Altseason Incoming?
Bitcoin Dominance is Slipping, Ethereum is Flexing, Altseason Vibes are Strong
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Howdy, Crypto Cowboys!
You’re saddled into the Hodl Report, where we round up the news and deliver insights sharper than our boot spurs. 🤠
In this week’s round up:
Market moves & what’s next 📊
Has the peak arrived? 🚀
Key news highlights 🗞️
Altseason vibes? 🔥
Crypto chuckles 😂
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This week, Bitcoin took a 9% dip, a much-needed cooldown after its relentless climb. Think of it as Bitcoin catching its breath before the next sprint. 🏃♂️
We have already recovered above $97k at the time of writing but this correction allowed for capital rotation and set a solid foundation as we eye the $100k milestone.
Don't expect any wild price swings in the coming weeks. Bitcoin is likely to hover between $92K and $99K, unless Thanksgiving conversations spark a crypto buying frenzy! 🦃
Don’t sweat the short-term volatility, embrace it! We’re still confident Bitcoin will soar well over $110K before the year’s out. 🚀
Big Players Betting on Bitcoin
Bitcoin is still soaking up the spotlight from the Trump election win, grabbing global attention as treasuries flirt with adding some BTC to their stash. While most nation-states are keeping things on the down-low, here’s what we’ve heard this week:
Brazil: Congressman Eros Biondini proposed allocating 5% of Brazil's $372B reserve into Bitcoin.
Suriname: Presidential candidate Maya Parbhoe plans to adopt El Salvador's Bitcoin strategy if elected.
Poland: Presidential hopeful Slawomir Mentzen aims to make Bitcoin a strategic reserve and transform Poland into a "cryptocurrency haven."
Rumble (RUM): The video-sharing platform announced plans to diversify its treasury with up to $20M in Bitcoin purchases.
The roster just keeps getting longer! These new contenders are potentially joining the Bitcoin Hall of Fame alongside OGs like El Salvador, Bhutan, Tesla, and MicroStrategy. 🏆
Speaking of OGs, MicroStrategy is back at it again - yep, you guessed it…another Bitcoin buy! This time, they went BIG, scooping up 55,500 bitcoins for a cool $5.4 billion. This aggressive accumulation has raised questions about potential risks, including the price point at which the company might face a margin call.
End of the Bull Run?
Historically, market tops come with some classic red flags like Jim Cramer yelling "BUY CRYPTO!", long-lost cousins sliding into your DMs for advice on obscure altcoins (ignoring Bitcoin entirely), and a general vibe of market madness. 😵
Sure, there’s some madness brewing, but the market’s grown up a bit, it can handle a little more chaos before the big crash. This week, we heard: 👇
Hailey "Hawk Tuah" Welch Launches $HAWK. Known for the "Hawk Tuah" meme, Hailey is launching her official memecoin, $HAWK, set to begin trading on Solana on December 4th.
Jim Cramer endorses Bitcoin & Ethereum. The financial commentator has officially advised everyone to be buying Bitcoin and Ethereum. Will the inverse Cramer rule hold up this time?
We’re keeping a close eye on the madness to spot when a market top might come into focus.
Plus, we’re diving into MicroStrategy’s setup to see if it could become the next bear market bombshell, similar to last cycle’s Terra/Luna or FTX. 💣
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Hodl Headlines
The Week’s Most Interesting News
Justin Sun Consumes $6.2M Banana Artwork: Crypto entrepreneur Justin Sun ate the banana from Maurizio Cattelan's "Comedian" artwork, which he purchased for $6.2 million, drawing parallels between conceptual art and cryptocurrency.
Pump.fun Suspends Livestream Feature: Solana-based memecoin platform Pump.fun has temporarily disabled its livestream feature following backlash over inappropriate content, highlighting challenges in content moderation.
Appeals Court Overturns Tornado Cash Sanctions: A U.S. appeals court has ruled that the Treasury's sanctions against cryptocurrency mixer Tornado Cash exceeded its authority, marking a significant win for crypto privacy advocates.
Vancouver City Council Considers Bitcoin Reserve: Vancouver's city council is deliberating a motion to establish a Bitcoin reserve, aiming to position the city as a leader in digital finance.
Brazilian Congressman Proposes Bitcoin Reserve: Congressman Eros Biondini has introduced a bill proposing that Brazil allocate 5% of its $372 billion reserves into Bitcoin. This move could significantly bolster Bitcoin's legitimacy on a national scale.
Analyst Tuur Demeester Predicts $800k Bitcoin Price Target: Tuur Demeester forecasts Bitcoin reaching $800,000, potentially surpassing gold as a store of value. He cites Bitcoin's scarcity and growing adoption as key factors.
Pantera CEO Projects Bitcoin at $740,000 by 2028: Dan Morehead, CEO of Pantera Capital, anticipates Bitcoin hitting $740,000 within the next four years, driven by increased institutional adoption and limited supply.
CEOs React to Trump's Treasury Pick, Scott Bessent: Industry leaders have expressed support for President-elect Trump's nomination of billionaire Scott Bessent as Treasury Secretary, anticipating favorable economic policies.
Is Altseason Here?
Ethereum’s Opening the Door
The buzz is in the air: Bitcoin dominance is slipping, Ethereum is flexing, and all signs are pointing toward the crypto market’s favorite phase - altseason!
Let’s break it down. 👇
Bitcoin Steps Back, Ethereum Steps Up
Bitcoin dominance dropped to under 57% this week (from 60% last week), giving Ethereum and altcoins a chance to shine. While Bitcoin catches its breath, Ethereum is stealing the show with a 15% weekly gain, leaving Bitcoin’s 1.5% rise in the dust.
Ethereum’s Metrics Are on Fire 🔥
Futures Action: Open interest hit a record 6.32M ETH, up 17% this month. Futures traders are clearly expecting big moves.
Options Heating Up: Over 2M active contracts on Deribit—the most since June. Options traders are getting bold.
DeFi Revival: Ethereum’s TVL hit new highs for 2024, smashing past its May/June peaks. DeFi’s alive and kicking.
Tron Flipped: Ethereum now holds $60B in Tether, beating Tron’s $57B for the first time since May 2022.
Altseason Energy Is Building ⚡
Bitcoin dominance is fading, Ethereum’s fundamentals are improving, and institutional investors are pouring cash into ETH ETFs.
Historically, this is the perfect recipe for Altseason: Bitcoin chills, alts heat up, and Ethereum leads the charge.
It’s almost time to stock up on your favorite altcoins and get ready for the ride. 🚀
Big thanks for making it to the end of this week’s Hodl Report! 👊
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Happy Friday!
Disclaimer: The content from Hodl Report should not be taken as trading, investment or financial advice or solicitation to buy or sell any assets. This newsletter is for informational and educational purposes only. Please be careful out there and DYOR (do your own research).