Today’s Nuggets
The JOLT Jolt
More Cuts Coming?
Third Big Phase Incoming
BlackRock IBIT is the Beast
Perfect Storm and Volatility Incoming
SOL-based RWA Platform for Agricultural Trade
Chainlink Hedging
SOL Flips PYPL
xAI Going to Double H100s to 200K
Starlink Elevates Air Craft Carrier Morale
What a rollercoaster!
It is always startling to see the range of emotions on people's faces when Bitcoin goes up and then back down. Bitcoin shot up nearly $4,000 in 21 hours, and then once it turned around, people quickly forgot about what it had done in such a short window of time, like euphoria followed by death.
Crypto Market Update:
The crypto market cap is nearly two and a half trillion;
The Fear and Greed is at 72; and
Bitcoin's dominance is at 57.3, which is high, signaling that it is Bitcoin's time in the market.
The macro was a little bouncy this morning and felt like being electrocuted by the JOLT.
September job openings were down significantly which was unexpected. This figure represents a decline from previous months, signaling a significantly cooling labor market. There was an increase in layoffs of 165,000 for the week and quits were up to 107,000.
As a result, treasury yields fell sharply. We have been discussing bond yields spiking out of control but this development has returned them to earth.
You could argue this is the silver lining in this story.
Every company sitting on cash needs to get rid of that cash and buy some Bitcoin.
If a company is not investing in H100s or whatever else to grow its business, it should buy Bitcoin, as it is a no-brainer.
However, you cannot teach these old corporations new tricks.
This is lagging behind all other proof-of-stake chains. Ethereum's current staking yield is 3%, down from 3.5% in just a few months. It is lower than Cosmos, Polkadot, Solana, etc.
The reduced staking rewards are a reflection of the network's use. This is not necessarily good for Ethereum.
Bitcoin has been up over 11% in the last four weeks.
ETH is still flat as memes are still crushing it and has not had a good year at all, despite the fact they got the ETH ETF approved.
There have simply been no takers of the ETH ETF.
Bitcoin ETF is pulling in half a billion dollars daily and the ETH ETF is losing between $20 million and $1 million daily.
It just goes to show you
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