A weekly newsletter on actionable digital asset market insights and practical observations with a smidgen of greentea 🍵 insights
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📖 Book of the Month 📖
This month (or maybe two), I am reading Debt: The First 5,000 Years. If you follow me on Twitter or my prior books you will notice that the Debt topic is top of mind. This is because I think we are nearing some sort of major reset and I want to gain as much knowledge as possible on the history around this topic because no humans alive today have lived through what I think is coming which is a major global debt reset and/or hyperinflation to reduce debt levels. If you are reading along or listening drop me a note on Twitter or email!
Listen to Debt: The First 5,000 Years For Free with Audible. Link
💭✍🏼 Food For Thought 💭 ✍🏼
The US Fed continues to tell you in very clear terms, their goal is to kill everyone's bank account to (i) reduce demand pull inflation and (ii) reduce aggregate demand and (iii) lower inflation - Link
Sri Lanka has officially defaulted on it's debt claiming the situation is "untenable" - Link
💸 Companies and Deals I am Watching Closely 💸
1. Uniswap Labs Ventures Has Launched - Link
2. Circle (the company behind USDC Stablecoin), a crypto payments company, raised $400 million from BlackRock, Fidelity and others. - Link
3. Polysign has acquired MG Stover, a leading crypto fund administrator. - Link
4. Ignite (formerly Tendermint), 11 VCs Put Up $150M to Invest in Multichain Crypto Teams - Link
📖 Quote of the Week 📖:
"Time is more value[able] than money. You can get more money, but you cannot get more time."
-Jim Rohn
📰 This Weeks Most Interesting Digital Asset News 📰:
1. US Senate Republicans release policy paper on cryptocurrencies - Link
2. Financial advisers and Grayscale comments suggest strong support for spot crypto ETF - Link
3. Larry Fink Says BlackRock Is Studying Cryptocurrencies - Link
4. A Virginia bill to allow state-charted banks to custody cryptocurrencies was approved this week - Link
5. ETH 2 Migration takes a step forward, a step backward - Link Link
📈 Top 10 Market Movements by Market Cap over the last 7 days 📉:
Bitcoin: Price OHLC
We are all seeing continued chop in Bitcoin's on-chain data. See this same chart for last week where I noted that it was approaching the highs from early January--it did not last. If you did not see last weeks OHLC ($42K range) this week is down versus last week. I continue to remain bearish short term but as I have previously stated that I am planning to take a hard look during the May / June time frame.
Bitcoin: HODL Wave
The chart shows the bundle of all active supply age bands for Bitcoin, aka HODL waves. Each colored band shows the percentage of Bitcoin in existence that was last moved within the time period denoted in the legend. I still do not think we are at the trough point. If you compare to last week the 1m-3m bands have notched up when mean more selling in the short term group that bought the various headlines we have all seen.
Bitcoin: Realized Profit/Loss Ratio
Net Realized Profit/Loss Ratio is the ratio between realized profit and realized loss. As you can see above the majority that have sold as at a loss on a "net" basis.
Ethereum: Price OHLC
OHLC is the Open, High, Low and Close price. ETH is still chopping around just like Bitcoin above and you can see here it is off the highs of the prior week which was already a lower high. I remain bearish from a price perspective but I am paying closer attention to the on-chain data in preparation for a Summer buying opportunity.
Total Value Locked (USD) in DeFI
Week over week you can see the same story in DeFI with chop between 75 Billion and 84 Billion at the high. This week is up slightly from last week.
As a reminder TVL means "Total Value Locked". This refers to people taking ETH based tokens or other tokens and "locking" them in DeFI protocols to lend, generate yields and otherwise earn excess returns.
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Green Tea Tidbits:
The scientific name for green tea is Camellia Sinensis.
Disclaimer:
This Newsletter does not provide, and no portion of this content purports to be, individualized or specific investment advice and I do not provide investment advice. All information provided herein is general in nature and is made without regard to individual levels of sophistication or investment experience, investment preferences, objectives or risk parameters and without regard to the suitability of the content for individuals or entities who may access it.
No information provided herein, should be construed as an offer to sell, or a solicitation of an offer to buy any security or investment vehicle, nor should it be construed as tailored or specific to you, or any reader or consumer thereof. You understand and agree that the content does not constitute specific recommendations of any particular investment, security, portfolio, transaction or strategy, nor does it recommend any specific course of action is suitable for any specific person or entity or group of persons or entities.
The content herein is based upon information from sources believed to be reliable and I am not responsible for errors, inaccuracies or omissions of information; nor is it responsible for the accuracy or authenticity of the information upon which I rely. For informational purposes only. Do your own research.
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