🤠 Stay Composed! They Want Your Coins

🗞 Market commentary.

GM lads and lasses, staying steady?

Are you bearish? Are you bullish? This particular chapter of the cycle, the pre-halving era, you might say, is most likely going to be written in a way where the market makes bulls overly bullish on any upside move and the bears ultra bearish on any wicks lower. Meanwhile, the main objective is to shake as many market participants as possible before we enter another green candle printing season. Don’t let the crabs take your coins; stay composed.

In addition, as we discussed yesterday, the week of fear, uncertainty, and doubt (FUD) continues. For instance, KuCoin saw $1.2 billion in outflows after DOJ indictment and CFTC charges. Speaking of the Department of Justice, after the government-held Silk Road funds moved earlier this week, we saw another wallet containing $2 billion of DOJ-seized Bitcoin testing transactions and sending coins to Coinbase Prime. It wouldn't be surprising to see more FUD stories emerge, typically used to explain downward price movements.

However, we may soon see a return to positive momentum as the exchange-traded fund (ETF) inflows become positive for the week, likely due to a slowdown in the usual dumping of Grayscale Bitcoin Trust (GBTC) shares.

📊 Luke’s Chart of the Day

PandoraUSDT 1D

Great double bottom for Pandora with volume spikes - an ongoing one for today’s candle and a bull div. on the RSI, trending up nicely as the price stays level. There’s been a WIF x Pandora collabo teased on Twitter, and an airdrop checker is live on the Pandora website. I’m not clear exactly on what type of collaboration we are looking at, but it definitely feels like it could be important - some kind of next-level Meme / NFT integration. There’s also this very bullish hint-tweet from CTRL to consider.

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!

🔥 Degen corner.

ETH NFTs Are Dead

The Ethereum market sentiment is literally at an all-time low. Bored Apes are hosting events in abandoned parking lots, and their NFTs, which just a few years ago were a staple of the market and a sign of prosperity, are down 90%. It’s time to shake things up, and I’m speculating right now is the time to check around and see which players take the spotlight next.

These variable-looking Opepens were all the rage just a year ago. I don’t see the quality of the team behind this or their networking skills lacking in any way. Opepens join the PEPE season when time is due.

These are an absolute no-brainer, especially after the latest airdrop season. Ethena paved the way for future projects to continue airdropping tokens to the most loyal NFT communities, and it’s hard to find anything more loyal than this.

It's a no-brainer as well, especially due to past and, honestly, massive airdrops.

The good old Mfers have a relentless community which, without a doubt, survived the bear market. I see them shining later on and receiving their airdrop stimmy checks as well.

Let us know which ones you’re looking at! In addition to the ones mentioned above, there are definitely new players coming to the scene, and it will pay to pay attention. 

👀 DeFi insights.

The important bits.

• Fjord Foundry (Launchpad) - Will use Layer Zero technology - read

• Vertex (DEX) - Total staked VRTX reached 19 million - read

• Clone Protocol (Cloned assets) - Referral points added to airdrop program - read

• IntentX (Orderbook DEX) - Partners with Ethena - read 

• Radix (DeFi) - XRD now available for cross-chain swaps - read

📰 DeFi news.

Even more important bits.

• Ark Invest's Bitcoin ETF Sees $87M outflows, overtaking GBTC - read

• Paradigm in talks to raise over $750M, largest fund since 2022 - read 

• First treasury buyback operation today (yield curve control?) - read

• VanEck predicts ETH L2 tokens reach $1T valuation by 2030 - read

🫠 ICYMI.

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

AIOZ Network: Pioneering the Decentralized AI Revolution

Research

Since we published our first complete guide on @AIOZNetwork, the $AIOZ token has risen approximately 400%, so you may want to pay attention now.

This masterful AIOZ update by @Kristrey0x covers the Edge Node architecture, W3AI, and everything else coming down the line.

Read More →

🐥 Tweet of the day.

To save you doom scrolling.

It's very bullish, Leonidas, isn’t it? Fortunately, blocmates newsletter readers had time to front-run the institutional research by many miles, as we wrote about Ordinals since the autumn of last year.

🦍 And finally…

Basing your price analysis and, hence, your trading strategy on the news cycle? You might want to realize one thing, said by the wise Eric Krown:

“The narrative of "price must dump before halving because halving" can quickly shift to "etf flows too strong bruh" and vice-versa to infinity. The underlying truth is narrative/news follows price.”