[30th May Episode] ETH ETF Reaction - Bullish or Bearish?

Speaker 0: 1, and welcome to another episode of the Hivemind podcast. This week, we have Sedaris on on holiday. So to replace him, we brought in Jason, head of markets at at Delphi Research. And as always, we have Jan, managing partner at Delphi Ventures, and Duncan, what what is it again?

Speaker 1: Shitcoinscavenger. I don't know. Gem hunter?

Speaker 0: I'll say gem hunter. That's it. So, yeah, we have a lot to chat about this week. We had the ETF. We had Trump changing tune on politics and kinda single handedly changing the crypto, like, crypto regulatory landscape in the US, and a bunch of other stuff too.

So I guess we'll start with the ETF. Who wants to context set here on on what happened? Like, obviously, there was this consensus that the ETF wasn't gonna get approved, and then sometime, on on on Monday, Eric Balcones, the ETF guy, like, tweeted and updated his his odds from from, like, what was it, 5% to, like, 75%. It's, like,

Speaker 2: 25 to 75, I think.

Speaker 0: Was it? Okay. I remember him saying at some point that he thought it was, like, less than 10%. But, yeah, I guess the official was 25%. Market was slow to react, but then seems like it it it it happened.

What's the yeah. Who who wants to start with, like, adding context or just your take on it? Go ahead.

Speaker 1: Yeah. Well, I guess, obviously, yeah, people I think, like, basically, nobody thought it was gonna happen. So, obviously, that caught the market upside. Like, the ETH was up, like, 20% that day, which is a pretty insane move. And just to contextualize that, I mean, that one day it added, like, the entire market cap of Solana, which is pretty crazy to think about.

But I think overall, the ETF is going to be, like, really bullish for Alton kind of the broader crypto ecosystem. I wrote a little bit about this on Twitter that just like I don't know. If you wanna go into that now or we can kinda save that. But the Bitcoin ETF was kind of isolated to affecting Bitcoin because there's no real, like, ecosystem around it. So, like, the flows come into Bitcoin.