A new hope
4 min read

A new hope

Cryptic ball: a new month.

Sunday didn't provide us the pump we wanted. But at least we were reminded of the patience needed for the summer ahead. Some bears are still dreaming of $16k over the next months, but it's clear that won't happen unless the Fed loses the plot.

  • What's next? August is here and I'm expecting bitcoin to form a new range amidst these doldrums. Such newfound stability can provide room for select alts to provide great trading opportunities, as this space is still vibrant.
  • There are also few macro risks this month, as the EU closes for holidays and the US crowd pretends to work while scrolling Twitter. There's a minor chance US-China tensions escalate due to Taiwan's contentions geopolitical status though.
  • But I'm not expecting that to have a big impact on the markets. In the meantime, September is still on the cards for Ethereum's highly anticipated merge, and this narrative will continue to drive demand for ETH and L1s.
  • Alas, even Ethereum Classic is back from the dead as miners are threatening to resuscitate the old chain on top of a fresh investment by Bitmain in the ETC ecosystem, as this mining giant won't be able to sell more GPUs for ETH.
  • But we can't forget the demand for ETC is negligent and even if all miners back Ethereum Classic out of the blue they won't make money, like in the good old times of the Bitcoin Civil War of 2017, because there are not enough fees for all.

Lastly, let's keep an eye out for the upcoming European winter, potentially a major source of chaos in global markets and in the lives of many. I'm betting Russia will keep choking the gas supply, which won't bode well for risk-on assets!

Visual block: a new sector is back.

Remember the visual block? We're back to it today as QCP Capital's summary of the 3AC collapse is also worth a thousand words.

Chart art: a new supercycle theory is here.

LOL, the QCP Capital crowd did the ultimate roast by arguing we will indeed see a long crypto supercycle soon. Remember this theory was strongly defended by Su Zhu and Kyle Davies.

Three things: a new framework.

Tweet tip: a new pump.

The question is when pivot?

Meme moment: a new goal.

All about that protocol, right?

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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 the guidance in the report will lead to any particular outcome or result.