🧨Expect Record Breaking Volatility

🗞 Market commentary.

GM, welcome to the pre-halving options expiry.

Yep, there it is, the final TradFi market close before the halving and possibly (hopefully) mighty bullish April. Part of all this is today’s expiry of $15 billion worth of Bitcoin open interest contracts. “For Derebit, this March 29 expiry accounts for roughly 40% of the $26.3 billion worth of total Bitcoin open interest on the platform—"one of the biggest in Derebit's history". I can’t help but agree with Decrypt here, volatility is definitely coming our way.

Nevertheless, don’t get bamboozled by the drama. Bitcoin is simply bullish and can easily retest the previously confirmed high-interest area around $60K. We stay cozy. After all, who would really get long-term bearish when we have Larry Fink shilling Bitcoin ETF on television as the fastest-growing ETF in history?

Some aren’t as comfy as we are, unfortunately. For instance,  our old pal Sam Bankman Fried was finally sentenced and received 25 years in prison. It remains to be seen how effective the Democratic Party's bribes will be from now on. If they don't help him and get him out much sooner, who would bother bribing the Biden team next time, right? They will need to go and represent the business.

Additionally, we’ve had unfortunate events on the side of Prisma Finance, getting exploited for around $11M.

📊 Luke’s Chart of the Day

Bittensor TAOUSDT 12H Mexc

Decentralised AI juggernaut Bittensor has been in a pullback since early this month. This can be drawn as a rounding top into a bullish falling wedge. It looks a little like a fractal with the December pullback (left wedge). 

On Wednesday, we had a big volume spike that looked like capitulation. I think we either go back to the downtrend line from here (wedge rhs) and break up (top arrow), or we may have another leg lower first to take RSI lower into the oversold zone and break out from there (bottom arrow). RSI is not quite as low as it was in December when we reversed (see bottom left box), but we are also deeper in the bull now, so it might not get that low. 

Either way, this is a good place to accumulate. The AI narrative is only going to get more attention, and you have a whole ecosystem here with huge, growing momentum—both on the development front and the investment front with subnets, which will increase from a limit of 32 to 1024 in the near future (thanks for the alpha @563).

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.

Send Hyperliquid points to $50

Let’s move back to bullish things. We talked about Hyperliquid for a while here and now, we’ve got new information concerning all point holders and users (you can still farm A LOT until May).

In today’s announcement, Hyperliquid unveils their novel plans to implement HIP-1 and HIP-2 tokens: “two permissionless standards for native tokens: HIP-1: deploy native tokens and on-chain spot order books HIP-2: ‘Hyperliquidity,’ a novel mechanism to permanently commit liquidity to a spot order book for HIP-1 tokens.”

These tokens get dropped to point holders. The first one is a… drum rolls… a cat token, $PURR. There are already speculations that PURR will be worth around $4.20 per point.

This announcement sparked quite a lot of interest, and I cannot help but think farming Hyperliquid points was a very good idea.

You still have plenty of time to farm points so feel free to join here.

Stay safe with leverage!

👀 DeFi insights.

The important bits.

• Optimism (L2) - Introducing $850M OP to incentivize superchain - read

• Parcl (Tokenized real estate) - Releases token & airdrop info - read

• Trader Joe (DeFi) - Staking deposits for Memecoin Rush are live - read

• DOG (Meme, NFT) - Launching on Solana - read

• Velodrome (DeFi) - Announces to launch on Mode Network - read

• Ethena (DeFi) - Gives airdrops to Remilio and Schizoposters - read

• Vertex (DEX) - Reached $83.54M total value locked- read

• Persistence (LSTs) - Adopting Bitcoin security - read

• PepperDEX (DEX) - Beta testing rewards guide - read

📰 DeFi news.

Even more important bits.

• Old Bitcoin whales are selling to TradFi whale - read

• Tokenized US treasuries on blockchain reach $1B - read

• Massive options expiry coming today on Deribit - read

• Prisma hacker-linked wallets move funds to Tornado Cash post $11m heist - read

• Vitalik Buterin emphasizes need for parallelization - read

🫠 ICYMI.

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

io.net: Unlocking The Hidden Layer of GPU Supply For AI

Research

As promised, a complete guide to io.net. There's a load to unpack with io.net, so use this one to whet your appetite 'cause we'll be going down the rabbit hole in a big way.

Read More →

🦍 And finally…

Yesterday, we had the legendary Messi coming full circle with the Shitcoin Church.

One of the most important lessons we learned from him is not to forget how to play rotations during a bull market. If you’re really confident in your fundamental research and have an opportunity to, for example, swap your newly acquired 60x return from a memecoin into another fundamentally sound token that is yet to move, then this might be a great way to not only compound your gains but to avoid opportunity cost while your previous winners catch a breather.