OVERVIEW
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Hey 👋 

Don’t know about you but we are feeling the pump! Here’s what went down this week:

• Markets Flip Bullish 🐂 

• Institutions Rush to Crypto 🏃 

• Is it Altcoin season 🤔 

• Solana takes over 💹 

NEWS

Looking Good For Risk On Assets

The markets were pumped with More passion more energy on the release of positive economic data

U.S. stock futures decided to party hard after consumer inflation took a chill pill, dropping to 3.4%.

This raised hopes for September interest rate cuts causing the market to do this 👇️ 

Following this positive data all sectors closed green with tech closing the highest at 2.25%.

Institutions FOMO into Crypto

Bracebridge Capital, a Boston-based hedge fund, just cannonballed into the crypto pool with a $363 million splash into Bitcoin ETFs.

They've snagged $262M in ARK 21Shares ($ARKB), $81M in BlackRock's iShares ($IBIT), and $20M in Grayscale ($GBTC).

And it isn’t just Bracebridge, other institutions like JP Morgan, Wells Fargo, Pine Ridge Advisors and more admitted their ownership of these ETFs.

In fact, Bitcoin ETFs saw 884% more unique owners, like pension funds, banks, and hedge funds, than gold ETFs in their first quarter.

Probably nothing 🤷 

Institutions aren't just flirting with crypto anymore; they're in bed with it 😲 

Its times like these where you need access to the best trade opportunities. Which brings us into our sponsor today 👇️ 

ALTCOINS

Time for Altcoins?

Hold your horses, folks!

With this rally a lot of people online are becoming overly bullish on the total crypto market forgetting we’re still in a seasonal downtrend.

In a previous edition of our newsletter we taught you how to use Bitcoin dominance to gauged whether this is the right time to invest in Altcoins.

Using Bitcoin Dominance we can clearly see that this is in fact NOT the time for altcoins!

This could be the worst time to be investing in new altcoins. This is because;

• Bitcoin price is going up

• Bitcoin dominance is going up

• Total Market (excluding Bitcoin & Ethereum) is going down

Which indicates we could see the altcoin market drop lower as shown by our cheat sheet here 👇️ 

So what should you be looking at once the altcoin market picks back up?

We got you covered 😉 

ALTCOINS

All eyes on SOLANA 👀 

Imagine Solana as the super-fast, super-cheap express lane of the blockchain world.

What’s so great about Solana?

It processes transactions way faster and with much lower fees than Ethereum, the current heavyweight champion of decentralized applications (dApps).

It handles over 2,700 transactions per second at a tiny cost of $0.00025 per transaction, making it the Speedy Gonzalez of crypto.

This speed has birthed the latest trend in crypto: Memecoins.

The Rise of Solana Memecoins

In the beginning, there was Dogecoin—a playful satire of Bitcoin based on the doge internet meme of 2013.

In January 2023, Solana developers created the BONK memecoin.

Following an airdrop of half its total supply and an aggressive marketing campaign, BONK generated gains of over 4,000% in days, only to drop by 90% over the next few months.

Because Solana has a massive developer and investor community, Solana has become the go-to destination for new memecoin projects.

The memecoin market cap today stands at $58 billion, gaining 10% in the last 24 hours, according to CoinGecko data.

In contrast, the total cryptocurrency market cap increased by 5.5% over the same period, with bitcoin up only 6%.

What does this mean for you?

No you don’t have to go out buying poop, cat or frog coins 😆 

It means the market is ripe to take advantage of the memecoin casino.

Invest In Solana?

Considering Solana is the preferred chain for hot new memecoins, it is wise to invest in Solana as adoption inevitably grows.

Taking a look at the weekly price action

We can see that Solana has been on a tear lately, only 23% away from its all time high (ATH).

Although it does look like it may come down lower as it is forming a bearish M top structure.

So where can we expect it to go down to if it does drop?

We have strong areas of interest that we believe are ideal for entry:

• Point of high trading volume between $79 and $127

• Fibonacci area of interest between $92 and $115

• Our Bifurcation algorithm pivot level at $109

Considering these factors we will be looking to accumulate more Solana at approximately $110

FEEDBACK

That's all this week!

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