📊 Whales continue to accumulate

Plus: Huge token unlocks in June

June 03, 2024

Together With:

Good Morning!

The weekend’s top stories include:

  • Joe Biden vetoed a joint resolution to scrap “Anti Crypto” SEC rules.

  • Exchanges hold the lowest supply of ETH in years.

Grab your coffee and let’s dive in. 👇️ 

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Markets

U.S. President Biden Vetoes Resolution Overturning SEC Guidance (3 minute read)
President Joe Biden just slammed the door on a House Joint Resolution aimed at scrapping the SEC's controversial Staff Accounting Bulletin 121. This rule, a thorn in the side for many, forces financial institutions to list crypto assets held for customers on their own balance sheets. Critics argue it’s a deal-breaker for banks wanting to dive into crypto.

But Biden, with a firm veto, said he won't back any moves that risk consumer and investor safety. His decision came just hours after banking groups and Congress members pleaded for him to scrap the rule.

$650 million token unlocks this June (2 minute read)
June is set to see a massive $650 million worth of tokens unleashed into the market. Leading the pack are two heavyweight projects: Ethereum's Layer 2 network Arbitrum and the up-and-coming Layer 1 player Aptos, each dropping around $100 million in tokens.

Numerous other projects and protocols have scheduled their token unlocks this month. Check out the full article to see if projects you hold have any token unlocks.

Crypto exchanges see $3B Ethereum exit since ETF approvals (3 minute read)
Since the green light for spot ETH ETFs on May 23, a jaw-dropping $3 billion worth of Ether has been withdrawn from centralized exchanges. That's about 797,000 Ether, according to CryptoQuant.

This massive withdrawal hints at a looming supply squeeze, with investors moving their coins to self-custody, reducing the amount up for grabs on exchanges.

Data from Glassnode reveals just 10.6% of Ether's circulating supply is now held on exchanges, the lowest in years. With Bloomberg’s Eric Balchunas predicting ETH ETFs could launch by late June, analysts are buzzing that ETH might smash its November 2021 all-time high of $4,870.

Best of Crypto Twitter

The upcoming LayerZero airdrop is slated for this June. And one airdrop farmer stole the attention over the weekend.

Ruslan, an airdrop farmer operating a whopping collection of hundreds of wallets, was hoping to get himself a bigger allocation of the LayerZero airdrop. Unfortunately for him, he slipped up.

So, what happened?

Well, Ruslan was doing hundreds of organic looking transactions on his wallets, and he may have gotten away with it. In an effort to seem more legit, he purchased ENS domain names for each of his addresses.

His mistake? He decided to sequentially name each wallet ruslan002.eth, ruslan003.eth, ruslan004.eth, etc.

Misc

Matter Labs Drops All ‘ZK’ Trademark Applications (2 minute read)
Matter Labs and Polyhedra clashed over the coveted ‘ZK’ ticker symbol for zkSync's upcoming airdrop. Matter Labs, creators of Ethereum's Layer 2 zkSync, recently filed trademark applications for "ZK" in nine countries, sparking an uproar.

The broader crypto community, including top zero-knowledge tech researchers, slammed the move, insisting ZK technology should remain a public good. Heavyweights like StarkWare, Polygon, Algorand, Polyhedra, and Kakarot voiced their opposition, arguing it defies crypto's core ethos and academic principles.

Bowing to pressure, Matter Labs announced on June 2 they'd ditch their trademark plans, acknowledging the community’s concerns and the challenge of establishing a neutral governing body for the term.

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📈 TradingView - Software we use to chart Crypto.
🔐 Trezor - Our favorite hardware wallet to keep our Crypto secure.
🦑 Kraken - Where we buy crypto with cash / withdraw profit to our bank.

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