💲BTC SFP, 2021 Top Fractals, and Jackson Hole Ahead:

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GM, another Big Week commences.

It seems the Bears are finally getting their (hopefully short-lived) time in the limelight. Coincidentally, this pullback arrived right after Coinbase Institutional decided it’s a great idea to pull out a full-on altseason shilling thread. Who would have thought.

Shortly after, the longs started getting rekt at the speed of 100 million dollars per hour. Appreciated.

Oh well, where do we go from here, then? For now, BTC needs to get back above the levels we warned about last week, with the first being around $116.8k. If it continues to fail, the odds are stacking in the direction of recent lows at $111-112k, perhaps with wicks a bit lower.

Here’s a great deep dive into possible short-term price action, especially for this week.

What’s driving the fear right now is this SFP, and you can bet the timeline will soon be flooded with 2021 top fractals. To be fair, the warning signs are certainly not to be underestimated here, and we could see another drawn-out consolidation for BTC here.

The picture should be clearer after this week. For now, it’s worth preparing for volatility, as multiple macro events (full list here) are coming up, with Friday’s Jackson Hole and Powell’s speech as the highlight.

Maybe the meme signals can save us, though. For those who didn’t notice, Capo is back calling for “much lower”, so let’s pray the Meme Gods are watching.

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The important bits.

• Fuel Network explains CLOBs next-gen technology, read here

• INIFINIT is launching V2 public beta tommorow, join here

• Shadow Exchange as a DeFi powerhouse explained in a new blocmates article, read here

• Almanak reached $25 TVL, announcement here

• GenLayer features Rally, AI decentralized marketing, read here

• Ronin Network announces migration back to Ethereum, read here

• Uniswap makes a new all-time high in layer 2 share, full stats here

• Layer Zero will see $51.91M in tokens this week, read here

• Infinex announces HyperEVM integration, announcement here

• Rysk Finance’s sustainable yields explained in a new blocmates article, read here

• Liminal Finance announces xTokens, explaination here

• Ethena is teasing a new perp. DEX built on Hyperliquid, read here

• HyperBeat on Hyperliquid raised a $5.2M seed round, read here

Even more important bits.

• Crypto asset treasury companies explained in a new blocmates article, read here

• Why crypto VCs are raising too much money explained in a new blocmates podcast, listen here

• Jeff from Hyperliquid comes back to a new podcast, read here

• A co-founder’s exit from Story Protocol has sparked heavy backlash online, read here

• Thailand will launch “TouristDigiPay” on Aug. 18, read here

• Federal Reserve ends program that increased bank scrutiny of crypto, read here

Charts and stats of the day.

• Metaplanet bought another 775 BTC worth $93M (total 18,888 BTC), read here

• ETH L1 transactions are at all-time highs, gas fees are at all-time lows, full stats here

• HyperUnit reached $1 billion in TVL, full stats here

• Solana is now the biggest chain for USDC share, full stats here

• The S&P price-to-earnings is about to take out the dot-com record high, chart here

• SUI daily active addresses hit a 3-month high, chart here 

• Heaven is closing in on its 3rd consecutive day as #2 in token launches, chart here

Telemetry data of the day.

Currently, all the rage is happening on Heaven. Let’s check the trending tokens on this launchpad:

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).

Back with the memecoin calls.

After the NUB call we made on July 1st (receipts here) and the massive 1000% run that followed right after, I think I found the next candidate to do the deed.

Bear in mind that the markets might experience a week or two of turmoil, so we might get a chance to buy this one on dips. Or perhaps it rips straight from here. I wish I could know.

Nevertheless, here’s a full thesis for CUPSEY. Of course, just my opinion, not financial advice.

• Blind (Vibecoded launchpad)

• Modulr Cloud (Robotics)

• Sorya (AI website & app building)

• Z.Ink (SVM Layer 1) - Airdrop season announced for September

To save you doom scrolling.

Recommended listen here. I’m personally watching the LIQD chart to gauge when HyperEVM season comes back. My guess is sometime during September. Let’s see.

The crypto shenanigans are currently on full display. In times like these, it’s worth considering the macro drivers, such as constantly rising global liquidity, and keeping the bigger picture in mind.

It remains to be seen if this pullback ends shortly or drags us into the end of August. Nevertheless, there’s no evidence yet that dips aren’t opportunities. Good luck out there.

stay safe homies,

Hix0n 🫡