👀 What’s to Come in Volume 46

🔑 Key News: EigenLayer + Google Cloud, Su Zhu Free Man, Schrapnel Lawsuit & more from CJ

⛓ On-Chain Sleuthing: $CRE AlfaAlfa feature along with Smart Money Moves from Cl

🔥 Hot Narratives Taho Airdrop, Intents-Based Narrative from unexployed

📈 Macro Outlook: Simplified Round-up and Implications from Hansolar

📉 HTF Price Action Scenarios from Vlad

⚔️ A Call to Arms

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🔑 Key News

Major Headlines

• CFTC demands Coinbase user data in suspected Bybit probe

• Google Cloud confirms participation in Eigen Layer testnet

• Cristiano Ronaldo sued for promoting Binance

• Binance to delist & end support for its BUSD stablecoin in December 2023 while Philippines banned Binance in their country

• Binance hints airdrop for its mobile web3 wallet users

• Celsius starts to open crypto withdrawals for holders of some claims

• FTX Gets Court Approval to Sell $873M Worth of Grayscale, Bitwise Trust Assets

• MicroStrategy Acquires Additional 16,130 Bitcoins and Now Holds 174,530 BTC

• Su Zhu out of prison

• Societe Generale issues first digital green bond on Ethereum

Project Updates

• KyberNetwork exploiter demands full ownership in new message

• Nobitex Market drained for $12.5M

• Jito announces $JTO token and airdrop while Starknet confirms incoming airdrop plans

• Circle x Maple Finance partnership for Maple's secured lending pool

• Sei Network to add Ethereum Virtual Machine support in V2 upgrade

• Rage Trade v2 docs revealed

• Jupiter Exchange reveals airdrop checker

• Shrapnel named in lawsuit

• MetisDAO announces testing for PoS Sequencer Pool

• HyperliquidX introduces NFTI (NFT Index)

• Rhinofi announces $RHINO

• Arbitrum Lands Rari Foundation New NFT-Focused Layer-3 Chain

• Mantle rolls out liquid staking protocol on mainnet

• Osmosis and UX Chain propose a merger within Cosmos ecosystem

Interesting Projects

• Banyan Computer: Decentralized storage protocol

• Pika Labs: Idea-to-video platform

• Avocado Swap: First DEX on Botanix (BTC L2)

• Merchant Moe: DEX on Mantle (rhymes with TraderJoe but not sure if there is any affiliation with them)

• Talus: Protocol to deploy MOVE-based Dapps on Ethereum

• Variable Fi: US private credit on-chain

Courtesy of CJ - check out his telegram channel for daily news, projects updates and new releases

⛓ On-Chain Sleuthing

Genesis ETH Buyer Aping Into $CRE

The sleuth team at Castle has found an old genesis ETH buyer that has aped into $CRE.

The following address: 0x6eb…48c1c is the genesis wallet.

Which funded 0xE517…2563e that has been buying $CRE on the 28th of November. The wallet now holds a $80k position in the token.

Creso is a new type of crypto wallet using the ERC-4337 standard.

Research and analysis by Cl

🔥 Hot Narratives

Taho Airdrop Opportunity

It is truly free money season as airdrops have been absolutely printing: $TIA, $PYTH, $JUP, and many more to come.

Usually infrastructure is by far the best performing market segment within crypto and let there be an interesting, useful project that has an incentivized testnet ongoing right now.

Taho is a crypto wallet that has been created with the help of Alchemy, a well known crypto data/infra firm. The wallet brands itself as a truly, community run crypto wallet aligned with the ethos of decentralization and transparency.

Like many other wallets, Taho is compatible with many popular EVM-networks and the best thing is, a token has been confirmed.

Right now, this beauty is being underfarmed and a great campaign is ongoing called: Subscape. A play-to-govern campaign that introduces the wallet and various activities to its users.

Sign up here for Taho’s Subscape campaign.

Intents Are Here to Stay

Last week, we covered DEUS/SYMM as a project to get exposure in for the “Intents” narrative that we are anticipating. This new paradigm is potentially shaping the future of crypto UX and we are here for it.

It is all about achieving an outcome through expression. Right now, the way crypto works is mainly through input/output.
> Put 1 ETH in receive 69.420 Dogecoin back.

This has to be executed manually by users.

Intents aim to eliminate this friction and move the effort from the user to solvers (consider them market makers). The best example is a limit order, but projects are investigating other usecases to extend the utility of intents.

There are only a handful of projects working on or with Intents at the moment and we are still in early days. There is not even a category on Coingecko yet.

Some interesting projects to use are SYMM, IntentX, Anoma, Nimble, and Connext.

We are sure many more will arise from the trenches. Keep your eyes peeled.

Ethereum Gas Fees are Skyrocketing

As usual in a bull market, gas fees on Ethereum are reaching bizarre numbers. Currently, a swap may cost you over $25 and we expect that this will only increase as the bull rages on and draws more people in.

This creates a substantial opportunity for Layer 2s and alternative L1s to capture market size (once again). You want to look for chains with substantial inflows. As of now, there is no clear winner. We can see Arbitrum and Optimism pulling some heavy numbers and Base has a nice +10% 7D increase as well.

Eventually, one big event or token launch will draw attention toward one of those chains. Be careful around memecoins on L2s and be aware of the many mimic-honeypots active too (bots mimicking token tickers and prices that you cannot sell).

Courtesy of unexployed

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💹 Macro Outlook

Please note that if certain technical jargon or concepts mentioned in this text are unclear, you can refer to investopedia.com for detailed explanations and definitions. Additionally, for a comprehensive overview of macroeconomic events, you can explore the event calendar on investing.com/economic-calendar/.

BTC, ETH, and Macro

• BTC’s patient bidder continues to set bids below the mark price as the spot ETF date becomes clearer.

• SEC sets rebuttal deadline for 5th of Jan. Meaning ETF likely passed between 8th Mon - 10th Wed 2024 link

  

• ETH has been relatively weaker on the pullback, however, the ETH/BTC pair looks like it has found some bidders that may put in a bottom around 0.052.

  

• Gold breaks out over the weekend and then pulls back. Looks like a liquidation wick.

• Revised Q3 GDP numbers are good. The economy is looking healthy.

• Yields falling (due to Gov. Waller’s comments) have been positive for risk, but the market may be pricing in too many cuts for 2024 now(source: Joseph Wang).

• FDIC banking sector for Q3 is also positive. No credit problems in the report.

  

Courtesy of Hansolar - check out his telegram chat for all things options, crypto and DeFi

📈 HTF Price Action Scenarios

Gm frens!

Last week I pointed out the fact that the price was back to liquidating highs again and that longs were favourable. Price continued doing exactly that which led to a break into new highs.

• Clear uptrend with multiple re-accumulations

• Expansion out of sideways price action

• Highs being liquidated

• Fresh new highs

Price has behaved exactly as expected and has delivered a beautiful uptrend. Price is fairly far from its last re-accumulation now, so I’m not sure whether the R:R is there for new longs, but perhaps the lower timeframes still have potential for good entries here.

The trend is our friend, so for as long as we’re long, we’re long. That includes minor re-accumulations, so liquidity sweeps are our friends here too. Once price starts liquidating multiple lows in a row, we’ll be back in re-accumulation territory and we’ll once again practice patience before price shows a willingness to continue long.

Trade responsibly and I’ll see y’all next week!

Courtesy of Vlad - trend-based trader and MentFX student

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In our newsletter, we may discuss projects or tokens in which we hold positions. While we aim to provide informative content, our views are not financial advice. Please conduct your research and consult professionals before making investment decisions. Crypto markets are volatile, and past performance doesn't guarantee future results. Invest responsibly, and be aware of the risks. Your capital is at risk, and we do not accept liability for any losses.