The ETH futures ETF has been the topic last week, but that was all. To be honest, I didn’t expect such a non-event, but more of a little pump with a sell off.

On the other hand, I’ve been pretty sure that this ETF won’t do much to the liquidity situation. That was the reason why I said that it’s actually good that the BTC spot ETF got delayed.

In Europe are ETFs available, but there’s no demand for them right now. The effect of an approval would just fizzle out after a short lived hype.

On-Chain

The liquidity situation is still unchanged, but stables seem to be bottomed. And you can see pretty well that stables got sold into assets during the last pump. Even if I repeat myself, inflows are required to have sustainable rallies.

Arbitrum is currently the winner. With $127.65m in 7D net inflows, it’s far ahead from no.2 Optimism with $24.37m and no.3 Era $16.82m.

DeFi activity is still on a low level with more than 5x less action than it’s ATH this year. Let’s see if Arb season can change that when grants are in full swing.

Social is also 6x down, but Friend Tech is still doing a wopping $7.33m in fees per week.

Linea is one chain that points out with TVL and activity increase due to its Voyage campaign. But it requires KYC as I’ve heard.

All in all it seems like everyone is waiting for Arb season to come.

DeFi Updates

New project is coming to Mantle, Aurelius. A lending protocol with its own stablecoin $AUSD

Launch will be in October and there might be an advantage for $OATH holders, since the platform has its own token, too. But not sure if simply holding $OATH is enough or if you have to stake $bOATH.

I’m a little surprised that Mantle is still struggling a little. Tbh it doesn’t feel like it’s fully launched yet and it might take some more time. I’m still bullish on it, lots of quality projects there. It could need some more ponzinomics to draw some attention.

More bridging options to Mantle, good for Mantle.

BTC to Cosmos! Not sure if it brings more users, but definitely a cool move.

For my taste Cosmos still feels too fractionalized and I as a hardcore DeFi user is saying that.

Not much info about IntentX, but I have the feeling this is going to make some waves.

Two new analytics platforms. Both still in beta.

Spot on Chain is pretty cool and I’m using it regularly. I recommend trying it.

I have one ref. code left, so first comes first.

Haven’t used Alphanomics much yet. Lots of features aren’t available yet.

Investing

As everyone else I’m also waiting for Arb season. Currently farming some $ARB and loading up some coins I have the highest conviction for the big Arb showdown.

$GMX, $RDNT and $PENDLE are my biggest bets here.

Macro

Sometimes it’s good to unplug from all the charts and stats and have a look how people are actually doing in real life.

The system is broken and we all know that!

Don’t get me wrong… I expect the system to survive longer than some people think. Especially the USD, that will be the last to fall. The structure of the current system will fight as long as possible and this will manifest itself in unrest or inflation.

But at some point a monetary reform is likely, let it be CBDCs or the same crap under another name again.

No matter if it will take another decade or it will happen tomorrow. If you don’t play your cards right, you’ll be on the loser side.

So let’s have a look what happened in Germany when they got rid of their Reichsmark (RM) and implemented the Deutsche Mark (DM).

Often the Weimarer Republic gets pulled up as the prime example for inflation. But the US is in a completely different situation as the Weimarer Republic has been. So don’t fall for doomsday callers who compare them! It probably takes another two or three cycles until the US comes to a point where they have to think about a monetary reform.

BUT in this process, politicians are creative to keep the dead system artificially alive and they might push a reset earlier. Who knows what’s actually happening behind the scenes and what’s the real situation.

One thing is for sure! You will pay for it, if you miss to protect your wealth. The same applies to the EU or every other state.

Back then the Government in Germany printed too much money because of the war etc. We leave out how they got into that situation for now and go straight to the point when they made the switch from the RM to DM.

And no, politicians never learn, if you’re asking. They will always do the same dumb thing or something similar.

During the currency reform in Germany, 1948, assets and debts were treated differently. Current payments such as wages and salaries, rents, social security pensions and pensions were converted from the Reichsmark to the DM at a 1:1 ratio. So basically everything that brings taxes.

Private wealth was exchanged at a 15:1 ratio. Bank account owners were only able to freely dispose of half of the converted amount and the rest was locked for a certain period of time. With a vesting period of… na, just kidding!

Nothing has changed. Your money is actually NOT your money when you deposit it into a bank account! Oh, actually fiat money is not your money in case of a monetary reshape either!

Debt was converted at a ratio of 10:1. This meant that private assets were expropriated more than debt.

For a 100 RM you only got 6.5 DM, but 100 RM debt was converted to 10 DM. So you were left with a bigger stock of debt, if you had some.

On the other hand, the government's debt (bonds) were declared worthless. This way the state could get rid of its unpayable amount of debt. I’m sure, the current politicians wouldn’t do that, right!?

Did owning assets protect from the arbitrariness?

Yes and no. Real estate owners could keep their property, but had to pay a special tax with a fancy name, „Lastenausgleichsgesetz“ (Burden Equalization Law), over the next 30 years.

At this point I want to ask you how many people bought real estate with debt today and how many could hold their property? You will own nothing and you’ll be happy. (Sorry, just a little tinfoil fauxpas)

The moral of the story is to own non-seizable and non-taxable assets, which can be owned without the knowledge of the state.

If I could come up with such an asset…

Stay Sexy!

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