On episode #17 of Alpha Bites, the Bitcoin Milkshake is primed to suck liquidity from the rest of the crypto market into #BTC, giving the market it's next stage before a bull market take off.
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First, Ray opens with a market update, reviewing of the macro environment and highlighting rising inflation from energy prices and increasing pressure on risk assets as short term US Treasuries continue to climb. Despite the macro headwinds, #btc has shown surprising strength as it didn't dip down below $24K, possibly as news of a new ETF application got investors excited. Ray's looking for fresh signs of the US consumer looking to move down the risk curve to give the crypto market a jolt but remains a bit concerned with ongoing signs of persistent inflation. The continued strength of the #dxy continues to be a macro headwind as well.
Next, the team introduces a new segment, the token teardown, and reviews #arbitrum, a L2 scaling solution for #ethereum that uses optimistic rollups.
Ben Lilly starts the analysis with a review of ARB's circulating supply and total value locked, noting that the token needs more utility to gain traction while application diversity is pretty strong.
Ray reviews Arbitrum's technicals and notes that the token has reached fresh lows, with little near-term price support. ARB will need to regain several price levels before showing signs of strength and may in fact have more downside before establishing a price floor.
Kodi then examines the Arbitrum technology stack, noting that its optimistic rollup capabilities are consistent with it's competitors with a few key features that are worthy of note for developers. Finally, on the ecosystem diversity front, Arb has shown the greatest strength, attracting a large number of developers who have deployed smart contracts since April of 2021, peaking in volume in early 2023.
Ben Lilly concludes the analysis with a path for Arbitrum to upgrade it's token design and marketing in order to gain further traction in 2024 and potentially be a beta play in 2024.
Next, Kodi reviews three projects in the like or spike segment.
* Banana, a token for a telegram tradingbot, launches and immediately rugs
* Friendtech surpasses 20m in TVL
* A paper coauthored by Vitalik discussing privacy pools, a new privacy preserving protocol
On the radar, Ben Lilly unpacks the #Bitcoin Milkshake, discussing why BTC will suck liquidity out of the rest of the market before the next bull run. He notes that the milkshake is primed and ready to go and shares the signals he's looking for the market to move in that direction.
👉 Read the full article here https://app.sigle.io/espresso.id.stx/IBapXl1jSTY4J5Xy5g-8z
Finally, the team has a bit of fun answering "What would you do if you had control of Vitalik’s Twitter account for 24 hours?" after the crypto legend's twitter account was compromised. Kodi goes for a money making scheme, Ben offers a dad joke, and Ray steals the show with a play on PoW.
As always, Marconi wraps up the show with a promise to get video soon and advises the market participants to stay frosty as the market continues to move in unexpected directions.
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Disclosure Statement
This content is for entertainment purposes only. Nothing shared during this broadcast is or should be considered financial advice. The views and thoughts shared here are simply opinions. Do your own research and consult a registered financial advisor before making any investments.
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