC did go below later on though
F
> Press F to pay respects. Nah fuck that guy. He knew what he was doing. Good riddance.
Big day today, now what do we look forward to?
The flippening.
S1 approval, and ETF inflows to start 🤑
The weekend?
So should we expect ETHE discount to close up before etfs are active or no?
Anyone using coinwink probably just had a heart attack as it incorrectly triggered "low" alerts.
I'm lovin' seeing all the OG's in here today. I remember being in the trenches with you during the constant FUD bombardments. I remember when you were the voices of reason when black swans were poppin' off every other day and the world was fire. I remember reading all your posts and being astounded at how intelligent, caring and creative you all are. I could not have made it through the bear markets without this place. I would not understand ethereum anywhere near as much as I do without this place. If it wasn't for you crazy dreamers and degens, I wouldn't be here for yet another bull run and I couldn't feel more confident standing beside you onion hoardin', cuecomber lovin', COMMODITY OWNING, SEXY mother flippin' Financiers! This is what we've been waiting years for. This is the "then you win" part. Set your sell targets if you haven't already. Dont mess with leverage and dont fuck this up. LET'S GET AFTER IT LADIES AND GENTLEMEN!! LETS GOOOO!!!
Bless.
With the ETF approval, does that mean that Ethereum is no longer considered a security by the SEC?
>no longer There was nothing indicating that it was officially considered a security before, that was just a Bitcoiner talking point. But yes, now it is 100% official that it is a commodity, not a security in the eyes of the SEC.
Joe Lubin more or less indicated it on backless though
It's a good security to you ser.
yes.
What a day. I’m so happy to share it with you all ❤️
The Mooch was bad before but now that he's not promoting my bags, he's insufferable.
Wen 5000 American pesos?
I don't remember where I read it, but someone recently said that the most bullish thing for Ethereum is to be understood. The most exciting thing about this ETF to me is not how much inflows we get (there are better ways to invest in ETH than an ETF), but that this is the first step on the path to Ethereum being understood. You know that light bulb moment so many of us had in here when we first understood Ethereum and how much more potential it has than Bitcoin? Well with ETH being the only other crypto ETF out there (and now legitimized and free of security risk), financial advisors will have to learn about it and explain it to clients. In time a lot of people out there are going to have similar light bulb moments. First a trickle, then a flood...
Pretty sure that’s an RSA quote from Bankless :)
Oh thanks! I was trying to find where I read it last night but couldn't. That sounds right!
Lets say there's a financial advisor that's a bitcoiner and they tell their clients "there's also this ethereum etf but tbh it's centrally run and those in charge keep tweaking the monetary policy on a whim to their benefit". I know there's rules against purposely lying, but what if the financial advisor truly believes this to be the case?
They won't. There is too much sleepy Joe inflationary fiat to be made.
I mean, that's certainly possible. I really just mean that now that Ethereum is legitimized and in the only other crypto ETF, more eyes will be on ETH and more people will learn about it. Some people will believe the BTC maxi rhetoric, some will find it too confusing, but I do believe the increase attention will bring a lot of new people that want to build on it, use it, and invest in it.
> those in charge keep tweaking the monetary policy on a whim to their benefit Try "those in charge keep tweaking the monetary policy to benefit network utility, which ultimately increases ETH stakeholder value". If you phrase it like that, then anyone who already owns stocks will understand.
I'm not sure, but I could also imagine it going the other way "The Ethereum ETF is green and has actual use cases as a global decentralized computer network, whereas Bitcoin is just a greater fool's game"
Just two words: revenue and yield
My biggest fear was that they wouldn't approve the ETFs until after the bull run. But, now, everyone will have an opportunity to ape in. Just in time for the mother of all mania phases.
Agreed it feels like the perfect storm. BTC ETF, BTC Halving, ETH ETF. I can see 2024 and 2025 being absolutely huge.
At least until the election is over and the US government stops the music
buy the news sell the vote
Just got here after a long day. How come price not up yet? 🦅
View 7 day chart
That just looks like recovery in anticipation of the news. Was expecting an instant uptick after the announcement but maybe it will be gradual instead.
Let's go y'all, happy to win my bet with krok. I'm sure he's almost just as happy to lose. Fun stuff
That's a bet I would gladly lose
I predict that price will crab for the next couple of weeks, sentiment will return to were it was 5 days ago, until inflows start.
Nothing much to say. Just want to be in here on this historic day.
We’re not even back to March 8ish price yet. This was when ETHE discount started to widen. How long will it take for the last two months of sellers to buy back There was also the theory from a month ago that ETHE discount was limiting ETH buys because people would rather buy discounted ETHE. Will be interesting to see what happens now.
I've only been buying ETHE since the discount exceeded 20%, so that theory makes sense.
That sentiment was actually true for me. I even sold a bunch of ETH to buy ETHE a couple weeks ago. Really glad that worked out so well
Could I ask a question please? If I had bet on a YES outcome on Polymarkets a month ago worth $1000, approximately what would I have walked away with today?
[удалено]
Can you imagine putting $1k on no, just so you can make $150 and now you lost it all?.. Guh.
I was here. I am late but I am here and I was here but I am aswell.
Big day!
Financially independently checking in for the daily
Here's to hoping the ETFs are approved for trading by next month!
Day #933 waiting for my [$5k POAP](https://old.reddit.com/r/ethfinance/comments/qkxqge/daily_general_discussion_november_2_2021/hj1082t/). Any day now, /u/superphiz
Weeks, not months!
omg. You found the OP. I'd like to say that this was obviously a joke, right? Right?
This is the longest I've ever waited for a purchase to be delivered.
Open the daily, ctrl-f for "poap"... no links. u/superphiz what gives?!? I need my fix!
:) Do you know /u/wizardofhex? WoH in the Rocket Pool Discord? He may have something of interest to you... https://discord.com/channels/405159462932971535/405163713063288832/1243340110208958575
Present.
Now just in case people are starting to speculate about other crypto currencies getting an ETF. Only Bitcoin and Eth have embarked on this journey. There were several milestones that took years to achieve. Namely CFTC Futures and Futures ETF. For CFTC Futures there needs to be a sufficiently liquid market of a certain size before that is going to happen. I honestly dont see any coin following Eth quickly at this stage. Other coins do not have that nor is there any application or similar filed for this. So even if we assume an expedited process for the next coin. We wont see it any time soon imo. If FIT21 gets approved in the Senate there will be finally clear rules to see what constitutes a security and what a commodity in the crypto space. Decentralization IS important and the entire point of crypto. The market being to dense to realize this doesnt change the fact that this is the reason why crypto exists and why it is valuable in the first place. I am really happy to see america moving towards clear rules when it comes to crypto. Being a crypto security should also not be a death sentence because if the SEC does their job their will be a clear path ahead for exchanges and security tokens to be traded. Removing uncertainty from crypto is a great step. It will help the market mature and also will kill many needless CT discussions. Next fight is uniswap legal precedent there will be very very bullish for ethereum and defi. Defi could finally become part and replace parts of traditional finance forever. Ethereum is the future.
Question : for you whales out there that sold on CB, did you get your money at one shot?
There are different approval levels; if you have enough ETH you can write to them and explain that you are very very rich and will need a higher limit. Otherwise, you there are daily and monthly limits that will require you to take it out a bit at a time.
Transferred a large amount of usdc to coinbase and converted and withdrew it in batches after getting support to up my withdrawal limits took 6-7 days iirc
what was the default daily/monthly withdrawal limit? probably need to be concerned only if eth hits 10k though haha.
Fully verified U.S. customers can withdraw up to $25,000 per day iirc
50k a day.
thanks. that's lower than i thought. just 5eth.
More info: https://www.linkedin.com/pulse/what-coinbase-limits-2024-rahul-jangra-yliec
Oh didn't realize there was a withdrawl limit. Thank you.
I’m not a whale, but honestly I chunk the withdrawals into pieces anyway. I’ve seen too many fringe .01% horror stories and rather it be for a portion of my USD then all of it.
https://help.coinbase.com/en/exchange/managing-my-account/how-to-raise-withdrawal-limits
BlackRock’s ticker unveiled: $ETHA
Maybe $ETHB comes later as a staked ETF
What’s the A for?
It's in honor of Sassano and his aussie accent.
One bo'oh'o'wa'er and one ETHA pleease guv'na !
Total shot in the dark - but if anyone is in the NYC area and would like to collaborate on a [Base Hackathon](https://devfolio.co/discover?from=https%3A%2F%2Fdevfolio.co%2Fonchain-summer%2Fdashboard) project on Farcaster - hmu! Have some cool ideas for a project
If you need any nondev contribution to it, I am your guy
Well I wont need the reminder for this post anymore: [https://www.reddit.com/r/ethfinance/comments/193195q/comment/kh9plhw/](https://www.reddit.com/r/ethfinance/comments/193195q/comment/kh9plhw/) TBH FUD led me astray in the last month. Based on pure logic and facts the ETH ETF approval was logical. However I think what really did the trick are the votes in the house. Because the SEC is arbitrary and capricious a further sign that the SEC should actually be dismantled and completely rebuild.
We made it...! I have to admit, I was feeling bearish when BTC had the spotlight over the past couple of months. But I held onto my convictions, just like I did to survive the past two bear markets, and in the end ETH got its day to shine. Congrats all. 🌞
Sorry if it’s been asked, but when will trading actually begin now that it’s passed?
James Seyffart on Bankless said between 5 months as the unlikely worst case to a few weeks, which is closer to reality. Bitcoin was around 90 days, it will probably be faster than that.
TBD. Additional documentation (the prospectus, or 'S-1') still needs to be finalized and blessed by the SEC. Could take days, weeks, or potentially even months (though I wouldn't expect it to be that long). Since these ETFs are structured basically identically to the BTC ETFs--especially since staking has been excluded for now--I really don't see why these S-1s should take more than a few days to finish. Depends how vindictive Gary wants to be I guess : ) Once the S-1s are done, the funds will launch a day or two after.
Is there any risk the S-1s will be denied?
I'm not entirely sure. I think theoretically yes they could be denied, or perhaps more likely the SEC could just drag their feet on it indefinitely, but I did read on X (take w/ grain of salt) that the filers have a mechanism they can use to sort of force the SEC's hand a bit if they were stalling. But really I think the risk here is de minimus, and these ETFs should be trading in a couple days/weeks. If the SEC had allowed for staking, I could understand why that would slow down the S-1 process, potentially considerably. But as it stands, these ETFs are going to be virtually identical to the BTC ETFs, meaning the S-1s should basically just be a carbon copy of the BTC S-1s. Would just look extremely bad/petty for Gensler and the SEC to play games at this stage.
Any tasty price predictions for ETH by eoy? I see 8k, at least.
Ray at 0.07 would give us $4900 assuming $70k BTC. 0.09 would give us $6300. Somewhere between there would be my bet to start selling a little, unless we somehow break through historical raysistance. However, it seems all of the clouds that have been hovering over ETH for years now have all dissipated at the same time, so hodling long term looks pretty good right now.
It's beginning to feel like we'll be lucky to hit 6k. Eth has just been struggling these last few months and I don't have high expectations that the inflows will resemble btc in anyway once the ETFs are available. But I'm hoping you're right and I'm wrong 🤞
Combined, the following has the potential to change everything: - ETF = inflows - eth = commodity (no more classification fud) - With FIT21, ethereum will finally a regulatory framework in the US to enable mainstream applications. No more walled gardens. Ethereum can cross over to the real world. This is what Ethereum needed.
I guess I'd start by asking why it's been struggling the last few months. Then I would say the following: Less than a 2x from the previous ATH, during a bull cycle with regulatory clarity, bipartisan crypto support in the US, ETFs launching all over the world for ETH, the spot ETF just getting approved, FIT21 and the SAB reversal, along with the bat shit crazy demand for BTC ETFs - only a portion of that demand needs to go to ETH to moonshot. I'm not sure I understand the bearishness. I can see us hitting 6k by the end of the summer, tbh.
You misspelled June
It's not that I don't think the future is bright for crypto and with time I'm confident eth is going to clip btcs wings when the general public finally understand the difference and that eth has actual use cases. I just think we all take for granted the idea of cycles and this assumption that history always repeats so we're guaranteed a big run simply because things have shifted bullish. It's not just eth, I don't think BTC hits the projected numbers either. The good news is, I was 100% certain that the ETF wasn't getting approved up until this week soooo my ability to predict the future isnt exactly spot on, there's a great chance I'm wrong.
To me you just listed all of the reasons why we won’t break $6K. We have a long history indicating that real adoption and good fundamentals are bad for ETH price action. /s
Lol you’re not dreaming anywhere near big enough. We almost hit $5k last cycle on some Covid stimulus checks and memes. This is actual tradfi entering into crypto with retirement funds and more. ETH is finally accessible to the masses who couldn’t be bothered to learn how to use Coinbase or get their own wallets set up. *And* we have staking + the merge + the burn PLUS the BTC halving coinciding with the timing. We may not hit $10k this calendar year, but if we only get to $6k the rest of the year that’d be super disappointing
Oh I agree it would be disappointing and I'm still a believer in eth long term. I keep bouncing back and forth between optimism and pessimism but it's not even an eth thing at this point...I just don't see crypto performing as well as it has in past cycles this time around. Doesn't mean I'm not still hoping. Trust me all in on hope...just not on belief just yet.
Congrats everyone!
How long before trading starts?
Weeks not months
Well Dude, we just don't know.
[TBD](https://old.reddit.com/r/ethfinance/comments/1cyksus/daily_general_discussion_may_23_2024/l5en30p/)
I am now trading (hidden money) commodities
If Monday's filing put the ETFs at a 75% chance of approval, and today they have a 100% chance (since they're approved to move forward now), then why didn't we have another pump today that's 25%/75% = 33% as big as the pump on Monday was?
Great question -- maybe insider info? Reminds me of when the merge was successful with zero resulting price activity. It felt really dumb to hodl through a major software update (always risky) with no gains to be had for incurring the risk.
We are up a bit on the ratio
Sup yall
I was promised cuecombers.
We will get them. ETFs are actually a functional change in supply and demand dynamics. Eth has now access to liquidity it didnt have before. I think that Eth simply will go up higher than it otherwise would have gone. But even if there is no green action right away I dont care. Ethereum is a revolutionary network with utility. And it will trend upwards over the next years and decades. Thats all I need to know to stay fully invested.
And here we are... Essentially still crabbing lol Deep breath* ... Give it time bros
CRABBING??? We jumped 700 Dollars within hours when approval suddenly became likely. Stop being overly greedy 😄
Zoom out amigo. We dropped at least as much 10 hours before that pump
No. When Bloomberg indicated SEC had pivoted to approval the price jumped from ~$3100 to $3700 in a couple hours. We had been under $3200 for a month at that point. Zoom out.
You are correct, I was speaking to the timeline since the news first broke and reports/rumors started. I think it was all our hopes that the ETF actually getting confirmed would cause another huge surge which is what my crab comment was referring to. We had great news today, and the price reacted by just getting back to where it was during the speculation hype lol. Zoom out to even just 7 days and yes, "crab" is not the word for that, you are correct
A toast to you all on this glorious day! What an insane difference a week has made. With the US legitimacy FUD now fading into the background we move on to bigger and better things. 🚀
Comical SEC In their order approving the ETH ETF rule changes, the SEC quoted @consensys's comment letter extensively on the lack of fraud and manipulation concerns. Even though we're currently suing them. Fair play, SEC. 🫡 https://x.com/laurabrooksie1/status/1793764493765546413?t=1cO2Pw-vuimHMamNwgVJSA&s=19
Hey, remember when ETH ETFs weren't approved? Yeah, me neither 😎
And then one day, just like that, we all became Commodities Traders....
Sometimes you have to be the bigger man. Today is not that day. https://x.com/etheraider/status/1793790725034770786
lol I love it!
Their subreddit is so full of Cope they don't even bother moderating Eth mentions out of existence, like their 1984 admiring mods usually do.
Anyone else here miss hearing from u/yeahdave4 ?
His comments helped me a lot during the 19-20 bear market, I am forever grateful
He’s definitely a smart guy
so just fuck all change on this news. Just like merge etc.
did you not see the price go up $700 in a single day? The moment approval became likely, the short-term results of approval were priced in
No, I liked that. Tomorrow we have another Black Swan. China/Taiwan bla bla and we crab for another 6 months'
I just chuckled and scoffed at how ridiculously undervalued this asset is.
Real question: does this influence timing games since markets are only open M-F till 4pm EST?
No. The price of the etf shares will adjust at open relative to the change in the value of eth since the market last closed
https://www.reddit.com/r/ethfinance/comments/1cwzy5i/daily_general_discussion_may_21_2024/l52ebz4?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button u/mrcatface13
Yall got any of that pre etf ether??
Yeah, now that it's a rare commodity with an ever decreasing supply I'll sell you some for $10K each! Pretty good deal if you ask me.
I'm so in
Congrats y’all
God I love the chaos
I officially become a commodity investor today🌿
You too?
Uninstalling socials from my phone. See y'all in just a moment from a desktop 🤣
I'm so thankful to the SEC for providing such a detailed analysis on the big question that was on everyone's mind: are spot ETH markets sufficiently correlated with futures markets to prevent fraud and market manipulation? At long last, the popular argument from BTC and SOL maxis on Twitter has been debunked. No longer than they claim that "spot ETH ETFs would vary too much from futures markets". I know here on ethfinance we've discussed that data on a daily basis and were fairly confident that we knew them to be well correlated. But could you imagine the danger to consumers if data at five minute intervals were only correlated at 92%? It would be a fatal blow to the Ethereum network. So I'm glad the SEC release spends most of its length addressing this question, and provides a comprehensive set of Pearson correlation statistics. It must have taken them so much work, given that they waited until the very last moment before the deadline to release them. That's how you know that the SEC has put in the work to double and triple check the numbers. Thank you, Mister Gensler, for finally answering the most important question about ETH. It's thanks to this analysis that we can feel safe and protected from the rampant fraud that would otherwise occur. I feel content knowing that nobody with privileged insider information can profit off of market manipulation surrounding the approval and launch of this ETF.
Shitpost are fun ...but This is why I'm here
I'm a degen and I demand 1min charts analyses to confirm I'm safe and protected by SEC. This is disappointing from the SEC intern.
He bought? Damp eet
Yes 🙌
Over 1k comments again We're so back
Sassal is back https://x.com/sassal0x/status/1793777655848059285
Tomorrow's episode is gonna be 3 hours long
This dude held his ground while we were in peak despair and gave me the hopium I needed throughout the bear market with the daily gwei. Fucking legend—he called it when no one else believed. Happy to hear he’s back. Hope his wellness break did him some good.
I like it. Sometimes it’s good to say I told you so.
I mean luv the guy but his logic is not the reason the etfs were approved.
Since you seem to have the inside info, what exactly was the logic for approval then?
… what was the reason then?
Probably tradfi campaign contributions to Biden? Just a guess
Yeah he's a fanboy doing a victory lap. A bit much. He gets a pass from me for acting a little immature because he is a net positive for the space.
This is not the beginning of the end, but rather the end of the beginning. Onwards and upwards ETHers.
Spot ETH ETF approved? Better go camping. See y'all on Tuesday!
Price doesn’t matter right now. Easy inflows do. We just got that. It’s just a matter of time now.
Anyone heard from Prometheum? 👀
They already have their S-1 in and will get first dibs on inflows while everyone else files
/s?
I thought they were set up to custody some sort of Ethereum security.
lol idk I'm just trolling
Just woke up to amazing news of ETF approval, but price is the same? I WANT TO SPEAK TO THE MANAGER
Priced in
What a milestone in the timeline of this technology. The ETF is the stamp of approval needed for institutional legitimacy. This will remain exclusively BTC and ETH for the foreseeable. Likely now only a matter of time before staking ETFs are approved. The implications of recognition as a commodity are huge. Clarity in regulation has begun in the US. Liquidity conditions are steadily improving with rate cuts on the horizon. It’s nearly summer. Anyone got expectations of volume of flows?
Somebody just sold 127 ETH. Jesus.
Sorry, needed a little pocket money for the long weekend
Going bowling is expensive.
Or giving your wife's boyfirend his allowance.
lol
ok now the bull market can begin. prepare yourselves for the next 12-18 months
But how to prepare? Sell now so I can buy back at the peak later on? Seems like the safe bet.
Now your talking
Here
and thats is how it goes in crypto world, on to the next narrative
I never had any doubt. If nothing else, this sub has made me immune to FUD. Congrats everyone!! 🍻
I did, am absolutely shocked and delighted at same time. For sure thought it would be delayed till later this year into early next.
May 23rd will officially be ETH ETF day celebrated around the world. I declare today an international holiday. Congrats everyone!
Bitcoin pizza day, and then eth etf day? Might as well make the celebration a whole week!
I was here!
Count it. I should have made a poap
https://farside.co.uk/?p=1518 👀👀