Ether Spot ETFs Anticipated to Launch in the U.S. by Early July

Daily Top Performer — Convex Finance (CVX)



Last week, the SPX index was up by 1.58%, following indications from the Federal Reserve that only one interest rate cut might occur this year, possibly in December, despite US inflation figures for May being lower than expected. Investors are now anticipating upcoming data on US retail and housing markets, as well as earnings reports from several major companies. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 0.31% and 0.38%, respectively in the past 24 hours.





Today’s outperformer is CVX, which jumped 65.9% after Convex Finance DAO unanimously approves transition of fees to crvUSD.



Convex Finance (CVX), launched in May 2021, is a DeFi protocol that boosts yields for Curve protocol users on Ethereum. It allows for staking to earn CRV and CVX tokens and provides voting rights on token allocations. Convex Finance's DAO Vote ID: 754 saw a unanimous approval with 13 million CVX votes to transition DAO fees to crvUSD. The new FeeDistributor contract will now handle revenue distribution to veCRV holders in crvUSD, facilitated by CowSwap for currency conversion. This move is part of a broader restructuring to forward new and potentially accrued fees to a new system, with a follow-up vote planned to address any outstanding fees not yet transitioned. The voting, which concluded with 100% approval, spanned from June 12 to June 15, 2024.



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Talk of the Town:



Bloomberg ETF analyst Eric Balchunas suggests that Ether Spot ETFs may start trading in the U.S. by July 2, moving up the timeline due to light SEC feedback on the ETF applications. This adjustment in the timeline anticipates approvals before the July 4th holiday. Meanwhile, SEC Chair Gary Gensler offers a broader timeframe, suggesting a potential launch by the end of September. Opinions on the market impact of Ether ETFs vary, with some expecting significant inflows similar to Bitcoin ETFs, while others, like Stephen Richardson from Fireblocks, caution that the unique use cases of Ethereum make its value harder to assess.



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Spot Bitcoin ETF Flows:



JPMorgan expressed skepticism about the sustainability of recent crypto inflows, attributing much of the $12 billion recorded this year to funds shifting from digital wallets to new Bitcoin Spot ETFs, rather than new capital entering the market. Analyst Nikolaos Panigirtzoglou doubts these inflows will continue at the same pace, given the high cost of bitcoin and its comparison to gold. Despite these concerns, venture capital investment in crypto companies is rising, with $2.4 billion invested in the first quarter of 2024, signaling potential growth and innovation in the sector.



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Airdrop to Watch:



Avantis, a new on-chain leveraged trading and market-making platform on the Base chain, is backed by major investors like Pantera Capital and Coinbase, and has raised $4 million in seed funding. Despite its strong backing, the platform currently has only 11,179 users, presenting an under-the-radar opportunity. Avantis is launching its first Season of the Avantis XP program, where users can earn XP by trading or adding liquidity on the platform. The program, hinting at an upcoming airdrop, is part of Avantis' decentralization strategy and will last up to 6 months, ending by December 2024. Additionally, using Avantis also farms the Base chain airdrop.