🚀 COVID Stimulus 2.0? Yup, $7.4 Trillion!
PLUS time to check back on CRV
🗞 Market commentary.
GM to all passengers who caught the last ride, we are departing from the ATH station soon, please, buckle up.
I mean, anyone who still doubts we’re in the midst of a bull market has got to have a bit of that Retardio element in them at this point. Not only is Bitcoin preparing to bust out way past all-time highs, suggesting it might never drop below them again as history has shown, but global awareness of Bitcoin is also growing.
Google Trends shows the first significant increase in interest, even though it's still far from peak euphoria. Interestingly, the trendline showing searches for “memecoins” is about to pop up much higher than ever before.
Moreover, we are hearing praise for Bitcoin from former president Trump, Biden predicts a 10x growth of the BTC mining industry, MicroStrategy buys an additional 12,000 BTC propelling the company above BlackRock in the holder ranking, and finally, the London Stock exchange announces accepting applications for BTC and ETH exchange-traded notes during the second quarter.
On the flip side, bears are excited to share the news about BTC miners selling at all-time high rates and particularly Bitcoin maxis are quick to point out the potential delay of the May spot Ethereum ETF.
I wouldn’t worry too much though, as Biden unveils a $7.4 trillion budget for 2025 and digital asset investment products witness yet another record weekly inflow.
📊 Luke’s Chart of the Day
SOL/ETH 1D Chart
Price is consolidating around the point of control - we had a blow-off local high on Christmas Day. ATH is slightly higher at 0.058. Looking at the RSI (yellow circle, bottom) it’s pushing against the 50 mid-range level. It would be rare to see this and not have it break up and head towards the upper bound of the range.
Volume is ramping with price ranging, indicating increasing buyer interest/rotation. It seems likely it’s only a matter of time before we break the downtrend line. Daily wallet addresses (The Block) hit an all-time high around the new year and are ripping at the moment.
🔥 Degen corner.
The Comeback of DeFi Dinosaur
Is DeFi really coming back? Last week, we mentioned Redacted Cartel as the dark horse play for this possibility. Since then, it has nearly doubled, and a ton of smart money has started to accumulate the token. Not a lot of people know that their treasury is full of CVX – the Convex Finance token.
Which brings us right back to the DeFi grandfather of protocols, Curve. Since Curve Finance released their crvUSD, the revenue has soared and now hovers around $1M per week. Since CVX holds 50% of the total CRV supply, one would think it could react nicely to possible CRV breakout. Both these tokens are nearing the end of a multi-year consolidation and have most of the tokens in circulation. Just a theory, not financial advice, of course!
If you’re afraid of de-pegging or simply would like to bet against the success of crvUSD, I cannot but recommend checking Y2K’s risk management for stables enough. By the way, Y2K just released their V3 called “Tsunami”.
LARP NFT Mint Explained! Check out our previous article and get in the know.
👀 DeFi insights.
The important bits.
Lyra (DeFi) - Presents rapidly increasing volume & fees - read
Redacted Cartel (DeFi) - Present the highest LST yield in the industry - read
Entangle (Omnichain infrastructure) - Initial market cap only $835K - read
API3 (Oracles) - Partners with INIT Capital - read
AIOZ Network (AI) - Announces W3IPFS Whitelist Program - read
Elixir (Modular DPoS Network) - Launches today - read
Curvance (DeFi) - Announces Arbitrum grant award - read
Eclipse (SVM L2) - Raises $50 million ahead of mainnet launch - read
📰 DeFi news.
Even more important bits.
Miners are selling BTC at record levels - read
February CPI inflation rate rises to 3.2%, above expectations of 3.1% - read
Maker DAO increased the borrowing rate to 15% - read
Digital asset investment products saw record weekly inflows - read
🫠 ICYMI.
Life gets busy so here’s what you’ve missed.
Bringing Personal AI-Agents to the Masses
Founder Series
Today, Jedi is joined by Skillful AI’s CEO Zoltan Prokai & CTO Emanuel Hernandez!
🐥 Tweet of the day.
To save you doom scrolling.
LARP NFT mint is almost here! Everyone is ready, are you?
🦍 And finally…
Let’s do a little wisdom corner today.
If this is your third cycle, try to embrace the absolute stupidity of your first cycle‘s mindset – just tell yourself you are winning forever and you don't have a reason to sell, while you can take money off whenever you feel like it and treat yourself.
During your second cycle, you tend to try to be smarter, overthink, attempt to predict market peaks a lot, and rotate assets a lot... all well-known traps leading to losing the train ride.
If you established strong positions, it's HODL time, simple. The only thing different this time simply must be the timely recognition of absolute euphoria around the top. We're not there yet.
Once we are, you need to be ready to commit on-chain terrorism and push the big red button. The signs will be there, one of them being a lack of top-calling on the timeline, and you forgetting that every bull market eventually ends.
much love,
blocmates team 🫡