Week 18 Apr - 24 Apr 2023
Back to the basics, $BTC to da moon - Mars Captain
- The US regulation landscape worsens, not just to crypto actors, but among the roles of institutions/regulators. Coinbase's potential move away from the US soil might challenge Binance or reshape CEX ecosystem. Let's see.
- Indeed, Captain has been negligent on the meme side of the moon. The $PEPE hype this week has awaken the team to DYOR. $BTC started as a meme and became the king. To be a legendary king, you have to be a viral anti-establishment totem to build your empire. Good lesson for $SEAN.
- Be attentive to the Ordinals NFT & the collapse/decline of blue chip NFT & NFT marketplaces might signify a shift of NFT market from Ethereum to Bitcoin. Unisat wallet & Magic Eden's Ordinal collection is not to be overlooked.
💵 Stablecoin & Market Landscape
- Stablecoin market share remains high in reference to the total crypto market capitalization. 10.8% of stablecoin (131.7B) on 1.21T crypto market.
Reminder: Mid-NOV 2021, this percentage was around 4ish% with a 3T total MC. Now we are at 10ish% with a 1ishT total MC.
- Now at 1.21T. Still hanging around on the 1T level. Going steady.
Reminder, June and Nov 2022 witnessed a bottom of 800ish B MC vis-a-vis the market’s top in NOV 2021 at 3T.
- Mass withdrawal =/= dump pressure.
- Indeed, we need to think of Kraken's got hammered by the SEC and the majority of the withdrawal from Kraken is likely to be restaked in other protocols.
- Follow the BTC God and you will be among the Gods.
- Shall we still follow this chain? Same as XRP, they should be buried, but for some reasons they are still around. As long as you reach top 100, you are always under the spotlight.
- One of the rare crypto projects with a real world usage and a happy marriage between the tokenomics and telecommunication industry, despite controversies of founding members' lavish life style.
- Migration to Solana, delisted from Binance, but still having a stack of funds raised from the bull market. Can Helium be revived?
- Might not be crypto relevant, but this is problematic.
- To be fair, Captain doesn't think that income inequality is as much as a big deal since human societies have mostly been feudalistic in nature which the aristocracy took it all and the rest of the people were mere slaves and peasants. Nonetheless, people could own their land and relatively freely circulated to other lands for less oppressive regimes. (This is debatable though.) Now, people are trapped in developed economy mindset, which your job pays for the transport and food, and Netflix and Instagram more importantly. Which way is better off? It's worth thinking.
- Small correction over the weekend and dragged index lower. Still quite high in Captain's option.
- Going flat on CBBI, healthy status. Let's hold on tight.
📰 Current affairs
Layer 1s/ Major DeFi
Macro econ/ Regulations
Research reports/videos (DYOR)