Recap Week16 2024: Turbulence amid deleveraging

Highlights:

Halving (finally) done and sounded almost like a religious event. Overhyped and move on. Volatile week as expected after the big sell-off last weekend (record liquidations in Alts on Binance and ByBit) with Macro (yields) and Geopolitical in focus. Funding rates back to normal. Healthy Deleveraging. And No, Bitcoin is not a safe haven and Yes, it will face long-term challenges.

Here we go:

Bitcoin (BTC):

• https://www.coindesk.com/markets/2024/04/19/bitcoin-spot-etfs-register-five-day-withdrawals-streak-ahead-of-halving/
• https://www.coindesk.com/markets/2024/04/19/bitcoin-dips-below-60k-as-israel-launches-strike-on-iran/
• https://www.coindesk.com/markets/2024/04/18/bitcoin-halving-is-not-a-bullish-event-says-10x-research-analyst/
• https://protos.com/halving-pumps-bitcoin-layer-2-higher-than-any-ethereum-l2/
• https://cointelegraph.com/news/bitcoin-halving-google-trends-highest-point-ever
• https://www.theblock.co/post/289849/how-will-bitcoins-price-react-after-the-halving
• https://cryptobriefing.com/runes-bitcoin-impact-halving/
• https://www.coindesk.com/tech/2024/04/17/runes-casey-rodarmors-protocol-for-shtcoins-on-bitcoin-set-to-go-live-at-halving/
• https://www.coindesk.com/markets/2024/04/20/runes-protocol-launches-on-bitcoin-sending-fees-soaring-as-users-rush-to-mint-tokens/

Ethereum (ETH):

• https://www.theblock.co/post/288462/ethereum-validator-queue-hits-highest-level-since-september-2023
• https://www.coindesk.com/consensus-magazine/2024/04/18/it-can-be-said-with-confidence-the-sec-is-investigating-ethereum-consensys-bill-hughes-talks-crypto-law/?
• https://cryptoslate.com/ethereum-falls-to-lowest-level-against-bitcoin-in-3-years-amid-panic-selling/

Volatility and Focus:

• https://www.theblock.co/post/289780/crypto-liquidations-spike-in-pre-halving-market-volatility

A casual 250x leverage…………:

• https://www.theblock.co/post/289766/bitmexs-bitcoin-perpetual-swap-250x-leverage-halving
• https://www.coindesk.com/markets/2024/04/19/crypto-markets-will-be-driven-by-macro-factors-following-the-halving-coinbase-says/

Deleveraging:

Source: K33 Research, Laevitas, Tradingview

Index-calculation: https://www.tradingview.com/support/solutions/43000550480-how-are-the-cryptocap-symbols-calculated/

MK Opinion

Think I was spot on most items in my short term risk report and capitalized on some opportunities given.

With the Bitcoin ETF and halving mania behind us, curious to see if other projects will outperform in the coming period. Especially when Bitcoin fees are soaring immediately after Runes Protocol got launched, it is facing a dilemma right away.

Coin | Other News:

Eisenberg - Mango Markets:

• https://www.theblock.co/post/289543/avraham-avi-eisenberg-convicted-for-110-million-mango-markets-exploit-report

Tether (USDT):

• https://www.theblock.co/post/289657/tether-announces-plan-to-reorganize-into-four-new-divisions

Aptos (APT):

• https://www.theblock.co/post/289551/aptos-labs-pens-deals-microsoft-brevan-howard-sk-telecom-institutional-platform-aptos-ascend

Kraken:

• https://www.theblock.co/post/289448/kraken-launches-self-custodial-mobile-wallet-and-releases-its-open-source-code
• https://www.coindesk.com/business/2024/04/18/cryptocurrency-exchange-kraken-acquires-tradestation-crypto/?

Worldcoin (WLD):

• https://www.theblock.co/post/289420/worldcoin-to-have-its-own-layer-2-blockchain-called-world-chain

Hidden Road:

• https://www.theblock.co/post/289442/citadel-backed-hidden-road-partners-on-track-to-raise-120-million-bloomberg

Fetch.ai - SingularityNet - Ocean Protocol Merger (ASI):

• https://cointelegraph.com/news/tokenholders-approve-7-5-billion-ai-merger
• https://decrypt.co/226701/ai-tokens-set-merge-how-will-work

Quant (QNT):

• https://www.ledgerinsights.com/uk-banks-join-regulated-liability-network-trials-as-r3-quant-tech-selected/

Germany’s Landesbank Baden-Württemberg (LBBW) announced a partnership with crypto firm Bitpanda to provide cryptocurrency services:

• https://www.ledgerinsights.com/german-bank-lbbw-to-launch-crypto-custody-trading/

Binance (BNB):

• https://www.bloomberg.com/news/articles/2024-04-18/binance-converts-billion-dollar-safu-emergency-fund-into-usdc
• https://www.coindesk.com/policy/2024/04/18/binance-secures-full-virtual-asset-services-provider-license-in-dubai/?

Avail Airdrop:

• https://www.coindesk.com/tech/2024/04/18/avail-confirms-token-airdrop-plans-a-week-after-leaked-screenshots/

Justin Sun: (TRON, HTX):

• https://protos.com/justin-sun-directed-wash-trading-scheme-from-his-us-apartment-sec-claims/

Ondo - Cosmos (ATOM):

• https://www.coindesk.com/business/2024/04/18/ondo-finance-brings-tokenized-treasuries-to-the-cosmos-ecosystem-with-noble-integration/

US Stablecoin regulation:

• https://cryptoslate.com/us-lawmakers-proposed-ban-on-algorithmic-stablecoins-draws-industry-backlash/

HK ETFs:

• https://www.coindesk.com/markets/2024/04/17/hong-kong-bitcoin-etfs-likely-not-available-for-mainland-chinese-investors-bloomberg/

no surprise here FYI

TreeCap Blockchain Technology Strategy: Secure Sustainable Investing

The crypto landscape in 2024 promises a dynamic and transformative journey. As institutional involvement grows, technology advances, and novel ideas emerge, the industry is set to overcome challenges and redefine the future of finance and technology. From maturing tokenization projects to the integration of blockchain into physical infrastructure, the future holds exciting possibilities for the crypto and blockchain space. Crypto: From Speculation → Utility → Fundamentals

• March Preliminary (net. of all fees) return +5.6%.
• Portfolio constituents as of 14th of April: 27
• March investor commentary available on request: [email protected]

MKs Short Term Risk Report:

• Justin Sun (TRON, Huobi)
• SEC / Regulatory
• USDT
• US Gov / Celsius unwind
• Capital Markets in general (China, Credit Event / Yields, FED not delivering)
• Escalation in the Middle East, Taiwan-China
• Euphoria, Parabolic Gains, Meme coin Frenzy, excessive leverage, Agressive and unsustainable “promised”APY’s

The week ahead by Nomura and Livesquawk:

• https://www.nomuraconnects.com/focused-thinking-posts/the-economy-next-week/?
• https://www.livesquawk.com/report/special_ls-focus-on-the-week-ahead

Upcoming Events:

Will be attending the following conferences/events:

N/A

Agenda:

• https://coinmarketcal.com/en/
• https://cryptoevents.global/

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Have a wonderful Sunday, and thanks for reading!

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