GM, Ambulls! Ready to tackle the twists and turns of the crypto world today? The space is unpredictable but this unpredictability is also where the legends are born!

Embrace the wild ride 🟢 

Here’s what we’re discussing today:

• 🔥 ETH ETFs are LIVE! So, what now??

• 🤯 Celsius asks former customers to return withdrawn crypto

• 📢 Is one of the next possible US Presidents a crypto hater?

• 🪙 Analytics reveal sad results of celebrity coin runs

And for our fellow degens, the W3OF portfolio is now rebalanced as per the latest vote 🛠️ 

Remember, sharing gems in the #web3-on-fire channel on Ambire’s Discord can net you 40% of the whole portfolio 👀 

Now, let’s get down to business:

ETH ETFs are LIVE! So, what now??

🎉 Ethereum ETFs have officially been approved and are now live in the U.S.!

Finally, some crypto news even your grandma's investment club can get excited about 👀 

Let’s dig into what this means for ETH and the crypto world 👇️ 

ETH is transforming

The noise around Ethereum ETFs is more than just hype ⚡️ 

• With the U.S. SEC finally giving the green light, this opens up ETH to a whole new realm of institutional investors 💵 

• Big time players can now easily get exposure to ETH through traditional financial markets without having to navigate the complexities of crypto 🐋 

Think of this as Ethereum’s transformation from a niche asset to a mainstream financial instrument.

The approval of these ETFs means that ETH is gaining legit recognition, which could potentially reshape its market dynamics and encourage broader adoption.

Basically, Ethereum has just leveled up 👆️ 

Blackrock dropping the first bomb

You know it’s big when Blackrock, the world’s largest asset manager, is the first to roll out an Ethereum ETF. These guys are not messing around.

Their move signals strong confidence in Ethereum’s potential and opens the floodgates for other heavy hitters to follow suit.

• Blackrock's iShares Ethereum Trust ETF (ETHA) has been trading on Nasdaq, and it’s already showing promising results 🪙 

• According to their head of digital assets, Robert Mitchnick, the launch reflects a substantial demand from investors eager to get in on Ethereum through an ETF.

• This is a huge validation for ETH and could lead to more products and innovations in the space 🧠 

Staking ETFs: still a possibility?

The parallel discussion about staking ETFs is still alive 🥩 

Although current ETFs do not include staking due to SEC concerns over potential violations of federal securities laws, the idea hasn't been shelved entirely 🤔 

There are hopes that future regulatory and political changes could pave the way for staking ETFs 👇️ 

• BlackRock, Fidelity, and Franklin Templeton have shown interest in implementing staking capabilities in their ETFs.

• However, for now, these financial giants have opted for simpler, unstaked versions of their ETFs to align with current regulatory frameworks.

What’s the future looking like for Ethereum?

With the ETFs live, Ethereum’s future is looking brighter than ever.

Analysts predict that ETH ETFs could attract up to $15 billion in net inflows by the end of 2025. That’s a massive influx of capital that could drive a significant price pump and further development within the Ethereum ecosystem ⚙️ 

With Ethereum’s unique market characteristics, we could see not just ETH itself grow, but also various projects built on its network getting a solid boost 💪 

In the short term, TA experts in the space expect some volatility as the market adjusts to this new dynamic, but in the long run, ETH’s role as the chief alt is now solidified. So, buckle up.

Celsius asks former customers to return withdrawn crypto

Crypto Twitter/X is buzzing with some wild news - Celsius Network LLC, the now-bankrupt crypto lending platform, is hitting up its former customers, asking them to return the crypto they withdrew before the company went belly up 🤨 

The situation

On July 23, 2024, crypto influencer bigpeyYT shared a letter he received from the United States Bankruptcy Court for the Southern District of New York.

• The letter was a summons for a pretrial conference, and it revealed that Celsius is trying to ‘claw back’ hundreds of thousands of dollars he withdrew before the collapse 🤯 

• Their goal? To get back the money initially deposited. This has freaked out the crypto community, to say the least.

Legal and community reactions

So what are ‘clawbacks’? 🦞

• In bankruptcy land, it means a company can recover funds withdrawn before it went under, ensuring all creditors get a fair shake 💲 

• The idea is to make sure no one gets an unfair advantage before the company hits rock bottom 🥷 

But what about doing this in crypto? That's a whole different beast. Crypto transactions are decentralized and often anonymous, making it a nightmare to enforce these claims.

Plus, the rules around crypto are still as clear as mud 🤷 

Even if Celsius creditors can try to go with these clawbacks, winning in court might be a stretch.

That said, the legal battle itself can be a real drain - both financially and emotionally 😥 

Lawsuits can drag on for years, and dealing with this mess can be super stressful for just a regular John who doesn’t have a department of lawyers 24/7 on his payroll.

Needless to say this hasn't gone down well with the crypto community. It seems ridiculous that a regular user should pay for Celsius’ screw ups.

bigpeyYT called it a "horrible precedent" for the crypto world, and he's got a point. He argued it's unfair to be liable for using a platform that turned out to be a bunch of scammers. His tweets struck a chord, with many users sharing similar horror stories about centralized platforms and their risks.

Read the fine print

This whole saga with Celsius is a harsh reminder to read legal mumbo-jumbo around crypto investments and withdrawals and understand the legalities of where you park your crypto 🤓 

Even better, avoid centralized platforms altogether. 

The best way to keep your assets safe is to hold your coins in your own wallet, where you have full control. Not your keys - not your crypto 🗝️ 

Is one of the next possible US presidents a crypto hater?

Vice President Kamala Harris has reportedly called Bitcoin "money for criminals" behind closed doors.

This has got the crypto community in a tizzy 🥶 

Word on the street is that Harris made these comments to a big-time donor in private, and it's got everyone talking 🤔 

If she becomes the next US president, does this mean tougher times for crypto? People are definitely worried about what her presidency might bring.

Nothing soft about It

Harris has been a bit of an enigma when it comes to her stance on crypto 🤷 

Despite her tech-friendly background, she has not made strong public statements for or against digital currencies, tokenization, or blockchain technology.

Her financial disclosures also reveal no ownership of digital assets, which might indicate a cautious or indifferent approach​ , to say the least.

• David Bailey, CEO of Bitcoin Magazine, claims Harris has teamed up with anti-crypto figures such as Senator Elizabeth Warren and SEC Chair Gary Gensler to push downright hostile policies to the crypto industry.

• Bailey says the trio plans to drive the industry overseas and imprison developers under policies like Operation Choke Point 🤯 

• (Operation Choke Point was an initiative of the US government aimed to cut off access to banking services for certain industries deemed high-risk or objectionable, effectively doxxing and targeting them for regulatory scrutiny)

Could the war on crypto be back on the menu? 🪖 

With Harris potentially taking the reins, there’s concern that the war on crypto could be back 👇️ 

This could mean more regulations, stricter oversight, and an even less friendly environment for digital currencies in the US.

If her administration continues on this path, it might make it harder for crypto companies to thrive, potentially driving innovation and businesses overseas​.

Let’s hope it doesn’t come to that.

Analytics reveal sad results of celebrity coin runs

Analysts have exposed the harsh reality behind coins promoted by celebs like Andrew Tate and Iggy Azalea.

Despite the initial hype, the absolute majority of these coins have died off, leaving investors in the dust 😢 

The harsh numbers

• Crypto analyst Slorg revealed that over 30 celebrity-backed meme coins, launched on the Solana blockchain have faced an average decline of 94% 🫠 

• Even Andrew Tate's DADDY coin, which performed the best, has dropped by over 73% from its peak.

• Iggy Azalea's MOTHER coin saw a similar fate, tumbling by over 80% 👇️ 

• Meme coins promoted by celebrities have reached even global sports icons. Lionel Messi, for instance, promoted the WATER token on his Instagram, only for its value to dump by more than 85% ⚽️ 

Ethereum co-founder Vitalik Buterin criticized these celebrity tokens last month, calling them "valueless and hyped."

His sentiments underscore how the space feels about the celebrity rugs:

There were early warning signs with many of these coins 👇️ 

• On-chain analysis indicated potential insider activities and pump-and-dump schemes with almost all of these.

• Despite the allure of celebrity endorsements, most holders are now left holding the bag as these tokens continue to slide to the bottom.

• While some celebrities, like Waka Flocka. at least actively promoted their tokens until the end, most just quietly retreated.

• Promises made at the inception of these tokens, like whitepapers and airdrops, often remained unmet.

• Tate, for example, has been silent about the anticipated whitepaper for his Real World (TRW) token and the DADDY token’s associated airdrop.

In the end, the real takeaway might be that in the world of crypto, star power isn’t always enough to keep a coin afloat (duh 🤪)

The hype and glamour of celebrity endorsements can only go so far, when it comes to sustaining value and properly building an asset, fundamentals and utility play a far more critical role than just a famous name 🤷‍♂️ 

Other worthy reads

Good read on AA by Cygaar:

Euro’s guide to crypto by Alunara:

An altcoin or a memecoin?

MEMES

That's all for now, frens.

We'll meet again in a week! And remember, the market conditions are temporary, but our commitment to building a better Web3 is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

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