Happy Friday, Blockfolians
Let’s just recap everything that happened this week, shall we?
A key oil pipeline was shut down because of cyberattackers demanding crypto ransom
Multiple major hedge funds reportedly spinning up DeFi funds
Vitalik Buterin sells and sends memecoins to charity
Elon and Tesla u-turn on Bitcoin payments
IRS, DOJ investigating Binance
And probably about a million other things as well.
Truly, this is one of those weeks that you only get in this industry. Still, crypto being crypto, most people are already on to the next thing.
I think the ETH/Defi Summer 2.0 we’re about to have will make the last one look tame.
-Institutional ETH buyers
-Institutions starting to use defi
-Cash flow positive defi with good P/E
The future looks bright.
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Highly Relevant Reading
Delphi Digital just launched an on-chain NFT fund
Check out FTX’s newest hire – ex Citadel Securities!
Are NFTs unregistered securities? A new lawsuit against Dapper Labs claims so
The working group trying to lower mining emissions
Another excellent essay from Arthur Hayes
Thoughts on the state of the cycle from Raoul
Im just mulling over the evolution of the digital asset space…
My thoughts are that obviously we are mid cycle in this bull run. The two big breakout developments this time were Defi and NFT’s. 1/2
A Really Big Number We Should Be Paying Attention To
That’s the amount of ransom supposedly paid by Colonial Pipeline to hackers who shut down a major source of East Coast oil