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- 📗 The Most Important Bull Run Indicator Just Flashed Green
📗 The Most Important Bull Run Indicator Just Flashed Green
PLUS the global liquidity is continuing to rise
GM, let’s flow.
More precisely, check the flows. Last night, we peeked at the day-one numbers for ETH ETFs, and they were... a bit underwhelming. The thrill of seeing $1.1 billion in total volume was dampened by outflows hitting -$165 million, thanks to our old friend Grayscale. Nevertheless, this was to be expected as people moved from a high-fee service to a cheaper one. Fast forward to right now, we’re already at +$106 million total inflows, a great sign of the market absorbing Grayscale’s negative currents.
As far as Bitcoin’s price action goes, Luke has great news for you just below.
As a final touch today, let’s mention Michael Howell’s new global liquidity data. We’re about a third of the way through a liquidity cycle that spans 5-6 years. Just this week, global liquidity reached a new 2024 high, rising by US$1.23tr to US$172tr.
Combining these pointers with Luke’s chart below, I would say the green light is flashing brightly enough…
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BTC/USD 3D Coinbase Log Chart with Hash Ribbons
The Hash Ribbons indicator tracks miner capitulation. This is most pronounced just after the halving. The block reward gets cut in half. Price has not yet reacted to the supply shock. Miners earn half what they used to rake in. This accelerates miner selling and drives the familiar post-halving dump that we’ve been experiencing.
Today, we got our 2024 post-halving buy signal, and this is a good one. The first Hash Ribbons buy signal after a halving is typically a banger. In 2016, we were at $560 and topped at $20k in December ‘17. In 2020, we were at $9k and topped at $69k in November ‘21. Could this be the start of a run to $250k?
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!
The important bits.
Alkimiya (Blockspace markets) - Goes live on Ethereum mainnet - read
Catizen (TON Gaming) - Earns $16 m collected with in-app purchases - read
Vertex (DEX) - Last chance to complete tasks & earn rewards - read
Radix (DeFi) - Featured in a news article on crypto adoption - read
Avantis (DeFi, RWA) - Reached $1 billion volume on Base (pre-token) - read
Bunni (DeFi) - Releases V2 - read
GMX (DEX) - Transitions to “Buyback & Distribute GMX” model - read
io.net (DePIN) - Partners with Envision - read
Core DAO (BTC DeFi) - Achieves $165M TVL - read
Even more important bits.
How successful was day 1 for ETH ETFs? - read
USDT dominance continues to fall - read
Igloo, the Pudgy Penguins parent company, raises $11 million for Abstract chain - read
Ferrari to expand crypto payments for cars - read
Firm behind Proton Mail unveils self-custodial Bitcoin wallet - read
Bitcoin miner capitulation is now over - read
Donald Trump clears that he never considered Larry Fink for treasury position - read
Kamala Harris seeks advice on crypto from Mark Cuban - read
DEX to CEX volume reaches new ATH - DEXs are winning - read
Life gets busy so here’s what you’ve missed.
An Avalanche Reawakening? Everything you need to know about ACP-77
Research
The Avalanche ecosystem is already the front-runner for supporting game-fi development, a sector with massive potential, and ACP-77 will only strengthen that position.
Have a read and see what you think...
To save you doom scrolling.
Solana’s role as so far the third most important blockchain after Bitcoin and Ethereum is continuing to be confirmed day by day. Just look at this statistic pointed out by Ryan Connor.
Looking at the price action short term, we might get a few more flushes, similar to what happened shortly after Bitcoin ETFs got approved. Nevertheless, I’m keeping all the aforementioned bullish factors closely in mind. They won’t shake me out.
stay safe homies,
Hix0n 🫡
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