🚀 BTC Eyes $123K—Breakout or Pullback First?

Before we get into today’s newsletter

ether.fi Cash: earn while you spend.

ether.fi Cash is the real-world spending product we DeFi natives have been waiting for for so long. Finally, we can ditch on/off ramping while still having access to real-world spending, at unbelievable terms.

• Earn 9% on stables, 7% on ETH, 2% on BTC, with HYPE and SOL on the way.

• Spend it directly with no fees on the sale, and earn 3-5% back on every purchase—debit or credit.

• Use borrow mode, which functions like a real-world AAVE account in your pocket. Automatically swipe to borrow up to 70% LTV against your whole portfolio, avoid selling, and pay 4% fixed interest with zero fees on the spend.

• Keep self-custody, earn big yield, and never pay for instant withdrawals or have your money stuck in a CEX again.

GM, the vibes are on point.

Last week’s hopium posting is living up to its hype, especially with PUMP now steamrolling Bonk, regaining its top revenue rank off a 441% volume increase, and taking the #1 spot in newly graduated tokens. The PUMP token itself is also starting to look promising here.

With BTC hovering around $120k, all eyes are now on $123k, the previous all-time high. Understandably, all hell breaks loose above that level (in a very positive sense). Nevertheless, in the short term, there’s a possibility of heading a bit lower first, perhaps filling up this CME gap.

If there’s a pullback this week, the spark might be US inflation data for the month of July. Here are the main dates to watch out for.

Speaking of macro, the trade war just took an interesting turn: Nvidia and AMD agreed with Trump to provide the US with 15% of revenue from chip sales in China to remove export controls. Are there more individual company trade deals coming up?

Lastly, even if pullbacks happen, they should be short-lived, as is tradition lately. The M2 money supply is once again heading higher, which will also be reflected in the global liquidity chart (we’ll check on this one in the upcoming days).

Overall, everything’s lining up nicely. The only real question is: how long can it last? I feel like it could be longer than many expect, especially considering the global liquidity outlook into 2026. Check out this cycle outlook, for example. If this plays out, there’s still a lot of fun ahead.

✍️ Advertise with us | 🧑‍💻 Join the Discord | 🐥 Follow on Twitter
📊 Sub to YouTube & Spotify

👇 And if you haven’t yet, hit subscribe below 👇

The important bits.

• Plasma reached $1 billion UST0 TVL on day one, details here 

• Giza covered in a new blocmates research article, read here

• INFINIT AI agents explained in a new thread, read here

• Kaito AI has overhauled its leaderboards, cutting down on spam, full updates here

• Layer Zero proposed to acquire Stargate’s STG, read here

• Heaved DEX token generation event is happening today, read here

• PumpFun announces big news for this week, read here

• Chailink Reserve concept explained in a new thread, read here

• Ethena reached $10 billion USDe supply, read here

• Curve Finance hit an all-time high in monthly users, full stats here

Even more important bits.

• The official Ibiza Boss token is down more than 90%, chart here

• Eric Trump says, "It puts a smile on my face to see $ETH shorts get smoked”

• President Trump accuses Nancy Pelosi of insider trading

Charts and stats of the day.

• Ethereum ETFs saw over $326.83M inflows last week, slightly surpassing Bitcoin ETFs

• The top 10 stocks now account for a record 40% of the S&P 500

• Retail Traders now account for more than 20% of total equity options

• Fear & Greed Index climbed from 64 last week to 70 today

• Ethereum ETH flips MasterCard to become the world's 22nd largest asset

• Erik Voorhees, early Bitcoin evangelist and founder of ShapeShift, sold 6,581 $ETH

Telemetry data of the day.

It’s PumpFun time again.

• Trending PumpFun, 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).

Tech season.

Looking at the Kaito narrative stats below, it’s clear as day the tech season is back. Interestingly enough, interoperability is crushing even AI, which got massively boosted by recent Chatp-GPT 5 release.

As you might have noticed, our favorite pick for interoperability season is Stargate Finance. There’s a chance the STG token will finally emerge from the massive accumulation pattern and head higher for the first time since 2022.

If you want to dig deeper into this one, go no further than our latest IRL interview:

• Hyperwave (Hyperliquid, DeFi) - Season 1 allocation increased, join here

• Strata (Structured yields on Ethena)

• EdgeX (Hyperliquid-like mobile app)

To save you doom scrolling.

Recommended listen, especially as we head into the final bull run season.

If the market truly heads into the most bullish phase sometime in Q4, your FOMO is a real danger to be aware of.

Fear of missing out leads to over-rotating, chasing the daily or weekly runner, only to see it dip the week after. Then again…

If you have your conviction positions settled, it might be wiser to be patient rather than chase the flavour of the week. Even a bull run can be destructive; beware!

stay safe homies,

Hix0n 🫡