丨Summary and extension of important nodes in the crypto market in May丨

3 phenomena and corresponding views🔻

1. The total market value increased by 8.6% that month. The main reason for the increase was attributed to the approval of ETH ETF. The increase of ETH on the day of approval was more than 20%

2. The discount rate of Grayscale's Ethereum Trust (ETHE) continued to decrease, reaching a three-year low, and was 1.4% as of the original report statistics

Grayscale's asset portfolio has become an important indicator of ETF since the $BTC ETF

Although the outflow of GBTC later brought selling pressure to the market, considering the mutual hedging of the incremental ETFs, it has not brought much impact to the market. The current price of Bitcoin is still above 70,000

3. The wind of RWA is coming. With the arrival of ETFs, an indicator that many people have overlooked is that the tokenized US Treasury bond RWA track has grown by 80% this year. BlackRock is an important promoter or supporter behind this phenomenon, accounting for nearly one-third of this growth, followed by Franklin Fund, whose share is also close to BlackRock

📍It is worth mentioning that the tokenized L1 chosen by BlackRock is ETH, while Franklin Fund is Horseshoe and Stellar Chain (there may be no newcomers in the market who pay attention to Stellar Chain at present)