OVERVIEW
Est. Reading Time 5min

Welcome back 👋

Spiral's back in the kitchen, cooking up the latest crypto news.

It might seem like the world is collapsing, but institutions are still licking their lips for more crypto.

Let's dive right in!

NEWS

TECH COLLAPSE

I Don’t know about you but life since 2020 has felt like one long episode of Black Mirror.

From being locked in our homes to chaotic whether events to Hulk Hogan ripping his shirt of at the Republican national convention, live on TV.

Well last week sealed the deal, we definitely are in an episode of black mirror.

Thanks to a wonky software update from CrowdStrike, Microsoft machines everywhere from airlines to hospitals had a meltdown.

Planes were grounded, hospitals postponed surgeries, and even emergencies services had a temporary “out of order” sign.

It’s like the global economy caught a virus from a bad download!

The Big Picture - Crypto Saving Grace

While the traditional financial system reeled from a massive IT outage, Bitcoin and Ethereum remained rock-solid.

Banks, airlines, and hospitals faced chaos, but the crypto industry stood firm.

The decentralized nature of blockchain ensured Bitcoin stayed unaffected, showcasing its resilience against global tech vulnerabilities.

This stability amidst the turmoil reinforces Crypto’s appeal not only as sturdy investment but a superior technology essential for mankind’s day to day life.

We are still very early in this new technological revolution.

There are many crypto protocols out there that are solving centralization issues in a variety of sectors like;

• Healthcare

• Governance

• Science & Technology

• Entertainment

• Shipping & Logistics

• Environment

So the next time you are at the dinner table and a family member pokes fun at crypto remind them of this event.

NEWS

Germany — The Biggest Loser

This story is too wild not to share and shows that even nation states can make rookie crypto mistakes.

Remember the guy who bought pizza with 10,000 BTC?

Well, Germany just claimed the biggest loser title since then!

On July 13, Germany sold 50,000 BTC seized from the movie piracy site movie2k, netting $2.87 billion.

They made a profit of $740 million, having bought it for $2.13 billion in January.

Sounds smart, right?

Nope, that was their biggest L in history…

Right after their sale, Bitcoin prices soared by 16.55%…

Adding to the hilarity, Germany now has a whopping 0 BTC in their holdings, effectively making it a third-world country in the crypto space.

This chart is going down in history as one of the worst financial decisions ever…

This whole episode is a classic lesson in crypto timing and why even governments should brush up on their crypto strategies.

Spot Ethereum ETFs are set to hit the Chicago Board Options Exchange (CBOE) on July 23, 2024

NEWS

Ethereum Set to Fuel Bull Run

Ethereum (Eth) channeled its inner Jordan Belfort and gave the SEC and Gary Gensler the boot…

Spot Ethereum ETFs hit the Chicago Board Options Exchange (CBOE) on July 23, 2024!

Yes, you heard that right, the boomers at the SEC caved and approved trading of Spot Eth ETFs.

Gary Gensler right now…

Performance of Eth ETFs

Ethereum ETFs launched with a bang on July 23, raking in $100 million in net inflows.

But the next day?

Not so hot, with $113.3 million in outflows 🤯

The culprit?

Grayscale Ethereum Trust (ETHE), which saw $326.9 million in outflows.

Why?

Grayscale converted ETHE into a spot Ether fund, making it easier for investors to sell and sell they did… 👇️ 

Is this Bad?

Nope, it's just capitalism!

Early Grayscale investors are cashing in, similar to spot Bitcoin ETFs, which also saw early outflows.

So, no need to panic, it’s all part of the game!

When Can We Buy Lambos? 🤑 

Not quite yet, young Padawan!

This is great news for crypto holders, but don't expect immediate bullish movement.

Spiral Take —

We should see a shift from bearish to bullish momentum in crypto prices.

However, with the November elections four months away, anything can happen.

Just last week, there was an attempt on Trump’s life!

For now, anyone holding altcoins, especially Ethereum Layer 2 projects, should sit tight and… you guessed it, WAIT!

Remember, most retail investors are still out of crypto.

Expect them to flock in post-November.

Why?

Because they always do. Check this out 👇️

FEEDBACK

What did you think about this week’s news?

Did anything surprise you?

Do you have any questions or need clarification on any topics we covered?

Drop your thoughts below. We love hearing from you!

Your thoughts, insights, and even your critiques help us make Spiral Strategies better and more aligned with what you need.