🔴 Breaking: Macro is Back!

🗞 Market commentary.

GM.

A Wild Crab appears and starts chopping off your profits, regardless of whether you’re a bear or a bull. What do you do?

The best strategy might just be to do nothing, as Bitcoin continues to penalize overly enthusiastic traders betting on breakouts, as well as poor bears waiting for their moment in the limelight. Additionally, today’s Consumer Price Index (CPI) report in the USA showed a 0.1% higher increase than anticipated, while the yield on US 10-year treasury notes jumped by 10 basis points to 4.47%.

Given this data, the likelihood of June rate cuts has decreased. So, will macro start to matter again from this point? Will this time be different? Is this the market top? These are precisely the types of questions the market attempts to make its participants question and then believe.

Steady lads, this might be the last shakeout before Hong Kong joins the Bitcoin ETF inflows, as they just announced heir own ETF to be approved next week.

📊 Luke’s Chart of the Day

ATAUSDT 4H Log Chart

Automata is in upward accumulation. It’s a top pick for Grant & 563 - discussed in Round Trippers and in Discord - it ticks a lot of narrative boxes, AI, Eigenlayer Attested Validator Set with the EIGEN TGE coming soon at $113M market cap, but comparable with projects like Polyhedra launching at $2.4B. This one is going to run and run. 

Watch out for liquidity issues on Binance and elsewhere - note those spikes getting sold back down. It's maybe worth a TWAP, or buy the trendline if you are lucky enough to get that again. 

High timeframe support is around 0.15c (just below the log trendline) - I will definitely buy that if we get a major washout. This level is clear as day on the weekly chart (not pictured). I think we’ll be lucky to get that again, considering the relative strength being shown today.

As always, NFA and please do your own research!

Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!

🔥 Degen corner.

Is io.net the next Render and then some? (+ Airdrop hints)

Describing itself as the "Airbnb of GPUs," io.net aims to address the significant challenge posed by the current demand for computing power for AI, which exceeds 25 exaflops, against a mere 10 exaflops of available supply. If io.net can deliver on its promise to offer services that are not only 90% cheaper but also faster than those provided by AWS or Azure, it could attract a tremendous amount of computing power.

Furthermore, io.net is currently establishing partnerships with large players of the crypto space like Aptos. Interestingly, we've taken a look at the total value locked in GPU assets, which currently stands at around $3.4 billion, surpassing even Arbitrum's TVL, which has a market cap of nearly $4 billion.

This is, in my opinion, without a doubt the next DePIN player which should start competing with the likes of Render. If you want to get your hands on the $IO token early, it’s high time to finish all these tasks and score the airdrop:

• Set up a worker node (full guide here)

• Join io.net Discord, verify your wallet and join conversations to level up your airdrop tier (join here)

• Create a Galxe ID and finish all the io.net quests here

👀 DeFi insights.

The important bits.

• Curve (DeFi) - Launches 6pools on Fantom - read

• PepperDEX (DEX) - Explanation of oPEP functionality - read

• Edge (Cross-chain liquidity) - Presents solution for liquidity fragmentation - read

• Beraborrow (Lending) - Partners with Algebra DEX Engine - read

• Celestia (DA) - Teases Bitcoin implementation - read

• Omni Network (L2) - Announces airdrop for Remilio - read

• Arena (SocialFi) - Claims top 2 SocialFi spot in ranking - read

• Schizoposters (NFT) - Teasing a new collection release - read

📰 DeFi news.

Even more important bits.

• Central banks are buying gold in record numbers - read

• ZkSync deposits are rising - read

• Friend Tech made ~$400K in revenue yesterday - read

• Meta owns the most GPUs globally - read

• USDe by Ethena is the fastest-growing stablecoin - read

🫠 ICYMI.

Life gets busy so here’s what you’ve missed.

Charting New Territories in the World of NFTs - The Nifty Island Adventure!

Podcast

In this episode of Still Early, Grant sits down with Charles from Nifty Island to dive deep into the exciting changes and buzz surrounding this virtual paradise.

Tune in on Spotify | YouTube →

Say Goodbye to Bridged Assets! An Interview with Clone Protocol

Bridged assets are out, and Cloned assets are in. In this episode of the blocmates podcast, Jedi catches up with the dynamic duo behind Clone protocol: Mark and Ku.

Tune in on Spotify | YouTube →

🐥 Tweet of the day.

To save you doom scrolling.

Ansem might be onto something here, if only someone talked about Puppets when they just started… oh wait, blocmates newsletter did ;).

🦍 And finally…

There’s a new BRC-20 on the block: NODE. Will NodeMonkes go to full-on war with Bitcoin Puppets? All I know is the Bitcoin shitcoin season is fully heating up. After the upcoming release of Runes (ERC-20 of Bitcoin), we might see a full-out altcoin and meme season right on the mother chain.