Dave Abner

@EricBalchunas This is the way!

Here's the since inception returns (if this were an active MF back in day this manager would be on cover of WSJ a la Mark Mobius hailed but it's an ETF that tracks an index so less attn but it is absolutely taking active bets). And you can listen to ep here: bloomberg.com/news/articles/…

ADDITION BY SUBTRACTION: What happens when you take the MSCI EM Index and start kicking out autocratic countries with low freedom scores (eg China, Russia) and use that excess budget to load up on freer countries? You crush the benchmark. $FRDM is beating $EEM by double since launch and 3x in past year. ETF tripled to $2.6b this year. We spoke with PM @Perth_Tolle about it on the latest episode of Trillions. Check it out in link in the next tweet OR on Spotify et al.

@HHorsley Solid hobby.

Does sitting on the porch drinking a beer count as a hobby.

@etf_central Great article.

Who really makes the ETF market? Nicholas Phillips breaks down the misunderstood role of Authorized Participants and the true risk takers behind ETF liquidity. 👉Read here: etfcentral.com/news/the-etf-m…

@leidengcfp What do you mean by grand-parent owned 529?

Under new FAFSA rules, distributions from grandparent-owned 529s no longer count as income for the student, which was previously a concern. (8/9)

"I want to save for my kids' college, but it affects financial aid too much." I've been hearing this concern a lot lately, and here's why it's often overblown: 👇 (1/9)

@HHorsley Amazing news, congratulations!!!

My wife and I are expecting a baby girl in September, our first, and I’m so fired up for it.

@EricBalchunas @JSeyff 😂😂

@JSeyff Alex, I’ll take ‘Things You Tweet on Saturday Night at a Bachelor Party in AC’ for $400

What’s

@NateGeraci Closed end funds narrow to flat upon conversion. Textbook.

Grayscale Ethereum Trust discount has gone from nearly 50% to 1.5% in 1yr... Was 20%+ just before "surprise pivot by SEC" in mid-May.

@HHorsley @bitwise 👀

Keep an eye on @bitwise tomorrow. Something cool.

@JayJacobsCFA Happy Fathers Day! Welcome to the club.

It’s my first Father’s Day today as a dad. By far the best part of parenthood has been exploring the world with my son and seeing everything through a new lens. Huge appreciation for all the parents out there raising the next generation.

@ppearlman What about living in my own fabricated reality?

Denying reality is a tough road.

@NateGeraci End of month would be an unreasonably long delay for no reason!

*Don’t know anything*, but will be surprised if spot eth ETF S-1s not approved by end of month… No reason for delay. Heavy lifting already done following eth futures ETFs & spot btc ETFs.

@teddyfuse It’s like watching Death of a Bitcoin Salesman in Slow Motion!

MetroNorth + Large Ice Dunk classic combo

@DaveNadig @tomowenmorgan @Barry_Ritholtz Looking amazing, just ordered.

Phenomenal long-read on attention, defensive ignorance and learning to literally see more. Cognition and awareness are even more trainable than the rest of our bodies yet few folks work at it like gym rats. Cc: @tomowenmorgan @Barry_Ritholtz

@EricBalchunas Enjoy my adopted city! Miss it.

Morning jog views (London edition): old school pub along w/ some perfect overcast clouds

@biancoresearch I think there is a lot of movement going on, changing of positioning for safety/compliance concerns. However, it’s also consolidating at a higher base than ever before, and ETF existence probably creates some base level of buying, dampening volatility.

All the Spot BTC ETFs just finished a record 19-day streak of inflows, seeing ~$4 billion of new money (orange box below). This includes the second-largest daily inflow of $887 million last week (June 4). During this streak, BTC's price went from $66.9k on May 17 to $66.9k now. In other words, a record daily streak of $4 billion of new money and no upward movement in price? Why? Two possible answers. 1. We all have it wrong. Despite all the record inflows and talk of TradFi adoption, these are really tiny numbers that just don't matter enough to move the price needle. 2. These record inflows should matter, but there is an offset. Money is moving from on-chain to the Spot BTC ETF, and really, very little new money is coming in. It's just a bunch of swapping around. Which do you subscribe to? Or a third option? Remember the question: Why is the BTC price not responding to the record Spot ETF inflows? The record BTC high was March 13 at $73k.

@sashahodler It’s a good theory, if it weren’t completely wrong. There are plenty of ETFs that are created with borrowed assets, it doesn’t cause a problem with the market, it’s just how things work. It has nothing to do with re-hypothecation, that’s just a big confusing word. @NateGeraci

Coinbase is rehypothicating its prime lending customers’ bitcoin to fund the ETFs. That’s why the price isn’t pumping. They are settling w borrowed bitcoin instead of buying new bitcoin. Shame on Brian Armstrong for this one…

@michael_venuto Wow!! Nice work.

Monster fish today

@FrankMakrides @EricBalchunas @BlackRock @Fidelity @jpmorgan @SECGov This can’t be a serious question at this stage of ETFs, right?

@EricBalchunas can you please explain to me how we have had record amounts of fund flows into the $BTC ETFs and we are still range bound? It seems to me that @BlackRock @Fidelity & their market makers @jpmorgan should show us exactly what they're doing with their funds - @SECGov

@NateGeraci @hannahdlang @ChrisPrentice Days!!!!

More re: potential spot eth ETF launch timing… SEC Chair Gensler says it depends on how quickly issuers respond to SEC queries. Never know, but doesn’t sound like SEC trying to unnecessarily delay anything here. via @hannahdlang @ChrisPrentice

@DaveNadig @DavidDziekanski @Todd_Sohn Maybe instead of worrying just be prepared for most eventualities. And then go about life.

I know folks run this chart all the time (concentration) - like this from @Todd_Sohn today - and everyone always says not to worry about it. When do we worry? When top 5 are 40%? 50%?