Recap week18 2024: Market has no day-to-day memory

Highlights:

April performance, Big unlocks in May, HK spot crypto ETFs debut (way too high expectations), FED decision, US regulatory moves, markets plunging pre-FED and a bounce back post-NFP, Fortune publishes zombi list, JP Morgan stance.

Here we go:

Bitcoin (BTC):

• https://cryptobriefing.com/bitcoin-spot-etf-approval-australia/
• https://www.theblock.co/post/291599/hong-kong-officially-debuts-asias-first-spot-bitcoin-ether-etfs
• https://www.theblock.co/post/291420/bitcoin-mining-hash-price-all-time-low-halving?
• https://www.theblock.co/post/291908/standard-chartered-bitcoin-price-fall-50000
• https://www.coindesk.com/markets/2024/05/02/us-bitcoin-etfs-bleed-record-563m-even-as-feds-powell-rules-out-rate-hike/
• https://www.coindesk.com/markets/2024/05/02/bitcoin-call-writing-back-in-vogue-as-cash-and-carry-strategy-loses-shine/
• https://www.coindesk.com/business/2024/05/02/blackrock-sees-sovereign-wealth-funds-pensions-coming-to-bitcoin-etfs/
• https://www.coindesk.com/business/2024/05/03/us-april-job-additions-of-175k-miss-forecasts-for-243k/

Ethereum (ETH):

• https://cryptoslate.com/insights/ethereum-transaction-fees-overtake-bitcoin-as-runes-speculation-subsides/
• https://www.dlnews.com/articles/defi/ethereum-burnt-127bn-worth-of-ether-since-eip-1559-upgrade/

FED:

• https://www.bloomberg.com/news/articles/2024-05-01/fed-cites-lack-of-progress-on-inflation-holds-rates-steady

US Regulatory:

• https://www.coincenter.org/dojs-new-stance-on-crypto-wallets-is-a-threat-to-liberty-and-the-rule-of-law/
• https://www.cnbc.com/2024/05/01/federal-prosecutors-are-examining-financial-transactions-at-block-owner-of-cash-app-and-square.html
• https://decrypt.co/228870/sec-gensler-lied-congress-ethereum-patrick-mchenry
• https://cryptobriefing.com/ethereum-sec-probe-consensys/

JP Morgan stance:

• https://www.theblock.co/post/292131/jpmorgan-cautious-crypto-markets-near-term

Fortune list:

• https://cryptobriefing.com/forbes-zombie-crypto-tokens/

MK Opinion

End of last year we were at 6-7 possible interest rate cuts. Could be zero to 2 now…….

Regarding the Fortune list; Agree on most of them and some will gain traction when everyone understand how it works.

On a separate note: There are some unconfirmed reports about data breaches at Bitfinex as well as Bitvavo so stay alert.

Coin | Other News:

IO.Net:

• https://protos.com/solana-project-ceo-says-sybil-attackers-gamed-metric-hoping-for-airdrop/

Stripe - Avalanche (AVAX):

• https://www.theblock.co/post/291518/stripe-will-support-avalanches-efforts-to-add-funds-and-users-to-ecosystem

Eigenlayer (EIGEN) saga:

• https://blog.eigenfoundation.org/announcement/
• https://www.coindesk.com/tech/2024/04/29/eigenlayer-after-touching-off-restaking-frenzy-plans-own-eigen-token/?
• https://www.theblock.co/post/291657/eigenlayer-airdrop-faces-backlash-over-inability-to-move-tokens-and-blocked-jurisdictions
• https://cointelegraph.com/news/eigenlayer-12-000-queued-withdrawals-how-far-tvl-fall
• https://www.theblock.co/post/292318/eigen-foundation-to-distribute-extra-1000-in-eigen-to-token-holders-following-airdrop-backlash

Pendle affected as well:

• https://thedefiant.io/news/defi/eigen-airdrop-elicits-pushback-from-eigenlayer-community

So the Airdrop dissapointment continues

Friend.Tech:

• https://protos.com/its-been-a-messy-launch-for-friend-techs-friend-token/

Solana (SOL) memecoin crap:

• https://www.fxstreet.com/cryptocurrencies/news/solana-memecoin-hits-a-whopping-328t-market-cap-but-for-all-the-wrong-reasons-202404300709?utm_source=tco

Binance (BNB):

• https://www.dlnews.com/articles/regulation/cz-is-sole-binance-france-shareholder-risking-eu-access/

Coinbase (COIN):

• https://www.theblock.co/post/291662/coinbase-lightning-network-lightspark

Why as Lightning is slowly dying…

More Coinbase (earnings):

• https://s27.q4cdn.com/397450999/files/doc_financials/2024/Shareholder-Letter-Q1-2024.pdf
• https://www.theblock.co/post/292265/coinbases-q1-earnings-jump-to-1-6-billion-as-transaction-revenue-soars

Uniswap (UNI):

• https://www.theblock.co/post/291816/uniswap-enables-crypto-purchases-via-robinhood-connect

Stacks (STX):

• https://stacks.org/nakamoto-activation-update

Investigation Lazarus Group by ZachXBT:

• https://zachxbt.mirror.xyz/B0-UJtxN41cJhpPtKv0v2LZ8u-0PwZ4ecMPEdX4l8vE

Tether (USDT):

• https://cryptobriefing.com/tether-financial-growth-q1/
• https://www.coindesk.com/policy/2024/05/02/tether-enters-transaction-surveillance-partnership-with-chainalysis-as-regulatory-pressure-mounts/?

Layer Zero (ZRO):

• https://www.theblock.co/post/292084/layerzero-labs-finalizes-initial-snapshot-for-potential-airdrop

Careful with connecting your wallet at fake sites and/or e-mails received, they should publish the wallets instead

TON - Pantera:

• https://www.theblock.co/post/292150/pantera-capital-ton-the-open-network?

Microstrategy (MSTR):

• https://www.coindesk.com/tech/2024/05/02/microstrategy-unveils-plan-for-bitcoin-based-decentralized-identity-using-ordinals/
• https://www.coindesk.com/business/2024/04/30/microstrategy-now-holds-136b-worth-of-bitcoin-1-of-total-circulating-supply-canaccord/

ZKasino rug pull arrest in the Netherlands:

• https://www.dlnews.com/articles/defi/police-arrest-linked-to-zkasino-crypto-scam-may-mean-justice/

Helium (HNT):

• https://thedefiant.io/news/nfts-and-web3/helium-mobile-introduces-new-usd20-group-plans-offering-unlimited-data

Uniswap (UNI):

• https://www.theblock.co/post/292055/total-number-of-uniswap-wallets-more-than-doubles-in-the-past-year

VC Trends:

• https://www.theblock.co/post/292550/the-funding-ethereum-restaking-depin-bitcoin-tokenization-crypto

May unlocks:

• https://cointelegraph.com/news/may-crypto-vesting-sui-pyth-network-unlock-tokens

SUI and Justin Bons discussion about tokenomics:

• https://cointelegraph.com/news/sui-network-clears-up-misunderstandings-on-token-supply

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

• April Preliminary (net. of all fees) return -/- 18.22%
• Portfolio constituents as of 5th of May: 27
• April investor commentary available on request: [email protected]
• Media: Dutch Podcast (28 februari 2024):https://youtu.be/JqbxqbVOBBM
• Media (in Dutch): SCEtrader.nl: https://www.scetrader.nl/crypto/29/04/2024/crypto-de-recap-van-treecap-visie-portfolio-manager-mathijs-kriek-9/

MKs Short Term Risk Report:

• Justin Sun (TRON, Huobi)
• SEC / Regulatory
• USDT
• Regulation overkill in both stablecoins and DEFI
• 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:

• 14-15th of May DigiAssets London: https://digitalassets.wbresearch.com/

Agenda:

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

Tokens:

Unlocks:

• https://token.unlocks.app/

Have a wonderful Sunday, and thanks for reading!

No investment advice. The digital assets discussed within this newsletter are highly volatile and may result in partial or permanent loss of your investment. Before investing, please carefully consider your investment objectives, level of experience and risk appetite. It is important that you consult with your own advisors as to the legal, tax and financial implications of your investments.

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