A few people seem to think that this is just because of $XRP pump but XRP is not even in the 'OTHERS' index.

No, that barbell did not only underperform dino coins... it really underperformed the altcoin market as a whole !

DeFi Renaissance day

Every day you think 'this might actually be the time for $DOGE', it goes down another -5% vs altcoins.

This bottoms when you give up on the trade, right ?

This is probably the fate of XRP/OTHERS from now on too

$BTC Pump in a straight line on the NY open, just like yesterday

Take any coin that was a great hedge short during the bear market, and even until the US election, now it has become a great long :

Dino coins, Defi coins (COMP, CRV), and then coins that overshoot in 2021 such as APE, SAND, etc.

You have to be able to rewire your brain when market conditions change so drastically.

(To be clear, I am not advocating for longing dino coins right now after they 5x'd, the rotation from them into 2021 coins seems to have begun)

Still not 'CT favorite coins' season, today the hot things are :

Defi coins + some 2021 coins (APE, SAND) + ETH adjacent coins

$SUI FDV at $42bn makes many other alt L1s look very cheap, and that is great for the catch-up trades

November recap !

https://cryptonarratives.substack.com/p/november-recap-narratives-best-performers-aee

Being away from keyboard when a liquidation event happens is usually great, as long as you are not over-levered and you had some stink bids set.

I am just confused by the fact that all the ALTBTC charts went up on that cascade

CT got their ass saved by holding exclusively altcoins lmao

First time they have been rewarded for that

Make sure that you don't die when this kind of cascade happens on altcoins though, because that will happen too at some point

SOLBTC has basically not moved in a year

You could have rotated all of your $SOL into $BTC when SOL had its strong pump in December 2023, and you would have had the exact same performance.

If I had to guess, I would expect this range to resolve to the upside, but not tremendously higher

Almost $300bn have to unlock in the coming years from all the altcoins launched in 2023 and 2024.

I have not derisked anything yet, but this is something you have to keep in mind, we won't go up forever.

Memes up

DeFi down

'How much more stupid can it get ?'

Sir... a lot more

The memecoin trifecta (NEIRO, GOAT, MOODENG) has been struggling a lot

In the same time, memecoins can move quickly and sometimes holding them while they are consolidating is a good idea since you will capture the entirety of the move up when it will happen

I don't know if I should jump back on that ship

That was a vicious bull trap on MOODENG

For those that did not track it too closely, Michael Saylor has been announcing each Monday for the past 4 weeks that MicroStrategy has bought $BTC during the previous week.

Here are the amounts that have been bought and the date they were announced :

11/11 : $2030M
11/18 : $4600M
11/25 : $5400M
12/02 : $1500M

Almost all of these purchases were funded via ATM offerings (ie selling new MSTR shares at market price and then buying BTC with that money), which is something Saylor wants to do when the MSTR premium is high.

Based on their 21/21 plan, they still have $11.3bn remaining for ATM offerings (which automatically results in BTC purchases).

Given the fact that the MSTR premium has not been collapsing, I think the market is expecting him to announce another batch tomorrow.

By the way, when he buys BTC after an ATM, he *reduces* the overall leverage of Microstrategy, he does not increase it. The leverage only goes up when he issued convertible bonds, but he's going way slower on the debt part vs the equity part of his 21/21 Plan.

Gut feeling says that too many people are 'cautious' for any large correction to happen here

My portfolio will get punished if I am wrong

Take a chance

Here it is.

$2100M is in line with last week.

Now there is $9.1bn left on the ATM side.

MSTR premium is stable, Microstrategy will be buying again this week.