😱 We Found Evidence! Bullrun Ends in 2026

🗞 Market commentary.

GM cousins.

Bitcoin is affirming the boring thesis, and by the looks of it, we’re due for even more chop. While we might enjoy pockets of green altcoin action during this choppy season, it's wise to mentally prepare again so as not to be shaken out by irrelevant movements within the range.

Let’s look at something interesting. Adjusting Bitcoin’s price to the reported Consumer Price Index (CPI) shows that it’s still hovering below previous all-time highs. This suggests that the pre-halving price action is typical and does not indicate a shortened cycle, as many currently fear.

Another intriguing perspective is Bitcoin price adjusted to M1 money supply. In this case, you can see BTC retesting a resistance that was previously broken only once: during the 2017 bull run.

Lastly, according to the liquidity cycle theory from the very prestigious Cross Border Capital, we’re looking at reaching the peak of the cycle all the way up in June 2026.

📊 Luke’s Chart of the Day

SOL/USDT Ichimoku Weekly Log Chart

Now could be a good time to pack some long-term SOL bags if you have not already done so. Since Eigen and other recent VC shitshows, memes seem more entrenched than ever. High FDV is no longer a meme. 

Solana has got to be the best picks & shovels meme play. In addition to being the retail schelling point, fastest, cheapest, and best UX chain with the best retail apps. $500 and then $1k are good moonshot targets that are actually not that far off on the log chart. If the liquidity cycle peaks at the end of 2025, as the smart macro people think it could, we *might* be looking at a four-digit SOL price by then.

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.

The most potent Monad airdrop: Elixir

Elixir is the first and largest Monad ecosystem project coming our way. As the ultimate solution for providing deep orderbook liquidity thanks to its Delegated Proof-of-Stake (DPoS) network and Avellaneda-Stoikov algorithm, which dynamically adjusts order books, it’s poised to be massive— not to mention their recent series B raise at an $800M valuation.

If you want a deep dive into Elixir (highly recommended), jump right into this article.

But now, to the juicy part: how do we score the 10% (!) supply airdrop?

Enjoy the potions! And remember not to underestimate this opportunity—Elixir is already powering a large percentage of total orderbook liquidity.

👀 DeFi insights.

The important bits.

• Clone (Cloned-assets) - Now integrated into Jupiter Routing - read

• Friend Tech (SocialFi) - Announces upcoming new features - read

• Lyra (DeFi) - Announces tokenizing derivatives yield on EigenLayer - read

• ZkSync (L2) - Potential leak to Zksync's airdrop page - read

📰 DeFi news.

Even more important bits.

• Vitalik Buterin proposes EIP-7702 (Account Abstraction) - read 

• FTX plans to pay billions more to creditors for compensation - read

• GBTC outflows overpower the inflows again - read

• SEC delays Invesco & Galaxy spot ETH ETF - read 

• Pump.fun is doing more revenue than Uniswap - read

• Bybit to integrate Ethena Labs' USDe as a collateral asset - read

• $130B AUM Hightower announces buying $68M BTC ETFs - read

🫠 ICYMI.

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

What Is Tapioca DAO? An Idiot's Guide

Research

When a protocol is layered with as much innovation as Tapioca, it can be tricky to grasp.

There's big news coming out of the camp this week. So, with that in mind, here’s our idiot's guide to Tapioca and $TAP so you’re fully up to speed heading into the TGE.

Read More →

🐥 Tweet of the day.

To save you doom scrolling.

This bullish propaganda from Ki Young Ju is exactly what the bears need to see right now.

🦍 And finally…

I’m hearing there are some big announcements coming around Berachain in the next few days. Is the mainnet release near? Is the chain real, after all? Let’s see… I’m ready.

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