🔴 This Market Turned Into a Full Blown Scam

Before we jump in, make sure to check out the Meal Deal:

To navigate crypto bull markets correctly, one needs to have a crew to bounce ideas with.

That’s why we created the Meal Deal—a lifeline for the professional degen and a gateway to an active crew grinding every day to make it in crypto.

Institutional-grade research

Actionable alpha / Coin picks

Private Discord access

Interactive video content

GM, what the hell just happened?

Bitcoin’s monthly closure is exactly what we’d expect at this stage—inflicting just enough fear to seed doubt in everyone’s minds while hovering at a price that can be easily pumped to fix the overall picture.

Basically, we need to see Bitcoin claw its way back to 70K by the end of the month. We definitely don’t want to see another closure at current levels, so let’s keep it simple. 

Yesterday, the FOMC meeting confirmed the high possibility of September rate cuts. The whole market considers the cuts as a kind of holy grail entry into the real bull market. That means it’s only to be expected that the market attempts to shake out as many people as possible before that happens. 

Historically, August isn’t the best month for Bitcoin - except for most halving years. Will this time be different?

Lastly, if you missed it, check out this week's newsletters—our DeFi comeback thesis is playing out as expected, which is especially obvious today.

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COMP/USDT 3D Binance Log Chart

$COMP completes the trifecta of good looking Defi 1.0 charts. Price has pumped out of downtrends three times since January 2022 as it consolidates.

Recently, the focus of attention was due to a governance attack with a bullish outcome: fees will be shared with token holders. The chart looks primed here for another run to the $120 area. 

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!

Dinero: Ethereum for the Institutions

Let’s continue our DeFi arc with Dinero. Last time, we discussed Redacted Cartel, but now, post-metamorphosis, we’re talking about the new brand Dinero. 

The latest big news from Dinero is the announcement of ipxETH, the institutional version of the apxETH liquid staking token, currently the highest-yielding LST on the market.

Moreover, ipxETH’s grand entry into institutional markets is in collaboration with Nomura Group. Fun fact: Nomura Group manages $601 billion in assets.

Most importantly, institutional clients buying ipxETH pay fees that funnel back to Dinero shareholders—specifically, the stakers.

If you want to hear more info on Dinero, I can’t but recommend the last Still Early episode with Grant and Sami just below.

The important bits.

• Metis (L2) - Project Moon Tropica is coming to Metis - read

• Union (Berachain) - Becomes Berachain’s interoperability partner - read

• Elixir (DeFi) - Introduces new stablecoin, deUSD - read

• Vertex (DEX) - Publishes a monthly “Vertex Gazette” - read

• Avantis (DeFi, RWA) - Surpassed $1M in open interest on RWAs - read

• Skillful AI (AI) - SKAI token staking pools are going live today - read

Even more important bits.

• Solana flipped ETH DEX monthly volume for first time in history - read

• AAVEconfirms product market fit, number show a profitable business - read

• Crypto market welcomes August on a bearish note - read

• Pre-IPO, Circle’s private stock valued at around $5 billion - read

• US sports betting platform shuts NFT business owing to ‘legal’ drama -read

• Ripple commits $10 million to tokenized T-Bills on XRP Ledger - read

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

How Dinero is Onboarding Institutions & Degens to Ethereum (ETH) Yield

Podcast

We've nailed 0xSami_ down to join Grant for an exclusive chat about shedding skin from Redacted to Dinero and all of the updates.

Tune in on Spotify | YouTube →

Polymarket: The App That Goes Beyond Crypto

Suspect most of you don't live under a rock and have already had some fun on Polymarket.

But if you're in the dark and don't know where to start with the monster being built by Shayne Coplan and team, this is the article for you.

Read More →

To save you doom scrolling.

Rahul, you’re my type of guy…

It’s highly possible August will continue in the name of chopp. The only thing we can do now is look forward to seeing the price action improve by the end of this month. However, if the market closes here or lower by the end of August, we need to recognize that as a bad sign.

In the meantime, don’t overtrade, and stay calm and collected.

stay safe homies,

Hix0n 🫡