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This week in crypto: a $40B ETF making history in record time, Bitcoin price making new highs, and—wait for it— a fresh wallet dropping $380M on BTC. Never a dull day.

Buckle up, because the takes are spicy, the memes are weird, and the market is just getting started.

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📈 PRICE ACTION

Gm frens,

BTC has broken out of its sideways consolidation validating another re-accumulation and reached new ATHs (all-time-highs) - exciting times! The market is very bullish right now and it makes sense to look for bullish trades on super-low timeframes (minutes).

Regarding slightly higher timeframes (1h, 4h, etc.) I would now wait for another re-accumulation before buying in. This push has been quite violent and I’d like to see some lows liquidated before entering.

With all that being said, I think it’s safe to say that this is now a market worth buying. I will be looking for bullish setups in the upcoming weeks in both BTC itself and other relatively stronger cryptos.

• HTF bullish market

• Trending above 50 EMA

• Freshly validated re-accumulation

• Expectation is bullish

My overall expectation here is for the market to re-accumulate slightly and continue its run higher. Remember, even though this is now a full-blown bullish market we still gotta manage our risk well. Don’t FOMO mindlessly and wait for your setups, nothing sucks more than getting the overall direction right, getting liquidated, and seeing price go without you. So with that in mind..

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

🔍️ MARKET WATCH

SECTOR PERFORMANCE

Memes Memes and more Memes!

Traditional sectors (DeFi, Layer 1s) stayed calm while experimental/emerging sectors (AI, Memes, Infrastructure) have seen explosive growth over the last week. This is especially true for memecoins which continue to explode with $PNUT crossing $2.5b market cap in just two weeks.

BINANCE LISTINGS SHIFT

While Binance listings this year went down 90% post launch, listings in the past 3 months have started to show positive recovery, with the most bullish of $ACT and $PNUT achieving more than 1200% returns after their Binance debut. This could change the narrative from bearish to bullish going forward.

BlackRock's Bitcoin ETF ($IBIT) has hit $40 billion in assets in just 211 days, breaking the old record of 1,253 days set by $IEMG. At only 10 months old, $IBIT is now in the top 1% of all ETFs and is bigger than all 2,800 ETFs launched in the last 10 years combined. The fund added $10 billion in just two weeks, jumping from $30 billion to $40 billion. see image below:

While many on CT were talking about top signals, someone quietly used a new wallet to buy $380 million worth of Bitcoin at $88K over the last 2 days. Bitcoin is now trading at $89K.

The most important chart to watch for the bigger picture right now is the money supply (M2) compared to Bitcoin, as it provides leading indicators for anticipating Bitcoin's moves.

On the other hand, if you think the market has topped due to the current memecoin craze, let's look at the bigger picture of this run. Korean exchanges have the world's most speculative retail volume. If current sentiment was at peak levels, the volume would be significantly higher. However, it's not even reaching the levels we saw at the 2021 top.

🔑 KEY NEWS

MAJOR HEADLINES

• Federal Reserve Cuts Interest Rates by 25bps in October 2024

• FTX sues Cryptocom and later CZ for $1.8B

• @Microstrategy acquires more BTC

• Tether Trade Finance Completes Funding of First Middle Eastern Crude Oil Transaction

• Elon Musk and Vivek Ramaswamy will lead new ‘Department of Government Efficiency’ in Trump administration

• Senator Cynthia Lummis stated the Strategic Bitcoin Reserve bill could pass "within the first 100 days" of Trump presidency

• @Coinbase & @Robinhood listed $PEPE

• Revolut expands crypto exchange to European markets

PROJECT UPDATES

• @Binance invests in BIO Protocol

• Ethereum Foundation releases 2024 report

• @DeltaPrimeDefi exploited for ~$5M

• @Pendle_fi introduces Boros

• @JustinDrake shares his idea about Beam Chain for ETH

• @altlayer unveils "Autonome" for AI Agents

• FBI seizes @Polymarket CEO’s phone, electronics

• @LineaBuild announces Foundation and expected to launch token in 2025 Q1

INTERESTING PROJECTS

• Futarchy: Governance Solutions

• Union Protocol: Reputation

• UniChainSwap: DEX

• Somewhere Systems: AI Agents

• Vector

• Index.fun: Index

• Almanac Labs: Customer Loyalty

As Bitcoin broke past $90K and the IBIT ETF redefines TradFi norms, we’re left wondering: are these just early ripples of a much larger wave?

We’re about to find out.

Here at Castle we think the answer is to consistently stay on the pulse, reflect, and iterate—this story is far from over.

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.