Uptober’s On, Baby
Bullish Vibes, A Short Delay, Market Moves, and Our Latest Trades Detailed
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Greetings, Crypto Connoisseurs!
Welcome to the Hodl Report, where our insights are hotter than your ex's rage when they realized you put the rent money into the latest memecoin! 🐶🤬
In this issue we’re dishing out:
The market sentiment and outlook 🌎
Important news from the week 📰
The coin we’re watching 🪙
Crypto humor (oops, sorry “culture”) 🤣
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Peaks, dips, and rebounds - it’s just another week in crypto.
But wait... where’s Uptober?
Relax, we’re only four days in, and a lot is happening.
Major geopolitical shockwaves, an upcoming U.S. election showdown, and liquidity injections left and right. Let’s break it down:
1. Geopolitical Turmoil: Missiles and Market Resilience
200 missiles lit up the skies between two nations this week. It’s the kind of headline that usually makes markets panic, but guess what? Markets aren’t falling apart. Gold, stocks, Bitcoin - they're hanging in there. BlackRock’s historic charts on recovery after geopolitical events even shows some optimism.
Even JP Morgan says flee to gold and Bitcoin in turbulent times like this. And you thought you’d never see the day Wall Street would put BTC and bullion in the same sentence!
If TradFi loves BTC, maybe we're onto something!
2. US Elections: Tight Race, Tight Markets
We’re now one month away from the US elections and …it’s gonna be Yuge! 🤣 Polymarket has it at an incredibly tight Harris 49.8% vs. Trump 49.5%. These aren’t just polls, they’re bets made with over $1.2 billion dollars of people putting their real money on the line.
The recent VP debate added fuel to the fire. Trump's VP, Vance, got a lot of applause for his well-spoken rhetoric against Walz and the Democrats, leading many Trump supporters to feel optimistic.
Still, with numbers this close, it’s anyone’s game - which means volatility should ramp up as we inch closer to Election Day.
The crypto market seems to be pulling for Trump, but there’s rising optimism that a Harris win might also do some good for the economy and, by extension, for crypto…and we love anything that makes our portfolios shine!
3. Where Next? Money, Liquidity, and Bullish Signs
Gold’s at an all-time high, and BTC usually likes to follow, just fashionably late of course. The Fed just cut rates by 50bps, and so did China, unleashing that sweet, sweet liquidity. Everyone just decided to turn the money printers back on at once!
Institutions are buying BTC, small countries are stacking sats, small pension funds and ETFs are gobbling up more coins than miners can produce. Since launch, they’ve bought 298,015 BTC, while only 165,317 BTC were mined. That’s a supply squeeze in the making, folks.
Sure, BTC could dip back for a “bullish retest,” but Q4 is historically a winner, and the incumbents want to pump markets before elections.
Besides, our favorite ex-Bull Scottie Pippen is BULLish. And if Pippen’s in, we’re in - because nobody wants to get dunked on by Scottie.
Hodl Headlines
The Week’s Most Interesting News
This week…
14 Years Ago - Bitcoin’s block size debate begins
11 Years Ago - Silk Road shut down and creator Ross Ulbricht arrested
North Korea Infiltrates Crypto Firms Via IT Workers, Stealing Millions: A CoinDesk investigation reveals that over a dozen crypto companies - including major names like Cosmos Hub, Fantom, and Sushi - unknowingly hired North Korean IT workers using fake identities. These workers funneled millions to Pyongyang and were linked to subsequent cyberattacks, with the earnings reportedly funding North Korea's nuclear program.
Bitcoin Still Central in El Salvador Discussions with IMF: The IMF continues to withhold funding to El Salvador stating a requirement to focus on reforms, with Bitcoin use remaining a key discussion point. Recommendations include narrowing the Bitcoin law's scope, enhancing regulatory oversight, and limiting government exposure to Bitcoin, according to IMF spokesperson Julie Kozack.
Grayscale Launches Aave Investment Fund: Grayscale has rolled out a new fund to give investors exposure to Aave, the largest crypto lending protocol by total value locked. The Aave Trust aims to capitalize on Aave's decentralized finance model, which streamlines lending without intermediaries, following the recent success of Grayscale's other crypto trusts, including Bitcoin and Ethereum.
Bitwise Registers XRP ETF Trust in Delaware: Bitwise has filed to register an XRP exchange-traded fund (ETF) trust in Delaware, a move confirmed by their spokesperson. This initial filing does not mean an SEC application is imminent, but it marks an important first step towards potentially expanding institutional access to XRP.
PayPal’s Stablecoin Sees Sharp Outflows on Solana: PayPal’s stablecoin PYUSD on Solana has seen a 50% supply decline, dropping from $660 million to $320 million as liquidity incentives from DeFi protocols like Kamino have tapered off. With yields falling, many investors are shifting elsewhere, raising questions about the sustainability of previous incentives to boost liquidity.
SEC Enforcement Director Grewal Announces Departure: Gurbir Grewal, head of the SEC’s enforcement division, will step down on October 11, 2024, with deputy director Sanjay Wadhwa stepping in as acting director. Under Grewal, crypto-related enforcement actions surged, with 40 cases in 2023 and a bolstered crypto assets unit at the SEC.
Trade Smarter with these Free, Daily Stock Alerts
It’s never too late to learn how to master the stock market.
You’ll receive daily trade alerts sent directly to your phone and email detailing the hottest stock picks.
The best part? There’s no cost to join!
Expert insights will be at your fingertips instantly.
Hodl Report Portfolio
Our Latest Moves in Uptober
Welcome to Uptober, where market optimism is high, and the vibes are even higher. The overall sentiment? Bullish, optimistic, and downright ready to pump. As long as we keep seeing those sweet higher lows during pullbacks, we’re good to go. The last two dips took us down to the low $50K range, but this time, Bitcoin held strong at $60K. That’s what we like to see - higher lows and momentum building up like it’s prepping for a moonshot.
Our outlook is simple: when the geopolitical chaos cools off, we expect BTC to run again - this time targeting around $68-70k before the next "surprise" excuse to derisk/pullback. We know how the drill goes, something random will shake the tree, but until then, we’re eyeing that next leg up.
Our Latest Trades: Taking Profits and Eyeing Riskier Plays
We locked in some nice gains recently: took profits on Solana and Render, and brought some of that cash back to USDC/USDT. Gotta love those profits, but we’re not stopping there - no 10x gains without a bit of risk, right?
We’re pivoting from just blue chips to some riskier, lower market cap plays. Yes, Render was already spicy, but now we’re taking the hot sauce up a notch. Time to look at something with even bigger moonshot potential.
New Trade Alert: THORChain (RUNE)
We plan to:
Spend $2k to buy RUNE
Buy at a price between $4.30 - $4.45 per RUNE
Currently trading at $4.69 (hopefully it will come down to our target!)
Rune is a top 100 token, with a working DeFi product that’s totally unique, so we’re in it for the long haul. No taking profits just yet - this one's for the diamond hands crew.
We’ll dive deeper into why Rune is awesome in a future issue, but for now, just know it’s got major DeFi potential. And we’re all about making gains from solid projects that actually work.
If you’ve got questions on our trades or just wanna chat, reply to this email and hit us up.
Stay bullish, and let’s keep this Uptober rolling! 🚀
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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).