On the Ethereum ETF. Unlike certain Bitcoin circles, I was expecting ETH ETF to go through. It happened faster than expected, though. ETH ETF gives exposure to a tech platform for smart contracts. Bitcoin ETF is for digital gold/money. Very different assets. Bitcoin L2s use BTC as money on modern rails for smart contracts. Bitcoin L2s have more in common with Ethereum; both are tech platforms. ETH ETFs open doors to institutional exposure to other smart contract platforms as well: alt L1s like Solana and Bitcoin L2s like Stacks. The recent Grayscale Bitcoin L2 Stacks trust is an indicator for the potential emergence of such products. A SOL ETF or a hypothetical STX ETF will be in the same category as ETH ETFs, while the Bitcoin ETFs operate in a unique lane. Exciting times for our industry! The institutions are (finally) coming.
A trade has two components: price level and time horizon. 99% folks focus on the former, and ignore the latter. The fact is, over time a bullish trade can become a bearish one despite the price level remains the same over that same time horizon. Keep testing previous highs but failing repetitively is a sign of short-term technical weakness.
Still bullish but just making a point.
I am hosting a superstar panel at @Algorand's @DecipherEvent to talk about #Fandom Economy with @NicholasDRL (CEO of @DroneRaceLeague,) @sammathews (CEO of @FNATIC,) @andreabonac (co-founder of @AoristArt) and @vlasso (CEO of @napster.) Creator Economy's Oscar! 12d count down!
As unsexy as it sounds, one of our key missions @HivemindCap is to accelerate institutional recognition, adoption and participation in digital asset ecosystem. Like it or not, institutional investors is the reason we go 10x from here. Get ready.