Good morning. Just as the crypto market was recovering from its biggest liquidation event ever…another macro bomb dropped.
All of that, plus your…
- Chart of the Day. Is gold’s rally a crystal ball for BTC?
- Trade of the Day. It’s decision time for ETH!
- Degen Play of the Day. There’s a new AI agent to watch.
Chart of the Day
If the top isn’t already in for gold, it’s certainly getting close because this week saw people physically queue up to buy gold coins in Sydney, Australia. Gold is up 77% in the past 18 months and only now is when everyone wants to buy. If that’s not a top signal, I don’t know what is. This rally has helped gold become the first asset to ever break $30 trillion in market cap.
First, central banks print money. Then, they buy gold with said money. Then, everyone else FOMOs into gold. Finally, the capital goes risk on and rotates into Bitcoin. The rotation from gold to Bitcoin will be glorious. The same playbook happened in 2020. Gold peaked, Bitcoin dumped, gold dumped, Bitcoin pumped. But until then, we chop sideways and suffer. $107K on the weekly close is the key data point to watch. With Bitcoin’s daily RSI at its lowest close since April 8th (34), I’d like to see it hold the line here.
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Trade of the Day
It’s decision time for Ethereum after ETH pulled back into a key zone. Price is testing the weekly 20 EMA which lined up perfectly with horizontal support ($3,794) and the 0.382 Fibonacci level ($3,613). Either this area holds and sends it back up, or we start eyeing the next leg lower toward the 0.618 Fibonacci level ($2,777).
It’s so far, so good for ETH with the price holding just under $3,900 at the time of writing, thanks to a bounce from BTC (for now).
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Alpha Leak
- Jito [JTO] has received a $50 million investment from a16z in return for JTO tokens at a discounted rate. It’s important to note this is a16z’s single biggest investment in Jito to date. So whilst calls for a top in BTC are getting louder, this is confirmation that money is still flowing into the market and into alts.
- Uniswap [UNI] is now live on Solana via the web app, connecting Uniswap users to Solana’s DEX ecosystem, which processed $140 billion in volume in the past 30 days. This is a massive liquidity opportunity for Uniswap.
- Bitfarms [BITF] increased the size of its convertible notes offering to $500 million, up from $300 million a day earlier. The offering is expected to close around October 21st.
- Robinhood [HOOD] has listed ASTER, XPL and VIRTUAL for trading.
- Solana [SOL] is teasing a big announcement on X that’s coming on October 20th. There’s speculation it could be a Solana-branded debit or credit card, but I guess we’ll have to wait a bit longer to find out.
Go Premium to read this week’s report on Avantis, the new zero-fee perps exchange on Base that’s pushing a bold promise to earn real revenue.
News Roundup
Déjà vu: SVB Collapse 2.0?
Two US regional banks, Western Alliance Bank and Zions Bank, both said on Thursday that they had suffered from either bad or fraudulent loans. That was enough to spark a sell-off in bank stocks all around the world. It was feared that Silicon Valley Bank 2.0 was on the cards in what could be a repeat of March 2023. And eventually this led to a de-risking event everywhere else, sending gold up and crypto down.
As with any Bitcoin sell-off, the US spot ETFs led the way with $1.2 billion in outflows for the week:
- Monday: -$326.4 million
- Tuesday: +$102.7 million
- Wednesday: -$104.1 million
- Thursday: -$530.9 million
- Friday: -$366.6 million
Thursday’s $530.9 million in BTC outflows were the biggest since August. But let’s zoom out here, because let’s not forget that last week saw over $3.2 billion in inflows. If in doubt, zoom out.
Mr Beast Plans To Launch A Crypto Exchange
Mr. Beast, the world’s biggest YouTube star, has filed a trademark for Mr. Beast Financial. His plan is believed to be a downloadable app that will cover the following financial services:
- crypto exchange and payment processing services
- decentralized exchange services
- investment banking services
- insurance
- financial wellness education
- microfinance lending services
A plan like this won’t be easy to get off the ground. Before he can even launch it, Mr. Beast will need to:
- register as a Money Services Business with FinCEN
- get state-level money transmitted licenses
- approval from either the SEC or CFTC depending on platform specifics
Mr. Beast himself is no stranger to the crypto market. But if he can pull this off, it means his 446 million YouTube subscribers could be onboarded into the market too.
China Wants $1B ETH Treasury Company
The DAT sector is currently dominated by Bitcoin and the US. And whilst Ethereum has seen a spike in interest in the past few months, China may be about to kick it up a notch or two.
A group of Ethereum’s biggest and earliest backers from Asia are planning to launch a $1 billion ETH treasury company.
The investors include:
- Huobi founder and Avenir Capital chairman Li Lin
- Fenbushi Capital founder Shen Bo
- HashKey Group CEO Xiao Feng
- Meitu Inc. founder Cai Wensheng
The goal is to buy a Nasdaq-listed company and ETH-ify it. For which they’ve already secured 9-figures in commitments. But if this turns into a competition between China and the US, China has some catching up to do…if that’s even possible.
Because so far, the US dominates the leaderboard:
- Bitmine Immersion [BMNR]: $6.6 billion worth of ETH
- SharpLink Gaming [SBET]: $3.1 billion worth of ETH
- The Ether Machine [DYNX]: $1.3 billion worth of ETH
But no matter who is buying ETH, this is bullish for the price action. Let the global ETH games begin!
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Degen Play of the Day
PolyTale is a Solana-based AI agent scout for prediction markets available on PumpSwap. It crawls prediction markets like Polymarket in real-time, ranking them by ROI potential, tracks trends, notifies on whale bets, and even earns affiliate revenue from every trade sparked by its insights.
Early movers are calling it the AIXBT of prediction markets. But of course, do your own research – this is a high risk, high reward play. Because at a sub-$2M market cap, it’s still super early days. This is one to watch.
Final Notes
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
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See you next time!
Lark and the Wealth Mastery Team
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Legal Disclaimer
Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
You can find a full disclosure of all my crypto & venture investments here.
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
