🚫 ETF Inflows? Forget About It... Zero!

🗞 Market commentary.

GM Retardios.

At least, that’s how this price action makes me feel lately. The chop continues, and there’s not much to dive into except an important line in the sand: if we see Bitcoin closing under $58-59K, the endlessly repeated low level to watch, we are due for more pain. So far, we are safe, and the chances of the $60K area being an area of opportunity are still the ones to count on. Nevertheless, we always ought to be prepared for multiple scenarios in this business.

Today’s ETF flows are not adding excitement to the market either, as we see—reads notes—exactly zero inflows for IBIT, GBTC, and ARK.

The only ones enjoying these particular days seem to be holders of Trump-related memecoins, which are undoubtedly poised to rise later in the year as Trump continues to blow the crypto trumpet and as this cycle and election year blooms further. I mean, just check this mogger. I’m expecting way more of this.

📊 Luke’s Chart of the Day

ENQAI/WETH 1D Log Chart - Uniswap

Discussed on Round Trippers, small cap AI play EnqAI looks to be reversing here. You can’t see the recent volume on this chart, as most of it was via Coinex. The purple box is a good buy zone as we retest the support level.

The Uniswap chart above shows the Point of Control better at 0.031. This is a play into NVDA earnings (22 May) and the GPT5 launch at the end of the month—if NVDA beats again, we should see a halo effect for our magic internet AI ponzis.

563 Has given EnqAI the ‘not vapourware’ stamp of approval - a rare accolade in the crypto AI space. I would watch how we react to NVDA earnings and into GPT5 hype. If we close the weekly below 0.031, you probably want to cut the trade.

NFA as per usual, please always 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.

Will Arbitrum rise back into the spotlight?

The ARB token and its holders have suffered quite a brutal opportunity cost and a drawdown on top of it. Is there a chance for this token, or at least the L2 ecosystem?

Statistics definitely speak in favor of Arbitrum. Not only are the daily active addresses on Arb reaching new all-time highs, but we’re also seeing the same happening with surging transaction numbers. Once ETH/BTC finally puts up a fight, it will be time to scout inside the Arbitrum ecosystem. More on that soon.

👀 DeFi insights.

The important bits.

• Core DAO (BTC DeFi) - Introduces Symbiosis exchange - read

• Unstoppable (DeFi) - Releases DCA feature + guide - read

• Ionet (DePIN) - Partners with Zypher - read

• Mantle (L2) - Learn more about rewards and Mantle Missions - read

• Tapioca (DeFi) - Releases Tapioca Genesis testnet - read

• Fantasy (SocialFi) - Releases details about Hero Score v0.3 - read

• Redacted (DeFi) - New pxETH / WETH 170% APR farm on Balancer - read

• Kodiak (Berachain DEX) - Partners with Gummi - read

📰 DeFi news.

Even more important bits.

• SEC’s Gensler asserts many tokens are securities - read

• US House votes to overturn SEC guidance on crypto custody - read

• VanEck subsidiary MEMECOIN index is live - read

• Optimism adds L3s to its superchain - read

• Trump Blows the Crypto and NFT Trumpet - read

• Ark Sells 70k Coinbase Shares Worth $15 Million - read

🫠 ICYMI.

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

Podcast

Carrying on with the social-fi theme, Grant & 563defi have done a dive into the narrative across various chains and collated their top projects to keep an eye on in Q2 of 2024.

Tune in on Spotify | YouTube →

🐥 Tweet of the day.

To save you doom scrolling.

The poor guy got mogged by a live chart in front of students. Lesson? Don’t be a bear.

🦍 And finally…

It seems like we have a nice dip on Fantasy cards right now. I’m still playing the tournaments, and I see this SocialFi platform has staying power.

Recently, I’ve heard alpha about small accounts with high engagement having the same tournament power as the pricy, big accounts. Time to find some hidden gems.

If you haven’t already… hit the subscribe button and get the coolest welcome email in crypto!