Here is the outline for the newsletter today🔥

• BAYC NFT prices fall🤯

• ProShares Bitcoin Futures ETF (BITO) Sees Record Inflows📈

• Hermès Cements Trademark Win Over 'MetaBirkin' NFTs with Permanent Ban🛑

BAYC NFT prices fall🤯

Bored Ape Yacht Club (BAYC) has witnessed a significant drop in prices due to a series of actions by Machi Big Brother, also known as Jeffrey Huang.

In a bold move, Huang dumped 19 Bored Apes on Blur in a single transaction, fetching over $1 million. This move has sent shockwaves through the NFT community and has further contributed to the ongoing volatility of the market.

Huang's recent spree involved not only selling over 50 Bored Apes but also acquiring several NFTs from the collection. These actions have added fuel to the already heated discussions surrounding the value and sustainability of NFTs.

The Bored Ape Yacht Club, viewed as one of the leading NFT collections, has experienced considerable price pressure in recent months, hitting its lowest point in Ethereum valuation since November 2021.

To put this into perspective, the floor price for Bored Ape NFTs reached a peak of approximately 152 Ethereum in April 2022. However, this figure has recently plummeted to around 33 Ethereum or $62,000, as reported by NFT Price Floor.

The decline in prices extends beyond Bored Apes, affecting other prominent Ethereum NFT collections like CryptoPunks. Both CryptoPunks and Bored Ape Yacht Club have seen their floor prices drop by nearly 8% and 7%, respectively, over the past 24 hours, according to CoinGecko data.

Nansen's Blue Chip 10 index, which tracks the top 10 NFT collections, has also experienced a 31% year-to-date decrease.

Despite the market turbulence, the Bored Ape Yacht Club collection showed a slight recovery after Huang purchased 14 Bored Apes, driving the prices up by 14% within a day.

The cheapest Bored Ape is currently priced around $74,000. Huang's activity in the NFT space has gained significant attention, particularly following a recent lawsuit he filed against pseudonymous blockchain investigator ZachXBT for defamation.

The lawsuit centers around allegations made by ZachXBT, accusing Huang of embezzling tens of millions of dollars' worth of Ethereum from a defunct crypto treasury management platform co-founded by Huang.

Not really a good move from Huang towards the crypto community in general.

ProShares Bitcoin Futures ETF (BITO) Sees Record Inflows📈

ProShares' Bitcoin Futures ETF (BITO) has experienced its biggest weekly inflow in over a year, with investors pouring in a staggering $65 million in the past week. This influx of funds breaks its previous high of just over $40 million in April, marking a significant milestone for the ETF.

BITO offers investors a regulated product that allows them to gain exposure to bitcoin-linked returns through Bitcoin futures.

The fund currently holds over $1 billion worth of CME Bitcoin Futures, making it a substantial player in the market.

The recent surge in inflows can be attributed to the growing interest in bitcoin among institutional investors, thanks in part to a flurry of Bitcoin ETF filings in the United States.

As bitcoin prices breached the $30,000 level, the demand for BITO soared, leading to this notable increase in investment.

BITO has closely tracked spot bitcoin prices, making it an attractive option for traders. Bloomberg senior ETF analyst Eric Balchunas pointed out that the fund has closely mirrored bitcoin's performance, lagging spot prices by only 1.05% annually while charging a fee of 0.95%.

This alignment with bitcoin's movements has likely contributed to BITO's popularity.

The surge in buying pressure for BITO reflects the growing interest among institutional investors for bitcoin exposure, coinciding with the ongoing bitcoin ETF frenzy in the United States.

Investment giant BlackRock recently filed for a spot bitcoin ETF, further fueling the positive sentiment surrounding the cryptocurrency.

Bitcoin prices have rallied in the past two weeks, touching $31,000 over the weekend and extending monthly gains to 14%.

While the U.S. Securities and Exchange Commission (SEC) has consistently blocked spot products from launching, the stature and history of ETF approvals associated with BlackRock have given rise to a bullish outlook for bitcoin among some traders.

Hermès Cements Trademark Win Over 'MetaBirkin' NFTs with Permanent Ban🛑

In a recent legal victory for luxury goods maker Hermès, a federal judge in Manhattan has issued an order that permanently bars digital artist Mason Rothschild from selling his controversial MetaBirkins NFTs.

This decision comes after Hermès accused Rothschild of violating their trademark for Birkin handbags with his line of 100 MetaBirkins NFTs, which are digital tokens tied to pictures of fur-covered, patterned handbags.

The jury, in February, ruled in favor of Hermès, finding Rothschild liable for trademark infringement, trademark dilution, and cybersquatting.

The court awarded Hermès $133,000 in damages and determined that Rothschild's NFT collection is not protected free speech. The recent order further restricts Rothschild's use of MetaBirkins, preventing marketing, selling, and minting of the NFTs.

Rothschild is also prohibited from making statements that could lead people to associate MetaBirkins with Hermès in the future.

Although Rothschild can retain ownership of the MetaBirkins NFTs, he is required to air drop the court order to current holders of the tokens.

The court order also requires him to give up any domain names associated with the Hermès Birkins trademark, including metabirkins.com, which Rothschild must transfer by July 15.

This legal battle highlights the challenges brands face in protecting their intellectual property in the context of NFTs. While NFTs present an emerging frontier for digital collectibles, brands must navigate the decentralized and permissionless culture that surrounds this space.

Looks like we are still not free from Web2🤔

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.