The Blockchain Bulletin Edition#7

Hi, degens! Are we back? With BTC erasing six months of chop in two weeks and the last innings of the year upon us, we take a look at what’s coming. Read on for the usual alpha on crypto, memecoins and everything else.

The Bigger Picture w Wasabi 

Market Update

Q4 has yet to begin and BTC has shown signs of a positive move upwards. October has historically been the best month for BTC. This is how the gains for the last quarter of the year line up historically.

The US and China have both rates cut by 50 bps. The Chinese government is bailing out their economy with a huge stimulus along with the FED cutting rates in the US. Japan looks to be following suit and might be announcing rate cuts soon as well.
Things are looking up for Crypto even though spot volumes are still low.

With global liquidity on the rise and indexes going up daily, things are looking up. If you've stuck around the past six months, now is the time to reap the rewards. Godspeed soldier.

Meme Supercycle

Memecoins are back with a bang, with trade volume going up across the board. The mania has been led by $moodeng, a token based on a cute hippo from Thailand that went viral on social media. The token has gone from 2 million to 300 million market cap within the span of 10 days. 

Traders have cashed in multiple six figures in profits following the return of volume. All major memecoins including $WIF $SHIB $DOGE $PEPE have added multiple billions to their marketcaps as well.

Notable Wins: $RDOG $POD

Meanwhile, Su Zhu the infamous founder of Three Arrows Capital (3AC) has now launched Three Arrowz Capital (same name, diff vibes?), which is supposed to be a memecoin fund. His last company went bankrupt so let’s see how this goes?

Moon or bust

The app, Moonshot has gone ballistic and reached #400 in app store rankings.

Tokens being listed on moonshot have been getting insane amounts of volume with almost all going insta 2x upon listing. Moodeng, #dog, sirius and pups are good examples of this. 

The market roundup with Zumbah

US policy: The rally cometh?

Crypto has been rallying these past ten days since the rate cut. Other financial sectors such as stocks and gold have seen green as well. Treasury bonds and bills didn't see too much drawdown after the US policy decision either. Jerome Powell has also gone ahead to lay out the plans for the rest of the year, proposing a cut each in November and December. Most have speculated that these cuts ought to be 25 bps each.

China’s economy woes

The Chinese economic reformation has become a hot topic with the country’s economy being at its lowest since 2022. The housing market has especially lagged behind, with notable housing giants declaring bankruptcy. 

Alongside the rate cuts mentioned above, the Chinese government has promised added stimulus for the housing sector, hence bottoming their M2 (money supply). Although this is considered positive news, many in traditional markets are still sceptical.

The lack of growth in the Chinese economy and the reduced demand in the housing sector indicates that a stimulus on its own may not be enough. Structural changes to the economy might be needed in other areas as well.

ETF news

Spot ETF inflows have been positive this past week for both BTC and ETH. Options for spot BTC ETFs have been approved by the SEC. This is an important step as it opens up a larger opportunity for tradfi investors. Meanwhile, Garry Gensler has been scrutinised this week in Congress, on his perspective on crypto assets, with a video clip surfacing on X about his take on NFTs vs event tickets in the session.

The FTX reimbursal

FTX crypto depositors are to be paid only 10-25% of their original funds, leaving many crypto holders disappointed and furious. The value of recovered funds will also be calculated on the basis of the asset prices at the time of bankruptcy. While retail crypto depositors settle for pennies, FTX’s preferred shareholders will be getting their share of the pie from the 230 million capped fund that held equity in the company at the time of bankruptcy. The repayment process is reportedly starting next week, with around 16B$ worth of repayments.

The BTC recap with ShoaibHere

It didn't take too long for the Ordinals Foundation drama to show its positive impact on volume on the motherchain. Many OG ordinals’ collections saw a surge in volume. NodeMonkes remains top, however. The Runes protocol also regained some traction and most of the first 10 and other utility tokens were 3x since their lows. The Fractal hype looks to have died down for now, with their native token price dropping nearly 70% from the top, stabilising between $13-$15.

This edition’s list has a few quick ones coming up. Keep an eye out.

SOL

Ethereum

Polygon

BASE

Arbitrum (Berachain)

BTC

Hold on to your seats (and bags). Tweet at us to send us projects that are on your watchlist!