🤑 Here`s Why This Sell-off is Bullish

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GM, I hope you`re comfy in the spot.

Yesterday, the new (and frankly massive) wave of new and returning crypto participants received a proper market welcome. Hopefully, you`re not one of the 572,222 traders who were liquidated without mercy in a matter of an hour. If so, you added to the pile of 813,000,000 dollars worth of portfolios and positions vaporized—I mean, donated to exchanges. 

All in all, we thank everybody for their sacrifice, as we see a complete funding reset across the altcoin board, which is very healthy and will prepare the markets for the next, inevitable leg up. For example, Solana funding is now sitting at level last seen in October. Remember, this will happen at least a few more times during the upcoming alt rampage.

I wouldn’t be surprised by a little more chop for the rest of this month, with the return of real pumps coming in January. That said, even if Bitcoin dives lower after today's bounce, I won’t easily get shaken. This is not over yet.

Lastly, if you`re afraid of Willow, Google's new superbe quantum computer, and the possibility of it hacking Bitcoin, rest assured that it won't happen anytime soon. 

Do we really think Russia would propose a Bitcoin strategic reserve on the very same day? Doubt it.

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NFTXBT/Virtual 1H Uniswap

The NFT equivalent of Twitter agent AIXBT (previously featured here), this chart has been compressing and consolidating since the end of November. Their pinned tweet has plenty of detail on the roadmap, and apparently, Wintermute snagged a chunky bag at the end of last month.

There are plenty of mentions from the main account, and with NFTs catching a bid, as well as the Virtuals eco making a comeback, this seems like a no-brainer trade into jpg season. The reported marketplace integration sounds impressive, and includes ordinals eco coverage.

NFA as per usual, please always do your own research.

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!

Smart-money movements of the day.

3 DeFi Bargains 

Many people in crypto are now scratching their heads, asking themselves why the hell they didn’t buy earlier. The fact is, there are still plenty of picks in the undervalued but high-potential category. 

Let's run through a few from the DeFi side. Why DeFi? Well, ETH will inevitably break its ATH sooner rather than later, plus the DeFi index is already on the rise.

• Hermes / Maia 

Hermes and Maia are currently valued at around $3 million, which is hilariously low. If you've been around, you know well that this was the case for Thena Finance, too. Now, it’s sitting comfy at around $100m. 

The Maia team is diligently working on improving their product and outreach with the latest Opening Ceremony round 2. It's definitely one to keep on your radar. 

• Peapods Finance

Peapods Finance and the PEAS token are currently printing a beautiful chart pattern, which will either result in an imminent breakout or a cup-and-handle follow-up with the same result. 

The peapods team is one of the few that brought real innovation into DeFi and achieved product market fit.

Read more about Peapods Finance in our research piece here.

• Dinero

My personal favorite, Dinero. Many are saying the token is cursed, meanwhile it`s consolidating at the literal bottom, with a valuation of around $35m. 

Dinero is constantly providing its branded LST product to more networks, for example, Arbitrum and Sonic, recently. The TVL of pxETH is constantly growing and accelerating, signaling adoption and trust from the rest of the market.

Lastly, a little Birdie told me institutional deposits into pxETH are coming, and they are coming soon. I wouldn`t underestimate this one, even though it might require a bit of patience.

The important bits.

• Radix (DeFi) - Announces “Real Account Deletion”

• EOS (L1) - Now listed on HashKey Global

• HMX (Perpetual exchange) - Announces new tokenomics

• Core DAO (BTCFi) - USDa by Core coming to Avalon

• SKALE (L2) - Releases a video on SKALE AI

• Magic Eden (NFT market) - Announce ME token drop for today

• Dinero (DeFi) - Alpha Dune (Arbitrum) announces branded LST by Dinero

Even more important bits.

• Jupiter gears up for its multi-million dollar worth ‘Jupuary’ airdrop

• Coinbase teases a big winter announcement

• Binance announces Magic Eden (ME) listing

• Vocal Ethereum researcher Max Resnick jumps ship to join Solana

• EU countries will be hard-pushed to be ready for MiCA when the deadline for the crypto regulation comes in

• Microsoft shareholders will vote tomorrow on whether or not to invest in BTC

Charts and stats of the day.

• Yesterday`s dump resulted in biggest liquidations since 2021

• BTC balances on exchanges have dropped to their lowest point ever.

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

Token Brief: ME

Research

BTC hits ATH -> bitcoiner wealth effect -> rotation into Ordinals? If this is the play,

MagicEden picked the perfect time to drop their token, $ME. But are we aping the TGE?

Read More → 

• FIFA Rivals (Gaming)

• Solana ID (Solana identity protocol)

• Sekoia Virtuals (On-chain VC)

To save you doom scrolling.

Remember, Bitcoin is King.

Are you prepared to withstand downside volatility if it comes our way for the remainder of December?

Because if not, you might miss out on the real fun coming up in 2025. Personally, I`m staying in holiday mode, without leverage, without worry, letting my positions do what they need to do.

stay safe homies,

Hix0n 🫡