Is This It?

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10min read
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January 11, 2023



  • Gold and Silver reach new highs
  • Copper is rallying
  • Crude remains unchanged (slightly higher)


  • In the last few days,  STKS stock is up 20% and QQQ options have rallied quite a bit. 

Technical Analysis:

  • ETH hit the 1185-1250 range
  • We also called for longing potential $ETH. If it broke through 1220 with strength it would touch 1300, which it did reaching 1340, so all in all the call from 1185 to 1300+ was on point.
  • MATIC went from $0.77 to $0.85


  • Beanz hit 2.2 ETH after we called at 0.9 ETH for accumulation in previous newsletters.




  • BTC miner & public company Argo Blockchain (ARBK) avoids bankruptcy after selling Helios mining facility to Galaxy Digital for $65M & securing a $35M loan
  • Revel, NFT/”social collectibles” platform, raises $7.8M seed
  • Foundation, BTC tooling & wallet developer, raises $7M seed
  • Pods Finance, DeFi structured product protocol, raises $5.6M seed
  • Utorg raises $5M seed to build crypto wallet “super app”
  • Arrakis Finance, decentralized market making protocol, raises $4M seed
  • Pine protocol, permissionless NFT-backed loans & financing, raises $3M seed
  • Layer 2 Labs, BTC scaling developer, raises $3M seed


  • Binance joins exec committee of U.S. crypto lobby Chamber of Digital Commerce
  • Binance completes acquisition of Indonesian exchange Tokocrypto
  • CF Benchmark & CME Group launch reference rates & real-time indices for AAVE, SNX, & CRV; to be used for accurate pricing & developing structure products
  • More than 2.2 million ENS names were registered in 2022 alone
  • Sandeep, MATIC co-founder, launches crypto startup accelerator Beacon
  • Fireblocks receives Cryptocurrency Certification Standard (CCSS) certification
  • Fidelity continues crypto push, files for trademarks around NFTs, virtual real estate investing, & crypto trading/metaverse investment services 
  • China is launching a state backed NFT marketplace 
  • Valkyrie Investments says it’s ready to “sponsor and manage” DCG’s Grayscale GBTC fund including redemptions at NAV via a Regulation M filing & reducing the fund fee from 200 basis points to 75 
  • FTX — SBF pleads not guilty, DOJ investing the ~$400M hack of FTX, Bahamas Securities Commission holding $3.5B of FTX customer assets after they took custody of them following the hack, Alameda wallets shadily moving funds 
  • Alameda gave $400M loan to Modulo Capital which was founded by three former Jane Street employees; Modulo operated out of same Bahamas condo as SBF
  • LG Electronics has announced a partnership with PIXELYNX, a metaverse company, to enter the growing market of virtual and augmented reality experiences
  • Hironobu Sakaguchi, the creator of the popular video game series Final Fantasy, has revealed that he is making "aggressive investments" in the blockchain gaming space

Tokens & Protocols:

  • 1INCH — completes “Fusion” upgrade enabling user protection against MEV front-running & allows custom swap orders placed without gas fees
  • SUSHI — new tokenomics proposal from “Head Chef” outlining four key changes, SUSHI will also deprecate Kashi lending service and MISO launchpad
  • MATIC — launches second testnet for zkEVM, y00ts bridging to Polygon Q1
  • AVAX — ‘Banff 5’ upgrade enables subnet interoperability of assets & data 
  • REN — DAO passes proposal to mint 180M new REN tokens (~$10.8M) to fund the wrapped asset protocol’s Ren 2.0 development
  • COIN — Coinbase stock reaches new low as the route in growth assets continues 
  • UNI — partners with MoonPay to enable direct, in web-app crypto purchases


Wage Growth

Though I’ve said it many times before, wage growth is all that matters now. We had the big Non Farm Payroll number last Friday. Hiring in the USA shocked to the upside by rising 223K and unemployment surprised to the downside along with wage growth. Average hourly earnings rose by 0.27% month-on-month and 4.59% year-on-year back to its lowest levels since mid-2021.

By sectors, payroll growth mimicked the distribution in other reports over the prior week to a certain extent, with the bulk of hiring occurring in the private sector. Although it was Education and Health services that paced gains with an increase of 78,000, travel and Leisure also added 74,400 workers. Goods producing industries also generated strong jobs growth to the tune of 40,000, led by 28,000 in construction. Hiring in professional and business services on the other hand remained weak at -6,000. Average weekly hours had ticked lower from 34.4 hours to 34.3.

In my opinion, the overall data was mixed to slightly bullish. I don’t think it will persuade the Fed to stop hiking, but it will give them one of the 2-3 data points to slow down or hold the hike size in place. They might reduce the pace of hikes if we get another data like this paired with CPI this week moving lower. I definitely continue to expect a weaker labor market ahead and that should push wage growth even lower.

We are clearly driving lower in goods inflation (CPI), and it looks like Wage inflation (NFP Average hourly earnings) has also started moving lower. We are getting closer to the bottom if this trend continues for risk assets and for the Fed to hold off on hiking further or potentially pivot eventually if the unemployment rate climbs up. 


This Week in Web3

News, Funding, Token & Protocol

Macro Markets

Wage Growth, CPI


Crude, Short Term Fundamentals, Bullish Catalysts, Bearish Catalysts, Gold, Copper, Iron Ore

Technical Analysis

ETH, BTC, ETH/BTC, Matic, APE, SPY, Bond Yields


NFT Projects, News


MENTAL HEALTH: How to cope with instability and keep your assets secure.


RECIPE: Lemon and Feta Chicken Wine: Mer Soleil, Chardonnay, California



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