☝️ Bitcoin Dominance Strikes Back - What Does This Mean For Alts?

GM trenchers.

We had a nice little flush from yesterday evening into this morning. It wasn’t anything dramatic, but it was just enough to trigger a wave of top-calling and panic across the timeline. Now, being cautious and preparing for a larger flush is completely fair at this stage.

That said, signs all around still point to higher, but I agree with Nik`s take here, especially for those riding a lot of leverage.

Looking at the Open Interest data here, the cross we warned about yesterday hasn’t happened yet, which is a good sign. If you missed yesterday’s commentary, definitely check out the explanation and keep your eyes peeled.

Bitcoin dominance also pumped a bit yesterday, which is, contrary to popular opinion, a good thing. Once Bitcoin dominance tops out for good, it usually means we’re close to the cycle peak. We definitely want to see BTC continue higher so that we can be blessed with even larger altcoin pumps later.

On the macro side, everything is also setting up nicely: indices are skewed to the upside ever since the tariff panic bottom, plus the economic surprise index is still in the negatives. If you remember our commentary from April, we broke down how this indicator historically marks good, longer-term buy areas.

When it comes to macro and long-term outlooks overall, I can recommend following this account.

Lastly, there`s a surprisingly big uptick in trend for “crypto gaming”. Maybe it’s time to check some charts from around these parts. See you tomorrow.

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The important bits.

• Fuel network explained in a new blocmates article, read here

• GenLayer explained in a new interview, listen here

• INFINIT offers 20 AI agents for complex DeFi strategies, try them out

• Altitude explains how to migrate your loans, read the guide here

• Fomo users can now send tokens to other users, try here

• Sophon SOPH token claims end July 28th, claim yours here

• Tari is hosting Tari Show spaces tomorrow, listen here

• Peaq featured in a new blocmates interview, watch here

• IMF launches a vote on which memecoin to implement next, read here

• VORTX launches prediction market creation on Hyperliquid, try it here

• Arbero launches OHM bonds and new yield vaults today, join here

• Hyperliquid native USDC is coming, rumours here

Even more important bits.

• CNBC interview says, “Ethereum is the largest beneficiary of GENIUS Act”

• Figma files for IPO at a $16.5B valuation, reveals $70M in Bitcoin ETFs

• Nvidia CEO says “Ethereum will be quite valuable”

• Robinhood launches ETH and SOL staking

• GameSquare just announced plans to increase its ETH Corporate Treasury from $100M to $250M

• Joseph Lubin says the next Saylor-style treasury pivot won’t be in BTC - it’ll be in ETH

• SEC says ETH is not a security

• CoinWatch launches a terminal to see what market makers are doing in real time

• Coinbase launched perpetual markets in the US

Charts and stats of the day.

• Last 2 weeks, Hyperliquid has only had 3 days of revenue below $3M

• The amount of staked ETH hits new all-time highs

• Dogecoin open interest hit an all-time high

• Sharplink now holds ~360,807 ETH

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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).

The comeback of Ethena.

DeFi is coming back with a vengeance, especially when it comes to stablecoin projects, which are now massively boosted by the GENIUS Act in the US.

One of the flagship protocols fitting this meta is Ethena. Yesterday, Ethena announced quite a massive plan in collaboration with Stablecoin X, read here.

For us as market participants, this is likely the central part:

“Starting today, the Ethena Foundation subsidiary (via third-party market makers) will use 100% of the $260 million cash proceeds from the token sale to strategically purchase $ENA across publicly traded venues over the coming weeks, further aligning the Foundation’s incentives with those of StableCoinX shareholders.”

Here`s a great breakdown and interview with Conor Ryder of Ethena Labs:

Lastly, it`s a bit too pumped at the moment, but dips are for buying on this one (IMO).

To save you doom scrolling.

Bitlord with some solid bull market advice:

Right now, we`re seeing majors run really, really nicely. The thing everyone is worried about is: “how come trenches are dead? Why aren’t small caps pumping”?

If we learnt anything from history, it’s that liquidity always moves from top to bottom. Right now, some great charts are available in the SOL ecosystem (as you know, my favorites are NUB and MLG), ending half a year or more accumulation periods. This is a good take by the Bonk Guy, also.

Also, if you’re worried about the market cycle ending, here’s a nice breakdown of the so-called “Rolex indicator”. There’s still time.

stay safe homies,

Hix0n 🫡