🧐 Crypto Week FAILED. Is Altseason Still Happening?

GM, the top callers are in shambles (again).

Yesterday`s dip has already been erased, even though it was caused by pretty significant news around the highly expected crypto bills’ failure to pass the US House procedural vote. There goes our “crypto week”.

In addition, we saw a bounce on the dollar index (DXY) after quite a long time. It’s just a bounce for now, but it’s definitely worth watching.

Nevertheless, crypto is fully back in bull mode as I type this. As we mentioned plenty of times, every possible reason for the market to go down is continually being V-reversed.

Risk assets simply refuse to back down, likely because global liquidity is still hovering around all-time highs without any significant dips.

More importantly, Bitcoin's dominance is fading again, while ETH/BTC appreciates even during BTC dips. The more this goes on, the more it signals a change of tune for the market, favoring alts.

As for SOL/ETH, it looks cooked, but at the same time, it should bounce relatively soon (check Luke`s Discord channel for a reference chart). If that happens, we should definitely watch how the household names, especially memecoins, on Solana react.

Lastly, just to be aware of the bearish scenario, what we don`t want to see is BTC back below around $114k. At that point, the likelihood of a deeper retracement heightens. Bull goggles on for now, though.

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The important bits.

• Altitude reached $15 million in $BTC and $ETH deposits, full stats here

• HyperUnit teases DOGE spot coming to Hyperliquid, read here

• Ethena`s USDe supply is expanding, positive token loop expected, read more

• Project X is giving out $10k worth of kHYPE to creators, join here

• PumpFun initiated a PUMP token buyback from revenue, see here

• Mog Coin featured on Binance US, see here

• Rysk Finance launches onchain PUMP calls, try it out here

Even more important bits.

• Citigroup is considering issuing its own stablecoin to facilitate digital payments

• Crypto exchange BigONE lost over $27M in a hot wallet exploit

• PayPal to expand its PYUSD stablecoin to the Arbitrum network

• Base is teasing an evolution day for today, watch trailer here

Charts and stats of the day.

• HyperEVM users count rises steadily, now around 20k

• Aave TVL bottomed at ~$5.4B in Dec '22, currently up ~10x from the lows

• Fluid protocol flipped Jupiter and Venus in TVL, full stats here

StalkChain spots the next big meme coins early by tracking top wallets and smart money moves in real-time.

See what whales are buying, follow top-performing traders, and analyze token trends before the crowd.

PS: Use code BLOCMATES for 20% off, but shhhh it's our little secret

PEPEUSDT 1D Binance-Futures Log Chart

I’m putting Matt Furey’s frog back in to bat. We featured Pepe before the last breakout around 0.01. I think it’s done consolidating here. Liquidity below was taken on the wick yesterday, and we’ve already had two previous stabs to break the resistance above. This current push should do it. The MACD (at bottom) is showing strong momentum.

Massive ETH strength usually means Pepe follows soon after. The levels to target are 0.0204 and then the all-time high at 0.0282.

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!

Time to go kPoint farming on Kinetiq

Kinetiq has to be one of the most hyped (and successful) launches on Hyperliquid`s HyperEVM to date.

Not even a day after launch, Kinetiq already boasts over $420m in deposits.

This is obviously a massive success and tells us that kPoints will most likely offer a lot of value in the future.

To get your hands on kPoints, simply start using Kinetiq and stake your HYPE.

HyperEVM farming guide 2.0

Research

Since we`re already yapping about HyperEVM, here is a real treat for you: a guide to 20 new protocols by Grat himself. Enjoy!

To save you doom scrolling.

Important lesson for us all here, recommended reading. Drill this into your mind and never get caught FOMOing.

Yesterday, we ended the newsletter on Berachain, and it seems that now is the perfect time to start noticing.

BERA is currently bouncing off the bottom, and the timeline seems more than excited about the implications of the new Proof of Liquidity proposal. What do you think? Will Beras have their time in the sun?

stay safe homies,

Hix0n 🫡