💎 ETH Is Back! But, Are We Heading Into The Summer Of Chop First?

GM, it’s time to pray for a dip.

Right now, the market just refuses to let anyone on the sidelines get in—even slightly lower prices remain out of reach. The strength across the board is undeniable.

Still, as Luke mentioned on today’s Shitcoin Church episode, if a pullback is coming, early June is the most likely window. Historically, in strong bullish conditions, we tend to see a local bottom form in the first week—or by the start of the second week at the latest—before resuming the move higher.

Once again, if BTC drops below $107k (happening now), the chances of a pullback period increase. That said, it’s hard to imagine a move below $100k in the current setup.

However, if we do get a higher timeframe close under $100k in the near future, we need to acknowledge that it significantly raises the odds of a choppy, drawn-out summer. And importantly, a prolonged sideways/downtrend doesn’t signal the end. It signals opportunity.

On the macro side, we just got the usual dose of tariff drama, with judges trying to ban Trump from applying tariffs, and not even a day after getting their decisions overturned. Nothing ever happens.

Now more than ever in this cycle, it’s time to start focusing on the ETH/BTC ratio. If there ever was a year for ETH's comeback, it’s 2025. We can already see the ETF inflows picking up big time. More on this below in the Degen Corner.

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The important bits.

• Giza AI agents reached +67% performance on stablecoins, read more

• Somnia features a new MMORPG game Pixscape, play here

• INFINIT crypto research is now available, try prompting and researching here

• Premia features “The Portfolio Margin system (Kyan)”, learn more here

• Sophon announces “Sophon Home Beta”, secure your position early here

• Magic Newton's agentic AI project summarizes big news from past week, read here

• Tari’s token XTM is now live on Ethereum mainnet, check contract address here

• Upside increases spot

• FXN Protocol joins OPEN Stablecoin Index, read full proposal

Even more important bits.

• Bybit was granted a MiCa license in Austria

• US Labor Department withdraws 2022 warning against crypto in 401(k)s

• Pakistan announces to establish a Strategic Bitcoin Reserve

• New York City plans to issue Bitcoin Bonds

• BlackRock is reportedly planning to acquire up to 10% of Circle’s IPO shares

• Russia’s central bank has approved limited crypto derivatives trading

• Elon Musk is officially exiting the Trump administration

• Circle has frozen $58M in USDC tied to wallets involved in the Libra memecoin

• Peter Schiff says he is responsible for more people buying Bitcoin $BTC than anyone

Charts and stats of the day.

• Nvidia reports $44.1 billion in revenue, higher than expectations

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ENAUSDT 1D Binance

ENA looking good here. Don’t be sidelined on the secular stablecoin bid that everybody from JD Vance to Bessent to the Orange Man is telling you is coming. USD stables need to go to exponentially higher market caps for them to be a meaningful treasuries bid (I know ENA is not backed by treasuries, but many stables are). This is how the Trump admin plans to rescue the treasury market and by extension, the USD as global reserve currency.

ENA is likely a great proxy for that trade, and I’m just today learning that Blackrock are heavily involved with the protocol. Also, Ansem has started shilling it, and whatever your opinion is of him, that is going to count. Personally, I think he’s been great - elite trader and great researcher - but I fade all his low-cap meme shills. He’s been right with almost all his big cap trades, from SOL at $12, to PRIME and GRASS, to calling the Q2 top last year.

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!

Solana smart-money movements:

Ethereum smart-money movements:

ETH Beta season.

It’s becoming increasingly clear that the next phase of this bull market will be defined by a resurgence in ETH/BTC strength, paired with the rise of the stablecoin narrative.

I’m not saying ETH is going to moon overnight, but the outlook for the rest of 2025 is definitely looking strong. It’s worth knowing which “ETH beta” plays tend to perform best in that kind of environment.

Personally, I’m starting to build long-term positions in coins like (not financial advice):

• Ethena

• Eigen Layer

• Aave

• EtherFi

• Mog Coin

• Curve Finance

• Convex

• Maker

• FX Protocol

To save you doom scrolling.

This is the best crypto cycle yet. Prove me wrong.

Speaking of ETH’s comeback, simply watch this video if you don’t believe in it.

In our industry, these types of signals are more important than any fundamental or technical analysis.

stay safe homies,

Hix0n 🫡