👁️ The Big Week is Here

🗞 Market commentary.

GM, welcome to the Big Week. 

Despite ETFs gobbling up record-breaking numbers—last week alone, they devoured two months' worth of freshly mined Bitcoins——the market is currently in a bit of a conundrum. Last Friday, we talked about a possible stalling point at a price of just over $71,000 BTC that, if materialized, will take Bitcoin back lower before the next attempt to break through.

According to the latest Eric Krown analysis, the area to watch for the next higher low is around $64-65,000. In the meantime, brace yourself for more market chop before the likely (and hopefully) final dip.

The macro side of things is adding to the choppy outlook. For one, we’re seeing DXY reclaim its bullish posture. The market is also holding its breath for Wednesday’s US inflation data and Jerome’s FOMC spectacle the next day.

To top it all off, this little wipeout makes sense, considering the magnitude of last week's Roaring Kitty livestream. Retail investors’ share of options activity just smashed a record high of 18%, surpassing the 2021 memecoin mania peak.

Whatever unfolds in the coming weeks, keep your eye on the bigger picture. History shows us that the real bull market still awaits, and it’s really important not to fuck this up right before the real season. 

Stay safe, homies.

🔥 Degen corner.

Big TGE Week (and Month)

Here’s hoping the price action heats up because June is packed with massive and long-awaited token launches. Let’s dive into the most intriguing ones:

Tapioca is poised to become a DeFi behemoth. The TAP token is coming out June 11-13th, the same time as the Compound launch during 2020, right before DeFi summer. Coincidence?

The IO token generation event is coming up tomorrow, June 11th, alongside the Binance launchpool and listing. Io.net aims to become one of the main players in the cloud GPU and CPU arena, and it is especially interesting for those who have read our past newsletters and airdrop guides. 

ZkSync might be the longest airdrop ever farmed in the history of crypto. A few hours ago, ZkSync published a blog post titled “Introducing ZK Nation,” detailing its plans for community governance (meaning token launch). 

Watch the official channels; this week should be packed with news. Last week's newsletter also has more info about ZkSync’s ecosystem.

Blast’s token should finally come out in June, although no precise date has been given yet.

Considering the aforementioned TAP token generation event and Tapioca's aim to become de facto the “unstoppable omnidollar ecosystem powered by Layer Zero,” it would only make sense to see the ZRO token come out by the end of June, too. 

The prediction markets agree with this stance, betting on an 83% chance of exactly this outcome.

👀 DeFi insights.

The important bits.

• Aperture Finance (AI Intents) - Now live on Base - read

• io.net (GPU, AI) - CEO announces stepping down - read

• Zilliqa (L1) - Releases V2 and new whitepaper - read

• PUPS (Runes) - 24 hours to claim PUPS from Rune Pups NFT - read

• Retardio Cousins (NFT) - Holders get access to Legion investments - read

• MaskNetwork (L1) - Introduces staking Season 1 - read

• Polkadot (L1) - Introduces One Frequency - read

• Injective (L1) - Restructures tokenomics - read

📰 DeFi news.

Even more important bits.

• Norway government returns $5.7M stolen funds related to Ronin hack - read

• Bakkt exploring potential takeover, breakup - read

• Loopring smart wallets got hacked - read

• Iggy Azalea relaunches her telecommunications company - read

• Binance surpassed 200 million users - read

• The US Treasury yield curve has been inverted for 702 days - read

🫠 ICYMI.

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

What Happened Last Week in Crypto? Emiri Checkin’ in From the Pub

Article

Emiri Checkin’ from the pub will be a normal Friday occurrence from now on. Highly recommended reading!

Read More →

🐥 Tweet of the day.

To save you doom scrolling.

How did we end up here exactly? Recommended watch.

🦍 And finally…

I am once again reminding you that Berachain is coming. Things are starting to boil, and today, we received an announcement of Berachain's Public Testnet bArtio B2 release. It might be a hot Bera summer indeed, plus certain sauces say the full release will come in Q3 as well. 

Ooga Boogas will hit the timeline soon enough.

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