RECAP: WHAT HAPPENED LAST WEEK

Weekly Recap: 5-year Lows & Bullish Bets

NUGGETS OF ALPHA

• Bitcoin trading volume waned down to a 5-year low in spot vs derivative terms

• Exchanges are down to ~15M ETH

• Bitcoin supply is down 30% on exchanges from its peak in 2020

• BASE hit 100K daily active users in a couple of days

• Per Elon, Tesla's FSD version 12 is mind-blowing, a total code rewrite (~99% AI)

• Per the rational root, the Global Liquidity chart continues ticking down

• Assets continue to flow back into cash & money market accounts—reaching $5.5T

• SPX has more downside based on the exposure index, global liquidity trend, and money on the sidelines

• If you want to see what inflation is doing, look at the price of oil

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Let's start with Bitcoin versus the crypto market update. Overall, it has been a quiet week in the crypto market during the summer slumber. 

When you notice a dark green, that indicates a 5%+ gain:

• HBAR

• SHIB

• SOL

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Adam Back, an OG in BTC, bet a million Sats on a $100k Bitcoin price by April 2024. So here we go with the halving hype. Yeah, it is only $300 but a fun bet nonetheless.

My target is between