💹 Historical Crypto Bill Just Passed! Up Only From Here?

GM, crypto is once again writing history.

The Senate just advanced the GENIUS Act, a significant step toward regulating stablecoins in the U.S. Currently, 1.1% of the US dollar supply is tokenized as stablecoins, and the way things are progressing, it’s only up from here.

That has massive implications for DeFi, the leading L1s, and the entire asset class. For the long term, it’s definitely not wise to be bearish on this space.

Near term, a touch of caution still makes sense. Crypto and stocks have been going up in a straight line since the bottom of April, and it wouldn’t be too surprising to see a little pause here.

Nevertheless, the conditions we discussed yesterday have not been hit yet, and I recommend going over them if you haven’t, as they mark out the critical pivot points.

Right now, the main ones to monitor are the possibility of bearish divergence on BTC daily and a slowdown on SPX. If these continue to confirm, the case for a pullback hightens.

At the same time, crypto remains tightly linked to U.S. indices, and if we look at those historically, the “Sell in May and walk away” saying doesn’t really hold up. Since 2016, the S&P 500 has only had two red months during May-July.

All in all, the outlook for this year is still massively bullish. The short-term concerns are more important for the latecomers and could be easily invalidated. Let’s see how the rest of this week forms up.

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The important bits.

• mETH Protocol joins the Yap campaign, earn rewards here

• GenLayer announces partnership with Caldera, learn more

• Sophon is now fully EVM equivalent, read more here

• Somnia launches the Yapper Trophy soulbound NFT, get them here

• Peapods Finance offers an 85% yield on Virtuals, earn here

• Shadow Exchange launched a fee-free CCTP v2 for USDC, try it out

• OpenServ explains multi-agent systems to provide market signal, learn more

• Valantis on Hyperliquid reached $200m TVL, learn how to earn yield here

• Nirvana Finance launches Samsara, learn about zenTokens here

• MLG memecoin server reached 20k users

• Unit Protocol on Hyperliquid reaches $4b in volume

• PSG1 gaming console launched on Solana, watch trailer here

• Chainlink’s CCIP is now live on Solana, learn more here

• BounceBit announces dual-yield strategy with BlackRock, learn more

• Anza research team announces new Solana consensus, read more

Even more important bits.

• Coinbase is facing multiple lawsuits after a major data breach

• Russian President Putin says he's ready to work with Ukraine to achieve a "peace treaty,"

• Bill Hagerty: "Stablecoin issuers will be the largest holders of treasuries in the world."

• MicroStrategy is facing a class action lawsuit alleging it misled investors

• $4 trillion asset manager JPMorgan to allow clients to buy Bitcoin

Charts and stats of the day.

• Large altcoin unlocks are coming up soon, full dashboard here

• Gold ETFs saw the most significant outflows since 2013 last week

• BTC ETFs demand is surging again

• London-based Abraxas Capital bought another 46,295 ETH ($115.3M)

• Metaplanet now holds $825.98m of BTC

• Bitcoin Memecoins (Runes) accounted for 39.7% of all Bitcoin transactions

• The Federal Reserve has now lost a combined $192 Billion over the last 2 years

• Japan’s 30-year yield rises to the highest level in history

• Solana is making up over 50% of all blockchain revenue in the past week

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BUIDL/SOL 1D Raydium

Buidl DAO is the OG home of vibe coders, prior to the launch of Believe App (or Clout as it was called before the rebrand). Grant blocmates chatted with the founder recently, and apparently there is something big on the cook there.

With Believe now putting itself out there as the meme-launchpad-meets-vibe-coder capital formation venue, it will likely light a fire under the Buidl ecosystem too.

The chart structure is a very lovely double bottom, with a breakout last Friday. We’ve pulled back significantly already, and I already have a position, but if we retest the breakout (white line) or possibly go even lower, I think that will be a great place to add.

The Solana conference this week is very app-focused, with Nikita Bier and other ICM speakers, and the new Alpenglow sub-second finality consensus protocol being a path to real-time applications, I think this indie-app developer meta gets lots more attention in the near term.

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 flows seem to be leaving the flavour of the week coins, and flowing back into main horses such as Fartcoin and Launchcoin.

Ethereum smart money flows are once again confirming the fact that the meme king of ETH, Mog coin, is here to stay.

• Deek (Berachain)

To save you doom scrolling.

Not exactly what we like to see do we.

Are we entering a new era? Fund managers are the most underweight equities in years, while retail constantly pushes them to buy higher.

Spending time on X and following the right people truly pays lately, especially since the April bottom. While everyone was deleveraging their positions, retail was flocking in. Let’s continue like this, shall we?

stay safe homies,

Hix0n 🫡