Bottom Soon?

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Bottom Soon?

The majors were down 3-4% today, with over $140mm of long liquidations. The timeline is growing more bearish by the minute, and a lot of alts are down double digits, including POPCAT, ENS, WIF, TAO, BONK, FTM, ETFI and LDO. ZRO still leads perp coin attention, with TAO, WLD and PEPE the notable mindshare gainers over the past 24hr. Notable price strength was seen in ZEN, BNX and WLD.

In terms of news flow, we had Syndney Sweeney’s account hacked yesterday (and a token launched), the ETH ETF’s are now expected to launch late next week or the week of the 15th. And Biden’s odds of dropping out of the presidential race have jumped to 68% on Polymarket, spurring a sharp sell off in the boden token.

On the onchain side of things, BILLY continues to dominate market attention, while MOG, MICHI, BOBO and DADDY were mindshare gainers for the day.

Crypto prices have decoupled from stocks, with the S&P hitting intraday ATHs today. Looking at the last 8 major 30d correlation breakdowns, each was seemingly a local bottom signal:

DEX bot trading volumes showed another day of BSC & SOL gaining relative share and ETH & BASE losing share. SOL continues to average ~$100mm/day of bot user volume while ETH has only hit that level once in the past 6 months (sigh).

Tokens 10d old or less with $100k+ of smart money interest includes BUD and BOB on ETH. And HERO, SC and SCRAT on SOL.

Only a few onchain tokens saw relative strength today:

• DOGVERSE

• DADDY

• WAT

• BILLY

Interesting new projects getting smart follows :

• Abstract

• Futa

• Friendcard

• Sentient

• 0xSensys

• 375ai

• TonLayer

• NOT Protocol

• T1Abstract

SMART MONEY CORNER - Presented by chainEDGE

• ETH smart flows into MOG & TRUMP, along with new launch WYNN

• On SOL, smart money bought the dip in MICHI and was aping KAMA (the new favorite to run against Trump).

• From a smart balance perspective, things were pretty choppy with notable position trimming in boden, but heavy accumulation in MUMU.

• Nothing too interesting on the ETH side, with BANANA and TRUMP the most popular by # of smart $10k+ holders

MEME OF THE DAY