The longest day of the year
3 min read

The longest day of the year

Cryptic ball: but the days will get shorter now.

Bulls got quite confident this summer solstice across all asset classes. BTC and ETH are up 3% and 2%, respectively, whereas SHIBA and DOGE pumped roughly 30% and 20% today. US and European equities are also in the green! What next?

  • Again, if the $20k support continues to consolidate, the more likely it is that we saw the potential bottom this past weekend - as uncertainty around the winding off of 3AC's assets and the struggle of Celsius seemingly peaked.
  • Moreover, one of the last sources of FUD in this space was connected with a "DeFi" protocol operating on top of Solana - similar to Aave - which tried to become centralised in order to avoid the chaotic unwinding of a position.
  • Fortunately, the uproar from the general crypto community forced the protocol - called Solend - to abandon (at least for now) its shoddy plan to take over the account of the whale. That's good, but I wouldn't trust Solend in the future.
  • More interestingly, the whale in question finally reached out to the protocol to unwind its "massive position" in an orderly manner - you know, just in case prices crashed a bit more and another liquidation cascade favoured the bears.
  • Lastly, FTX's Sam Bankman-Fried just announced they are "injecting $250M" into BlockFi, another major cryptoasset lender to "further bolster their balance sheet" and mitigate the risk they face a liquidity crunch, like Celsius did!

All-in-all, things are looking better by the day but it's too early to have any strong confidence in a swing trade - unless you know what you're doing and are able to monitor your position constantly. After all, the days will get shorter now!

Chart art: but the bears will get greedier now.

Capitulation is usually tied to days of record losses. Even though on-chain data only paints a small corner of the whole picture, it tends to act as an interesting proxy to monitor

Three things: but DOGE didn't hit $1.

Tweet tip: but we want moon now.

Meme moment: but the whitepaper is great.

Remember alts suffer a lot during bear markets. But they can also provide great opportunities!

FV Bank: back from Consensus.

Consensus brought together great minds from the crypto, blockchain and fintech world in one place! I can't wait for next year. See you there!

Get started: download the B21 Crypto app!

Subscribe to our newsletter
Follow us on Twitter @b21official
Follow us on Twitter
Join our Telegram group
Find us on Instagram
Watch us on Youtube
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 the guidance in the report will lead to any particular outcome or result.