SBF's Alameda may have front ran your orders, but imagine front running the ETF approval news.
Gm,
You know how the saying goes: a picture is worth a thousand words.
Well... sometimes a tweet is worth a few hundred million dollars.
Unfortunately for the Cointelegraph intern, reportedly turned out to be a wrong report. And all hell broke loose on Crypto Twitter…
Whose Threads Are a Must-Read?
Our thread section is short but sweet this time.
Solana has been one of the better-performing large caps of this summer. Solana Summer 2.0 incoming in 2024?
The timeline is increasingly bullish on Solana, so it’s worth having a look at the fundamentals (yes, in case those start to matter). Retired Chad Dev put on his contrarian hat and wrote the bear case for Solana’s fundamentals going forward:
The TLDR:
The current trajectory of SOL's inflation rate and total supply indicate that it may not be a financially sound asset. Non-stakers in both Solana and Ethereum lose network share, with SOL's loss being significantly higher.
Just another opportunity to steelman your SOL bull case, if you’re bullish.
Read also: How To Bridge to Solana
The Bitcoin ETF seems all but a certainty at this point. The Cointelegraph intern got a bit too excited, but it looks like it’s going to happen regardless.
The real-world asset narrative has been riding the tailcoats of this narrative (cause, y’know, institutional mass adoption and all that). If you’re not up to speed about the RWA narrative, Stacy Muur wrote an all-you-have-to-know overview about the real-world asset narrative:
The TLDR:
Non-stablecoin RWA's have grown by $1.05bn in 2023, with 82% of the growth coming from yield-bearing assets like Treasuries, real estate, and private credit. The Federal Reserve's monetary policy has played a significant role in the popularity of RWAs, as rising interest rates have made off-chain yields more attractive.
So macro does matter! Keep that in mind the next time you open one of our macro overviews.
Read also: Real-World Assets (RWA): Bridging the Gap Between DeFi and TradFi
A lot of the alpha you find on Crypto Twitter is hidden behind anime PFPs and private TG groups. But threads can point you in the direction you have to look for. Our thread section is a compilation of every week’s best content, but if you want to dig for yourself, here’s a list of good threadooors to follow:
Talk of the Town
So last week this happened:
Imagine the reaction of Crypto Twitter. Elation, confusion, anger and bloodthirst. All in the space of about 60 minutes.
While the BTC chart painted a Burj Khalifa pattern, many more juicy details emerged. Such as, uhm, intern gambling on Rollbit?
Now this was obviously fake, but kudos to the Rollbit intern for the genius marketing move.
The SEC will undoubtedly be reassured about the robust nature of crypto trading markets:
Now you know how this goes. Someone fucks up, heads roll and then the company comes out with a statement:
And, who woulda guessed, this tried and tested pattern worked again:
But wait! It wasn’t intern’s fault if we’re being precise! Societal pressure forced Cointelegraph to scavenge for alpha in anon TG chats and then break fake news:
In all fairness, the Cointelegraph Editor-in-Chief makes a valid point here, although it could have been framed a little bit different. After all was said and done, Crypto Twitter conjured its inner Stan
Here’s what we learned:
The calmest person in the room was BlackRock CEO Larry Fink. MFs will look this guy dead in the eyes and take the other side of the trade:
Good luck!
That sentiment eventually set in on Crypto Twitter as well, as Bitcoin started grinding higher. Which led to a #FreeCointelegraphIntern appeal. Cmon guys, he dindunuffin!
Was there anything else interesting happening?
You bet your adderall prescription there was. Sam, who was finally given his allocated dose of adderall so he can testify, was always the main character at FTX. So much so that Nishad Singh was afraid of Sam:
The trial’s on a break next week, so hopefully someone else’s intern steps up to save the round-up.
In other news, not only super shady DeFi protocols rug their users. Multi-billion-dollar companies follow the same playbook:
To be fair, Reddit's community points is diffrent from MOON, the token of the subreddit r/CryptoCurrency. But still...
On to the memes!
Memes
Did something happen this week?
Not that we know of:
Sometimes making money can be so easy:
This was fun. At least if you were not levered short. Let’s do it next week again!
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