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⬇️ETH Pulls Back Despite Futures ETFs Launching

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Ether led a broader digital asset market retracement after traders used the launch of seven ETH futures ETFs as an opportunity to sell-on-the-news. ETH gave up half its gains from the past week amid the sell-off, with Ether last changing hands for $1,655.

A Manifold Trading employee was outed as the insider behind a bot-based trading spree on Friend Tech that netted them $33,000 in fast profits. "The game will continue to evolve, and we will continue to invest and participate," Manifold said with little remorse.

And Bubblegum, the Solana-based NFT compression tool, is enjoying a surge in popularity. Users are now minting 3M NFTs via the tool each week, with both asset collectors and issuers leveraging Bubblegum to save fees.

✍️ In today’s newsletter:

  • Crypto markets retrace after Ether futures ETFs launch
  • Manifold Trading employee behind Friend Tech insider trading
  • Compressed NFT blow up on Solana

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🎬 WATCH

Watch our video looking at the rise of Friend Tech and social trading apps. And check out our podcast with Blockchain Capital partner, Spencer Bogart, who walks us through the firm's new funds, plus its investment thesis for the controversial Worldcoin cryptocurrency.

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