👀 BTC Must Reclaim $113.9K Fast or...

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GM, the causes for concern are concerning.

We're seeing a market-wide pullback after one of the market's most bullish weekends, especially for ETH. The old saying “never trust a news-driven pump” is on point here.

Powell blessed us with a dovish speech at Friday’s Jackson Hole event (here’s a summary), and rate-cut odds surged to 87% as of now. Some are now calling rate cuts a sell-the-news event, but in the bigger picture, I’d strongly recommend reading this explanation. Tailwinds until proven otherwise.

Looking at macro events coming up, this week will likely not be any less volatile. Most focus should be on Wednesday’s Nvidia earnings and Friday's July PCE inflation data.

Now, this current dump on BTC was caused mainly by historically sized spot selling through Hyperunit (very bullish on this one). As you can read here, the two entities sold 19663 BTC ($2.22B) and bought 455,672 ETH ($2.19B). Hence, the ETH Sunday all-time highs.

The focus remains on BTC reclaiming $113.9k as soon as possible; otherwise, especially if we see closes below $110k, this correction can drag out and bore us with another choppy season. Let’s see how today ends. I think a chance for a solid bounce is definitely there.

Nevertheless, I would focus on the upside possibilities once the market shifts back into a bullish posturing. I think after ETH’s epic comeback, Solana is preparing its revenge. We’re already seeing news around VanEck filing for a JITOSol ETF, and Multicoin Capital (amongst others) announcing their SOL DAT strategies.

With SOL/ETH looking like this, I think it’s only a matter of time until we see a Tom Lee-like figure emerge and shout about how much more decentralized, faster, and better Solana is. You know the drill.

Plus, the whale mentioned above flipping his 7-year-old BTC stack all into ETH could be a typical sign of a short to medium-term ETH/BTC top.

Lastly, I would keep an eye out for BTC dominance here. Although it’s currently dumping fast, which fuels altcoin strength, it’s also at a bit of a bouncy region. Let’s see.

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The important bits.

• Pendle crossed $10B in total value locked, read here

• f(x) Protocol managed to 161x increase their TVL, full stats here

• Nubcat memecoin is seeign widespread support on CT, see here

• Hyperunit reached $1B in total value locked, chart here

• Bulla DEX reveals their tokenomics, read here

Even more important bits.

• Hyperunit covered in new blocmates article, read here

• blocmates covered “Crypto Apps That Are Actually Useful” in new article, read here

• Arthur Hayes predicts HYPE to reach 126x its value from here, read more

• ETHZILLA (Peter Thiel owns 7.5%) just filled for another $10 billion ETH purchase, read here

• Andrew Tate lost $700K shorting Kanye West’s YZY token on Hyperliquid, read here

• Tom Lee explains why Ethereum flips Bitcoin, listen here

Charts and stats of the day.

• Over $61M worth of tokens will be unlocked this week, read more here

• Prediction markets mindshare has 4x in august alone, read here

• Wrapped staked ETH is tradign well above $5,000, see here

• Hyperliquid spot volumes on Hyperliquid reached a new 24h ATH of $3.4B, stats here

• Hyperliquid reached $1.6M fees in 1 hour, read here

• Google Trends for “altcoins” are surging, see here

• PumpFun sees a 62% decline in active wallets, chart here

Telemetry data of the day.

PumpFun + Heaven trending tokens for 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).

• Ventuals (Long-short pre-IPO companies on Hyperliquid)

To save you doom scrolling.

If you’re a top-caller, what do you have to say about this one?

Let’s end this one with a bit of knowledge drop. I couldn’t agree more with Bob Loukas here. Even though we can definitely expect more fuckery as we head into September, overly focusing on the downside isn’t safe during the last, most parabolic phase of the market.

Overly horny bears are being punished again and again. Losing hard-earned positions before the big show, especially seeing the global liquidity outlook, could be very painful. Personally, I’m being a patient bull.

stay safe homies,

Hix0n 🫡