🤯 Supply Shock Incoming: 10x More BTC Bought Daily Than Mined

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

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

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. 

Looks like the Crab is back on the throne, with BTC chopping around the same price all week. It might be smart to brace for a bit more boredom in the majors as October winds down while also bullieving that November is when the next big leg up kicks in.

Case in point: BlackRock’s IBIT scooped up over 4,500 Bitcoin yesterday—10x the daily mined amount. They definitely bullieve.

Can’t say the same for Ethereum, though—especially the ETH/BTC chart, which refuses to break out of its downturn and is hitting new lows as we speak.

SOL/ETH, on the other hand, is absolutely chadding, currently on a massive breakout above a long-term all-time-high resistance.

Does Ethereum even have a shot at outperforming later in this cycle? Who knows. But the ETH ecosystem is still cooking, as we’ll explore in the Degen Corner below.

🧑‍💻 Join the Discord | 🐥 Follow Twitter | 📊 Sub to YouTube & Spotify

If you haven’t already… hit the subscribe button and get the coolest welcome email in crypto!

HAMMY/SOL 1D Raydium

Hammy looks primed here, trapped between the Point of Control (red line) and the yearly VWAP. There is a clean funnel on the RSI and we are curling along the bottom of it. The highs are 2.5x from here, but maybe 100m market cap is the next logical target (currently 28m).

With over 8000 holders, that makes it very well distributed, even compared to Murad’s best big cap ratios. It has also spent a long time under $10m market cap - something to look out for in terms of accumulation.

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 of the day.

Top KOL mindshare gainers and losers of the day.

MegaETH Ecosystem

MegaETH is supposed to be the upcoming savior of Ethereum; bridging the gap between blockchains and cloud computing by bringing the speed of transactions so high that everything happens in real time. Yet another reiteration of the L2 hype or something to watch? 

Considering MegaETH is backed by big dawgs as Vitalik himself or Cobie, we might take a few notes. For deeper div, feel free to read our previous MegaETH primer here.

Now for the current MegaETH ecosystem projects:

• Biomes: Aims to become the largest virtual world with the “Largest GDP,” bringing every game aspect onchain, including items, players, and even movement or physics.

• Cap Labs: Stablecoin and yield engine for MegaETH.

• GTE: Decentralized trading venue incubated by MegaETH.

• Hop Network: Decentralized VPN network.

• Lemonade: SocialFi and onchain event network.

• Teko.Finance: Real-time money market for MegaETH.

• Valhalla: Perpetual trading exchange for MegaETH.

The important bits.

• SKALE (L2) - Codifight AI gaming platform will use SKALE’s gas-free blockchain

• ExSat (Bitcoin scaling) - Launched ExSat mainnet

• Superseed (Blockchain that repays your debt) - Reached 240,000 testnet deposits

• Jupiter (DEX) - Announces Jupiter Terminal

• Uniswap (DEX) - Announces seamless bridging to 9 chains

• Redstone (Oracles) - Introduces Redstone AVS on Eigen Layer

• Slingshot (Chain abstracted trading) - Buying memecoins now possible on Apple/Google pay

• Tapioca (DeFi) - Releases exploit post mortem

Even more important bits.

• Denmark becomes the first country to tax unrealized crypto gains at 42%

• Saylor will leave all his Bitcoin for the future civilization

• Sam from Frax Finance explains how to value L1 tokens correctly

• ZachXBT exposes a Lazarus Group Chinese OTC trader

• Bernstein predicts Bitcoin's market cap will hit $7.5 trillion

• Fault proofs to go live on Base on Oct. 30

• Kraken plans to launch its own blockchain

• Binance to launch GOAT perps

Charts and stats of the day.

• Moonshot generated $498K in revenue over the past 30 days

• Pumpfun activity is back at ATH after previous dip

• Truth_terminal wallet is now worth $11 million

• Bitcoin`s 2 week chart flashes a rare bullish signal

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

Shitcoin Church: AI Agent Meme Coins

Dive into the AI shitcoin universe…

To save you doom scrolling.

Hits right in the feels. Hope you were in the Meal Deal Discord friends.

I was thinking. It’s almost November and BTC is still under $70K. If we get the next big leg up during November/December, which gets us to around $85K, we really might continue with this bull market way deeper into 2025.

I’m mentally preparing myself for absolute craziness. Rest well, because pretty soon you won’t be able to sleep.

stay safe homies,

Hix0n 🫡