In May, we finally see ETH staging a rebound. Pectra upgrade took place and it has been good for ETH. The SEC also issued a statement stating that protocol staking does not involve the “offer and sale of securities”. Since late-April, Ethereum ETFs have experienced ~$1.5 billion in inflows.
We also see many more public listed companies trying to replicate what Michael Saylor did with Strategy. For example, Consensys announced a $425 million into Nasdaq-listed SharpLink Gaming to hold ETH in its corporate strategy. As at end-May, Galaxy Digital estimates that there’s at least ~$12.7 billion in outstanding corporate debt used to finance bitcoin treasuries, of which Strategy accounted for ~$8 billion.
Strategy’s market cap is currently trading at ~70% higher than the size of its Bitcoin treasury, while Japan’s Metaplanet (3350.T) market cap is ~5.7x larger than its Bitcoin holdings. Something for all of us to monitor is the mNAV metric and what happens when a company who has borrowed heavily sees their mNAV falls significantly below 1.
في عالم العملات المشفرة فقط، نرى مقامرين منحطين يخسرون 100 مليون دولار ويدّعون أنها ليست مبلغًا كبيرًا وأن المال ليس حقيقيًا. هناك العديد من المزايا التي يمكنك تحقيقها بـ 100 مليون دولار بدلًا من مجرد استخدام الرافعة المالية القصوى وخسارة كل شيء. على الأقل، يخسر أمواله الخاصة بدلًا من أموال الآخرين مثل SBF.
حضرتُ اليوم تدريبنا لإدارة الموارد البشرية، وتعلمتُ شيئًا جديدًا حول تقديم الملاحظات بفعالية. لم أكن أعلم بوجود إطار عمل لتقديم الملاحظات يُسمى COIN للسياق - الملاحظة - التأثير - الخطوات التالية. ما أجمل أن نستخدمه في CoinGecko!
In April, it's all about President Trump's "Liberation Day" tariffs. The uncertainty around trade policies caused a significant dip, but the subsequent pause has seen markets recover.
The increased volatility has seen gold being the most crowded trade now and tokenized gold like XAUT and PAXG has benefited as well.
Buying the dip in April would have been a winning strategy but I expect more volatility to come in May and for all of us to exercise caution with the age-old investment adage to “sell in May and go away”.