ilqdty daily2 min readRead the latest
the nasdaq fell 2.6% yesterday and brent hit $113
bitcoin finished the day green anyway, and that's what i'm looking at with this morning's business surveys due.
| Markets | Level | 24h | week |
|---|---|---|---|
| $BTC | 81,738 | +0.4% | +0.2% |
| $ETH | 2400.3 | +0.5% | -0.9% |
| $SOL | 104.2 | +0.5% | -0.2% |
| BTC.D | 60.0% | ||
| F&G | 50 neutral |
01Crypto4 stories
- solana's alpenglow upgrade is live, aiming for 150 millisecond finality, its biggest change since 2020CoinDesk
- hsbc launched redcoin, a hong kong dollar stablecoin for retail, usable at 100,000+ payme merchantsThe Block
- sofi launched a tokenized deposit paying 4.40%, fdic insured and convertible to stablecoinDecrypt
- china is seeking to confiscate 61,800 bitcoin tied to a $5.7 billion ponzi schemeCoinDesk
02Macro3 stories
03Trends3 stories
- on solana, pumpfun took $1.88M of fees in a day and the ten trending coins traded $56M between them
- $McRib went +22240% to a $0.7M cap on $7.8M of volume and $ヤギ ran +973% to $1.8M, while yesterday's runner $Kimchi gave back 48% to $11.3M
- the tron chain out-earned solana over seven days, $5.56M against $4.98M. over 30 days solana is still aheadDefiLlama fees
04Today2 stories
- 9:45 ET: flash pmis, the monthly business surveys for the us, euro area, uk and japan, the first read on october with oil in triple digits
- 10:00 ET: final university of michigan sentiment and inflation expectations, which the fed watches closely
05My view
two banks put stablecoin products in front of regular customers this week, hsbc in hong kong and sofi in the us. that adoption keeps going whatever meta's cash flow does, and it's a big part of why crypto held while the AI trade got repriced.
the risk i'm tracking is oil feeding into inflation expectations. the michigan survey this morning is where that shows up first, and a hot read going into wednesday's fed decision, with roughly 15% to 20% odds of a hike priced, is how a stock selloff turns into a crypto one.
i change my mind the day bitcoin follows the nasdaq down. through yesterday's close it held, so i lean toward the buyers here, with wednesday as the date that tests them.
last friday before a fed week. lock in.