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⌐◪-◪ → GM and happy Election Day!

Today’s the big day, and as of now, Trump is projected to win with 63% on Polymarket vs. Kamala’s 38%. Of course, anything is possible — markets are not always rational, so don’t shoot the messenger.

Looking forward, the big question for crypto (regardless of who wins) is who POTUS will select as the next SEC chair. While it’s unclear who Kamala would pick (maybe Chris Brummer or Erica Williams), Trump’s leading pick is reportedly Hester Peirce, aka “Crypto Mom.”

For context, Hester is a current SEC Commissioner who’s been highly critical of Gensler’s aggressive stance on crypto — earning her nickname. One of her best quotes was when she roasted Gensler, saying that if he ran the SEC in 1977, he’d probably be suing teenage Star Wars fans. Lol.

The good news is regardless of who wins, it sounds like Gensler is out — which means the war on crypto could finally be over.

Feeling bullish yet, Anon? LMK in Specs.Chat!

⌐◪-◪ → OpenSea V2 is coming!

OpenSea’s CEO, Devin Finzer, just announced that they’re building a brand new version of the website “from the ground up.”

People are buzzing about what this update might include, and here are some guesses:

• A full UI/UX overhaul and reskin

• Privy integration for easier login/account creation

• Points program + leaderboard

The leaderboard and rewards feature was already spotted in OpenSea’s Beta, sparking speculation of an airdrop. Naturally, OpenSea’s trading volume surged 62% in the last 24 hours to $5.15M.

What’s crazy is that OpenSea has over 7 years of transaction history, so if they wanted to do a retroactive airdrop, they could. However, as Karbon pointed out, they might just be trying to pump metrics to raise more funds.

With that said, one thing is clear — points are VERY effective in the NFT space. And to add even more mystery, this all comes a week after OpenSea’s partnership with Art Blocks to create a new contract for minting generative art — which may (or may not) be a part of V2.

If you want to stay in the loop and be among the first to use the new site, join the waitlist here. Over 360k have signed up so far.

⌐◪-◪ → The institutions are coming!

The State of Michigan Retirement System just became the first pension fund to invest in Ethereum ETFs — which is a bold move for a pension fund, not just because it’s crypto but because it’s ETH over Bitcoin.

So far, Michigan disclosed $11M in ETH holdings, putting them among the top 5 holders of Grayscale’s Ethereum ETF — nearly 1.5x more than their $6.9M in Bitcoin holdings.

This comes as ETH FUD is peaking, which reminds me of one of my favorite Warren Buffet quotes: “Be fearful when others are greedy, and greedy when others are fearful.”

The real question is, what’s their target allocation for crypto, and what percentage will go to Ethereum vs. Bitcoin?

It’s amazing to see Michigan lead the way and join other pension funds dipping their toes into crypto (only Bitcoin so far) like New Jersey City, Wisconsin, Houston’s Firefighters’ Pension Fund, and Ontario Teachers’ Pension Fund.

Wild to think about how much capital is sitting on the sidelines in these pension funds, soon to be coming for your bags.

Gradually, then suddenly.

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