| gm Bankless Nation,
Welcome back to the Citizen Daily Brief. It's ETH season. Are you holding? Become a paid member to get all of the alpha! Today's Issue ⬇️ - ☀️ Need to Know: GENIUS Passes
Stablecoin bill heads to President's desk. - ✍️ Cheat Sheet: Base App Opp
Opps, reads, yields, and airdrops. - 🗣️ Deep Dive: The ETH Bet
Ryan Sean Adams sounds the alarm
Sponsor: Unichain — Faster swaps. Lower fees. Deeper liquidity. Explore Unichain on web and wallet. . . . NEED TO KNOW GENIUS Bill Passes - 🧑⚖️ U.S. House Passes GENIUS Crypto Bill. The historic stablecoin regulation has passed the House and moves next to the President’s desk.
- ⛏️ BitMine Hits $1B in Ethereum Holdings. The Peter Thiel-backed miner led by Tom Lee is currently the top institutional holder of ETH.
- 🟦 Coinbase Launches Base 'Everything' App. The rebranded mobile wallet merges on‑chain finance, social networking, and AI tools.
📸 Daily Market Snapshot: ETH briefly popped above $3,500 on Thursday after the passage of the GENIUS stablecoin bill, but all eyes were on the breakneck rise of XRP which is rapidly approaching a new ATH. | Prices as of 6pm ET | 24hr | 7d |  | Crypto $3.89T | ↗ 1.6% | ↗ 12.1% |  | BTC $120,226 | ↗ 0.8% | ↗ 3.3% |  | ETH $3,473 | ↗ 2.6% | ↗ 17.2% | . . . Once a week, Citizens get access to the top Market Plays, Hot Reads, Farming Opps, and Airdrop Hunts that our analyst team is tracking! Don't miss out! 👇 . . . PLAY OF THE WEEK The ETH Bet Is Simple The ETH bet this cycle is institutional. Let me explain. The crypto bull market has been defined by one thing – institutional flows to bitcoin. BTC caught a bid as an institutional grade asset this cycle. This unlocked the largest capital pool in the world and propelled BTC to $2.5 trillion. BTC is going higher too. And because of BTC's explosive growth and dominance, people started to assume BTC would be the only institutional grade crypto asset, maybe forever. Narrative follows price. As a result, buyers sidelined the second-largest crypto asset and the network leading on tokenization, stablecoins, and bank ledger chains (L2s). They sidelined ETH. Doing so even while the institutions continued to build on Ethereum: - Stablecoins hitting all-time highs – and that's before GENIUS act which will bring supply to trillions
- RWAs growing fast with Larry Fink talking about Tokenizing the world – the market for RWAs measures in the hundreds of trillions
- Robinhood following Base in launching an L2 – the wealth of millennials and Gen Z, all secured by Ethereum
Then something strange happened. Joseph Lubin launched SharpLink Gaming – an initial boost of confidence for ETH as a treasury reserve asset. A few weeks later Wall Street legend Tom Lee launched BitMine – his own ETH treasury company aiming to surpass all others. Peter Thiel bought 9% of it. For the first time, ETH the asset had bulls on traditional media and Wall Street talking about ETH as a reserve asset and backing it up with skin in the game. The most bullish thing for ETH is to be understood. We're just one month into a horse race between half a dozen ETH treasury companies trying to buy Michael Saylor levels of ETH. Some of the largest haven't even yet launched. In the background ETH ETFs are painting numbers. Yesterday, ETH ETF inflows exceeded $717m, the largest in ETH history – on the cusp of flipping BTC flows. This is what institutional demand looks like. Still... there are many investors sidelined – after four years of lackluster price performance, many lost conviction in ETH. Even now we're still $1,200 down from 2021 all time highs. But maybe all they needed was patience. If ETH is the next institutional grade crypto asset then multi-trillion Ethereum is pre-programmed – the sideliners will be forced to catch up. The bet for ETH is simple. Institutional demand is the driver this cycle. ETH is the next institutional asset. Tom Lee said it best: ETH is the next bitcoin.
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