👀 What’s to Come in Volume 65

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

⛓ On-Chain Sleuthing feature from Cl

🔥 Hot Narratives: BRC20s & Scroll from unexployed

📉 HTF Price Action Scenarios from Vlad

👁️ Early opportunities: from DeFiMan

⚔️ A Call to Arms

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🔑 Key News

Major Headlines

• Google Cloud joins Eigen Layer mainnet as node operator

• Details about Jump's involvement in Terra's exposed

• Uniswap received a Wells notice from SEC

• Hong Kong Poised To Approve Spot ETFs For Both Bitcoin And Ethereum

• Tether tokenisation platform coming soon

• Germany's largest federal bank to offer BTC and crypto custody

• UK to Issue New Crypto, Stablecoin Legislation by July

Project Updates

• Pac Finance fumble caused $26M in liquidations

• Zest Protocol exploited while Grandbase rugged

• Yuga Labs royalties deposited into defunct FTX US deposits

• EigenDA goes live

• ZetaMarkets introduces $Z while Drift introduces $DRIFT

• Margin Fi founder resigned

• Uniswap increases swap fee to 0.25% on trades through interface

• Binance listed $TAO

• Safe proposal for $SAFE transferability approved

• Solana v1.17.31 release upgraded

• Soarchain releases genesis drop details

• Ionet reveals tokenomics

• ICP integrates threshold-Schnorr signatures

Interesting Projects

• Oh: Decentralized, uncensored AI infrastructure and products for digital creators

• Multisynq: Similar to Grass, bandwidth marketplace

• Sandglass: Pendle on Solana

• DBunker: RWAs & LSTs solution for DePIN

• RuniGun: TG bot for trading Runes

• Nektar Network: Multilayered restaking network

• Superseed: L2 with native CDP

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

⛓ On-Chain Sleuthing

Arthur Hayes LEAVING $GMX FOR ETHENA

Last week, Arthur Hayes was spotted by CT unstaking his $GMX bag and sending it to Wintermute to be sold off. This made a lot of noise since he was among the top, if not the biggest, holder of $GMX.

We were left wondering why he decided to exit the perp DEX? What could have made him exit? Did he find opportunities elsewhere?

On the 8th of April, Hayes unstaked his $GMX and sent it to the following address, which subsequently sent the tokens to CEX and Wintermute.

0x3035f73caab91e4f59476ce2dc559381abbe6bf2

When we digged through all the identified and connected wallet addresses of Hayes, we found our answer to what he did with his newly unlocked money.

The following address started to receive a lot of USDT from Wintermute only a day after Hayes sent the $GMX to the market maker. Most of the stablecoins were exchanged for USDe on Curve and staked on Ethena.

0x6cd66dbdfe289ab83d7311b668ada83a12447e21

In conclusion, our title is right: Arthur Hayes left GMX for ETHENA

Research and analysis by Cl

🔥 Hot Narratives

Scroll Loyalty Program Kick-Off

Scroll just announced their loyalty program dubbed ‘Session Zero’ (hinting at more future campaigns). Users will be able to collect Scroll Marks for assets bridged to the L2.

Currently, native ETH and wstETH through their native bridge and STONE through LayerZero are supported.

The integration of LayerZero indicates that they will likely introduce more assets via the omni-chain bridge.

With the markets in shambles and gas often going under 15 gwei, we highly recommend doing tasks like these ASAP. This window of opportunity combined with the low gas prices allow even the smaller wallets to get some Mainnet transactions in, grow their on-chain footprint, and increase their chances for a Scroll airdrop.

Once you are on Scroll, be sure to check out Ambient to LP some of your assets and participate in their points program. We have highlighted this project again and again and for a good reason.

It is an incredible DEX and since Uniswap is increasing their frontend fees, it is becoming a real competitor to their dominance. Already, Ambient has established themselves on a lot of the ‘cool’ new chains, such as Blast and Scroll.

Courtesy of unexployed

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📈 HTF Price Action Scenarios

Gm frens!

Last week I was waiting for price to break through the most recently formed supply zone to jump on some longs. Price briefly broke higher, grabbed liquidity, and dumped.

Right now we have a clash of contexts. The HTFs are still bullish, while the lower timeframes are bearish. Therefore I will wait for these two to sync up again.

Unless a crazy pump happens, the waiting game might take a few weeks to months. But at no point am I going to short here.

• HTF re-accumulation

• Sells in control

• Nothing to do but wait

I still anticipate this to be a re-accumulation. The main purpose of re-accumulation is for the composite operators to get your precious liquidity by shaking you out. So the best thing to do during times like these is to simply sit on the sidelines and let the market do its thing.

Once the context becomes clear again it will be worth to put our risk on. Until then -

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

Courtesy of Vlad - trend-based trader and MentFX student

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👁️ Early Opportunities

In last weeks’ edition, we wrote extensively about the early opportunity that Bitcoin Runes present. In short, Runes are essentially BRC20s, but more efficient and aligned with the Bitcoin code base. We expect that Bitcoin memecoins will experience a huge surge.

Even now, BRC20 tokens have been absolutely mooning. A lot of the Ordinal collections such as Puppets have received a few airdrops of these tokens as an act of gratitude and a gesture to the community.

The halvening and subsequent launch of Runes is only 2 days away (countdown here). Best to familiarize yourself with the Bitcoin chain:

With the rise in popularity of Ordinals and the imminent launch of Runes, UTXO is a term that has been commonly mentioned in recent times - but what exactly is UTXO? UTXOs, or Unspent Transaction Outputs, are the pieces of digital currency that remain unspent after a transaction on the Bitcoin network, representing the exact amount of BTC available for a user to spend. The blockchain records these UTXOs, and they must be referenced in future transactions as inputs, making them critical for the verification and tracking of ownership and preventing double-spending.

Each Rune is intricately linked to a specific UTXO, embedding its unique characteristics within that UTXO. As these UTXOs are spent, the Runes are transferred, and new UTXOs are formed, maintaining the continuity and traceability of the Runes throughout their lifecycle on the blockchain. Strategically splitting UTXOs prior to the launch of Runes will allow for further streamlining of the tokenization process (e.g. optimal transaction fees, greater privacy and security) on Bitcoin, resulting in a cleaner user experience and improved UTXOs management. This drives deeper innovation and a wider acceptance of Bitcoin-based tokens.

The art of managing UTXOs efficiently is not completed without identifying and extracting rare sats (Satoshis), By doing so, you mitigate rhe risks of transferring your rare sats out of your wallet when initiating Bitcoin transactions. You can then curate a collection of rare sats and flip them for profits on Magic Eden! (https://help.magiceden.io/en/articles/8450002-mastering-utxo-management-extracting-splitting-sats-on-magic-eden-bitcoin)

Otherwise, knock yourself out splitting UTXOs on Luminex! (https://www.luminex.io/runes/split-utxos)

Courtesy of Xavi & Unexployed

Thanks for reading, please give us a follow on Twitter at @Castle__Cap and visit our website to learn more about our services.

Virtually yours,

The Castle

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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.