💲 BTC Highest Weekly Close Ever, But Is This Good?

GM, it’s yet another Big Week.

Last Friday, we described this market as being in “proper fuckery territory.” Lo and behold, by Sunday, this description turned out to be quite precise. Bitcoin managed to print the highest weekly close in history and then erased all the gains in the span of hours, liquidating around $675,000,000 in the process.

The highest weekly closure shows us the higher timeframe strength BTC possesses. Nevertheless, there’s also a case for a pullback from this area. One thing to watch is the possibility of daily bearish divergence, which will become a reality if today closes red.

Even if that happens, a healthy pullback from here into roughly $95k territory would not harm the longer-term strength.

A few other things could underscore the thesis for a pullback: TOTAL2 possibly losing the 1.17t level on today’s closure, and USDT dominance still being in a bouncy region.

Now, pair this with the facts that long equity positioning soared last week by the largest amount in history, ETF flows hit historical highs and then weakened, the ETH/BTC Biftinex whales started to sell five days ago, and the continuation of a “proper fuckery territory” makes even more sense.

Of course, volatility and shakeouts around all-time high levels are always to be expected. That’s why it’s important to remember the bullishness on higher-term timeframes, even if a pullback happens (which isn’t set in stone yet).

If all of the above-mentioned red flags are erased in the next days and closures, we might just be heading into ATHs sooner than expected, so take these as guiding points, not a direction call. Remains to be seen.

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The important bits.

• Ionet announces a new ecosystem partner Sahara AI, check their testnet here

• Sophon announces SOPH launch for May, check launch trailer here

• mETH Protocol explains how it delivers institutional grade yield, listen here

• Peapods Finance provides a 350% volatility yield on USDC, vault available here

• MegaETH explains real-time applications, check OMEGA app explainer here

• KittenSwap updates tokenomics, check your airdrop allocation - now 35%

• Kaito updates mobile features, check the full list here

• Hyperliquid publishes a summary of last week’s updates

• Hypers, the main NFT of the DripTrade market, updates on future plans

• Kraken exchange teases a token drop, check the $KRAK trailer here

• Aave’s stablecoin GHO now claims top yield, check Dune dashboard here

Even more important bits.

• Russia has arrested ex-Binance exec and Telegram-based crypto platform Blum

• Metaplanet acquires an additional 1,004 BTC

• $1.3 trillion asset manager Morgan Stanley CIO says buy the dip

• UAE to invest $1.4 trillion in the United States over the next 10 years

Charts and stats of the day.

• Tether's US Treasury holdings are about to surpass Germany's

• Japan's 40-year bond yield just ticked up to 3.48%, the highest level in 2 decades

• 30-Year Treasury Yield jumps to 5%

• Put/Call Ratio fell last week to one of the lowest levels in the last 4 years

• HyperEVM is about to flip Berachain in TVL

• The money growth (ex bank reserves) is rapidly rising

• The UK has overtaken China as the second-largest foreign holder of US Treasuries in March

• U.S. Housing Market has reached its most unaffordable level in history

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FITCOIN/SOL 1H

I’ve been in FITCOIN since the 13th. Sold a little on this weekend pump to $20m market cap, and just added some back now. Might add a little more if we get another pullback (purple box). This is my ICM app of choice. I like the founder, the Instagram, the app concept, and the way they use AI in a Gen Z / Gen Alpha-friendly way.

Lots of fuckery on Bitcoin last night. This is standard Sunday night stuff at this point. Keep the faith frens. The 4H trend is still bullish. With the US debt being downgraded, other forms of collateral need to be upgraded (BTC).

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 on Solana:

Smart-money movements on Ethereum:

HyperEVM airdrop farming continues.

I just found this extremely well-done HyperEVM farming blueprint by 0xPicasso.

Instead of getting chopped up in this tricky market phase, it might be worth printing this one out and pairing it with our HyperEVM Farming Guide, which we published last month.

It’s worth remembering that Hyperliquid still has almost 40% supply of HYPE reserved for future rewards, just saying…

• HUSD (Hyperliquid stablecoins, DeFi)

• Wonder (Blog builder app)

• Poof (dApp launcher)

To save you doom scrolling.

Well, at least here’s a counter-bearish signal; it’s not all that bad.

As I’m finishing up this one, Bitcoin seems to be pointing higher. There’s still hopium here, even short term. Keep the above-mentioned pointers in mind, and let’s see where we stand tomorrow.

See you there.

stay safe homies,

Hix0n 🫡