Beyond ETH’s Rally

Welcome back to The Warmup.

Happy Friday, we’re riding higher than Trump will when Powell is out, kicking off the weekend with a win from the $BLSH IPO and plenty to celebrate.

Here’s what we’re watching:

• Market Snapshot

• Is Chasing ETH Betas Really Worth It?

• $BLSH IPO: Another One for the Win Column

• Is Frugality Gen Z’s New Flex?

• What We’re Watching

Market: Crypto majors cooled off with broad red across the board. Meanwhile, AERO, LEO, PENDLE, and HYPE bucked the trend, showing relative strength among altcoins.

Is Chasing ETH Betas Really Worth It?

What’s going on:

Ethereum is pushing toward new ATHs, and many traders are looking at the “ETH beta” trade. This means buying tokens that usually move even more than ETH when it goes up.

Think liquid staking and restaking projects, big DeFi protocols, popular Layer 2s, companies that hold a lot of ETH in their treasury, and even the biggest memecoins.

In theory, when ETH’s price rises, the value of ETH locked in these projects also goes up, which should push their token prices higher.

In reality, it hasn’t played out that way.

Over the last month, only 4 out of 14 (28%) of these “ETH beta” tokens have done better than ETH. And of those, only Ethena has seen a big jump.

Some, like SharpLink, are actually down even though ETH is climbing.

What it means:

These high-volatility altcoins can pump harder than ETH in the short term, but they often fall harder too, and many lose value over time because of constant token unlocks.

ETH, on the other hand, has steady demand from ETFs, institutional buyers, and staking that locks away +30% of its supply.

While chasing alts can be exciting, sometimes the smartest move is the simplest one… just hold ETH.

$BLSH IPO: Another One for the Win Column

On Wednesday, we told our members $BLSH was lining up for a big day-one move.

The setup had everything: IPO momentum raging, big money backing from JP Morgan and BlackRock, a crypto angle through Coindesk, and a market in full risk-on mode.

Fast forward to today… it delivered.

Early buyers saw volume explode right out of the gate, with $BLSH ripping from $37 all the way to $118.

The stock was halted for trading due to volatility at least twice within the first few minutes.

Bullish ended its first day at $70 (a 90% gain) giving the crypto exchange a market cap above $10 billion.

This is why we plan the trade before it happens: so when the stars align, you’re already in position. No chasing, no guessing, just execution.

The next one’s coming. The only question is… will you be in early?

Is Frugality Gen Z’s New Flex?

Here’s the latest article Brian was featured in and it’s a must-read for anyone curious about how Gen Z is rewriting the money playbook.

Brian dives into how they’re turning frugality into a true power move, swapping mindless spending for minimalism, making every purchase intentional, and using tech hacks to make saving feel effortless.

This isn’t about sacrifice, it’s about stacking freedom and living life on their own terms.

Want to see the mindset shifts and money tricks that are making “owning less” the ultimate status symbol?

• Crypto exchange Gemini launches wallet

• MetaMask is set to unveil plans for new stablecoin

• Ark Invest buys +2.5M $BLSH shares on day of NYSE debut

Bond market volatility has dropped a lot, and that’s usually a sign the Fed wants to keep things calm.

When bonds are stable, big investors can borrow more against them, which pumps more money into the system.

More liquidity often means higher prices for stocks and Bitcoin.

— The Warmup Team

Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.