Today’s Nuggets
Extreme Fear is Back
Fed Officials Agree it is Time for Cuts
Weak U.S. Jobs Data
Global Liquidity Nearing $100 Trillion
Eyes on the Prize
BTC Exchanger Liquidation Map Pointing to $52,500
Russia Mined Over $3 Billion
The Polymarket Bingo Betting Market
Injective Integrates with Chainlink
South Korea Joins Crackdown on Telegram
Mastercard Enables Crypto Spending
Microsoft ChatGPT Breaks 1M Paid Users
I have been talking about Rektember and seasonality for a long time. We will try to dig into all the stuff so that we can figure out exactly what is going on and if there is a bottom coming up.
Crypto Market Update:
The crypto market cap is down to $1.92 trillion.
The volume is up to $80 billion, which is good.
The Fear and Greed is down to 22.
We shared insights from the Fear and Greed on August 5th, when people were scared to hell and we remember the recovery from there. Now, the sentiment remains very negative, which indicates cautious market participants.
Bad market sentiment does not mean that prices will go up but is an indication that we are close to a bottom and that seller capitulation is almost done.
Research suggests we are in the middle of the deepest funding rate environment since Bitcoin's low in November 2022.
We know how ugly that was and people are not jumping in. I would be in that category, too, because I have been sitting on cash since May, waiting for a big capitulation event.
According to the Fear and Greed Index, there is currently more fear in Bitcoin and the crypto space than there was at the absolute bottom of the bear market.
This is not how macro tops develop. The current market conditions do not align with what you would expect with a major top and the level of fear indicates that the market is closer to a
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