Who Will Buy Our Bags?

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Who Will Buy Our Bags?

Another day of the majors chopping around with BTC/ETH/SOL all down 2% on the day. This comes at a time when global liquidity metrics are hitting ATHs and the S&P is less than 3% from its highs. We’ve started to see 30d correlation metrics start to break down, which eventually is a bullish sign (at full breakdown it’s a great bottom signal). With that said, we still have some way to go before we get there (which is also dependent on equity market strength).

Google search trends for Bitcoin are also at their lowest levels since last September.

Notable alt outperformance on the day was seen in DOGS, TON, NOT and SUI. While the biggest 1d gainers in terms of alt mindshare were BIGTIME, ADA, APE, DOGS and IO.

The onchain market has been more interesting lately with the clear rotation back to ETH. DEX volume on Tron has cooled off after peaking in late August.

While SOL DEX volume also continues its downtrend.

ETH trading bot volumes have finally flipped SOL for only the second time since late February, which again confirms that ETH onchain is finally back.

Relative onchain strength was seen in:

• rocky

• E

• Neiro

• DRAGONX

• TITANX

• SUNCAT

ETH coins have also started dominating onchain mindshare, led by VISTA, Neiro and MOG, along with newer launch FARM. The only SOL coins retaining any meaningful attention include FWOG, SCF and MUMU.

Tokens aged 0-5d with $100k+ of smart ownership included E, FARM and HUSBY, and has not included a SOL coin in weeks.

Interesting projects getting smart follows:

• OpenCoin

• Parallel

• Sync.fun

• Juice

• Print.fun

• Boost

• Snek

SMART MONEY CORNER - Presented by chainEDGE

• A pretty quiet day from a smart money inflows perspective, though FARM, VISTA, E and NEIRO were all the most popular with smart money from a volume perspective

• Meanwhile on SOL, things were quiet outside of bids in POPCAT and FWOG

• FWOG, SCF and wDOG continue to be standouts from a smart balance accumulation perspective on SOL

• While on ETH, BANANA, VISTA, MOG and NEIRO all saw notable accumulation over the past 7 days

MEME OF THE DAY