This is the first time all cycle that BTC.D hasn't rocketed back up after seeing a steep decline. That 50 week EMA has been respected since early 2023, and its looking like it wants to fall through it now. ETH treasury companies largely responsible as they are looking to push ETH through that $4K level asap. Algos all firing on alts as a result and taking the signal.

Szn 4 is live on Kamino! No more points, you will earn fixed KMNO tokens (with some vesting). You can see exactly what you are earning. Earn KMNO on top of what was already good stablecoin yield in these three vaults, with strategies run by risk managers. You will generate a bigger return if you stake some KMNO. UI and analytics on Kamino remain the best in DeFi. You will see your interest earned, claimable rewards and Szn 4 KMNO generating in real time all transparently for you. Nice overall update here.

Chainlink is one of the biggest success stories in crypto, but the $LINK token hasn't yet captured that value. Looks like things are changing. Off-chain revenues will be buying back the token. We already know those revenues are huge, but the question is how much will be used for these buy backs. You will be able to monitor those flows in their dashboard, so can assess in a few weeks. Theoretically, this should eventually be significant, as all Chainlink products/services are up only in adoption, and this is the beginning of some of that flowing to token holders.

Bullish catalysts for crypto: • SEC's "Project Crypto" - bringing US markets onchain and allowing crypto builders to innovate with clear rules is not priced in • US citizens being able to invest in crypto using their 401(K)s - big source of new passive flows • Digital Asset Treasury bubble (or ponzi - choose your word) growing much bigger • Global interest rate cuts still to come, most notably from the Fed (traders pricing in a cut in September now) - the UK cut again today • GENIUS Act makes USD-backed stablecoins fully legal & regulated in the U.S, unlocking massive institutional adoption Higher.

We had a small correction and traders started writing the obituaries again. ETH/BTC has a lot of room to run and looks good on HTFs. ETH/USD looks good and it is going to break through that $4k level eventually. That final boss is going to get defeated. Tom Lee has told you his company will buy 5% of the ETH supply, and you have Lubin racing to keep up, alongside other treasury companies. With this buying pressure you also get the crypto natives jumping on the ETH bandwagon again contributing their liquidity. Ultimately, you can keep it simple: there are more buyers than sellers for the foreseeable future. Get off the hourly charts, zoom out and enjoy the ride up.

We had a small correction and traders started writing the obituaries again. ETH/BTC has a lot of room to run and looks good on HTFs. ETH/USD looks good and it is going to break through that $4k level eventually. That final boss is going to get defeated. Tom Lee has told you his company will buy 5% of the ETH supply, and you have Lubin racing to keep up, alongside other treasury companies. With this buying pressure you also get the crypto natives jumping on the ETH bandwagon again and contributing their liquidity. Ultimately, you can keep it simple: there are more buyers than sellers for the foreseeable future. Get off the hourly charts, zoom out and enjoy the ride up.

So very comfy in here. SyrupUSDC looping has been consistently high APY for the last two months. Two blue chip protocols combining to deliver me that sweet secure real yield. @KaminoFinance 🤝 @maplefinance

Selling $HYPE before HIP-3? ngmi The biggest catalyst is yet to come.

$MNT putting in a strong move here. Wondering if its related to their major new product offering @UR_global (neobank), which is still a bit under the radar. Second biggest mover in the top 100 over the last 7 days.

Guy @gdog97_ recently appeared on bidclub podcast to talk about Ethena / ENA, think most people missed it, so here's a quick summary/highlights of new info: Growth: Aiming to scale to $30–50B USDe (or equivalent) USDe supply before aggressively monetizing On track to exceed $12B by Q3; internal goal is $15B+ by year-end Opex is only ~10m/yr, TINY compared to CRCL, and cash reserves sufficient to meet needs w/o using protocol revenue Revenue forecast: up to 400m a year w/ 20% take rate (would make Ethena the second largest revenue generating protocol behind Hyperliquid which has an associated token) New products: We all know about Ethereal perps DEX launching with Converge chain soon. We know about stablecoinX DAT equity formerly launching later this year iUSDe launching to allow tradfi asset managers to buy USDe in a regulatory safe wrapper THE BIG ONE: With HIP-3 launching on Hyperliquid soon™ people will be able to launch their own perps markets. There are (external) teams planning to launch USDe paired perps - this could be very big - the yield from holding positions in these perps can significantly offset funding fees. Guy estimates that it could quickly net Ethena an additional 100m in revenue. secondary to the above, they may well start doing the carry trade on hyperliquid (they currently don't, which is partially why funding is often higher than CEXs) - they would isolate the higher risk by launching a NEW stable product - something like hUSDe - which would likely have higher yield than USDe, but be isolated from causing contagion if hyperliquid blew up for whatever reason. Other bullish stuff: With rate cuts coming, and Spark (SPK) having more flexibility in deploying USDS/DAI to maximise yield, Guy forecasts up to 30-50% of that stable could end up being backed by USDe. The team have seen interest from tradfi funds in the stablecoin X DAT, and they realise they need to pitch it and sell it see the flows come in I could not be more bullish on ENA.