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GM, the magnet is working.
As mentioned yesterday, there’s a massive pool of liquidity sitting around $120K BTC, with over $18 billion worth of shorts possibly getting rekt if the price squeezes all the way up there. And looking at ETH, the bears aren’t safe on that front either.
Nevertheless, all eyes are now on previous BTC and ETH highs - take this chart as an example. If both coins fail to charge higher above them confidently, there’s still a chance for a deviation, with a final swipe lower, perhaps during the second half of August into September—just something to keep in mind.
Looking at this setup, something like this would be perfect. So to reiterate: even if BTC is going for new highs from here, the previous ATHs likely become a typical market fuckery area. Be prepared.
At the same time, it’s crucial to keep our eyes on the prize:
We should not forget how insatiable the bid for crypto is right now. Even if there’s more chop or pullbacks, we now live in a world where the ETFs keep bidding, treasury companies are piling into ETH and actually matching the ETF volumes, with Sharplink Gaming alone having $2 billion worth (announce another $200m bid now), and on top of all this, Trump just announced the inclusion of crypto into 401(k) retirement plans.
But ser, what about shitcoins? Yes, of course.
For now, altcoins look great and not slightly overheated (see our open interest favorite indicator down here). Pair this with the fact that BTC dominance looks like this, and an army of reply guys saying there will never be another altseason, and we’ve got a recipe.
Final thoughts on this in today’s “and Finally” section below.
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The important bits.
PreStocks is launching today on Solana, join and trade pre-IPOs here
Jupiter announced partnership with PreStocks, read here
Mira explains how its incentive design scales AI verification, read here
Jumper implements Hypercore withdrawals and deposits for Hyperliquid, try it here
INIFIT published a full IN airdrop guide (launching today), read here
Fuel Network’s DEX Microchain is rising in volume, check here
Vana AI covered in new blocmates research, read here
Dolomite offers 8.3% APR on ETH, join here
Heaven finished its public sale, details on launch here
Drip Trade explains ERC-H20, the new Hyperliquid token standard, read here
Dinero covered in new Reflexivity Research article, read here
f(x) Protocol reached $300,000,000 TVL, read here
Even more important bits.
Rumble says it will integrate the Bitcoin Lightning Network for tips
Trump is set to sign an executive order today allowing crypto investments in 401(k)
China to allow a new crypto stablecoin, days after a crypto ban
Trump says there will be a 100% tariff on all semiconductors entering the US
Bank of England cuts interest rates by 25bps to 4%
President Trump signs an executive order imposing an additional 25% tariff on India
Charts and stats of the day.
US inflation index shows inflation keeps dropping
Avax DeFi market share is growing rapidly
Aave continues to flip big banks in AUM
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Telemetry data of the day.
We may see the Bonk eco go on a bit of a counterattack move here. So, let’s check out trending coins for both PumpFun and Bonk today:
Trending PumpFun and Bonk coins, last 24H:
Source: Telemetry
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 (Private markets, Hyperliquid)
Blitzo (MegaETH)
Docker (Fund longing on Zora)
SHOW ROBOTICS (Robotics)
Superform Foundation (Superform protocol)
To save you doom scrolling.
Today, on the episode of CT:
As always, the path to glory will be littered with traps and scary macro posts on the timeline. But overall, if we are optimistic for the longer term, is there really a better time to bet than now?
It’s just my opinion, but I’m more afraid of losing the train seat than seeing a little red on the screen before we take off. And by “little red,” I mean -30% on higher cap alts if BTC decides to retest $110k or swipe even lower first.
Lastly, for the astrology bros, check this one out. If the charts don’t fail us during the next few days, I have a feeling Chopgust could actually turn into Upgust. It’s looking promising.
stay safe homies,
Hix0n 🫡
