Bits + Bips: Is This the Real Reason the SEC Approved the Ethereum ETFs? - Ep. 656
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann, along with guest Hal Press, founder of North Rock Digital, dive into the intricate challenges of pitching the ETH spot ETF to traditional finance and the Federal Reserve’s anticipated next steps. They discuss why Biden vetoed the repeal of SAB 121, and why that veto lends credence to an alternative theory as to why the SEC approved Ethereum ETFs.
Also, they talk about why the spot ETH ETFs are already turning out to be different from the Bitcoin ETFs, Hong Kong's (and perhaps China’s?) crypto ambitions, recent U.S. macroeconomic indicators, and whether or not Roaring Kitty’s recent antics with GME stock are illegal—and how he’s impacting memecoins.
Show highlights:
Why Biden vetoed the repeal of SAB 121 and whether it was priced in
The recent political change around crypto and the surprise Gen Z celebrity who could swing the U.S. presidential election
The impact of the Trump conviction on the crypto industry
Why ETF issuers were caught off guard with the spot ETH ETF approvals
Whether Bitcoin ETF buyers will rotate to Ethereum, and when the products will launch
How the ETH ETF will be pitched to TradFi
Why Alex thinks ETH/BTC will go up
How Hong Kong is trying to become the Wall Street of crypto, according to Joe
The recent macroeconomic indicators in the U.S. and their implications for crypto
The massive glitches in the NYSE that showed Berkshire Hathaway going down 99%
Whether what Roaring Kitty is doing with the GME stock is illegal
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric
Guest:
Hal Press, Founder of North Rock Digital
Links
Politics:
Unchained: President Biden Vetoes SAB121 Repeal
Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
POLITICO: Crypto super PACs get $25M boost
Fortune: Coinbase donates $25 million to super PAC Fairshake days after Biden vetoes crypto custody bill
Ether ETFs:
Unchained:
Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH?
Why the SEC May Not Be Done in Its Legal Battles Over Ethereum
Why ETH Spot ETFs Could Benefit Stakers and Make Ethereum More Resilient
ETH ETFs Will Be Approved. But Could Grayscale Outflows Depress the Price of ETH?
Blockworks: What we learned from the latest ETH ETF filing dump
Hong Kong
Bloomberg: Hong Kong Says 11 Crypto Exchanges Are Closer to Getting Permits
Other recent events:
CNN Business: Berkshire Hathaway: NYSE says glitch that showed stock down 99.97% has been resolved
WSJ: E*Trade Considers Kicking Meme-Stock Leader Keith Gill Off Platform
TIMESTAMPS
00:00 Intro
01:59 Why Biden vetoed the repeal of SAB 121 and whether it was priced in
08:43 The recent political change around crypto and whether this particular Gen Z celeb could swing the U.S. presidential election
12:07 What the impact of the Trump conviction had in the crypto industry
15:38 Whether Bitcoin ETF buyers will rotate to Ethereum, and when the ETH ETFs will launch
25:53 How the ETH ETF will or should be pitched to TradFi
31:02 Why Alex thinks ETH/BTC will go up
32:48How Hong Kong is trying to become the Wall Street of crypto, according to Joe
36:27 The recent macroeconomic indicators in the U.S. and their implications for crypto
45:15 The massive glitches in the NYSE that showed Berkshire Hathaway going down 99%
49:26 Whether what Roaring Kitty is doing with the GME stock is illegal
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Trading Crypto Inflection Points | Hal Press
In this episode of Empire, Hal Press joins Mike and Jason to discuss his investment thesis. It's no secret that Hal is an ETH super bull, and this episode makes it clear why. He explains ETH's unfair advantage, how L2s will serve as free marketing for Ethereum, the liquidity staking derivative trade, the mechanics behind token rallies, token value accrual and the deflationary outlook! Get ready, this is one of my favorite podcasts yet.
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Timestamps:
(00:00) Introduction
(00:54) What Caused This Rally?
(10:46) The ETH:BTC Ratio
(13:14) How Shanghai Will Affect ETH Sell Pressure
(18:32) The LSD Trade
(20:30) Blockworks Research Ad
(30:30) The Real Yield Thesis
(32:36) Has ETH Won?
(44:28) Aptos’ Rally & Learnings
(54:40) The L2 Landscape
(59:10) Where Will Value Accrue?
(1:07:36) Bullish on dYdX
(1:10:34) Macro and Deflation
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Follow Hal: https://twitter.com/NorthRockLP
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Resources
North Rock Digital
https://northrockdigital.com/
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Is The Merge Priced In? with Hal Press & Ryan Berckmans
Is the Merge Priced In? The Ethereum Proof-of-Stake Merge looms around the corner, but how do the markets feel about it?
Ryan Berckmans and Hal Press have a mutually bullish discussion about the Ethereum network today, tomorrow, and long-term. They're both bullish ETH, but differ on how it's going to play out.
This is our favorite kind of debate.
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----- Timestamps:
0:00 Intro 7:00 Hal & Ryan Thesis 18:28 The Merge is Happening 23:30 A Crowded Trade 29:23 Risks and Catalysts 36:10 Structural Significance 41:40 Blockspace Demand 46:40 Real vs Nominal Return 50:30 Miners vs Validators 56:00 Proof of Stake Wins 59:00 Store of Value 1:09:45 The Flippening 1:18:00 Price Predictions
----- Resources:
Hal Press https://twitter.com/NorthRockLP
Ryan Berckmans https://twitter.com/ryanberckmans
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
Betting the Fund on the Merge | Hal Press, North Rock Digital
What happens when a guy becomes so convicted on ETH that he bets HIS ENTIRE FUND on the Ethereum Proof-of-Stake merge? How much alpha is there in the All Core Devs calls? How should YOU play the merge?
Hal Press of North Rock Digital joins us as we discuss how to value tokens, and how to trade the biggest moment in crypto history.
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BRAVE | THE BROWSER NATIVE WALLET https://bankless.cc/Brave
------ Topics Covered:
0:00 Intro 7:00 What Sets ETH Apart 18:09 Revenue and Cost 24:50 DeFi Utility 31:00 Blockchain Expenses 35:45 Inflating and Revenue 39:48 Supply and Demand 45:56 ETH vs Alt Layer 1s 56:06 Will the Price Lag? 1:03:36 Who Leads the Market? 1:05:35 Modeling Ethereum 1:11:45 ETH Staking Numbers 1:20:00 Wen Merge? 1:30:18 Trading the Merge 1:35:50 Closing
------ Resources:
Hal Press: https://twitter.com/NorthRockLP?s=20&t=ZONa4ZJl5kcxbE43zFZKBg
Crypto Fees: https://cryptofees.info/
Nillion: https://www.nillion.com/
The Ethereum Thesis: https://twitter.com/NorthRockLP/status/1484926691990556675?s=20&t=ZONa4ZJl5kcxbE43zFZKBg
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures