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Bitcoin’s price is down 6% since last month’s high and you can feel the energy flowing through the market. Positive vibes are in full effect!

Did you get my alerts from this week?

Check your inbox for those. Also, make sure you got my market update from July 17, 2024. In that update, I gave out a tip to follow the hash ribbon buy signal at home and took a sweep of some key metrics and behaviors.

Look for a new altcoin report next month and more goodies later this year. Scroll down for a poll and some content you may enjoy.

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Chart of the Week

Will ETH close the deal with TradFi investors?

Byron from Blockworks tackles the conflicting narratives around ETH and what those might mean for anybody trying to sell investors on Wall Street’s Ethereum ETFs.

He also points out some vital, fundamental differences in the way the Ethereum ETF is structured compared to the Bitcoin ETF and how that changes how ETF providers pitch customers on the product.

As with the Bitcoin ETF, traditional investors will appreciate an easy way to allocate to ETH. This will boost the token's overall liquidity and potential future growth (though you will still have a seller on the other side).

If Ethereum‘s price goes up after the ETF, people will credit the ETF. I suspect that, like Bitcoin, the ETF will benefit from enthusiasm, not drive it. In other words, it will not change the underlying market dynamics, it will simply unlock a new source of inflows.

And, unlike Wall Street’s Bitcoin ETFs, you won’t have a bunch of big investment platforms telling Aunt Sally and Uncle Morton to put 1-3% of their portfolio into the Ethereum ETF.

At least, not until Wall Street has a narrative it can sell. Byron thinks it’ll take a while to find one. I suspect he’s right.

Poll:

Larry Fink shills Bitcoin

Speaking of pitches and narratives, listen to BlackRock CEO Larry Fink on CNBC, a major US financial media platform.

I do think it's ironic that he says buying Bitcoin is putting your money into something outside of your government's control.

This guy runs a fund that requires the US government’s approval, oversight, and regulatory protection. He holds the fund’s assets in a centralized entity that the US government can shut down at any time.

What about his ETF is outside of the government’s control? Other than, maybe, the profit he makes taking a cut of everybody's BTC holdings.

That's why we buy Bitcoin directly and store it in our personal wallets. There are no holding costs or management fees, and we have the freedom to use it whenever and however we want.

But it is nice to see people on TV saying nice things about Bitcoin. Good for sentiment, and Aunt Sally and Uncle Morton will feel better about Bitcoin knowing a smart, rich old guy likes it.

Relax and enjoy the ride!

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