👀 What’s to Come in Volume 32

🔑 Key News: $PEPE Team Selling, OpenSea Adding FEE, Friend Tech Adding Photos, $BASE Decentralization Plans & more from CJ

⛓ On-Chain Sleuthing: Degen Harambe Entering Remilia & Su Zhu Alledged Wallets feature from Cl

🔥 Hot Narratives: Friend Tech Drama & Grayscale vs SEC 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

• Coinbase buying stake in Circle while USDC to launch on 6 additional blockchains

• HashKey started crypto retail trading service in Hong Kong

• Mastercard and Binance to end crypto card partnership

• Shopify partners with Solana

• Avraham Eisenberg caught with child pornography

• OnlyFans invested company profits into $ETH

• PrimeTrust multisig wallet has $40M worth of inaccessible crypto

• Impact Theory, LLC was charged by SEC for an unregistered securities offering which raised $30M from NFT sale

• BitBoy removes host Ben Armstrong amid meme coin controversy

• DCG reached agreement with Genesis creditors to deliver recoveries of up to 90%

Exploits/Updates that Happened This Week

• Hyperliquidx FRIEND-USD index changes and maintenance margin refunds for liquidations update

• Magnate Finance rugged on Base

• $PEPE team dumped tokens while the team made a statement

• Aave paused GHO minting

• Default of Tokenized Loans on Centrifuge Puts MakerDAO’s Investment at Risk

• Balancer hacked for a total of $900k

Useful Weekly Defi Updates

• Mantle to deposit 40k ETH into Lido while proposing to use treasury to bootstrap their ecosystem

• Maple Finance launching on Solana

• Stader Labs introduces rsETH

• Wormhole introduces its foundation

• OpenSea Pro will add a 0.5% platform fee to all OpenSea listings and offers starting August 31

• Shuffle announces token while Cypher announces their token sale

• Friend Tech adds photos to its platform

• Coinbase outlines a decentralization plan for Base with fault proofs and OP client diversity

• Governance proposal for upcoming dYdX Chain goes to Snapshot vote

Some Interesting Projects to Look Out For:

• AnyType Labs: Private, local-first, P2P computing protocol

• Angelic Labs: Remilia Gatekeeping Hub

• Beam Cash: Crypto to cash infrastructure

• Newsly: Mobile News Trading Terminal

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

⛓ On-Chain Sleuthing

Degen Harambe Buying Remilia Assets

A new persona in our database: Degen Harambe. A fairly known CT persona with over 28k followers. He is also a well-known $PEPE whale, but has become a Remilia whale recently too.

He has been purchasing loads of Remilia NFTs and other assets.

Harambe now holds 66 Miladies, 46 Remilio Babies, and 13 Yayo’s.

Potential Su Zhu Wallets

A supposed address linked to Su Zhu was trending recently on Twitter. Although there is no hard evidence that this address is linked to the infamous 3AC trader, lots of people have speculated about it, because of its connections and holdings to projects like $RLB and $0X.

Doing some digging, we have found another wallet that is linked to this address and potentially also controlled by the same person. The addresses are among the top holders of $BITCOIN, $OLAS, $HILO, and $MOG.

Both $OLAS and $HILO have been bought (and marked) at the local tops.

Combined these wallets are worth well over $8 million.

Research and analysis by Cl & Amir Ormu

🔥 Hot Narratives

Friend Tech vs SharesGram

Obviously, when a new toy enters CT, developers flock in to create forks and profit off the mania.

We have seen it with DEXs, Doge coins, and more recently with Telegram bots a la $UNIBOT. It was to be expected that it would happen to Friend Tech (FT) too.

At first, you would think this is not a big deal, right? All the major CT influencers are already on FT, it is backed by Paradigm, and there is a point system with an airdrop on its way.

With the wind in its sails, FT had nothing to worry about, until it fumbled by tweeting out the following:

This goes against the ethos of crypto and obviously rubbed the wrong way for a lot of people.

This kinda opened up the market for competitors and for a moment it seemed that Shares Gram was ready to step up. However, the dev of Shares Gram decided that he wanted to do some shenanigans too by swapping the ETH from taxes to USDC without communicating back to the community. This led to such a backlash that Shares Gram lost any momentum it had.

The dev ended his day like this:

Quite a rollercoaster. Let’s see what functionalities Friend Tech is able to ship to solidify its leading position and get people back on its platform again.

(p.s. do some trades with your friends, you’ll earn points that will likely translate to tokens)

Grayscale WINS vs SEC

US court has decided in favor of Grayscale in their legal battle against the SEC. The case has been ongoing for some time and had to do with the SEC denying Grayscale’s proposal. According to the SEC, the proposal did nothing to prevent fraudulent and manipulative acts and practices.

The SEC has used this reasoning for other spot ETFs, but with this court ruling, it seems that this will come to an end. Note that the court ruling does not imply that spot ETFs will be approved, but more so that the SEC needs to revise their reasoning.

What’s exciting is that six pending BTC spot ETF requests are on the agenda for September 1st.

We expect that the SEC will do their best to postpone and delay any decision on these. But sooner or later, we can expect the first BTC spot ETF approval.

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/.

Upcoming Events

• Tues: House Price Indices & JOLTS

• Wed: ADP Employment, Pending Home Sales, US GDP(pre)

• Thurs: Jobless Claims & PCE Report

• Fri: Employment Situation Report & Global Manu. PMIs

BTC, ETH, and Macro

• BTC and ETH continue to trade within a tight range with continued macro headwinds. The US saw a slightly softer PMI print and weak earnings from US retailers pointing to signs of a weakening consumer base.

• Globally both Europe and China continue to see slowing growth. The latter has been lowering interest rates and reducing taxes on trading stocks to inject more liquidity into the economy. Monetary policy will usually take months to affect the economy and hence we could see more chop from China for a while.

• BTC Catalyst

  • Grayscale case verdict is anticipated every Tuesday and Friday at 1600 UTC

    BIG UPDATE: Grayscale won its case versus the SEC, which led to a surge in $BTC price.

  • Blackrock’s ETF + 5 others approval decision on Sept 1st

• ETH Catalyst

  • 12 ETH Futures ETF approval on Oct 12th

Option Markets

• IVs have been elevated since yesterday which seem to be attracting short-term strangle/straddle sellers for the end of the week.

• BTC IVs have risen to 37.26(42.4 last week) which implies the options markets expect a 1.95% daily price move.

• Skews stayed positive this week meaning the markets are heavily in favor of buying puts(bearish).

• ETH IVs have risen to 39.13(39.74 last week) implying the options markets expect a 2.04% daily price move. Currently, the 30d IV is slightly higher than the historical volatility of 38.2%.

• ETH skews are also positive implying option market participants are buying puts (bearish).

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

📈 HTF Price Action Scenarios

Gm frens,

It would seem we are back in low volatility mode. After tapping the daily demand, the price has been consolidating in a tight range. All I’m waiting for now is a push to the upside.

• Lows being liquidated

• Re-accumulation playing out

• Looking to follow momentum to the upside

Unless bullish momentum shows up from these areas, I don’t see a reason to enter this market whatsoever.

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

Courtesy of Vlad - trend-based trader and MentFX student

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Virtually yours,

The Castle

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