8/7/24: BlackRock's New Move 🗿⛓️🇺🇸

Author

Valko
August 07, 2024

Top News

  1. BlackRock and NASDAQ push for options on spot Ethereum ETFs

  2. OP_NET testnet promises smart contracts for Bitcoin

  3. Trump memecoin DJT drops 90% as dev-linked wallet 'rugs'

Specs’ Breakdown

1. BlackRock and NASDAQ push for options on spot Ethereum ETFs

⌐◪-◪ → BlackRock, the world’s largest asset manager, and the NASDAQ are looking to list and trade options for the iShares Ethereum ETF.

This would give investors a cheaper way to get exposure to Ethereum and offer new hedging tools like

As for next steps, the SEC has 21 days to get feedback and will likely make a decision next year in April 2025.

Many consider this bullish news, and I suppose it is “progress” for the space, but I’m more interested in seeing staking added so that TradFi investors can get

2. OP_NET testnet promises smart contracts for Bitcoin

⌐◪-◪ → Bitcoin’s DeFi revolution may be near, with developers preparing to launch OP_NET testnet on Wednesday.

OP_NET uses the Tapscript component of the Bitcoin Taproot upgrade, which is what made Ordinals and Runes possible, to enable smart contracts and other functionalities previously unavailable on Bitcoin.

Unlike other solutions, OP_NET only requires Bitcoin to pay transaction fees, not sidechain tokens. Some are calling it “EVM on Bitcoin” which would be huge if true.

If you want to learn more, check out this short video explanation of OP_NET.

3. Trump memecoin DJT drops 90% as dev-linked wallet 'rugs'

⌐◪-◪ → $DJT, the “official” Trump-themed memecoin just dropped over 90% after a single wallet sold $2M in one transaction.

The market cap quite literally nuked from $55M to $3M instantaneously and now people are calling it a rug. The real question is, who is behind this rug — and is it Barron Trump?

For context: $DJT was issued in early June, fueled by rumors that Barron Trump released it under the guidance of our favorite menace/pharma bro Martin Shkreli. However, this was never actually proven.

Fast forward, if we assume Martin Shkreli is telling the truth (which to be clear is unverified) then Barron just rugged the $DJT memecoin holders for a solid $2M.

If this is the world we live in, where a former President’s 18-year-old son is rugging crypto degens on the order of $2M with the help of a convicted securities fraudster — then I’m not sure what to think.

Should we be proud of Barron for winning in financial PVP, or worried about the potentially dark path he’s taking under Martin’s wing? Let me know in Specs.Chat!

Everything Else

⛓️ Crypto & DeFi

  • Bitcoin sees most volatile trading day since FTX Collapse

  • Bitcoin death cross approaches, a bearish short-term signal

  • Aave earns $6M in fees overnight as crypto markets crash

  • Hyperliquid reaches new all-time high in 24hr perps at $4.3B

  • Polymarket volume already crossed $100M in August in just 5 days

  • Satoshi-era Bitcoin miner moves $14M BTC to new wallets

  • Nexera suffers $1.8M exploit, NXRA tumbles 40%

  • Kiln launches DeFi service for stablecoin rewards with Crypto.com

  • Starknet Foundation CEO Diego Olivia steps down

  • ETH staking hits 27.95% as liquid restaking protocols see growth

  • Peter Schiff accidentally makes pro-Bitcoin argument

  • Turbo, an ETH L2, claims to process 400,000 transactions per second

  • Stripe partners with Bitstamp to make crypto buying easier

  • MonkeDAO launches internal probe over validator earnings

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

  • Eric Trump says he’s fallen in love with crypto, teases memecoin

  • Kamala’s VP pick Tim Walz upsets $123M bettors on Polymarket

  • Kamala Harris reschedules crypto leaders meeting after naming VP

  • Coinbase’s Paul Grewal says crypto should remain non-partisan

🌎 Rest of the World

  • Metaplanet, Japan’s MicroStrategy, to raise $70M to buy more BTC

  • Africa’s Ecowas region financial ministers eye BTC for remittances

  • India’s CoinDCX starts $6M investor protection fund post WazirX hack

  • $2B of seized Ethereum transferred by the Chinese police

🖼️ NFTs & Metaverse

  • Magic Eden changes ticker to $ME, teasing potential token

  • Trump memecoin DJT drops 90% as dev-linked wallet 'rugs'

  • Ubisoft reveals Captain Laserhawk game on ETH L2 Arbitrum

  • TON head of gaming discuss Hamster Kombat’s next move

  • Pump.Fun announces endless chat functionality