🐂 Crypto Bulls Love Election Years, Here's Why:
PLUS it's time to pay attention to Ordinals!
🗞 Market commentary.
GM to all Darth Maul candle survivors.
Yesterday’s flash dump is in the past, and successfully at that. Bitcoin has bounced back and is now floating above the $70K mark. It looks like we can pretty confidently say that the close of the traditional markets tomorrow will set us up for a bullish start to April, especially with the upcoming Bitcoin halving.
Not only that, but the start of Q2 is shaping up to confirm a pattern we've seen in election years, which have also been Bitcoin-halving years historically. A quick glance at this trend, as pointed out by Eric Krown, shows us a more than clear path into an increasingly bullish era, inevitably ending with another blow-off top. Today's Blackrock ETF inflow, counting a nice and solid $323.8 million, is just more evidence of this.
On a lighter note, it looks like we're in for a "dog session," given that DOGE is currently in the first month of breaking out of an 800-day range. This, combined with the still increasingly bullish-looking TOTAL3 chart, paints yet another bullish picture for days and months ahead, even if we experience short-term downside volatility, which is expected, for example, by Pentoshi.
📊 Luke’s Chart of the Day
SOLUSDT 4H
Solana is my favorite major, but the chart is the chart, and it looks heavy here. We have a long-term trendline from late February that keeps getting tested and defended. I’m not sure how much longer it will hold. Be careful with longs. A range bottom could be a good entry. From there, you have quite a clean invalidation to punt a long. An oversold RSI (sub 30) is also a great signal to long or buy spot.
In the inset, you can see via Defi Llama that volume has fallen off a lot in the last week as Base degeneracy and maybe Sui are taking some business away from the manlets. This is probably temporary, and I still believe Solana will be our retail schelling point this cycle
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.
Ordinals NFT collection number 3
I’ll be closely watching the Bitcoin Ordinals space nowadays, and not only because the Runes Protocol (mentioned last time) is going to launch soon. We now have two established collections that have clearly taken the lead: NodeMonkes and Bitcoin Puppets.
But pups and nodes cost 20 to 40 thousand dollars per NFT. Most people are simply priced out. So what happens next? Something will fill that gap. I feel like right now, we ought to be on the lookout for collection number 3.
If you want to watch with me, keep your eyes peeled on Magic Eden and the Bitcoin bracket. If you aren’t on Bitcoin already, it’s easy: all you need is a secured Xverse wallet. You can connect this wallet right to Magic Eden and use it as you would Metamask or Rabby.
The Bitcoin NFT space is going through a bull run of epic proportions, which will only increase in strength, and a lot of people missed out because they thought it was too difficult to use. We’ll keep the watch, you keep reading.
👀 DeFi insights.
The important bits.
GuildFi (Gaming) - Teases new epic release - read
Protectorate (NFTfi) - Zaar is #1 in global NFT liquidity - read
Persistence One (LSTs) - Partners with HUAHUA - read
Plume Network (RWA) - Partners with Coinbase Wallet - read
Illuvium (Gaming) - Plans to launch during Q2- read
Initia (Rollups) - Solves EVM on CosmosSDK - read
Io.net (AI, GPUs) - Partners with Gaimin - read
Perennial (DeFi) - Kwenta, built on Perennial, is coming to Arbitrum - read
Pyth (Oracles) - Implements oracles for Redacted Cartel’s pxETH - read
Elixir (DeFi) - Surpasses 30,000 verified users - read
Mantle (L2) - Locked MNT unlocks Ethena shards - read
📰 DeFi news.
Even more important bits.
Azuki chooses Arbitrum to build their Anime Chain - read
Fidelity files S-1 form for Spot Ethereum ETF with staking included - read
Base L2 sees 5x increase in demand after EIP-4844 - read
Exchange assets of Kucoin drop 15% - read
Nilam Resources announced plans to acquire $1.7B in BTC - read
Avalanche tokenizes diamonds as latest RWA assets - read
Institutional funds of $86B entered BTC past 6 months - read
🫠 ICYMI.
Life gets busy so here’s what you’ve missed.
WTF is Impermanent Gain? Turning Losses into Liquidity
Founder's Series
Today Jedi is joined by Smilee Finance Co-Founder Albiwara to discuss all things derivatives — this is THE on-chain derivatives trading episode you’ve been waiting for.
Tune in on Spotify | YouTube →
🐥 Tweet of the day.
To save you doom scrolling.
If you haven’t yet, you simply must watch this crypto sketch from Out of Order.
🦍 And finally…
On a final note, we might need to be on the lookout for the powerful alliance of FetchAI, Singularity, and Ocean Protocol. As far as the AI narrative goes, these already big players combined into one to be called $ASI token might take the lead.
much love,
blocmates team 🫡
What do you think of the $ASI token? I don't know much about those companies