GM, time to flip a coin.
As the typical pre-FOMC selloff drags prices lower, we all wait for the 6 PM UTC FOMC show, starring our old pal Powell. Looking at the odds, we’re probably in for a classic nothingburger, served with a side of Darth Maul candle.
Still, for you macro enjoyers out there, you can grab some popcorn and tune in to this live FOMC breakdown.
This little selloff also conveniently lines up with Trump baiting markets with tariff talks again, saying the August 1st deadline will not be extended. Anyone wants to bet he will extend it that very day?
Anyway, back to the important business: altcoins. Basically, everything is currently in the midst of a retrace. The important piece of data we’ve been watching for the past few weeks is the Dominance by Open Interest (you can access and watch it here).
As you can see, the cross between BTC’s OI and OTHERS’ OI is now quite far again, indicating more juice might be left to squeeze after this selloff. Currently, no altcoin sector (as seen in this data) is spared, so if you’re down, you’re not alone.
Nevertheless, the timeline is majority bearish at the moment, and looking at this liquidation data, ETH bears are especially in danger.
Personally, I would like to see this bullish scenario play out, so here’s to hoping. Plus, if the market operators smash buys on alts and fail this level on Bitcoin Dominance, that would be perfect.
Lastly, for the day traders out there, here’s a nice outline of which levels to watch for the very short term.
👇 And if you haven’t yet, hit subscribe below 👇
The important bits.
Fuel Network features 5 apps to use on Fuel today, full list here
Giza’s ARMA agents offer 85% higher automated stablecoin yields, try it here
Tari’s XTM token is now listed on Gate, announcement here
Mira introduces a new AI tool Fresco, try it out here
HLP0 is now live on Stargate, announcement here
Magic Newton on podcast with Eigen Layer, listen here
Premia Blue’s weekly Monday Alpha newsletter is out, read here
PreStocks explained in new blocmates research article, read here
INFINIT explains the road to INFINIT V2 in detail, read here
Ethena now reached new all-time highs in TVL, full chart here
Berachain’s BERA token is no 33% staked, full breakdown here
Hyperliquid says API outage was caused by ‘spike in traffic,’ not a hack, article here
Infinex implements HyperEVM, try it out here
Linea L2 announces TGE, airdrop, and tokenomics, read here
Even more important bits.
ETHZilla is now a NASDAQ-listed treasury vehicle for Ethereum, full thread here
SEC approved in-kind redemptions for Bitcoin and Ethereum ETFs
SEC acknowledges BlackRock’s application to include staking in its spot Ethereum ETF
Charts and stats of the day.
US PCE numbers show inflation is down, GPD is up
Google searches for stablecoins hit an all-time high
The majority of new coins are now created on Base
Michael Saylor’s Strategy now holds 3% of the Bitcoin total supply
Real‑world assets have grown into a $240b+ market
PumpFun’s revenue crashed to a 10 month low
Ethereum experienced 0 downtime for the past 10 years
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It seems like the DeFi renaissance is real. To see what we’re bullish on, read our research articles and past and future newsletters.
Telemetry data of the day.
Whale moves over the last 24H:
Source: Telemetry
Trending tokens over the 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).
RUB: From a meme to a HyperEVM core utility.
RUB, or Reverse Unit Bias, is one of the main meme projects of HyperEVM.
Nevertheless, starting as a fun and straightforward airdrop to Hypio NFT holders, RUB is now expanding into RubiFi.
If you were actively doomscrolling, you might have noticed that the debate about shady market makers has been heating up lately. RubiFi aims to become the first democratized market-making platform, which, especially in combination with being Hyperliquid native, sounds pretty interesting.
Keeping tabs on this one at $4M market cap.
Sovereign SDK (Rollup framework)
To save you doom scrolling.
Interesting things are now happening on PumpFun. Nobody is safe.
Here we are, yet another FOMC day. Those of you who’ve been through so many of these since 2022 know very well it’s probably a good time to touch some grass and keep hands off leverage.
Let’s see how things turn out tomorrow and if Powell blesses us with something dovish.
stay safe homies,
Hix0n 🫡
