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Good Morning! 

Cobie has returned to Substack to discuss the increasingly private capture of returns in new crypto token launches, and we examine the stubbornly flat yet promising movements of Bitcoin as it hovers near the $67,000 mark.

Let’s jump in!

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Markets

New launches (part 1) - private capture, phantom pricing (long read)
Cobie's back on Substack, this time he discusses crypto tokenomics with his latest piece on "low float, high FDV" games. New tokens may kick off in the $20-80 million range, but the upside? It's increasingly taken entirely by the private markets before the public gets a chance.

Grabbing returns like those from Ethereum's ICO days isn't extinct, but these days, they're almost exclusively snapped up in private, leaving scraps for the public. Take the examples below.

Bitcoin lingers below $67,000 as sideways price action continues (3 minute read)
Bitcoin continues to move sideways, hovering tantalizingly close to $67,000, trading at $66,600 in the early hours of today. Last week Bitcoin broke out of its local downtrend, with the price up around 5% from the $63,000 mark.

The solid surge took price past late April's resistance and early May's highs—suggesting that punching past $67,500 might just rocket us to new, all time highs. Meanwhile, U.S. Bitcoin ETFs are seeing a return of inflows, raking in nearly a billion ($950 million, to be exact) over five consecutive days of net inflows.

Morgan Stanley Latest Bank to Disclose Spot Bitcoin ETF Holdings for Clients (2 minute read)
Morgan Stanley is holding $269.9 million in Grayscale’s Bitcoin Trust as of March 31. They’re not alone; banks like JPMorgan, Wells Fargo, and UBS are also in on the action, with stakes in various bitcoin ETFs unveiled in the first quarter.

Now, don't get it twisted—these moves aren’t necessarily a thumbs-up to bitcoin’s future prices. Most of these investments are likely maneuvers for wealth management clients or just part of the grind of market making. However, Morgan Stanley does allow its clients to invest in spot bitcoin ETFs post-January approval, however they don’t solicit these services without the clients request.

Best of Crypto Twitter

The LayerZero airdrop which is likely to drop in the next month, is set to be one of the biggest of the year. The team is currently waging war on industrial scale Sybil attacks but is encountering significant hurdles.

CEO Bryan Pellegrino said the launch of the bounty program was chaotic, facing over 3,000 bounty reports and 30,000 appeals within just a few hours. The situation escalated as users began reporting each other's GitHub accounts in an attempt to dismiss reports.

Many airdrop farmers have complained that some of their wallets have already been marked as Sybils, and with the bounty program, many notable airdrop Twitter accounts were targeted. However, some users who maintained high quality wallets have been fine.

Misc

Pump dot Fun exploiter identified and arrested in London (3 minute read)
London police arrested Jarett Dunn, the alleged mastermind behind the Solana memecoin exploit of Pump dot Fun. Known on Twitter as @STACCoverflow, Dunn, a former contractor of the protocol, was arrested after a cinematic 26-hour manhunt.

This wasn't just any chase; it featured a private intelligence firm hired by a third-party stakeholder, combing through Instagram posts and leveraging open-source intelligence to pinpoint Dunn's hideout in London. Dunn was arrested on the early hours of Saturday, he is now out on bail.

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