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Did curiosity killed the GameStop cat?

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Keith Gill, the influential retail trader Roaring Kitty, made a humbling return to his livestream after a lengthy absence, coinciding with a tumultuous period for GameStop (GME) shares.

Bitcoin gained $2 billion in inflows last week, while Ether had its best week of institutional buying since March. This continued a five-week trend of over $4.3 billion flowing into crypto investment products, according to CoinShares.

Wintermute CEO Evgeny Gaevoy has sparked a debate within the Ethereum community, calling out leaders for what he sees as a “massive contradiction” in their economic philosophy.

Today’s Newsletter

  • Did curiosity killed the GameStop cat?
  • Bitcoin ETFs see 3rd-largest daily inflow amidst rate cut anticipation
  • Ethereum’s leadership struggles with contradictory economic ideologies

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BITCOIN

Bitcoin ETFs see 3rd-largest daily inflow amidst rate cut anticipation

Trading volume in crypto exchange-traded products increased 55% to $12.8 billion for the week. Bitcoin led with over $1.97 billion in inflows, and Ether saw nearly $70 million, its highest since March.

Interest rate cuts are bullish for Bitcoin because they typically increase liquidity and boost risk appetite, leading to increased investor appetite for higher-yielding assets like crypto. The recent crypto inflows can also be tied to factors like the SEC approving spot Ethereum ETFs in May. [cryptobriefing]

MEME COINS

Did curiosity kill the GameStop cat?

Gill started the stream with a cast and a bunch of bandaids, symbolizing the $200 million blow he suffered due to the surprise $75 million GME stock offering by the company. This unexpected move led to a 25% tumble in the stock price during Friday’s morning session.

Gill’s return to social media following a 3-year break that concluded with his testimony before Congress. Gill, whose substantial position in GameStop, found himself on the cusp of billionaire status as the stock soared to $67.5 during Thursday’s after-hours trading. Gill’s actions have repeatedly demonstrated the power of individual investors to shape market trends and challenge institutions. [cryptobriefing]

ETHEREUM

Ethereum’s leadership struggles with contradictory economic ideologies

Gaevoy, in a recent post on X, asserted that Ethereum must choose between supporting either a capitalist or socialist economic system, arguing that attempting to do both is untenable.

Gaevoy contends that many within the Ethereum community, especially its “elite,” are trying to “solve capitalism” by claiming that products built on the platform should only be respected if they serve worthy ends, such as healthcare or art. However, he believes this stance contradicts the inherently capitalist nature of blockchain technology. [cryptobriefing]

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