NUMEUS GROUP

User-friendly applications, like those championed by Coinbase, are driving mainstream adoption of blockchain technology, built on the robust security of Ethereum’s L1. These applications are now helping Ethereum-dependent blockchains like Base reclaim market share from competitors like Solana, which previously relied heavily on memecoin trading to generate activity and revenue. 🔵 Explosive Growth: Base's rapid rise in monthly active users, as shown in the first image, highlights its growing dominance in the L2 space, attracting both users and developers. 🔵 Market Share Reclaim: Ethereum-dependent blockchains like Base are taking back market share from Solana and other competitors, showing the strength of platforms built on Ethereum’s solid foundation. 🔵 Developer Magnet: The influx of builders on Base is accelerating its growth, further boosting its appeal as a leading L2 solution. 🔵 User-Friendly: Base's intuitive interface simplifies blockchain interactions, making it accessible to a broader audience and fostering wider adoption. 🔵 Scaling Power: With lower costs and faster transactions, Base is becoming the go-to platform, drawing users away from other L2s and Solana. 🔵 Ethereum’s Backbone: Base's reliance on Ethereum’s L1 ensures robust security and decentralization, crucial for maintaining user trust as the platform scales. 🔵 Synergy and Stability: The success of Base and similar platforms is deeply connected to the stability and security of Ethereum’s L1, proving that innovation and a strong foundation can lead to reclaiming market leadership. However, to truly realize the potential of blockchain, we need more applications across various blockchains with strong fundamentals, where users don't even realize they are interacting with blockchain technology. In light of recent government overreach and censorship, blockchains might find their product-market fit out of necessity, offering a decentralized alternative that preserves freedom and privacy.

🔻 Ethereum ETFs have been on a 4-day losing streak, shedding $98M on July 29 alone. 🔻 Grayscale's ETHE has been the main culprit, losing a staggering $1.7B since its conversion. That's a whopping 18% of its pre-conversion AUM! But don't lose hope just yet! Some ETH ETFs are shining bright: 🟢 BlackRock's ETHA is the star of the show, attracting a massive $500M in inflows 🟢 Bitwise's ETHW is close behind, with $276M flowing in 🟢 Fidelity's FETH is holding its own, raking in $244M Analysts are optimistic that ETHE outflows might calm down this week, potentially giving the ETH price a much-needed boost! In general there is still a massive supply of ETH locked in various ways, which will lead to a limited supply eventually since ETF's are exploring the option to stake Ethereum as well. 📍 For context, BTC ETFs went through similar growing pains. GBTC outflows hit rock bottom on day 7, at 13.2% of the original fund. 📍 A BlackRock bigwig has revealed that there's a strong institutional appetite for ETH exposure via ETFs. The big boys are ready to play!

FORTEUS is excited to attend BTC Nashville this week! We are looking forward to connect with industry partners and investors. Please reach out to Thomas Chladek and Jackson McGonagle if you’re attending and want to connect. #BTCNashville #Forteus #Numeus

We are pleased to share the Hedge Fund Alert article published last week re: FORTEUS. This includes several exciting recent business developments, as well as background regarding our founding partners. Please reach out if you'd like to learn more. Thank you Hedge Fund Alert

For the confirmed Ethereum ETFs launches today at 9:30am ET, it's crucial to understand the nuanced dynamics of potential inflows, outflows, and their impact on the market. Let's break down the data: Inflow Projections: 📍 Industry estimates range from $500M to $2B per month. 📍 That data suggests $800M-$1.2B of monthly inflows. 📍 These projections are based on market cap weighted averages of Bitcoin ETF inflows. Supply Dynamics: 📍 Current staked ETH: 33.4M (117 Billion) 📍 This represents approximately 28% of total ETH supply 📍 Staked ETH effectively reduces the liquid supply, potentially amplifying price movements Liquidity Factors: 📍 ETH has lower liquid supply compared to BTC due to: a) Native staking (33.4M ETH) b) Supply locked in smart contracts (9.1M ETH) However, the liquidity gap isn't as wide as perceived: 📍 ETH's orderbook depth (±2%) is about 80% of BTC's Potential Outflows: 📍 ETHE (Grayscale Ethereum Trust) conversions could lead to initial outflows 📍 Unlike GBTC, ETHE has been trading near par value for months, potentially mitigating sell pressure 📍 Grayscale's new "mini trust" with competitive fees may retain more assets Reflexivity and Ecosystem Impact: 📍 ETH price increase → Increased DeFi activity → Higher ETH burning rate → Reduced supply → Further price increase 📍 $68B of value locked in Ethereum DeFi protocols (20M ETH) 📍 ETF inflows could trigger a positive feedback loop in the broader Ethereum ecosystem Comparative Analysis: 📍 ETH ETF flows are expected to be proportional to market cap relative to BTC 📍 Global crypto ETP data suggests market cap weighted allocation is the dominant strategy Additional Considerations: 📍 Potential rotational flows from BTC ETFs to ETH ETFs 📍 TradFi understanding of Ethereum's value proposition 📍 Possibility of staked ETH ETFs in the future, offering yield opportunities This data paints a picture of a complex, interconnected ecosystem where ETF flows could have far-reaching implications. However, it's crucial to note that while these factors may significantly influence mid- to long-term trends, short-term market movements are often driven more by prevailing narratives and sentiment. (Source chart ASXN)

As we approach the launch of Ethereum ETFs on July 23rd, the investment landscape is poised for significant change. Here's what you need to know: 📍 Fee Structures: Most providers are waiving fees initially to attract assets. Grayscale, however, is taking a unique approach with its existing trust and a new, more competitive product. 📍 Market Estimates: Projections from major banks suggest average monthly inflows of around $1 billion. Standard Chartered Bank is particularly bullish with a $2 billion/month estimate, while JP Morgan is more conservative at $500 million/month. 📍 Global Trends: Data from Hong Kong and European markets provide valuable insights: - Hong Kong ETPs show a slight overweight towards Bitcoin compared to Ethereum (85:15 AUM ratio vs 75:25 market cap ratio). - European ETPs generally mirror the market cap ratios of major cryptocurrencies. - These trends could indicate potential allocation patterns for U.S. Ethereum ETFs. 📍 Existing Product Dynamics: Unlike its Bitcoin counterpart, the Ethereum trust has been trading close to par value for months, potentially reducing selling pressure at launch. 📍 Comparative Analysis: The ratio of Bitcoin to Ethereum in global ETPs tends to align with their relative market capitalizations, suggesting a possible benchmark for U.S. ETF allocations. These factors combined suggest a potentially smoother launch for Ethereum ETFs compared to their Bitcoin predecessors. (image source: ASXN.xyz)

Mt. Gox Resurfaces: $6.1 Billion in Bitcoin on the Move Important Context: Most of the Mt. Gox creditors were given options for claiming their Bitcoin, including the ability to receive funds directly on exchanges like Kraken. Therefore, any movement of these funds to exchanges should not be automatically interpreted as sell pressure. Such transfers are likely part of the planned distribution process rather than immediate intentions to sell. In a significant development for the cryptocurrency market, Mt. Gox, the defunct Bitcoin exchange that collapsed in 2014, is reportedly moving 95,870 BTC (approximately $6.1 billion at current prices) to unknown addresses. This event marks a crucial moment in the ongoing saga of one of the most notorious incidents in Bitcoin's history. Mt. Gox, once the dominant player in the Bitcoin ecosystem, handling 70% of all transactions in 2013, filed for bankruptcy in February 2014 after losing 850,000 BTC. The repercussions of this collapse have lingered in the cryptocurrency market for nearly a decade, and the current movement of funds signals a potential resolution for creditors and a test for market stability. A 2022 study by the Blockchain Research Lab, updated with today's Bitcoin price of $64,000, provides valuable insights into the scale and distribution of creditor claims: Creditor Claims Overview: - Total Recognized Creditors: 22,560 - Aggregate Claims: Now valued at approximately $51.6 billion in BTC/BCH, plus $48.1 million in fiat currencies - Notable: Only approximately 2.1% of Mt. Gox's reported 1.1 million active accounts filed claims Distribution of Bitcoin Claims: - Mean Claim Value: 39.3 BTC (approximately $2.5 million at current prices) - Median Claim Value: Now approximately $256,000 - Concentration of Claims: The top 1% of creditors account for over 50% of all claims Planned Repayment Structure: - Anticipated Total Repayment: Now valued at approximately $10.5 billion (20.4% of total claims) - Assets for Distribution: 141,686 BTC (worth $9.1 billion), 142,846 BCH, and 69.7 billion JPY Potential Market Implications: - Large Creditor Focus: An estimated $5.4 billion (84,650 BTC) is expected to be distributed to the top 226 creditors - Market Concerns: While large movements to exchanges may occur, these are likely part of the planned distribution process - Mitigating Factors: Some claims may have been acquired by investment firms or hedged could reduce immediate market impact.

Excited to be in Brussels with the team for ETHcc one of my favourite cities! Reach out if your around. #ETHcc #Ditialassets #Ethereum #Tokenomics

📈 FTX’s future $16 Billion Payout: A Hidden Bullish Catalyst for the Crypto Market • FTX is set to distribute in cash to its customers soon. • Estimated $16 billion will flow back to FTX customers by end of 2024 or Q1 2025. 📍 Key Dates • August 16: Voting deadline for FTX customers. • October 7: Judge Dorsey’s decision on plan approval. • If approved, FTX intends to reimburse creditors within two months. • Majority of FTX users are crypto-savvy and likely to reinvest their funds. • This influx of cash could lead to substantial buying pressure in the crypto market. 🔎 Detailed Recovery Insights • Administrative Claims: 100% recovery. • Secured Principal Claims: 109% recovery. • Dotcom Customer Claims: 126% to 140% recovery. • US Customer Claims: 123% to 131% recovery. • Non-Customer GUCs Claims: 126% to 131% recovery. • Total Claims & Recoveries: 123% to 138% recovery.

🇨🇭 Switzerland keeps marching forward with private companies delivering services that clients want, in a solid legal framework that stands the test of time. 1/3 of all Swiss citizens already having access to crypto in the institutional way. Big congrats to our Portfolio Company Sygnum Bank for enabling all those other banks to join the financial revolution. 🎉