ilqdty daily2 min readRead the latest
zetachain holders voted 99.4% to shut their own chain down and move to solana
Source@Cointelegraph
no chain has been voted out of existence by its own holders before, and the small ones are watching.
| Markets | Level | 24h | week |
|---|---|---|---|
| $BTC | 84,279 | +3.8% | +7.8% |
| $ETH | 2715.8 | +2.6% | +8.0% |
| $SOL | 115.7 | +4.0% | +12.8% |
| BTC.D | 59.1% | ||
| F&G | 70 greed |
01Crypto4 stories
- saylor posted "a little more orange" with strategy sitting on 845,050 bitcoin@saylor
- one whale sold 1,107 bitcoin ($86.8M) on hyperliquid and staked all 34,422 of his ether@lookonchain
- polymarket fought off a $10M attack run on stolen debit cards @TheBlock__ citing the wsj
- north korean fake recruiters infected 30,000 devices and took at least $10.7Mforbes
02Macro3 stories
- korean chip exports hit a record $34.12B in the first twenty days of september, up 259.4%korea customs service
- softbank is selling $11B of junk bonds to hand openai $10Bbloomberg
- riyadh got air raid alerts at 4am and 6am, the first since springap
03Trends3 stories
- the ten most-traded new coins on solana moved $144M between them in a day. $STONK did most of it, +35% at a $295.9M cap, while $JEANPHIL handed back 31% to a $3.6M cap and $Stamp printed +78614% from nothing
- axiom, the trading app on solana and bsc, out-earned pumpfun on fees for the day, $1.80M against $1.44Mdefillama
- visa is killing the memecoin rewards that robinhood wallet and fomo, the solana wallet, were paying on card spenddecrypt
04Today3 stories
- japan is closed, so asia's volume comes from china and korea alone
- fed vice chair jefferson speaks tomorrow morning on how the treasury market is actually functioning, the first fed voice since the hike
- bessent and he lifeng wrapped eight hours of trade talks to set up xi's washington visitcnbc
05My view
zetachain's holders did out loud what the market has been doing quietly all month. usage now sits on a handful of chains, solana's own fee take was $5.48M over the last seven days, and its trading apps are fighting each other for the same flow. that is what a market looks like when it is choosing winners instead of adding names.
the risk i'm tracking is the ten-year at 5.00%. money that expensive normally leaves the riskiest assets first, and this month it has not. tomorrow's fed speech is the closest thing to an official read we get on why.
what would change my mind is stablecoin supply. it sits at $310.2B and has barely moved in a month, so this run was financed by money already inside crypto. that is the honest caveat, and it is also the good news: the new buyer has not spent anything yet.
buyers took a rate hike and expensive money and still closed the week green everywhere. flash pmis wednesday, four central banks thursday, durable goods friday. lock in.