Mando Minutes

17th August

Author

Mando
August 26, 2023

Things I’m looking at today…

Crypto

  • Majors down 2% amid macro sell-off, alts continue to bleed down 3-10%

  • BTC & ETH open interest rises as they fall, >65% of all trades being added are shorts

  • Bitcoin long-term holders own highest % supply ever, short term holders send 17k coins to exchanges

  • Coinbase receives CFTC approval for futures trading, important for ETF approval too

  • Bitcoin could reach $180k next year if ETF approved says Fundstrat's Tom Lee

  • BitGo crypto custodian raises $100m, $1.75bn val

  • VC Funding for crypto down 80% since Q1 2022

  • Consensys public launch of Linea zkEVM

  • Vitalik says X "Community Notes" feature has "crypto values"

  • $SHIB Shibarium launch disaster as $2.5m assets lost in bridge, tokens $SHIB, $BONE & $LEASH tank

  • $RUNE delays lending after TSS vulnerability

Macro & General

  • Two main worries atm: 1) China 2) rising US yields

  • Stocks fell to 6 week low as Fed minutes indicate more rate hikes likely, gold also falls

  • US 10y yield hits 15 year high of 4.3%, lot of FUD about impact on stock market

  • Saudi Arabia cuts US treasury holding to 3 year low, China cuts to 15 year low

  • Commercial real estate lending fell 53% in Q2, stress in credit markets

  • China orders investment firms not to sell stocks, central bank injects $41bn into market in one day

  • China shadow bank giant Zhongzhi set to default (China shadow bank market = $3T)

  • China new manufacturing orders down 41% in Q2

  • Eight Arab countries request to join BRICS

  • Barbie now Warner Bros highest grossing release

  • Hawaii governor says state will look to buy land destroyed by fire

NFTs & Low-Cap

  • Many low caps punished given move in majors

  • $PEPE & $BITCOIN both fall 20% from local high

  • $MOG hits ATH of $35m then dips, still up 30%

  • $HMX up 10%, 3rd largest perp DEX by volume

  • BAYC down to local low of 28ETH, $APE drops 15%

  • MachiBigBrother now owns 400 DeGods, other whales offer to buy his position

  • Slime Sunday announces Base mint "The Great Purge"

  • Zen Academy announces PFP mint

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