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Degenz Substack
Tue 24th Oct

*The information in this message does not represent any financial or investment
advice. They're just random thoughts in my head.*

gm

**MACRO** - We finally saw some small reprieve yesterday with NDQ closing green
on the day, while futures this morning are both up, 0.5% on SPX and 0.7% on NDQ
which is nice to see after a tough few days. It's also warming to see interest
rates come off their recent highs (kind of felt like a bit of a disaster last
week), while oil has also lost some ground down to $86. I really don't have much
more to add here on macro and it certainly doesn't feel like it's where the
action is at right now so let's move on.



**CRYPTO** - Well, congratulations to those who have been patiently bullish
because we are finally seeing some very strong price action, with BTC at 34.4k
having hit 35k and ETH at 1830 currently. This comes after rumours are
intensifying that we may see BTC approvals this month, let alone this year.
Yesterday there was a court mandate which requires the SEC to reconsider the
Grayscale's BTC application - I don't think there's a tonne in that but it
definitely puts pressure on the SEC to act soon I feel. Secondly, it appears
that Blackrock amended their filing with two changes: 1. they have obtained a
CUSIP (an alphanumeric security identifier) in preparation for a launch 2. they
state that the "Seed Creation Baskets" were made on "October [ ] 2023". As a
result, the market has gotten pretty bullish on approvals possibly coming as
soon as this month (which basically means in the next week lol). We've seen the
rally purely be led by BTC with BTC dominance surging to new highs of 54% while
ETH/BTC is down to new lows of 0.053. Personally I feel like if this BTC
strength persists, we will see both ETH and other alts catch up pretty quick and
I think that's where the alpha is at the moment. BTC back to ATHs is a 2x from
here and I think people will want to outpeform that for sure. It's also
important to remember that there are spot ETH ETF applications too, if those go
through (or even if Blackrock makes one) I would expect that to be a powerful
catalyst for ETH to catch up. Elsewhere in memecoin land we saw a 25% jump in
$PEPE after 6.9trln of dev supply was burnt, with the remaining to be used for
marketing. $Bitcoin and $MOG were also strong performers, with the latter up
almost 100% at one stage after Malik Obama (Barack Obama's older step brother)
started tweeting about $MOG. It's certainly a crazy timeline right now, imo we
just need BTC to hold/progress higher and we could be in for some very parabolic
price action higher. I'm not getting my hopes up and we've been too often
disappointed this year, but I'm certainly holding for the ride.



**NFTs** - A strong day of NFT volumes yesterday saw $17m trade across the
market which is about 2x the most recent daily volumes. Unfortunately price
action has started to subside along with the ETH rally but I think that's
generally to be expected as a knee-jerk reaction. It looks lik ethere were
plenty of punk sales while another spirit Azuki traded, this time for 115ETH but
it does appear to be a notably rarer one that yesterday's sale. The best
performer in the top 20 was CloneX which is up 11% to a floor price of 1.3ETH
and up 25% on the week. NFTs have had a good past few days and it will be
interesting to see how they fare now along with ETH.



Find all of our charts on Degenz.Finance and make sure to subscribe to the Mando
Minutes Newsletter at mandominutes.com for even more news on the Macro, Crypto
and NFT landscapes:

GL today, it's gonna be a cracker.

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Bitcoin
$34,200
+1.43%
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30d
1y

Ethereum
$1,797.4
+0.95%
24h
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1y

Weekly

Rekt Radio
Mando, OSF, and KBM
OSF, Mando and KBM discuss risk-taking, trading and gambling in the world of
web3 and beyond. Each week features a special guest with a different background
and origin story!
M-F 10:30am EST

GM Web3
Farokh, Mando, and OSF
Join one of the largest live conversations happening daily with the biggest
names in the Crypto, NFT and Web3 space. Streaming on YouTube and X 5 days a
week with Market reports, daily news, and much much more!
Bitcoin
$34,200
+1.43%
24h
7d
30d
1y

Ethereum
$1,797.4
+0.95%
24h
7d
30d
1y

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NFTs
Crypto

NamePrice ($)Market Cap ($)24h Change7d Change30d ChangeVolume
($)1Bitcoin34,198.954667,335,755,213+1.44%+20.51%+30.54%41,414,565,1342Ethereum1,797.323216,510,249,067+0.95%+14.87%+13.95%27,068,211,4983Tether184,289,919,108-0.11%-0.07%-0.04%57,018,985,4974BNB22835,078,225,613-1.77%+7.84%+9.50%1,023,234,5945XRP0.55929,837,493,108+1.33%+13.99%+11.75%2,869,194,6286USDC1.00125,096,497,052+0.14%+0.13%+0.05%15,156,173,9737Lido
Staked
Ether1,799.84615,780,826,366+1.10%+15.01%+14.14%36,564,5708Solana31.3913,010,757,240-1.43%+30.86%+62.39%1,151,323,6399Cardano0.2849,896,928,382+0.12%+15.28%+16.53%389,000,00310Dogecoin0.0679,476,981,005-0.81%+13.69%+10.17%850,645,94711TRON0.0938,253,271,213+0.03%+4.35%+10.97%400,360,48012Toncoin2.1487,426,806,021-1.72%+1.19%-1.76%50,310,66813Chainlink11.2526,254,373,168+6.56%+53.77%+59.88%1,333,400,62914Polygon0.6355,908,752,705-0.54%+22.16%+24.02%573,309,35615Wrapped
Bitcoin34,173.0555,596,470,295+1.39%+20.44%+30.65%472,969,59716Polkadot4.2475,476,203,218-2.81%+16.03%+6.28%315,586,16417Litecoin70.1255,183,612,122+0.88%+13.03%+10.40%899,272,37518Bitcoin
Cash256.1635,001,609,208-2.76%+13.27%+25.39%352,203,06619Shiba Inu<
0.0014,415,025,866-1.25%+8.72%+2.34%258,262,39020Dai1.0023,782,804,096+0.14%+0.26%+0.18%264,756,86021Avalanche10.463,713,705,747-0.67%+15.25%+19.43%342,936,31622LEO
Token3.8713,597,078,777-0.29%+4.51%+3.76%819,81623TrueUSD1.0013,376,484,212+0.00%+0.13%-0.02%656,031,48024Uniswap4.2893,233,324,440-2.91%+10.67%+0.73%361,910,15225Stellar0.1153,209,256,801-1.50%+11.51%+2.46%203,246,268

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