Monthly Crypto Alpha Report – January 2024

January 2024

Animal spirits are back... Moon math is back... Meme coins are back... Are you not entertained?

But also... overwhelmed. Coins are pumping left and right, and just like with popcorn in an oven, it's hard to predict which ones will fly next.

Don't let it make you nervous. Let's have a look if we can make sense of it all.

As if on cue for the holiday season, BTC started moving on the first of December. Sats were stacked and leverage was built up: according to Coinalyze, roughly 11 billion of BTC was in leveraged positions, up 50% from back in September.

The rally met resistance, first topping out at around 44.4k on December 5th. A lot of leveraged longs were flushed, which is always healthy.

Several Glassnode indicators suggested a degree of near-term exhaustion. One is the rising amount of short-term holders sending coins in profit to exchanges, presumably to cash out (green line in the below chart). 

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So what's next for the King?

The Bitcoin Spot ETF is less than a week away, it seems. The potential approval of spot bitcoin ETFs by the SEC could come between Jan 8 and Jan 10. As investors are holding their breath, the BTC price is getting trapped in an ascending wedge, a bullish pattern. Interestingly, the apex of the wedge lies right around the date of the potential ETF approval date.

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  1. Hi there Lark 😌 i would love to take advantage of the airdrops that you announce but I dont know how 🙈 am i Just meant to follow your links and sign up? Or do I need to pay? Thanks in advance 🙂🙂

    1. Thanks for the comment, Linda.
      All airdrops are a little bit different.
      The two in particular in this alpha report
      zkfair you can just claim IF you have been doing on chain stuff on Ethereum layer two. Otherwise you probably are not eligible.

      Here is a tutorial for how to possibly get in line for the etherfi one

      In general most airdrops will require you to perform actions on chain. Like trading on a decentralized exchange, bridging money to the chain, and other actions.

      Remember every airdrop is different.

  2. hi lark, just started getting into crypto last week and am wondering what is the best exchange, both cex and dex to buy and sell crypto in New Zealand? I used binance but I cant seem to stake some of my coins and sell them on binance aswell. would love to hear your advice. 🙂

    1. Staking your coins is best done on chain via the wallet. Binance works ok for buying and selling in NZ. Easy Crypto is ok too.
      DEX, basically any of them can be accessed from NZ.
      See the beginner guide on this site if you need help with staking.