😱 Uptober is Here! Or is it?!

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, are you buying the war dip? 

Statistically, bears have the upper hand in the very early days of October. Nevertheless, we shouldn`t easily get bamboozled into a bearish mindset. 

The stats speak clearly: once September closes green (especially the post-halving election year ones), the crypto market is due for a rapid upward appreciation. Once we grasp that the October low typically shows up in the first seven days of the month, it’s a lot easier to hold our ground without getting sliced up by doubt.

As always, these are just my own ramblings, and you’re free to take from them what you will. With that said, let`s check a few factors underscoring the bullish thesis. 

The scope once again shifts to the East. Chinese shorters are currently experiencing their worst day since 2008 as the easing cycle kicks in (more on this in previous issues).

This is all happening while global liquidity continues to rise. According to data from Capital Wars by the brilliant Michael Howell, Bitcoin appreciates about 5x for every 10% rise in global liquidity, while the current fair price of BTC to current liquidity is already around 120,000 dirty fiat dollars. 

All in all, the aforementioned statistics are in play right now, as we are experiencing early October war FUD in the form of Iran attacking Israel with ballistic missiles. Markets don`t enjoy this, but we`ve been here before. 

Nothing ever happens as they say, let`s see this time…

🧑‍💻 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!

Kizuna/WETH Uniswap 1D Log Chart

OG Bittensor meme Kizuna is highly correlated to TAO (pink line above). It’s my pick for degen TAO beta. With only a $20m market cap, it moves much faster in both directions. I’m betting that direction will be broadly up for quite a bit as the subnets and mindshare around Bittensor continue to develop.

Price is currently sitting on support above the Point of Control at the 1800 level. It tends to follow with a slight lag, but it’s been highly reliable on high timeframes so far.

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!

All Eyes on EIGEN

The long-awaited EIGEN token is finally tradable today. Just quickly for those not in the know, Eigen Layer is a cloud platform that enables other networks to be crypto-economically secured by ETH - specifically by restaking ETH. 

You can get up to date with everything Eigen Layer here in our beginner`s guide. 

One EIGEN is currently trading for $4.4 at $7.43b fully diluted, while the circulating market cap is only $368m. Considering there are whales such as Justin Sun holding 5.24M EIGEN, worth $22.9M, and currently transferring the tokens to exchanges, volatility is undoubtedly to be expected, but the circulating market cap is certainly on the cheaper side here.

Let`s leave the price speculation for now and instead look at few noteworthy Eigen Layer ecosystem projects:

• EigenDA: AVS (Actively Validated Services) on Eigen Layer providing low-cost, hyperscale data availability to rollups

• eOracle: Modular, slashable, and programmable oracles

• Witness Chain: Coordination layer for DePIN projects

• LAGRANGE: Hyper-parallel ZK coprocessing, interoperable applications

• Aligned: ZK proof verification layer

• Automata Network 2.0: Extends machine trust to Ethereum with TEE Coprocessors

• Ethos Labs: Bringing EigenLayer security to the Cosmos ecosystem

• Blockless: Network neutral applications

• Drosera:  Real-time security & on-chain incident response

Enjoy exploring and keep your eyes peeled, Eigen Layer season might cause a nice spark across the Ethereum ecosystem.

Lastly, a big thank you to Redacted Research for the in-depth knowledge around Eigen Layer; please make sure you all follow!

The blocmates Survey: Help us get you even more quality content!

Your feedback is always appreciated, so if you have a minute, please fill out this survey so we can provide you with exactly the type of info you need:

The important bits.

• GenLayer (AI) - Explains the difference between traditional and intelligent blockchains

• EOS (L1) - Reached 2300 days without network downtime 

• CORE Dao (Bitcoin DeFi) - Introduces SolvBTC:CORE, the first LST yield token on Bitcoin

• Dinero (DeFi) - 70% of users are now staked in sDinero

• SuperVerse (Gaming) - Starts SuperVerse season 2

Even more important bits.

• Jesse Pollak from Base will be joining the Coinbase Wallet team

• BlackRock: “Ethereum ETF flows will remain much lower than Bitcoin`s”

• Metaplanet has purchased an additional $6.9 million in Bitcoin  

• Existing crypto regulations in Japan are now set to be reviewed 

• Uniswap Fee Increase Generated $53 Million Revenue

• 1% of BTC's supply is now locked in DeFi 

• GCR claimed n airdrop of 253,946 EIGEN($1.06M)

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

Podcast

Jedi hosts TN, CEO and co-founder of Pendle, a DeFi protocol as they discuss the growth of Pendle, the role of points in DeFi, the potential of Bitcoin DeFi, and the evolution of the cryptocurrency market.

Tune in on Spotify | YouTube →

To save you doom scrolling.

When the Grant master himself goes alpha mode, we listen. Simple as. Enjoy the list!

One last thing worth noting is the strength of altcoins during the last few days of Bitcoin dips. Not only did some alts barely move, but once Bitcoin showed even a tiny bit of green, they ripped right back up. The risk appetite is definitely present. 

As Terrence Mckenna would say: “Take it easy, but take it…”

stay safe homies,

Hix0n 🫡