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GM, the fuckery is now confirmed.
The blow-up of the Japanese carry trade, which we covered two days ago and was caused by just a tiny interest rate hike, sent the volatility index (VIX) to highs only seen three times during the last 16 years.
The result? After seeing the carnage, the Bank of Japan instantly folded, announcing it would no longer hike rates due to market instability.
On the other side of the aisle, the US Treasury announced its plans to buy back up to $46 billion worth of outstanding government securities by the end of October, ‘primarily to provide liquidity support.’ Yes, you’re reading it right. The printer is back on, and as always, the printer is the only way forward.
Well, well, well—Bitcoin is suddenly perched just above 57,000 USD. How fitting—it’s almost like nothing happened, and this was all just a perfectly orchestrated shakeout before we waltz into the final phase of the bull run.
Remember our endlessly repetitive warnings about the summer chop and the bankers scheming to snatch your coins? Well, this is exactly what we meant.
Let's not speak in absolutes—the fuckery might continue. Same reasoning applies.
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Mog/WETH 1D Log Chart
Strong buyback on $MOG, putting it back inside the rising wedge. We saw some capitulation on Monday, and it seems like sellers may have mogged themselves as buyers stepped in with gusto. The oversold 1D RSI level keeps working for reversals, even if this one went a bit lower. With a massive TradFi black swan, a temporary trendline deviation is small potatoes compared to the damage done elsewhere.
Jump on a daily Luke’s technical analysis stream to check more charts! Tune in here →
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!
Remember Ordinals?
We’ve detected a life pulse in Ordinals, the Bitcoin NFT / Runes market which literally died shortly after Runes release, and PUPS took the Hayes / Ansem call fatality blow.
But look what we’ve got here. The leaders (Nodemonkes and Bitcoin Puppets) are up about 30-40% daily.
This is another great lesson—buying PUPS or Puppets around the Runes release was a very bad mistake. If you were here during those times, you can clearly remember the hype on the timeline and everyone screaming about Puppets being the new Crypto Punks and PUPS being the next multi-billion Bitcoin meme.
Of course, everything went straight to hell shortly after—if everyone talks about it, who’s left to buy? All I know is I’m getting my stacks back around these days (and prices).
Stay tuned, I’ll look around for some juicy runes for next time.
The important bits.
Rage Trade (DEX) - RAGE now listed on Hyperliquid - read
Core DAO (BTC DeFi) - Introduces institutional BTC staking - read
DeFi Saver (DeFi) - Easily migrate loans between platforms on DeFi Saver - read
Gitcoin (Grants) - Gitcoin grants round 21 is live - read
Hyperliquid (DEX) - HP USDC vault now yields 43% APR - read
Ethena (DeFi) - Big announcement coming this week - read
EOS (L1) - Hard fork coming up in 50 days - read
Destro (DePIN, AI) - Introducing Destra Zone device - read
Drift (Solana perp. DEX) - Reached $1 billion daily trading volume - read
Even more important bits.
ETH ETFs inflows print positive two days in a row - read
AAVE saw the largest liquidation event ever - $239M - read
Ethereum sentiment hit red for the first time in history - read
Bank of Japan folds: won’t rate interest rates further due to market instability - read
Blackrocks IBIT ETH ETF sees +108.4m daily inflow - read
Historical amounts of BTC are moving to permanent holder addresses - read
Life gets busy so here’s what you’ve missed.
Why the United States Holding Bitcoin is Such a Risk
Podcast
Jedi hosts Fuserleer to chat about governments hoarding Bitcoin, ideological views on blockchain and decentralization, critiquing influencers, and a ton more.
To save you doom scrolling.
It’s all about the perspective, exactly as cousin Visitor says. Lesson there…
There’s nothing that speaks more volume than this dashboard. Basically, anyone who isn’t invested in the right meme coins is massively underperforming.
Source: ceterispar1bus
It’s not only about meme coins, though. These statistics show us that if we get too stuck in our ways and are hard-headed about pivoting to what the market values as the hottest at the moment, we’re likely exposing ourselves to massive opportunity costs.
This isn’t a call to go ape every meme coin you see; it’s about remembering that money flows where the narrative and attention are. Inevitably, it will flip elsewhere.
stay safe homies,
Hix0n 🫡
