The 75th Hoot

Trump Starts the Crypto Bull Market 🤩 + Huge Crypto Bill Passed 👨🏻‍⚖️

May 27th, 2024

GOOD MORNING ☕️

THEY SAY SOMETIMES THERE ARE DECADES WHERE NOTHING HAPPENS, AND WEEKS WHERE DECADES HAPPEN.

THIS WAS ONE OF THOSE WEEKS.

Scatt's Weekly Seeds:

🌱ETH ETFs Got Approved ✅

🌱House Passes HUGE Crypto Bill 👀

🌱Trump Goes FULL STEAM CRYPTO 🚂

🌱Crypto Q1 Highlights 🤩

Meme of The Week

Year-to-Date Returns:

  • Dow: 3.66%

  • S&P 500: 11.21%

  • Nasdaq Comp: 12.72%

  • Bitcoin: 67.11%

  • Ethereum: 72.56%

  • Solana: 64.61%

News Breakdown:

Crypto Market:

  • 7-DAY CRYPTO MARKET CAP CHANGE: $17B

  • CRYPTO INVESTMENT PRODUCT FLOW: $932M

  • CRYPTO VC FUNDING ROSE FOR 2ND STRAIGHT QUARTER TO $2.4B

  • UK APPROVED FIRST EVER CRYPTO ETPs

  • BTC MINER MARATHON DIGITAL TO INVEST $80M IN KENYA MINISTRY OF ENERGY AND PETROLEUM

  • CAITLYN JENNER’S X ACCOUNT PROMOTES MEMECOIN $JENNER (HACK?)

  • SILK ROAD FOUNDER ROSS ULBRICHT PROMISED TO BE PARDONED BY TRUMP

  • THERE IS TALK OF SOLANA, DOGE AND CHAINLINK LAUNCHING ETFs

Credit & Debt Markets:

  • 10-YR TREASURY YIELD: 4.470%

  • COREWEAVE RAISED $7.5B FROM BLACKROCK, BLACKSTONE AND CARLYE IN ONE OF LARGEST EVER PRIVATE CREDIT PACKAGES

  • BOA WILL BUY $3.2B COMMERCIAL REAL ESTATE LOAN PORTFOLIO FOR $2.9B FROM WAFD

  • SOFTBANK PLANS TO ISSUE $3.5B OF 7-YR YEN BONDS

  • QATAR RAISED $2.5B IN FIRST USD GREEN BOND SALE

  • PELOTON LAUNCHED $1B LEVERAGED LOAN OFFERING TO REFI DEBT + $275M CONVERTIBLE SENIOR NOTES

This Week’s Economic Calendar:

  • Memorial Day (Monday)

  • Several Fed Speakers

  • Pending Home Sales (Thursday)

  • PCE Inflation Index (Friday) - *SUPER IMPORTANT*

ETH ETFs Got Approved ✅

WE DID IT.

I was just watching ETH trade at $2.8k last week and thought to myself…

“Literally nobody is betting that this is going to be approved. But what if it is?”

1 day later, we got word from Bloomberg analysts saying the SEC had done a complete 180 and were looking to approve the filings!! Insane.

Following that news, we had the single largest daily candle in history for Ethereum (21%+ in 1 day).

Long story short, there are 2 parts the filing: the 19-B and the S-1 forms.

So far, the 19-Bs have been approved but not the S-1s.

It’ll likely be approved in the next 2 weeks or so, from what we hear.

So far, here are the 8 ETFs that got the golden ticket:

  • Grayscale ETH Trust

  • Bitwise ETH Trust

  • iShares ETH Trust

  • VanEck ETH Trust

  • ARK 21Shares ETF

  • Invesco Galaxy ETH ETF

  • Fidelity Ethereum Fund

  • Franklin Templeton ETF

Things will likely be accelerated so we’re hoping these bad boys get on the market soon!

House Passes HUGE Crypto Bill 👀

A LANDSLIDE WEEK, I TELL YOU!

The House passed FIT21 bill in a landslide style victory (278 versus 136).

FIT21 in simple terms is essentially a framework for introducing regulation to digital assets.

‘’Regulation” sounds gross, I know. But it is incredibly important to offer it to the masses.

Now we wait for it to hit the Senate!

See how in just a matter of a few days, crypto has become intensely political and the stance on both sides has COMPLETELY shifted.

Last week, he dipped his toe. Now, he’s gracefully gone all in.

On this week’s episode of Keeping up with Trump, he said the following:

  • “I will keep Elizabeth Warren (hugely against crypto) and her goons away from your Bitcoin”

  • “I will support the 50 million of you to self custody Bitcoin and crypto”

  • “I will not let the Federal Reserve introduce a Central Bank Digital Currency”

  • “Crypto will come back to America, and we aren’t coming for the number 2 spot…”

The impact of his words CANNOT be overstated.

He’d absolutely have my vote (if I was allowed to).

Crypto Q1 Highlights 🤩

Great year so far.

Here are some of the biggest takeaways from Q1 this year:

  • Total crypto hedge fund market grew from $16.3B to $21B, reaching highest level since Oct. 2022.

  • Fundamental strategies saw significant boost, from $12.5B to $16.1B while Quant strategies grew from $2B to $2.8B

  • Venture firms raised $1.19B across 22 funds

Let’s make Q2 and the rest of the year even stronger!! 🤩

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy, sell or hold any assets or to make any financial decisions. Please be careful and do your own research.