🚀 There's Only 1% Chance of ETH ETF Disapproval

🗞 Market commentary.

GM, my fellow ETH nerds. 

We’re literally so back. As is tradition, Ethereum put a nail in the coffin of every doubter who tried to write it off. Just as all hope seemed lost for ETH, we saw a 20%+ candle, accompanied by news outlets banging the drums of ETF news.

Just a few hours ago, Fidelity filed an updated S-1 application for its spot Ethereum ETF, and even more importantly, BlackRock very proactively updated its own application. By the way, when it comes to BlackRock, they have had only one ETF application denied in all of history. This whole process is eerily similar to how the Bitcoin ETF story developed pre-approval.  

As far as the ETH beta market goes, moggers enjoyed the largest daily gains, with the MOG token pumping just a hair from 70% upwards. I can personally see this tight ETH and MOG connection continue to hold as the bull market bulls forward.

📊 Luke’s Chart of the Day

Ispolink/USDT 1W Log Chart Kucoin

Low-cap AI project Ispolink looks ready for a 3rd drive higher. I love the clean structure on this chart - I’ve been watching it develop for a little while - big inverse head and shoulders bottom with the neckline getting a retest at the beginning of the month. The RSI structure is just as appealing.

Look for a touch of the upper RSI trendline to get out (purple box), or failing that, work with the fib extensions. The 3.618 level is close to the all-time high at around 0.018.

NFA as per usual, please always do your own research.

Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!

🔥 Degen corner.

The Dark Horse of LSTs

Redacted Cartel shook the Ethereum staking space earlier this year by releasing the highest-yielding LST on the market. To this day, Pirex ETH yields more than double that of all its competitors, sitting comfortably at the top of the DeFiLama rankings. 

Today, we received news of the long-awaited Metamorphosis proposal, which will transform the current BTRFLY token into DINERO. This move will not only fix the current high unit bias (one BTRFLY token costs almost three hundred dollars) but also enable easier staking without locks and listings on centralized exchanges. 

Finally, this move is just the start of a whole new chapter for Redacted Cartel, and I am pretty sure this dark horse will run back into the spotlight soon enough, especially during Ethereum spot ETF hype and main competitors like Lido printing 30% gains on the daily. 

Stay tuned, we’ll be updating this one as we go.

👀 DeFi insights.

The important bits.

• ZkSync (L2) - Upgrade v24 is coming, ZKS airdrop is expected after - read

• Io.net (DePIN) - Partners with Ultiverse DAO - read

• Hyperliquid (L1) - Releases native EVM support - read

• Badger (DeFi) - Liquidity proposal in preparation for eBTC passed - read

• DeBridge (DeFi) - Unveils the DBR token - read

• Solayer (Restaking) - Achieves $20m ceiling in less than an hour - read

📰 DeFi news.

Even more important bits.

• Craight Wright ruling is out - read

• Developers want to add programmability to Bitcoin - read

• The First Ethereum ETF deadline is coming up on May 23rd - read

• ETH’s bullishness triggers MOG, PEPE’s surge - read

• Goldman Sachs Exec to Replace Sonnenshein as Grayscale CEO - read

• Yuga Labs won’t be acquiring Crypto Punks after all - read

• Vitalik: “Get the basics done like L2 native in-wallet bridging first” - read

• Full list of Ethereum spot ETF entrants published - read

🫠 ICYMI.

Life gets busy so here’s what you’ve missed.

The Yeet Effect on Berachain

Podcast

In this segment of Beramates, you're in for a treat! Grant has an insightful chat with LordPemby about the Yeet project within the cryptocurrency community.

Tune in on YouTube →

🦍 And finally…

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