😱 It's Over for Crypto: 3 May Day Warning Signs

PLUS Deeez nutzzzz meet the nftperp G’Nuts

GM Legends,

Did Elon just pump Milday to fund Tesla??? or a new dev team for Twitter?!

Who knows. What we do know is inflation is coming down, Bitcoin is also… still coming down, and general market sentiment is hanging on a knife edge.

Today we look at 3 warning signs that marked the top featuring Pepe, Cantering Clark and Bitboy.

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If you’ve only got 2 minutes.

The big story.
😱 It's Over for Crypto: 3 May Day Warning Signs

DeFi insights.
🖼 Mildays 3x in 20 minutes as ERC-20 token pumps to $200m
📅 Solana Saga mobile ready to order… are you buying?
🦧 Degen corner: nftperp’s gangster nuts storyline unfolds

In the news.
🐮 Jaredfromsubway.eth’s sandwiches make $6m 
🐻 Su Zhu claims harassment against Arthur Hayes’ Tweets
👨🏻‍💼 What the FED?! Don’t jinx it!

Plus Twitter reads from @0xjaypeg, @alpha_pls and @EclecticMethod!

🔥 The big story.
To make you think.

😱 It’s OVER, JUST GO AWAY! (but please don’t stop reading!)

That’s what Bitcoin said to me in a dream last night.

$BTC Bonking in May | Trading View

If you’ve read some of our past issues, you would have seen this chart feature a few times.

Let’s be honest, we’ve had a fantastic four months in the markets. Now let’s take a short breather for summer and then bag up some hopium for a Christmas rally.

As the “sell in May go away” self-fulfilling prophecy continues to play out, let’s look at three topping signals you shouldn’t be ignoring.

Warning Sign 1: Jump Crypto & Jane Street say Bye Bye!

Two of the most prominent crypto market makers are unwinding positions, bowing out and heading to fresher pastures among increasing US regulatory scrutiny, unclear rules and a very confused SEC Chair, Gary Gensler, who once fully supported Alogrand…

Aside from DeFi and Centralised Exchanges… the market markets are next in the crosshairs… If retail were using VPNs to trade on Binance (the US’s most hated exchange) then chances are larger entities were.

Rewind to the Luna collapse, where Jump and Jane Street were market-making UST… a “sh*tcoin” dressed up as a stablecoin, which is probably not the most legal of things to do.

It feels like Jump & Jane are quietly bowing out before they get a knock at the door.

PS. Here's a look at their wallets.

Not only that, Brian from CoinBase has been making friends in Dubai, while Bittrex is filing for bankruptcy.

Warning Sign 2: $PEPE euphoria

Oh Pepe, why did you have to do this?

Every crypto cycle ends with a meme, and Pepe getting listed on Binance did that.

Doge did it in April ‘21, as did Shib in November ‘21

Once the euphoria dies down, there is always one more exit pump marked by influencers in a position of power.

Kinda like Bitboy.

He used his community as exit liquidity, then became the SBF bounty hunter to pass through his “bill for the people” and now does it all again in a fun, animated and harmless way that will end in tears for many.

Not a cool look for the crypto community.

Warning Sign 3: It’s a self-fulfilling prophecy

Jedi recently sat down with Trading Legend Cantering Clark who highlighted that seasonality is more than just a meme and has been happening since the 60s.

Taxes have been harvested, and liquidity and volume are lower while traders who made it are packing suitcases heading to the Hamptons… and rightly so!

Our Take

If cash is King then patience is Queen.

Unless you have an undeniable edge in these markets then kick back, relax, rebuild any losses or enjoy the gains you’ve made as there is always another opportunity to be had.

That's the beauty of crypto. There will always be another time.

As for us at blocmates… we’ll still be larping on trying not to get chopped up asking ourselves “Why didn’t we sell in May!”

Obviously, none of this is financial advice, as Grant’s going to get sunburnt somewhere, Jedi will be out surfing a shark, and I’ll be trying not to fall off the side of another mountain.

👀 DeFi insights & project updates.
Project updates, governance reports and industry secrets.

The World of DeFi

  • Beradrome - According to mici626 something big is coming today. (Twitter)

  • Cozy Finance - Launches Cozy V2 a protection marketplace to hedge against risks like smart contract hacks, depeg. (Twitter)

  • Equilibriafi - Pendle liquidity boost campaign is live on Arbitrum until May 27th boasting 6000% APR for stakers. (Twitter)

  • GND Protocol - Generate $200k in revenue and add a $LOTUS pool. (Twitter)

  • Injective - Pepe is coming. (Twitter)

  • Pudgy Penguins - Raise $9m led by 1KX after a leadership change that has driven an increased focus on utilising intellectual property. (Twitter)

  • Prime Protocol - A cross-chain prime brokerage goes live on mainnet and launches an early adopter program. (Twitter)

  • Solana - gets decoded on Dune Dashboard for the very first time. (Twitter)

  • Solana Saga - You can now order your Solana mobile phone. (SolanaMobile.com)

  • Sparta Dex - A first look at $SPARTA and the official SHO (Strong Hold Offering) on Dao Maker coming later this month. (Twitter)

  • Unstoppable Defi - Community call will be hosted on Friday, May 12th. (Twitter)

  • Y2K - V2 is coming, here are the important features you need to know. (Twitter)

Governance Updates

  • Aave Grants - 6 New projects have been allocated grants by Aave Grants. Find out who they are and what they do. (Twitter)

  • Lido Finance - V2 on-chain vote scheduled for May 12th. If passed will go live on May 15th. (Twitter)

  • Merit Circle - Proposing to restructure the investment committee into a treasury committee. (Merit Circle)

📊 Degen corner.
Charts, smart money or a degen idea.

Deeez nutzzzz meet the G’Nuts

A crew of 1,500 Mafia Nuts from 5 of the underworld’s most dangerous families.

We’ve spoken about nftperp in the past before and they have been slowly dropping Twitter threads on their up-and-coming NFT collection.

Which family will you support, Almonds, Cashews, Acorns, Walnuts or Peanuts?

Follow this tweet to play g’nut roulette and the next part of this nutty story.

🗞 In the news.
The important bits.

  • Jump Crypto & Jane Street hit eject as they begin to wind down operations in the USA. (CoinDesk)

  • Jaredfromsubway.eth sandwiches traders for millions as Eigenphi breaks down the numbers with profits exceeding $6m. (Substack)

  • Elon pumps Milady NFT collection by almost 3x after making a meme post on Twitter. Pump and dump tokens soon followed as one pumped close to $200m MC. (Twitter)

  • IRS claims $44bn from FTX bankruptcy for unpaid partnership and income taxes. (Cointelegraph)

  • Su Zhu claims harassment by Arthur Hayes over Tweets asking to return the $6m 3AC owes after last year’s collapse. (CoinDesk)

  • Ethereum deposits > withdrawals as meme season comes to an end and Eth hodlers put their tokens to work. (CoinDesk)

  • Epic Games CEO bullish on the metaverse. Tim Sweeny laughs off the “death” of the metaverse as the public perception is formed around Meta (Facebook) and not from the likes of RuneScape, Fornite and World of Warcraft. (Bitcoinist)

  • Inflation slows to 4.9% coming in less than expected. (CNBC)

👨🏻‍💼 What the FED?!

Don’t jinx it… It seems like a quiet week from the FED next week.

🐥 Twitter reads.
In case you missed it.

@0xjaypeg TLDR’s Arthur Hayes latest article.

@alpha_pls, speculation of an airdrop on Polygons zkEVM… remind me of this tweet in 1 year’s time, please!

@EclecticMethod remixes “crypto bros” is probably the best thing to hit the internet this week.

And on that note, thanks for reading, catcha apes in the next edition!

blocmates team 🫡

🤝 A final word.

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