👀 What’s to Come in Volume 54

🔑 Key News: Headlines, Exploits, Continued Adoption, DeFi Updates, New Projects & more from CJ

⛓ On-Chain Sleuthing: $RSTK, $BTRFLY, and NFT Perp Alfa feature along with Smart Money Moves from Cl

🔥 Hot Narratives Orbiter L2, $JUP Today! from unexployed

📉 HTF Price Action Scenarios from Vlad

⚔️ A Call to Arms

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🔑 Key News

Major Headlines

• FTX sold about $1B of Grayscale's BTC ETF since approval

• Harvest Fund files spot bitcoin ETF application in Hong Kong

• Mt. Gox confirms creditors' Bitcoin addresses for repayment

• Bug That Took Down 8% of Ethereum's Validators Sparks Worries About Even Bigger Outage

Project Updates

• GAMEE Token, SwarmMarkets & SomeSing Korean App exploited

• Rabby & Drift protocol introduces Rabby Points & Drift Points program

• Render Network proposal on Nosana Compute Client up for voting

• Rari Foundation launches RARI chain 

• UMA Protocol introduces Oval while Convergence introduces Tangent

• Gamma Swap introduces DeltaSwap & their point system

• Magic Eden introduces their Reward System 

• Drama between Ape Terminal, SatoshiVM & KOL

• Eigen Layer delays cap raise but removes limits

• Polygon Labs introduces Aggregated Blockchains (AggLayer)

• Sovryn BTC introduces BitcoinOS while Sei Network introduces SeiDB

• Opensea looking to get acquired

• Parcl announces Season 2 of Parcl Points

• Orbiter Finance building their own L2

Interesting Projects

• RA: Fraxchain solidly fork by Ramses team

• Claystack: Modular DVT based LRT live on Ethereum mainnet

• Meson Network: AI + DePIN network

• TwentySix Cloud: Cross-chain Decentralized Cloud

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

⛓ On-Chain Sleuthing

Amber Group Boolish on Liquid Restaking

The Restaking narrative has been on full blast ever since December last year. We already covered a lot about EigenLayer, its caps, and the restaking protocols that have been building and offering liquidity atop of EigenLayer. \

One of these protocols is Restake Finance.

This project has one major perk that others, like Kelp or Renzo, don’t have: a token.

The $RSTK token was launched through an LBP and has caught quite some popularity within the industry, solely because it is currently the only tradable exposure to the whole restaking narrative (apart from providing liquidity and farming points.

Here at Castle we noticed a very interesting wallet address:

Which has been bidding $RSTK quite hard lately:

Wallet Address 1 now holds close to $650k worth of $RSTK and did over 500 transactions to acquire this.

We connected Wallet Address 1 to one of Amber Group’s wallets:

Digits DAO Bidding REDACTED

Digits DAO has been building a position in $BTRFLY since the beginning of this year. As of 30th of January, they hold a $160k position in the DeFi coin.

NFT Perp Alfa

Does anybody remember NFTperp?

Once it was one of the most promising and innovative projects on Arbitrum, but they had to end their V1 in 2023 because of the liquidity structure of their Perp AMM.

Since then, the team has been heads down building on their new product: A Perp DEX that’s a mix between AMM and OrderBook powered by Elixir Protocol

NFTperp V2 which will be a mix of AMM & Order book powered by Elixir Protocol.

the founder has been hinting on an official launch for the V2 Alpha around the Blast unlock around the end of February.

A TGE event should follow the launch of NFTperp V2 and my thesis is that this token could do very well as it is the first real proxy for NFT derivatives.

This begs the question: How to get exposure?

Research and analysis by Cl

🔥 Hot Narratives

Orbiter Finance L2

• Orbiter Finance announced that they are building a L2 following OKX investment.

• Orbiter Rollup: “zero-knowledge proof powered ‘meta-layer’”.

• See the Block article for more details.

This is HUGE. Prior it was “just” a bridge. But now that it is becoming a full-fledged, zk-L2, it makes the Orbiter super interesting. And the best part is that we can still farm (or get farmed) on those O-points.

The current quest involves bridging to and from Manta. It should take as little as $20 to do this entire thing from Base to Manta and back, yielding 125 points. You can continue briding to other chains for 3 points per transactions, but doing the quest alone is sufficient enough to boost your points.

We recommend anyone doing this as the L2 is quite an opportunity.

Solana Szn Round X Incoming?

• Jupiter set to launch their token.

• Big liquidity injection, mostly rewarded to active traders.

• Will likely lead to huge speculative waves (including memecoins).

• Worth to pay attention to.

• Tokens Distributed January 31st at 10AM EST

Courtesy of unexployed

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💹 Macro Outlook

Missing Han? So do we… Let him know we need him back on Twitter, @hansolar21

📈 HTF Price Action Scenarios

Gm frens!

Last week we had a deep pullback and LTFs were bearish which didn’t align with our HTF bullish bias. I therefore decided to wait for the LTFs to sync with the HTF first before jumping on any trade.

Since then nothing much happened, price just consolidated a little bit around this demand area but hasn’t shown any clear bullish signs yet.

I would like to see price clear this most recent supply zone before even considering a long trade.

• Expansion out of consolidation

• Deep pullback into demand zone

• Indecisive price action below supply

For now, it’s a waiting game. Once the LTFs show clear signs of bullishness I won’t hesitate to follow it. Until then - you know the drill.

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

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.