$ETH short term tailwinds > $BTC I am of the view BTC dom topped in late June for 2025 The opportunity for $ETH (+ v select alts) to outperform $BTC (over the next 2-3 months) is the best it has been for a v long time > Many are underestimating the extent of the tokenisation / stablecoin / onchain wave that’s coming post Genius & other recent legislation that’s just passed in the US. Combined w a big recent push from the SEC to accommodate (Project Crypto implementation by ye etc) > $ETH transactions now near all time high > $ETH supply on exchanges at a 9 year low > Market just had the most violent st correction on BTC dom in yrs (type of move you see at tops) > Whilst we all have questions around the sustainability of this treasury vehicle bid on $ETH, it is not the only reason for why $ETH has been going up. ETF flows have also been v supportive. Both have each accumulated ~1.6% of $ETH supply since June > ETF staking catalyst is clearly coming v soon, which will be an edge over the BTC ETF (least in the short term anyway) TLDR: $ETH has stronger tailwinds short term over $BTC and still sits c25% off the last cycle high. My base case is $ETH puts a new ATH in over H2 If the USG signal any type of $BTC accumulation, the above is void. End.

[ ZOOMER ] LOOKS TO START INCENTIVE PROGRAM AS PLATFORM LOSES MARKETSHARE

Q2 saw major milestones for @maplefinance! Hit $2.6b AUM and reached new high of $15m ARR. The mission to be the dominant onchain asset managet continues! Updated targets of $5b AUM and $30m ARR by the end of the year!

🚨Anchorage Digital has partnered with Ethena Labs to launch the first GENIUS-compatible stablecoin. $ENA

> Drips sell pressure event now gone > Whale seller at 40c now gone > One of the strongest coins in this market wide reset > TVL now $3bn+ > JP Morgan now exploring crypto backed loans, a huge signal of the potential opportunity in the onchain asset management / lending space > Genius Act passed, opening the flood gates for Tradfi to come onchain > Annualised fees at ath > Team just announced a proposed increase to buybacks from 20% to 25%, sending a v clear message Send $SYRUP back to px discovery

For the first time in 6 months average funding across BTC and ETH has broken above baseline funding at 11% The last period we saw funding sustain above these levels in Q4 last year the supply of USDe increased 2.5x in 6 weeks Data:

CB big event still on for Wednesday?

Korea’s in a full-on stablecoin bubble right now: ▪️There are zero clear regulatory guidelines on stablecoins so far. ▪️Every other day, Korean financial news headlines are like: “XYZ bank/company just filed a trademark for a stablecoin.” ▪️Whenever a listed company files a stablecoin-related trademark, its stock price jumps 15–30% in a day. That's just the norm. ▪️Companies that have filed for stablecoin trademarks include: Toss Bank, Viva Republica, Shinhan Financial Group, NHN KCP, Kakao Pay, KB Kookmin Bank, Hana Bank, KakaoBank, K Bank, IBK, Shinhan Card, Mirae Asset, Danal, and more. Fun fact: $CRCL was the most purchased foreign stock by Korean investors in June, with a net inflow of $410M just in that month. Koreans are actively looking for the next @circle.

ICYMI, Maple is now the largest onchain asset manager. Wake up and smell the 🥞

REX-Osprey to launch Solana, Ethereum staking ETFs after resolving SEC comments