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28th January 2024 > > Prices & ETH ETFs.


tl;dr

BTC price predictions, some scary, and some not, are just predictions. Spot ETH ETFs will be with us in May. ETH staking is a thing.


Market Snap








Market Wrap

Pleasing price action during an illiquid weekend night accompanied by a growing short base certainly puts a smile on our faces. Naysayers need to be a little careful here.


Occasional Series – FA Cup

Go on Maidstone!


Curious Cryptos’ Commentary – BTC price predictions

Long-term we all know where the price of BTC is heading (I am sticking to my ridiculous, but nonetheless accurate, forecast of $1.2mm per BTC) but I suspect most people don’t have the same patience as me. I have been hodling (and adding) for seven years and eight months now, and I am not selling anytime soon.


But if you have a shorter time frame in mind, there are plenty of scary predictions out there.

A revisit to mid-30s would not be out of sync with previous bull markets. Neither would a brief trip to the 20s be particularly surprising. Day traders, and those using leverage, must have nerves of steel. Me, I prefer a simpler life.


Curious Cryptos’ Commentary – Now for a spot ETH ETF



It would be unusual for the SEC to move ahead of a deadline, and so far, this politically biased organisation has refused all proposals for a spot ETH ETF. Do we need another judge to declare the SEC’s actions as “arbitrary and capricious”?


Gensler is illiberal, but he is no fool. May is the date.


Curious Cryptos’ Commentary – ETH staking

This subject is worthy of a much longer piece, and a lot more thought from the CC research team, but it is Sunday. Sunday is not only the day with the most important lunch of the week, but I also know that this Sunday most of you will be heading to the Star in Shoreditch for possibly the best gig of 2024. This performance from the recently formed band From the Wild, our friends Sarah Louise and Will, should not be missed:



They are tip top, but you know that already.


The gig has long been sold out of course, but I can get one more ticket for the first person to email me with the header “YES!”.


Back to ETH staking.



This is what a supply shock looks like.


Much of this staked ETH will be of the liquid form. Personally, about two-thirds of my ETH bag is stETH with the remaining third simply staked. So, if you are told that 25% of supply is locked away, that simply isn’t true, as stETH is almost as liquid as ETH. As an aside, if you are not staking your ETH, you need to have a long look at yourself in the mirror.


I suspect that most stETH is recycled into other less liquid products, be that in AMM pools, collateral for crypto loans, other forms of DeFi, or as degen as you want to get. Perhaps 20% of the ETH supply simply isn’t available for sale, and never will be. It seems obvious to me that this number is only going to get higher.


With the deflationary burn, ever increasing use cases, and a growing number of institutions who are interested in this concept, well, all I can say is that once again, I am not selling anytime soon.

 

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tl;dr It’s all happening in Nashville this weekend. Market Snap Market Wrap Despite twelve consecutive days of inflows to the spot BTC ETFs, and some like yesterday at over half a billion dollars were

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