4 min read


B21 Crypto. We help you stomach cryptoassets.

Cryptic ball: it's Solanaland, indeed.

It's an indecisive end of August for bitcoin and ether, with another test of key moving averages and overall low volume. Fortunately, most alts found this consolidation bullish enough to continue pumping! Ethereum killers SOL and LUNA are finding new all-time highs today, and even Celo pumped 90% over the past hours, after announcing a $100 million DeFi fund around Ethereum!

So, what about tomorrow's monthly close? Our view is the same as last week: bitcoin needs to hold $47k or it will test $44k and drag alts with it. Fortunately, it seems both BTC and ETH are just consolidating before the next bullish leg, so are assigning a higher probability to the upside scenario - which would be further confirmed once ether breaks $3.4k. Meanwhile, enjoy the summer of SOL, one of the few projects we were comfortable recommending you back in April!

Chart art: you know what happens in vertical pumps.

Solana is up 50x since January and 5x since April (and from July's bottom too), making it one of the best performing large caps this year. But don't FOMO - when it dumps it can be quite violent, although for now it will likely continue to pump until another alt steals the show.

Market musings: it's boring, indeed.

With bitcoin so stale, it's likely it will take a while for us to see a major institution announcing it has adopted the original cryptoasset. Only such a piece of news could remind institutional managers that the holidays are over and they need to follow Michael Saylor's Microstrategy. Before that, it will continue to be time to try not wasting much gas minting the wrong NFTs and to avoid being rug pulled.

One of our favourite analysts, Ecoinometrics, conveniently provides updates about that topic on his Twitter account, and the chart below helps understand why traditional companies and funds may want exposure to crypto's first. While small retail traders with $500 in their portfolio may feel like BTC is too boring for them, you must remember only the leader has enough liquidity for serious players to get in and out without a splash. And $50k for one bitcoin is just the beginning.

Visual block: you know what happens when adoption grows.

60% of this index is composed by Microstrategy, and the rest by Tesla, Square, and others. Just note that, historically, bitcoin doesn't pump in September, so we're talking long term here regarding the effects of more companies buying BTC for their treasuries.

Three things: it's radical, indeed.

Tweet tip: you know what happens when the hype gets wild.

NFTs are great, but understand that this game is even more difficult to play than that of the ICOs. And it's a far more illiquid one. Still, it's just the beginning and August's record volumes will likely be surpassed this September.

Meme moment: it goes brrr, indeed.

Credit to LilMoonLambo for the curation. 

FV Bank: new $8 million in Series A funding round.

Our sister company, FV Bank, has completed its funding round with BnkToTheFuture and six other funds. Learn all about it here.

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Legal Notice
Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of guidance in the report will lead to any particular outcome or result.