🚀 Are Altcoins Ready Again? Let's Prepare:

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GM, it’s a Big Week.

Time to do some prep work. A whole lot of froth just got wiped from the market—and that’s a good thing. But the real question now is: was that it?

The target of $113-110k we discussed since early last week was reached, and now it’s time to paint a new map. We want to see the $113.6k level defended to become confident that this is the bottom. The longer that’s valid, the higher the chance of markets charging higher.

On the other hand, if BTC dips back under and starts spending time there, there’s a possibility it could go all the way to around $107-108k area. Interestingly enough, this view aligns with Madz’s latest take—definitely worth a follow if you don’t already.

Things certainly look more promising than scary, especially regarding possible altcoin entries. Bitcoin dominance is getting slapped down again today, and that’s not all.

Check out our favorite indicator: altcoin open interest versus BTC open interest. As you can see here, alts are cooled off pretty significantly; the worries around a more long-term top should be put on a shelf, for now.

I would recommend keeping a close eye on this one to know when it’s time to derisk (seeing “others” line cross with “BTC”). You can monitor this yourself here.

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The important bits.

• GenLayer explains their core feature: decentralized AI, read here

• Altitude explains their philosophy behind 0% interest rate loans, read here

• Fuel network hosted a community call with Sway, listen here

• Stargate releases Weekly Adoption update, read here

• REI project covered in new blocmates research article, read here

• Ethena’s USDe market cap reached $10b, chart here

Even more important bits.

• Satoshis’ statue recovered from Lake Lugano after vandalism

• A former NCA officer has been jailed for 5.5 years after stealing 50 Bitcoin

• Arkham uncovered a $3.5 billion Bitcoin hack, full breakdown here

• James Howells ends 10-year search for his BTC wallet ($950m value)

• Rumours circulating China issued a new ban on crypto trading

• President Trump says the US will 'boom' in five or six months from now

• Bessent says, "We are exploring new possibilities in decentralized computing and digital payments.”

• Strategy bought 21,021 BTC between July 28 and August 3 for $2.46b

Charts and stats of the day.

• CME Solana futures saw a massive 252% surge in trading volume to $8.1B

• Bitcoin mining difficulty just hit an all-time high of 127.6T

• Total stablecoin market cap has grown by $61 billion since January

• BonkFun has maintained 80%+ market share for 11 days

• Odds for September rate cuts rose to 89%

• The Mayer Multiple shows Bitcoin is far away from the cycle top

• Over $13B in shorts will be liquidated if the price of $BTC goes up by ~10%

• PumpFun revenue is at its lowest since May 2024

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Telemetry data of the day.

• Whale moves over the last 24H:

• Trending tokens over the last 24H:

If you want to access more of this type of data and trade freshly graduated tokens on PumpFun of Bonk, visit Telemetry here (it`s free).

4chan memes meta.

It’s interesting to see some very selective pumps happening in the Solana memespace ath the moment.

You might have noticed Troll streamrolling the timeline as it pumped around 400% off the bottom. Are we at the beginning of an OG 4chan meme meta?

If this is true, I have an interesting candidate for the next runner: Giko, the first meme cat of the internet.

It’s currently leaving a very long, rounded bottom accumulation, so far on quite low volume. Nevertheless, if you remember NUB, these types of charts can blow up at any minute.

Highly risky! Not financial advice.

To save you doom scrolling.

Michael Howell, the “Grandfather of Global Liquidity,” appeared in a new podcast and confirmed what we’ve been discussing since last week.

The macro backdrop is still very bullish, even though we’re now in the latter stages of the cycle. Recommended listen!

stay safe homies,

Hix0n 🫡