🔴 Fear Rising: September Rate Cut Cancelled?

Become your own bank.

ether.fi Cash is the real-world spending product we DeFi natives have been waiting for for so long.

It’s time to ditch your bank altogether and embrace the crypto life:

• Spend it directly with no fees on the sale, and earn 3-5% back on every purchase—debit or credit.

• Never sell - live like a billionaire: avoid taxes, compound wealth. Don’t worry about on-and-off ramps or taxes by spending against your balance as credit debt. 

• Pay off your debt with yield + cashback: earn 9% on stables, 7% on ETH, 2% on BTC, with HYPE and SOL on the way.

• Use borrow mode: 70% LTV against your whole portfolio, “only borrow, never sell”

• Keep self-custody, earn big yield, and never pay for instant withdrawals or have your money stuck in a CEX again.

GM, we told you this is a Big Week, didn’t we?

For our readers’ sake, I hope most of you slept through yesterday’s extraction event. Many learned the hard way what it feels like to get full-stack Hitlered. Very topical.

If you haven’t realized by now, I’m talking about Kanye’s coin YZY. How convenient it launched right after the Libra team’s funds unlocked. Crime cycle indeed.

Of course, that’s not the end of it. Look at this distribution: 6 wallets hold 90% of the YZY token supply. Wow. On top of that, most large holders never even bought YZY; the wallets were pre-funded. Here’s a good onchain breakdown with receipts. Nasty business.

Even though I’m obviously not a fan of this coin, the best possible scenario is that YZY pumps to Valhalla, so that the trenches have some liquidity to work with. Sadly, I don’t see that happening.

Back to important stuff: BTC is struggling again after yesterday’s bounce action, and as long as $113.9k keeps getting rejected, it’s wise to count on more downside. Flip it and hold above, and we get room for further bounce action.

Looking at Fear & Greed index, this flush is doing the deed and adding a lot of worry. The fear cycle continues. And as always: if the majority screams “top,” it isn’t the top.

Lastly, here’s a breakdown of yesterday’s FOMC minutes. This tells us that Powell’s big show on Friday will likely be a nothingburger and might even be hawkish. Looking at September rate-cut odds dropping to 68% already, I can see even more fear surrounding the market soon.

History tells us post-Jackson Hole markets (all previous events charted here) are not for the faint-hearted. Let’s hope this time is an exception to the rule.

Personally, I won’t overthink these end-of-August and September events. Expecting more fear and volatility, but no actual breakdowns of otherwise long-term bullish market structure.

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The important bits.

• Almanak presale started today, join here

• Jumper uses a unified interface for all blockchain bridges, try it here

• Altitude explained in new blocmates research article, read here

• PreStocks explained in new blocmates research article, read here

• YieldBasis releases a new article on “Credit Expansion”, read here

• Hyperliquid lists YZY perpetuals, short here

• World Liberty Financial now uses Dolomite to borrow assets, read here

• Heaven announces an underestimation of revenue by $732,000, read here

• PumpFun rumours say the team is planning to improve fee structure, read here

• EdgeX announces MOG Coin perps and bonus points, earn here

Even more important bits.

• DeFi contributors propose that the EF allocate 1,800 ETH to mint $OPEN, read here

• SEC Chair says only a “very few” crypto tokens qualify as securities, read here

• Jeff’s road to 16 billion dollar protocol, Hyperliquid, explained in new blocmates article

• Crypto startup Legion raises $5M to revive ICOs, read here

• Wormhole Foundation is challenging LayerZero’s $110M bid for Stargate Finance, read here

Charts and stats of the day.

• HeavenDEX bought back & burned $1M worth of LIGHT yesterday, stats here

• The hashrate of Bitcoin Satoshi Vision died, chart here

• Bonk saw only one token graduation yesterday, dashboard here

• Tokenized RWAs on Ethereum have surged ~20x since January 2024, chart here

Telemetry data of the day.

Heaven is making a killing on revenue ever since it launched, and it ain’t stopping. Let’s check on trending specifically here:

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).

HyperUnit is becoming a unicorn.

Some you already know. However, we simply have to talk about the way HyperUnit grows again.

This protocol is becoming an absolute behemoth when it comes to spot trading. The fact that a Hyperliquid native protocol flipped HYPE in not only BTC, but even ETH trading volume is a very strong statement.

This is becoming THE place for whales to trade with size, as you can see from this example.

I’m focusing heavily on gaining spot volume here, and mainly using Liminal Finance in institutional mode to get constant exposure to HyperUnit spot tokens.

Lastly, you can check your total volume and HyperUnit ranking using this tool. I have a strong feeling HyperUnit is going to become one the best projects and airdrops for the rest of the cycle.

• Ranger (Hyperliquid DeFi command center) - Beta opens tommorow

• Footbal.Fun (Skill based sports arena)

To save you doom scrolling.

Read this. Then reread it. And then again, when you start thinking about the red button.

As usual, we can’t let you guys leave without some optimism. I know markets are tough right now, but this too will pass.

Looking at how the liquidity cycle develops, I wouldn’t be surprised if BTC actually printed this Livermoore Cylinder. I’ve seen this chart materialize many times; it isn’t out of the realm of possibility to see this happen.

Also, Bluntz had some great calls these past few months. Will he be right here on PENGU? If yes, it means we’re closer to a bottom on alts than we might think.

stay safe homies,

Hix0n 🫡