šŸ˜± It's Over for Crypto: 3 May Day Warning Signs

PLUS Deeez nutzzzz meet the nftperp Gā€™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 alsoā€¦ 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.

šŸ§‘ā€šŸ’» Join the Discord | šŸ„ Follow Twitter | šŸ“Š Sub to YouTube & Spotify

Need to know.If youā€™ve only got 2 minutes.

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

DeFi insights.šŸ–¼ Mildays 3x in 20 minutes as ERC-20 token pumps to $200mšŸ“… Solana Saga mobile ready to orderā€¦ are you buying?šŸ¦§ Degen corner: nftperpā€™s gangster nuts storyline unfolds

In the news. šŸ® Jaredfromsubway.ethā€™s sandwiches make $6m šŸ» Su Zhu claims harassment against Arthur Hayesā€™ TweetsšŸ‘ØšŸ»ā€šŸ’¼ What the FED?! Donā€™t jinx it!

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

šŸ”„ The big story.To make you think.

šŸ˜± Itā€™s OVER, JUST GO AWAY! (but please donā€™t stop reading!)

Thatā€™s what Bitcoin said to me in a dream last night.

$BTC Bonking in May | Trading View

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

Letā€™s be honest, weā€™ve had a fantastic four months in the markets. Now letā€™s take a short breather for summer and then bag up some hopium for a Christmas rally.

As the ā€œsell in May go awayā€ self-fulfilling prophecy continues to play out, letā€™s look at three topping signals you shouldnā€™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 Alograndā€¦

Aside from DeFi and Centralised Exchangesā€¦ the market markets are next in the crosshairsā€¦ If retail were using VPNs to trade on Binance (the USā€™s most hated exchange) then chances are larger entities were.

Rewind to the Luna collapse, where Jump and Jane Street were market-making USTā€¦ a ā€œsh*tcoinā€ 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.

Jump and Jane Street are thinking about an exit from Crypto

Guess this means... selling their current positions?

Here their wallets and portfolios to keep track of their movements:

šŸ§µšŸ‘‡

ā€” Unlocks Calendar (@UnlocksCalendar)

May 9, 2023

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

A pleasure meeting Her Excellency SCA CEO Dr Maryam Al Suwaidi and His Excellency Ahmed Jasim Al Zaabi, Chairman ADGM.

A welcome message: ā€œWe regulate through engagement, not enforcementā€.

ā€” Brian Armstrong šŸ›”ļø (@brian_armstrong)

May 9, 2023

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 ā€˜21, as did Shib in November ā€˜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 ā€œbill for the peopleā€ and now does it all again in a fun, animated and harmless way that will end in tears for many.

Iā€™m not pumping $BEN or $BAM. These are guaranteed not rug pulls. I put my name and credibility behind both.

These is a meme coin transition happening. Iā€™m going to be consolidating a lot of my memecoins into $BAM. Iā€™ll be taking profits from $BAM & going back in to some.

ā€” Ben Armstrong (@Bitboy_Crypto)

May 10, 2023

Not a cool look for the crypto community.

Warning Sign 3: Itā€™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 Hamptonsā€¦ 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 youā€™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 blocmatesā€¦ weā€™ll still be larping on trying not to get chopped up asking ourselves ā€œWhy didnā€™t we sell in May!ā€

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

šŸ‘€ 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)

šŸ“Š Degen corner.Charts, smart money or a degen idea.

Deeez nutzzzz meet the Gā€™Nuts

A crew of 1,500 Mafia Nuts from 5 of the underworldā€™s most dangerous families.

In the heart of the nutty underworld, a tense alliance has been forged among five notorious families. With their kin locked away, they've been forced to unite against a common enemy

The architect of their plan? Jose, head of the Acorns

[ā¤&šŸ”„ā†’šŸ–¼ļøā€¼]

httpp

ā€” nftperp.xyz (@nftperp)

May 9, 2023

Weā€™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 gā€™nut roulette and the next part of this nutty story.

šŸ—ž 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 yearā€™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 ā€œdeathā€ 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)

Fed expectations are shifting again after CPI showed inflation at 4.9%.

Futures now see a 38% chance of rate cuts beginning in July, much sooner than previously expected.

Odds of an additional rate hike this year are down to 15%.

Keep in mind, the Fed has stuck by their 2%ā€¦ twitter.com/i/web/status/1ā€¦

ā€” The Kobeissi Letter (@KobeissiLetter)

May 10, 2023

šŸ‘ØšŸ»ā€šŸ’¼ What the FED?!

Donā€™t jinx itā€¦ It seems like a quiet week from the FED next week.

What happens next week?

After inflation continues to drop...

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šŸ„ Twitter reads.In case you missed it.

@0xjaypeg TLDRā€™s Arthur Hayes latest article.

Arthur Hayes articles too dense for you?

I read every article and summarize them so you don't have to

Here's the summary for the most recent article: The Denominator

šŸ“–

ā€” jay (@0xjaypeg)

May 9, 2023

@alpha_pls, speculation of an airdrop on Polygons zkEVMā€¦ remind me of this tweet in 1 yearā€™s time, please!

"There is no rule that an existing token can't do a massive airdrop."

Think that's confirmation that you will be rewarded for using Polygon's ZKEVM down the line.

ā€” Aylo (@alpha_pls)

May 10, 2023

@EclecticMethod remixes ā€œcrypto brosā€ is probably the best thing to hit the internet this week.

@BradSherman THE REMIX!!!!!!!!!!!

ā€” Eclectic Method ā™»ļø (@EclecticMethod)

May 10, 2023

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

blocmates team šŸ«”

šŸ¤ A final word.

A quick word from our super awesome sponsors who help us make this all possible...

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