Web3🌗Wednesday Trends: $4B Ether ETF, 'Notcoin' Rewards, Texas Stock Exchange, Thai Bitcoin ETF Approval!

Welcome to an exciting Wednesday in the world of Web3! Today, we're delving into a plethora of fascinating highlights that are shaping the landscape of digital assets and financial markets. Join us as we unravel the latest insights, trends, and news in the realm of cryptocurrency, blockchain technology, and beyond. Let's embark on this journey together to gain a deeper understanding of the evolving Web3 ecosystem and its implications for the future.

1. Ether's Potential 'Shock' Supply as ETFs May Draw $4B in 5 Months - K33 Research

Ethereum ETFs are set to launch in the U.S., potentially attracting $4 billion in inflows within five months, according to K33 Research. This could create a supply shock, driving up ETH prices. K33 predicts ETH will outperform BTC following the ETF launch after two and a half years of underperformance. The U.S. SEC recently approved key filings for spot ETH ETFs, with trading expected by late June or early July. Despite the omission of staking in the funds, K33 believes this won’t negatively impact inflows, contradicting JPMorgan’s stance. This development signals significant institutional demand for ETH.

Ether Price Poised for Supply ‘Shock’ as ETFs May Attract $4B Inflows in Five Months, K33 Research Says

ETH will start outperforming bitcoin following the ETF launch after almost two and a half years of underperformance, the report said.

CoinDeskKrisztian Sandor

2. 'Notcoin' Awards $1M to Telegram Pre-Market Traders

Notcoin is rewarding its early pre-market voucher holders with 40 million NOT tokens, worth about $1 million. The Telegram-based game's NOT token has seen a massive surge, tripling in value recently. The earliest traders who swapped in-game coins for tradeable NFTs now benefit from this price increase. Each eligible user will receive 6,900 NOT per voucher. NOT's market cap has reached $2.5 billion, making it the 54th most valuable cryptocurrency. With a recent price spike, this reward highlights Notcoin's successful launch and rapid growth.

‘Notcoin’ Is Giving $1 Million to Telegram Game’s Pre-Market Traders - Decrypt

Did you buy or hold one of Notcoin’s earliest pre-market vouchers? If so, the game is handing out 40 million NOT as a reward.

DecryptAndrew Hayward

3. BlackRock & Citadel Support Texas Stock Exchange

The Texas Stock Exchange (TXSE), bolstered by $120 million in funding from BlackRock and Citadel, plans to prioritize ETF listings, offering a competitive alternative to major U.S. exchanges. With registration filings expected by late 2024, TXSE emerges as a pro-crypto exchange, potentially appealing to crypto firms seeking public listings. This development follows SEC approval for spot Ether ETFs, with forecasts hinting at a June launch. The emergence of a new exchange also promises increased competition, potentially leading to lower fees and easier access for crypto firms, while signaling positive momentum for Bitcoin mining stocks amid industry developments.

BlackRock and Citadel back new Texas national stock exchange

According to a recent Wall Street Journal report, BlackRock and Citadel are backing a firm to launch a new national stock exchange in Texas.

CointelegraphCiaran Lyons

4. Thailand SEC Greenlights First Spot Bitcoin ETF.

Thailand's SEC greenlights ONE Asset Management to introduce the nation's first spot Bitcoin ETF, catering to affluent and institutional investors. The ONE Bitcoin ETF Fund of Funds Unhedged is set for distribution from May 31 to June 6, boasting a risk level of eight and investing in 11 global funds. It emphasizes liquidity, safety, and adheres to international standards, endorsed by regulatory bodies in the US and Hong Kong. Meanwhile, MFC Asset Management awaits SEC approval for its Bitcoin ETF. CEO Pote Harinasuta underscores digital assets' role in diversifying investment risks.

Thai SEC approves first Bitcoin fund

The Securities and Exchange Commission (SEC) has endorsed One Asset Management (ONEAM) becoming the first firm to launch a spot Bitcoin exchange-traded fund (ETF) in Thailand, which is limited to wealthy and institutional investors.

Bangkok PostBangkok Post Public Company Limited

As we conclude this insightful journey through today's Web3 highlights, we're left with a profound sense of anticipation for the future of decentralized finance and digital assets. From the potential impact of Ether ETFs to the innovative initiatives like 'Notcoin' and the emergence of new stock exchanges, the landscape of Web3 continues to evolve at a rapid pace. We encourage you to stay tuned for more updates and developments as this dynamic ecosystem unfolds. Keep exploring, stay informed, and embrace the transformative power of Web3. Until next time, happy navigating through the ever-expanding world of decentralized technologies!

WEB3 AI ML